REG - Future Metals NL - Company Update
13/02/2024 09:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240213:nRSM9634Ca&default-theme=true
RNS Number : 9634C Future Metals NL 13 February 2024
13 February 2024
Future Metals NL
Multiple Drill Targets Identified Over an 18km Strike at the Recently Acquired
Alice Downs Corridor
Highlights
§ Multiple magmatic sulphide drill targets identified along ~18km of highly
prospective strike ('Alice Downs Corridor') within the Company's predominantly
100% owned exploration package, located ~12km north-east of Panton
§ Targets include Eileen Bore, Palamino and Salk, none of which have been
effectively drill tested (see Figure One)
§ All targets show ultramafic host rocks with in situ mineralisation and
structurally analogous to the nearby Copernicus nickel-copper mine
§ 3D modelling at Eileen Bore demonstrates down plunge of existing
mineralisation is open. Historical intersections reported by previous owners
include:
o 120m @ 0.73% Cu, 0.29% Ni & 0.86g/t PGM(3E) from 0m (EOH(1)) ((EBRC
010))
o Incl. 16m @ 1.0% Cu, 0.36% Ni & 0.99g/t PGM(3E) from 100m
o 96m @ 0.70% Cu, 0.29% Ni & 0.78g/t PGM(3E) from 24m (EOH) ((EBRC
003))
o Incl. 10m @ 1.08% Cu, 0.34% Ni & 1.04g/t PGM(3E) from 56m
§ Additional untested, drill-ready targets immediately adjacent to Eileen
Bore have confirmed nickel-copper sulphides at surface
§ Drilling is planned for early Q2 2024, targeting material extensions of
known near-surface mineralisation
§ Further discoveries and resource delineation will be highly synergistic
with planned future operations at Panton, detailed in the Scoping Study
released in December 2023
=Figure One | Regional Plan showing main targets along Alice Downs Corridor
18km strike. Note the location of the Eileen Bore inset Map for Figure
Three.
Future Metals NL ("Future Metals" or the "Company", ASX | AIM: FME) is pleased
to provide an update on its drilling and exploration planning for the Eileen
Bore Project and associated tenure. The projects are located within a 20km
radius of the Company's 100% owned Panton Project in the highly prospective
East Kimberley region of Western Australia.
The Alice Downs Corridor is characterised by a series of differentiated
pyroxenite, and gabbroic intrusions emplaced along a structural corridor, the
Alice Downs Fault, which represents a major north-northeast trending splay off
the deep-seated, mantle tapping, Halls Creek Fault.
Broad zones of disseminated and net-textured copper and nickel sulphides occur
within the host intrusions and are comprised of chalcopyrite, pyrrhotite,
pentlandite and pyrite. The previously mined Copernicus deposit is one such
example. Additionally, targets along the 18km Alice Downs Corridor, with
confirmed nickel-copper sulphide mineralisation, include Eileen Bore, Palamino
and Salk (see Figure One) on the Company's tenure.
A majority of the project area is under cover which has limited the
effectiveness of historical surface sampling. There is significant potential
for blind deposits with no surface anomalism. There is an extensive
exploration dataset for parts of the tenement area including geophysical
surveys; magnetics, gravity, Versatile Time Domain Electromagnetic ("VTEM")
and Induced Polarisation ("IP") which concentrated at the Eileen Bore
Prospect. The main focus of historic drilling within the Company's tenure
has been on the near surface mineralisation at Eileen Bore.
Review of historical drilling combined with geophysical and structural
interpretations has identified multiple mineralised bodies that have a
northwest plunge proximal to the Alice Downs Fault, with historic drilling
ineffectively testing these targets.
Eileen Bore Prospect
The Eileen Bore Prospect is an advanced exploration target with drilling
confirming wide zones of consistent Cu-Ni-PGM mineralisation from surface
along a known strike of approximately 300m. Mineralisation remains open down
plunge and at depth, with mineralisation only tested to 96m.
A total of 60 holes have been drilled at Eileen Bore for 5,761m. This
historical drilling demonstrated a disseminated Cu-Ni-PGM magmatic sulphide
body within a gabbro-pyroxenite host which extends over ~300m of strike. There
are multiple holes which have ended in mineralisation and modelling suggests
mineralisation is focused within a synformal fold axis and is plunging to the
north-northwest. Drilling down plunge remains open with scope for
significant additional mineralization (see Figure Two).
