REG - Future Metals NL - Company Update

Future Metals NLAnnouncement

17/01/2024 08:45

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RNS Number : 9934Z  Future Metals NL  17 January 2024

17 January 2024

Future Metals NL

Company Update

Future Metals NL ("Future Metals" or the "Company", ASX | AIM: FME), is
pleased to provide an update on its plans for H1 2024.

Forward Plan Summary

Regional Exploration

§  Preparation for drilling at the Company's Cu-Ni-PGM(1) Eileen Bore
Project is well underway and set for commencement immediately after the
current Kimberley wet season ends. The drill programme will target potential
mineralisation extensions near surface and at depth.

Prior intersections reported for Eileen Bore by previous owners include:

o   120m @ 0.73% Cu, 0.29% Ni & 0.86g/t PGM(3E)(1) from 0m (EoH) ((EBRC
010))

·       Incl. 16m @ 1.0% Cu, 0.36% Ni & 0.99g/t PGM(3E)(1) from
100m

o   96m @ 0.70% Cu, 0.29% Ni & 0.78g/t PGM(3E)(1) from 24m (EoH) ((EBRC
003))

·       Incl. 10m @ 1.08% Cu, 0.34% Ni & 1.04g/t PGM(3E)(1) from
56m

o   84m @ 0.54% Cu, 0.24% Ni & 0.75g/t PGM(3E)(1) from 36m (EoH) ((EBRC
011))

§ The programme will also include infill drilling of known mineralisation in
order to underpin a maiden JORC (2012) Mineral Resource Estimate ("MRE") for
Eileen Bore.

Panton Project Optimisation

§  The Company is also progressing further Panton project de-risking and
value optimisation including:

o   analysis of the existing MRE and mine plan to assess drilling
requirements for potential mine life extensions to the recent Panton scoping
study;

o   metallurgical test work targeting recovery and concentrate grade
improvements;

o   analysis of the additional sampling required to incorporate high value
by-products of rhodium (Rh) and iridium (Ir) into the next study phase; and

o   further offtake discussions to assess the potential for improved offtake
terms relative to those outlined in the Panton scoping study.

Corporate Development

§  The recent undertaking of a A$3.3m fully underwritten entitlement offer
has FME is well positioned to increase the profile of the Panton Project. The
Company is focused on enhancing market awareness of the compelling value
proposition of Panton, one of the few high-grade, low capital, near term
PGM(1) development opportunities in a top tier jurisdiction.

§  Following the completion of the acquisition of Osprey Minerals in late
2023, the Company continues to assess opportunities for further enhancing the
Company's strategic land position in the highly prospective East Kimberley
region. The Company sees strong opportunity for development of a potential
'hub and spoke' strategy utilising Panton and Eileen Bore as potential feed
sources for a central processing hub.

 

(1) PGM refers to Platinum-Group-Metals and 3E refers to platinum, palladium
and gold

 

This announcement has been approved for release by the Board of Future Metals
NL.

 

For further information, please contact:

 Future Metals NL                           +61 8 9480 0414
 Jardee Kininmonth                          info@future-metals.com.au (mailto: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)    +44 (0)207 886 2500

 John Prior/Hugh Rich/Rauf Munir
 FlowComms (UK IR/PR)                       +44 (0) 789 167 7441
 Sasha Sethi

 

 

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