FMR Resources Limited (ASX:FMR) announced on 21 July 2026 the execution of a conditional Option Agreement to acquire a 100% interest in the Los Warbos Project, a district-scale copper-gold project located in central Chile. FMR Resources Limited is a mineral exploration company focused on building a portfolio of high-quality copper-gold projects in central Chile. This acquisition marks an important strategic step, with initial due diligence rock chip sampling at Los Warbos returning high-grade results of up to 10.77% copper, 4.01g/t gold, and over 100g/t silver, confirming widespread mineralisation across the site.
The Los Warbos Project comprises approximately 3,300 hectares of granted mining concessions and 5,250 hectares of contiguous exploration concession applications. Situated in a highly prospective structural setting, influenced by the Tulahuen Fault and a major Trans-Lithospheric Fault, the project area exhibits multiple mineralisation styles, including copper-gold-silver mantos, copper-skarn, IOCG-affinity, porphyry, and polymetallic veins. Despite historical artisanal mining revealing high-grade mineralisation, the project has not seen systematic modern exploration, geochemical sampling, geophysical surveys, or drilling, presenting a significant opportunity for FMR.
FMR Managing Director, Mr Oliver Kiddie, stated the acquisition enhances the company’s portfolio, complementing existing projects by expanding exposure to fertile structural corridors. He emphasised the apparent scale of the mineral system and its potential for multiple significant discoveries. The transaction terms include an initial US$150,000 payment, with further consideration of US$150,000 and 200,000 shares upon option exercise, subject to shareholder approval. Deferred performance consideration of 150,000 shares is also payable if a JORC-compliant Inferred Mineral Resource is announced within five years. Systematic exploration, including mapping and geophysical surveys, is underway to define drill targets.
