FMR Set to Drill One of 2025’s Biggest Copper Targets
FMR Resources is closing in on Chile’s Southern Porphyry - a copper target that could redefine the small-cap explorer's trajectory
FMR Resources (ASX: FMR) is only weeks away from putting the drill bit into one of the biggest copper targets on the ASX in 2025.
The company has locked in a 4,000-metre Phase 1 drill program at its Southern Porphyry target in Chile, with site prep already underway and rigs due to mobilise late next month.
The maiden drill program will test four targets at depth, each backed by overlapping geophysical surveys. Previous shallow drilling picked up signs of a system, but the main porphyry sitting below has never been touched.
Previous shallow holes gave hints of a system near surface, but the main porphyry body sitting below has never been touched.
We've been watching this story build since our 17c call earlier this year. Now the waiting's almost over.
Drilling Starts in Weeks
With the drill contract signed, approvals in and site work underway, FMR is down to counting the days. The rigs mobilise late September, and soon after they'll be chewing through Chilean rock.
Each hole should take three to five weeks to drill, then another four to six weeks for assays to come back from the lab. That puts first results landing around December, with newsflow running into early 2026 as they work through all four targets.
FMR's using directional drilling for this program, branching daughter holes off the main holes to hit multiple zones without dragging the rig all over the mountain.
It means they can test different parts of the system from a single pad, bettering their odds of tagging mineralisation while keeping costs down.
It’s a smart approach and reflects the experience behind the strategy. Managing director Oliver Kiddie is leading the campaign, backed by heavyweight names like Mark Creasy and Justin Werner, who know what it takes to turn drill results into real projects.
We had a quick chat with Kiddie about today’s announcement:
Aiming at a Big Porphyry Prize
FMR is chasing a porphyry system, which is the kind of large-scale copper deposit that BHP and Rio Tinto spend billions acquiring. BHP's already pouring money into Chile for exactly this reason.
Between the geophysics, surface mapping and historical drilling, there's enough evidence to justify drilling deep.
Target A and target D get first crack - going down 1,600 metres and 1,000 metres respectively. These targets are deep and the most likely zones to host copper.
If those hit, targets B and C come next to map out how far the mineralisation extends.
In porphyry drilling, the prize is long intercepts. Grades are usually lower, but the volume of rock means the contained copper can be enormous.
If these targets line up, FMR could be onto a system of serious scale.
Breaking Down the Drill Plan
Target A: The Main Event
Target A is the main event - a 1,600-metre hole aimed straight at the guts of the system.
It'll first pass through near-surface features that could signal copper-rich fluids, then punch deeper into a large anomaly that FMR believes could be the heart of the porphyry target.
If it delivers, years of modelling get validated and the scale of the Llahuin Project could look very different…along with FMR’s share price.
Target D: Testing the Edges
Planned to a depth of 1,000m, target D steps out along strike from Target A to test the system from another angle.
While target A aims for the centre of the anomaly, target D will show how far mineralisation extends along the broader structure.
Success here would prove the system continues well beyond a single zone and could stretch across multiple kilometres.
That would lift the scale of what FMR is chasing and build the case for a large, connected porphyry.
Targets B & C: Stepping Out
Targets B and C give FMR additional leverage if the first holes hit.
These test the extensions of whatever A and D find, helping to define how far the mineralisation stretches.
If A or D hit, FMR can swing straight onto B and C from the same pads, keeping the rigs turning and costs down.
Strong hits here would expand the footprint of Southern Porphyry and confirm its potential scale.
What’s Next for FMR
With a market cap of just $14 million and drilling weeks away, FMR is about to answer the only question that matters: is there a major copper system at Southern Porphyry?
The geophysics are encouraging. The historical drilling hit copper. Previous work all points to something being there. Now the drill bit will prove it one way or another.
We've seen plenty of copper stories over the years. This one has the ingredients that matter - the right ground in the right place with the right people behind it.
Small-cap exploration is always high risk, but the flip side is obvious - one strong hole can change the fortunes of a company in an instant.
This is the most significant copper target scheduled to be drilled on the ASX this year. By early 2026, we'll know if FMR has found the real deal.
