TIDMFME
RNS Number : 3856A
Future Metals NL
24 May 2023
24 May 2023
Future Metals NL
RC Drilling Commences at
Panton Ni-Cu-PGM Targets
Highlights
-- 2,000+ metre Reverse Circulation ("RC") drill programme
underway at Panton North, testing the BC1 and Panton West
Prospects
-- Targets underpinned by coincident Ni-Cu-PGM anomalies across
electromagnetics ("EM"), magnetics, gravity, stream sediments, soil
samples and rock chip samples
-- Drilling at Panton West is co-funded with Exploration
Incentive Scheme ("EIS") funding support from the Western Australia
state government of $147,000 (previously announced on 4 May
2023)
Future Metals NL ("Future Metals" or the "Company", ASX | AIM:
FME), is pleased to announce commencement of its drill programme at
the Panton North project. Panton North is located adjacent to the
Company's wholly owned Panton Project ("Panton" or "the Project")
and is subject to a Farm-In Agreement with Octava Minerals Limited
(refer to the Company's announcement of 17 January 2023 for further
details).
Photo One | Rig at BC1 Prospect at the Panton North project
Figure One | Panton and Panton North Exploration Target
Areas
Drilling Programme
Drilling has commenced at the Panton North Project, starting at
the BC1 Prospect. This first pass RC drilling programme has been
designed to test the BC1 and Panton West Prospects for Ni-Cu-PGM
mineralisation. The drill programme is expected to run through June
and up to early July. The prospectivity of these targets is
supported by detailed analysis performed on information across EM,
magnetics, gravity, stream sediments, soil samples, rock chip
samples, and validation in the field.
At the BC1 Prospect, drilling has been designed to test the
newly interpreted basal contact for the Panton sill, which is
supported by EM and magnetic anomalism.
Drilling at the Panton West Prospect is targeting discrete
magnetic features coincident with EM anomalism at depth, with these
features located on the contact of a gravity high interpreted to be
an ultramafic intrusion under cover. Neither of these targets have
been previously drilled.
Further detailed information on these targets can be found in
the Company's previous announcements including 'Drilling to
Commence at Nickel Sulphide Targets' on 4 May 2023, and 'High Grade
Mineralisation Intersected in 350m Step Out Hole' on 21 March
2023.
As previously announced, the Company has secured all necessary
approvals for drilling at BC1 and Panton West. The Company was also
successfully approved for EIS funding of A$147,000 from the Western
Australian State Government to co-fund drilling at the Panton West
Prospect.
Further updates will be provided in due course as
appropriate.
Figure Two | Plan view of BC1 with HoisTEM
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) 207 409 3494
James Harris/James Bellman
Panmure Gordon (UK) Limited (UK Broker)
John Prior/Hugh Rich/Soman Thakran +44 (0)207 886 2500
FlowComms (UK IR/PR) +44 (0) 789 167 7441
Sasha Sethi
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 by virtue of the Market Abuse
(Amendment) (EU Exit) Regulations 2019.
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 Kimberly 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 Three).
The Project hosts an independent JORC Code (2012) MRE of 129Mt @
1.20g/t PGM(3E) (1) , 0.19% Ni, 0.04% Cu and 154ppm Co (1.66g/t
PdEq(2) ) at a cut-off grade of 0.90g/t PdEq(2) for contained metal
of 5.0Moz PGM(3E) (1) , 239kt Ni, 48kt Cu and 20kt Co (6.9Moz
PdEq(2) ). The MRE includes a high-grade reef of 25Mt @ 3.57g/t
PGM(3E) (1) , 0.24% Ni, 0.07% Cu and 192ppm Co (3.86g/t PdEq(2) )
for contained metal of 2.9Moz PGM(3E) (1) , 60kt Ni, 18kt Cu and
5kt Co (3.2Moz PdEq(2) ).
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 Three | Panton PGM Project's 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.
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