TIDMFME
RNS Number : 4828Z
Future Metals NL
15 September 2022
15 September 2022
Future Metals NL
Operational Update
Geophysical Surveys Progressing & Exploration Drilling Set
to Commence at Panton
Highlights
-- Ground exploration underway at Panton targeting new Ni-Cu-PGE
sulphide accumulations outside of the existing resource
-- Ni-Cu-PGE expert Dr Jon Hronsky has joined Future Metals'
team as Senior Exploration Advisor
-- Approved Programme of Works ("POW") and drilling contractor
secured for an initial 3,000m programme commencing October 2022
-- Detailed ground-based gravity survey nearing completion to
map Panton's structure at depth
-- Surface Fixed Loop and Moving Loop ground Electromagnetic
("EM") survey due to commence shortly
Future Metals NL ("Future Metals" or the "Company", ASX | AIM:
FME ), is pleased to announce that ground-based geophysical surveys
are well advanced, with exploration drilling expected to commence
in October 2022, at its 100% owned Panton PGM-Nickel Project
("Panton PGM-Ni Project") in northern Western Australia.
The Company has commenced ground geophysical surveys (gravity
and EM) to improve the definition of known conductive bodies
identified from airborne surveys; and to map the structure of the
Panton intrusion at depth. Data from these surveys will refine the
planned drill programme targeting sulphide mineralisation, with a
contractor secured to mobilise to site in early October 2022.
The exploration programme is being undertaken in parallel to the
ongoing scoping study and metallurgical testwork programme underway
on the existing 6.9Moz PdEq resource (refer to the Company's
announcement dated 21 June 2022).
Figure One | Gravity surveyor standing on the northern boundary
of Panton looking north-east
Future Metals is also pleased to report that it has retained the
services of Ni-Cu-PGE expert, Dr Jon Hronsky, as the Company's
Senior Exploration Advisor. Jon's previous review of the Panton
geological model highlighted the significant exploration potential
at Panton, outside of the existing resource area, particularly in
the untested lower portion of the stratigraphy, towards the basal
contact, as presented previously in the Company's announcement
dated 27(th) July 2022, a position that has analogies to the
setting of Ivanplats' Platreef deposit and Chalice Mining Ltd's
Gonneville deposit.
A gravity survey is well advanced (Refer to Figure One) and a
ground electromagnetic EM survey is expected to commence shortly.
In addition to following up targets from previous airborne
surveying, this ground EM survey will also cover the lower series
ultramafics ("Lower Zone") in the northern portion of the tenement
which were excluded from the prior airborne survey. It is expected
that these surveys will generate new anomalies that will warrant
drill testing. The Company is being supported by Terra Resources
and Southern Geoscience Consultants on its geophysical
programmes.
Further details in relation to initial drill targets and
exploration priorities are expected in the upcoming weeks. Site
access works and drill pad preparation is expected to begin during
the first week of October.
Mr Jardee Kininmonth, Managing Director & CEO of Future
Metals, commented :
"It's incredibly exciting to kick off our 2022 field season at
Panton on the back of our exploration review. The review
highlighted that the Panton Project is highly prospective with
respect to making a Ni-Cu-PGE sulphide discovery in the previously
untested lower portion of the stratigraphy of the ultramafic
series.
" We are taking a measured approach to validating and generating
drill targets by completing a ground-based geophysical programme
ahead of commencing drilling in October. We are targeting a
discovery outside of the existing resource area, with different
geological association, more akin to the Platreef or Gonneville
deposits.
" The Company is progressing multiple value drivers with this
exploration programme, scoping study and metallurgical test work
activities.
"I am also pleased to have Dr Jon Hronsky join our team on an
ongoing basis as Senior Exploration Advisor. Jon was instrumental
in our exploration review and developing the Panton exploration
model. He brings over 35 years of experience exploring layered
intrusives such as ours, including as leader of generative
exploration for WMC Resources and BHP. "
Exploration Programme
Drilling Approvals, Logistics
All proposed drilling has been approved by the Department of
Mines, Industry Regulation and Safety (" DMIRS ") via a recent
Programme of Works submission.
A drilling contractor has been secured to complete an initial
3,000m diamond drill programme, with a drill rig expected at site
in early October 2022. The drill programme will be refined once the
current geophysical surveys underway have been completed and
interpreted.
Gravity Survey
The gravity survey is progressing well and is approximately 70%
complete. The survey is expected to conclude during the last week
of September.
The gravity data will be used in combination with the
aeromagnetic data already accessible to produce 3D models and
structural interpretations. This work will inform understanding of
the sub-surface architecture of the Panton layered intrusion and
assist in target generation for drill testing.
Please refer to Figure Two below.
Surface Electromagnetic Survey
A ground EM survey is scheduled to commence in the next week
covering approximately 5km(2) , including a combination of Fixed
Loop and Moving Loop Electromagnetic Survey activities. Work will
commence in the southern part of the project area where an airborne
Versatile Time Domain Electromagnetics ("VTEM") survey in 2016
detected a cluster of late time conductors which indicate the
potential presence of sulphide rich rocks. These conductive bodies
of rock are priority drill targets. A ground based Fixed Loop
Electromagnetic Survey over these features will greatly refine the
anomalies, allowing for accurate drill targeting.