Figure Two | Cross section of drilling at Eileen Bore demonstrating
mineralisation open at depth.
Historical drilling results include:
o 120m @ 0.73% Cu, 0.29% Ni & 0.86g/t PGM(3E) from 0m (EOH) ((EBRC
010))
o Incl. 16m @ 1.0% Cu, 0.36% Ni & 0.99g/t PGM(3E) from 100m
o 96m @ 0.70% Cu, 0.29% Ni & 0.78g/t PGM(3E) from 24m (EOH) ((EBRC
003))
o Incl. 10m @ 1.08% Cu, 0.34% Ni & 1.04g/t PGM(3E) from 56m
o 84m @ 0.54% Cu, 0.24% Ni & 0.75g/t PGM(3E) from 36m (EOH) ((EBRC
011))
o 47m @ 0.62% Cu, 0.30% Ni & 0.60g/t PGM(3E) from 3m((AD07))
o 36m @ 0.53% Cu, 0.25% Ni & 0.59g/t PGM(3E) from 40m((EBRC 002))
o 64m @ 0.77% Cu, & 0.30% Ni from 32m (EoH) ((EP09))
o 52m @ 0.74% Cu, & 0.29% Ni from 10m ((EP08))
Additional compelling targets at Eileen Bore are to the north of the area
which has been previously drilled, in an antiformal fold axis and to the south
along the Alice Downs Fault in a synform. To the north, Drill Target 2 is
based on coincident magmatic chalcopyrite-pyrrhotite mineralisation identified
in peridotite rock chips by petrology and is associated with Ni-Cu, PGE and Au
soil anomalism. There is no historic drill testing in the area. To the
south, Drill Target 3 is associated with the same coincident soil anomalism
identified at Eileen Bore and Drill Target 2, which has also not been drill
tested. Targets are outlined in Figure Three below.
Figure Three | Eileen Bore Prospect show 3 main drill areas: down plunge
mineralisation from section A-A' and Drill Targets 2 and 3.
Additional Targets
The Salk prospect is situated along strike to the north of Eileen Bore within
in the same 100% owned exploration tenement. Historic drilling at Salk
identified nickel-copper mineralisation in an ultramafic that is interpreted
to be in a fault offset position from the Copernicus Mine. Results included
17m @ 0.31% Ni, 0.18% Cu from 36m (including 2m @ 0.68% Ni and 0.31% Cu).
The current structural interpretation suggests mineralisation plunges to the
northwest and drilling at Salk has only been to the south.
Further along strike to the north, within the farm in and joint venture with
Octava Minerals Ltd (ASX:OCT) where FME is earning a 70% interest, is the
Palamino prospect (see Figure 1). Historic drilling confirmed a thick
pyroxenite body dipping to the northwest that was not previously mapped.
Disseminated sulphides were intersected with best results being 5m @ 0.39% Ni
and 0.32% Cu in WCR016.
Forward Exploration Plan
The Company is planning a drilling campaign to test the down plunge extension
of Eileen Bore and confirm adjacent near-surface economic mineralisation at
Drill Targets 2 and 3. This initial stage of drilling is planned to commence
in early Q2 2024. Follow up stages will occur if initial drilling determines
the potential for a material amount of economic mineralisation.
In addition, field mapping and sampling will be undertaken along the Alice
Springs Corridor, with a particular focus on Palamino and Salk to confirm the
current geological model and refine these drill targets.
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
Hugh Rich/Soman Thakran
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.
Competent Person's Statement
The information in this announcement that relates to historical Exploration
Results and is based on, and fairly represents, information compiled by Ms
Barbara Duggan, who is a Member of the Australasian Institute of Mining and
Metallurgy and the Australian Institute of Geoscientists. Ms Duggan is the
Company's Principal Geologist and has sufficient experience which is relevant
to the style of mineralisation and type of deposit under consideration and to
the activity she 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).
Ms Duggan consents to the inclusion in this announcement of the matters based
upon her information in the form and context in which it appears.
