Fin Resources unlocks high-grade, Tier-1 Canadian gold with Cabin Lake acquisition

• Fin Resources targets growth with Cabin Lake gold acquisition
• The project comprises a fully permitted, drill-ready asset in Canada’s Archean Slave Craton
• Phase 1 drilling will kick off once the transaction completes

Special Report: Another ASX junior has planted its flag in Canada’s far north with Fin Resources moving to acquire the Cabin Lake gold project in the Northwest Territories, a belt with Tier-1 geology and long history of delivering ounces.

Cabin Lake brings a fully permitted, drill-ready asset with documented near-surface mineralisation at the Arrow Zone and along a 15km banded iron formation trend called the ‘Bugow Iron Formation’.

The project sits within the Archean Slave Craton, a high-endowment greenstone belt that has already delivered more than 14Moz of gold and contains a further 10Moz in the development pipeline.

Historical drilling includes wide, high-grade intercepts such as 31.9m at 13.66g/t gold, 13.9m at 13.21g/t gold and 19.9m at 8.02g/t gold from 24.6m.

An access agreement with the Tłı̨chǫ government is already in place, enabling Fin Resources (ASX:FIN) to progress on-ground activities without delay.

Drill-ready targets and upside

FIN director Jason Bontempo said Cabin Lake offers the company an exciting and rare opportunity to acquire a high-grade gold project with immediate drill targets and exceptional upside.

“Its location in a world-class gold province, proximity to infrastructure and geological analogy to the 3.3Moz Lupin Mine make it incredibly compelling,” he said.

“We’re excited to move quickly into exploration and begin unlocking its value.”

Shallow drilling leaves depth potential wide open

Drilling at Cabin Lake has so far only scratched the top of the system.

To date, holes have largely been confined to the first ~100m at the Arrow, Andrew and Beaver prospects, with a handful at Arrow pushed to ~130m.

Even within that shallow window, the program has returned very strong grades and coherent zones of mineralisation, enough to demonstrate continuity.

Geological and geophysical work indicates mineralisation continues both down plunge and along strike within the folded BIF unit.

Historical drilling from before 1991 and the more recent 2020–2022 programs consistently show the same profile – robust gold mineralisation to ~100m, which in this part of the Slave Craton, is still considered surface expression.

Initial drilling program to underpin resource

The acquisition structure preserves value for both FIN and the vendor, TSX-V listed Stockworks Gold, which has already invested more than C$4m in groundwork, drilling and approvals.

With a current exploration permit and an established working relationship with the local First Nations, Fin is set to move directly into field activity once the transaction completes.

The first work program will zero in on a set of high-priority targets picked out by the 2018 UAV magnetic and deep IP surveys, anomalies that sit outside the limits of previous drilling and have not yet been tested.

It will aim to confirm and extend high-grade mineralisation already defined at the Arrow Zone, drill-test IP anomalies that sit outside the current grid, collect geological and assay data to underpin a resource and build the geochemical model needed to carry out step-out and deeper drilling.

This article was developed in collaboration with Fin Resources, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.