FIN Resources (ASX:FIN) Raises $1.7m and Awaits Cabin Lake Assays

Sonal Goyal

30 October 2026 05:27 PM AEDT

FIN Resources (ASX:FIN) Raises $1.7m and Awaits Cabin Lake Assays

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Highlights

FIN completed 1,149m of diamond drilling across nine holes at the Cabin Lake Gold Project.
Sulphidic iron formation was logged in six holes, with assays pending.
A Northwest Territories Mining Incentive Program grant of C$111,034 was approved.
A $1.7 million capital raising was completed, with cash of $1.55 million at quarter end.

FIN Resources Limited (ASX:FIN) has released its quarterly report for the period ended 30 September 2026. The company completed its 2026 summer drilling program at the 100%-owned Cabin Lake Gold Project in Canada's Northwest Territories.

Cabin Lake Summer Drilling

The project lies about 105km northwest of Yellowknife and includes about 15km of prospective Bugow Iron Formation strike. FIN drilled 1,149m across nine holes, testing six induced polarisation targets and two magnetic and structural targets, many in areas with little historical drilling.

Sulphidic iron formation was logged in six holes, and all holes showed faulting, veining and alteration. Samples were sent for PhotonAssay analysis, and assays are expected in the December 2026 quarter. The company noted that logged iron formation does not establish the presence or grade of gold.

Geological Implications and Next Steps

The drilling suggests several sulphidic iron formation zones may exist at multiple levels, potentially expanding the prospective settings for gold. Hole CL-26-017 intersected sulphidic iron formation coinciding with a magnetic high.

A Mining Incentive Program grant of C$111,034 will co-fund expanded IP and ground magnetic surveys over winter. Untested targets are under review for winter 2026–27 drilling. FIN also maintains engagement with the Tłı̨chǫ Government, including access agreements.

Corporate and Financial Position

FIN raised $1.7 million before costs through 425 million shares at $0.004, with one free attaching option per share. Shareholders approved the second tranche on 18 September 2026.

Cash rose to $1.55 million from $743,000. The McKenzie Springs tenement in Australia was surrendered, and 16 Ross tenements in Quebec expired. The Appendix 5B estimates about 2.04 quarters of funding.

Key Takeaways

FIN completed its summer drilling program at Cabin Lake.
Six holes intersected sulphidic iron formation, with gold assays still pending.
Government grant funding will support winter geophysics.
The company has streamlined its portfolio to focus on Cabin Lake.

FAQs

Q: How much drilling was completed?

A:1,149m of diamond drilling across nine holes.

Q: How much did FIN raise?

A:$1.7 million before costs at $0.004 per share.

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