Appendix One | List of Eileen Bore and Palamino Project drill holes, GDA94
Zone 52
HoleID Prospect Depth Hole Type Easting Northing RL Dip Azi
(m)
JERC002 Jenner 117.0 RC 393773 8049361 430.0 -60 90
JERCDD001 Jenner 129.7 RCDD 393648 8049526 430.0 -60 270
NERC001 Newton 225.0 RC 393301 8048316 430.0 -60 90
NERC002 Newton 147.0 RC 393388 8048279 430.0 -60 90
06BEKC0005 Newton 120.0 RC 393268 8048056 439.0 -60 116
06BEKC0006 Newton 120.0 RC 393318 8048035 439.0 -60 116
06BEKC0007 Newton 100.0 RC 393362 8048011 439.0 -60 116
AD01 Eileen Bore 48.0 RAB 389698 8039862 382.9 -60 290
AD02 Eileen Bore 13.0 RAB 389682 8039869 382.9 -60 290
AD03 Eileen Bore 5.0 RAB 389678 8039871 382.9 -60 290
AD04 Eileen Bore 49.0 RAB 389665 8039876 382.9 -60 290
AD05 Eileen Bore 36.0 RAB 389644 8039884 381.9 -60 293
AD06 Eileen Bore 36.0 RAB 389616 8039802 381.5 -60 301
AD07 Eileen Bore 64.6 RAB 389593 8039817 381.5 -60 300
AD08 Eileen Bore 32.0 RAB 389579 8039827 381.5 -60 305
AD09 Eileen Bore 91.0 RAB 389575 8039710 381.7 -60 303
AD10 Eileen Bore 41.0 RAB 389562 8039719 381.7 -60 302
AD11 Eileen Bore 72.0 RAB 389546 8039730 383.2 -60 302
EBRC001 Eileen Bore 136.0 RC 389618 8039825 381.5 -60 120
EBRC002 Eileen Bore 120.0 RC 389594 8039841 381.5 -60 120
EBRC003 Eileen Bore 120.0 RC 389572 8039863 381.5 -60 120
EBRC004 Eileen Bore 120.0 RC 389546 8039877 382.0 -60 120
EBRC005 Eileen Bore 94.0 RC 389646 8039811 382.9 -60 120
EBRC006 Eileen Bore 88.0 RC 389680 8039885 381.9 -60 120
EBRC007 Eileen Bore 94.0 RC 389654 8039898 381.9 -60 120
EBRC008 Eileen Bore 80.0 RC 389910 8040576 382.4 -60 30
EBRC009 Eileen Bore 120.0 RC 389803 8041059 381.2 -60 87
EBRC010 Eileen Bore 120.0 RC 389628 8039913 382.0 -60 120
EBRC011 Eileen Bore 120.0 RC 389605 8039926 382.0 -60 120
EBRC012 Eileen Bore 120.0 RC 389700 8040012 384.4 -60 120
EBRC013 Eileen Bore 120.0 RC 389843 8041059 381.2 -60 87
EBRC014 Eileen Bore 80.0 RC 389893 8041059 381.2 -60 87
EBRC015 Eileen Bore 120.0 RC 389675 8040023 384.4 -60 120
EBRC016 Eileen Bore 72.0 RC 389728 8039991 383.0 -60 120
EBRC017 Eileen Bore 106.0 RC 389633 8040044 383.5 -60 120
EBRC018 Eileen Bore 82.0 RC 389490 8039761 383.2 -60 120
EBRC019 Eileen Bore 82.0 RC 389058 8039216 377.9 -60 120
EBRC020 Eileen Bore 100.0 RC 389032 8039230 377.9 -60 120
EP_D12 Eileen Bore 126.9 PC/DD 389611 8039805 381.5 -84 110
EP_D14 Eileen Bore 91.0 PC/DD 389577 8039710 381.7 -60 290
EP_D15 Eileen Bore 88.8 PC/DD 389437 8039588 383.5 -60 290
EP_D19 Eileen Bore 50.4 PC/DD 389251 8039211 378.3 -60 290