Once the southern VTEM targets have been surveyed, the survey
team will then cover the northern part of the Project which was not
covered by the airborne VTEM survey. This area comprises almost the
entire Lower Zone, an area considered to be highly prospective for
accumulations of sulphide mineralisation. Moving Loop
Electromagnetic Surveying will blanket cover the lower series
ultramafic rocks of the Panton intrusion. It is anticipated that
the survey will be able to detect conductive rocks as deep as 400m
from surface utilising a Jessie Squid B Field sensor, to define
further drill targets.
Please refer to Figures Three and Four below.
Down Hole Electromagnetic Surveying
All drill holes planned as part of our 2022 exploration
programme will be cased with PVC pipe to facilitate down hole
electromagnetic ("DHEM") surveying in order to detect sulphide rich
rock up to 200-300m from the bore hole. Any deep targets identified
can be drill tested in the current field season.
Figure Two | Panton Gravity Survey Area and Progress Report at
13 September 2022
Figure Three | Panton VTEM Conductors, Maglag Contours and EM
Survey Area
Figure Four | Panton southern VTEM Conductors
Notes to Editors:
About the Panton PGM-Ni Project
The 100% owned Panton PGM-Ni Project is located 60kms north of
the town of Halls Creek in the eastern Kimberley region of Western
Australia, a tier one mining jurisdiction. The project is located
on three granted mining licences and situated just 1km off the
Great North Highway which accesses the Port of Wyndham (Refer to
Figure Five) .
The Project hosts an independent JORC Code (2012) MRE, which was
increased, as announced on 21 June 2022, to 129Mt @ 1.20g/t PGM(3E)
, 0.19% Ni, 0.04% Cu and 154ppm Co (1.66g/t PdEq) at a cut-off
grade of 0.90g/t PdEq for contained metal of 5.0Moz PGM(3E) , 239kt
Ni, 48kt Cu and 20kt Co (6.9Moz PdEq). The MRE includes a
high-grade reef of 25Mt @ 3.57g/t PGM(3E) , 0.24% Ni, 0.07% Cu and
192ppm Co (3.86g/t PdEq) for contained metal of 2.9Moz PGM(3E) ,
60kt Ni, 18kt Cu and 5kt Co (3.2Moz PdEq).
PGM-Ni mineralisation occurs within a layered, differentiated
mafic-ultramafic intrusion referred to as the Panton intrusive
which is a 12km long and 3km wide, south-west plunging synclinal
intrusion. PGM mineralisation is hosted within a series of
stratiform chromite reefs as well as a surrounding zone of
mineralised dunite within the ultramafic package.
Figure Five | Panton PGM Project Location
About Platinum Group Metals (PGMs)
PGMs are a group of six precious metals being Platinum (Pt),
palladium (Pd), iridium (Ir), osmium (Os), rhodium (Rh), and
ruthenium (Ru). Exceptionally rare, they have similar physical and
chemical properties and tend to occur, in varying proportions,
together in the same geological deposit. The usefulness of PGMs is
determined by their unique and specific shared chemical and
physical properties.
PGMs have many desirable properties and as such have a wide
variety of applications. Most notably, they are used as
auto-catalysts (pollution control devices for ICE vehicles), but
are also used in jewellery, electronics, hydrogen production /
purification and in hydrogen fuel cells. The unique properties of
PGMs help convert harmful exhaust pollutant emissions to harmless
compounds, improving air quality and thereby enhancing health and
wellbeing.
This announcement has been approved for release by the Board of
Future Metals NL.
Future Metals NL ABN: 99 124 734 961
Level 1, 33 Richardson Street info@future-metals.com.au
West Perth, WA, 6005 https://future-metals.com.au/
For further information, please contact :
Future Metals NL +61 8 9480 0414
Jardee Kininmonth info@future-metals.com.au
Strand Hanson Limited (Nominated Adviser) +44 (0) 20 7409 3494
James Harris/James Bellman
W H Ireland Limited (UK Broker)
Harry Ansell/Katy Mitchell +44 (0) 207 220 1670
White Noise Communications (Australian IR/PR)
Fiona Marshall + 61 400 512 109
Competent Person's Statement:
The information in this announcement that relates to Mineral
Resources is based on, and fairly represents, information compiled
by Mr Brian Wolfe, who is a Member of the Australian Institute of
Geoscientists. Mr Wolfe an external consultant to the Company and
is a full time employee of International Resource Solutions Pty
Ltd, a specialist geoscience consultancy. Mr Wolfe has sufficient
experience which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity he is
undertaking to qualify as a competent person as defined in the 2012
Edition of the "Australasian Code for reporting of Exploration
Results, Exploration Targets, Mineral Resources and Ore Reserves"
(JORC Code). Mr Wolfe consents to the inclusion in this
announcement of the matters based upon his information in the form
and context in which it appears.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as is forms part of
United Kingdom domestic law pursuant to the European Union
(Withdrawal) Act 2018, as amended.
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