EP_D20 Eileen Bore 48.2 PC/DD 389404 8039611 383.5 -60 110
EP_D21 Eileen Bore 55.0 PC/DD 389060 8039223 377.9 -60 110
EP01_D11 Eileen Bore 94.0 PC/DD 389673 8039873 382.9 -60 290
EP02 Eileen Bore 38.0 PC 389691 8039865 382.9 -60 290
EP03 Eileen Bore 38.0 PC 389723 8039853 384.1 -60 290
EP04 Eileen Bore 38.0 PC 389742 8039846 384.1 -60 290
EP05 Eileen Bore 38.0 PC 389654 8039880 382.9 -60 290
EP06 Eileen Bore 38.0 PC 389635 8039888 382.0 -60 290
EP07 Eileen Bore 43.7 PC 389686 8039867 382.9 -60 110
EP08 Eileen Bore 64.6 PC 389595 8039817 381.5 -60 290
EP09 Eileen Bore 96.0 PC 389609 8039805 381.5 -60 290
EP10 Eileen Bore 56.0 PC 389663 8040010 384.4 -60 290
EP13 Eileen Bore 72.0 PC 389547 8039730 383.2 -60 110
EP16 Eileen Bore 15.0 PC 389083 8039207 379.9 -90 360
EP17 Eileen Bore 15.0 PC 389078 8039210 377.9 -90 360
EP18 Eileen Bore 20.0 PC 389073 8039214 377.9 -90 360
LEKC0001 Eileen Bore 200.0 RC 390032 8040665 378.5 -60 270
LEKC0002 Eileen Bore 200.0 RC 390157 8040665 379.5 -60 270
LEKC0003 Eileen Bore 250.0 RC 389772 8039840 384.1 -60 294
LEKC0004 Eileen Bore 250.0 RC 389564 8039947 382.0 -60 114
LEKC0005 Eileen Bore 222.0 RC 389432 8039665 384.1 -60 90
LEKC0006 Eileen Bore 250.0 RC 389582 8039675 381.7 -60 270
LEKC0007 Eileen Bore 234.0 RC 389732 8040365 383.1 -60 90
LEKC0013 Eileen Bore 197.0 RC 390157 8040670 379.5 -60 90
LEKC0014 Eileen Bore 250.0 RC 389932 8040315 382.6 -60 270
SARC003 Salk 58.0 RC 392413 8046663 362.3 -60 124
SARC006 Salk 64.0 RC 392392 8046676 362.3 -60 124
WCR016 Palamino 130 RC 394257 8050084 500 -60 136
Appendix Two | Summary of Eileen Bore and Palamino Project drill intersections
Hole ID Prospect From To Interval Cu Ni Pt Pd Au PGE + Au
(m) (m) (m) (%) (%) (g/t) (g/t) (g/t) (g/t)
AD02 Eileen Bore 3 13 10 0.4 0.2 NA NA NA NA
AD03 Eileen Bore 2 5 3 0.32 0.12 NA NA NA NA
AD04 Eileen Bore 2 27 25 0.45 0.19 NA NA NA NA
AD04 Eileen Bore 47 49 2 0.5 0.19 NA NA NA NA
AD05 Eileen Bore 6 15 9 0.53 0.36 0.16 0.12 0.16 0.44
AD05 Eileen Bore 21 22 1 0.02 0.33 0.64 NA NA NA
AD06 Eileen Bore 13 20 7 0.35 0.17 NA NA NA NA
AD06 Eileen Bore 35 36 1 0.25 0.15 NA NA NA NA
AD07 Eileen Bore 3 50 47 0.62 0.3 0.37 0.12 0.14 0.60
AD08 Eileen Bore 1 10 9 0.46 0.2 0.14 0.10 0.08 0.32
AD10 Eileen Bore 37 38 1 0.52 0.14 NA NA NA NA
EBRC002 Eileen Bore 0 18 18 0.66 0.26 0.37 0.15 0.18 0.7
EBRC002 Eileen Bore 40 76 36 0.53 0.25 0.32 0.11 0.16 0.59
EBRC003 Eileen Bore 24 120 96 0.7 0.29 0.42 0.14 0.22 0.78
incl Eileen Bore 56 66 10 1.08 0.34 0.58 0.19 0.27 1.04
EBRC004 Eileen Bore 92 120 28 0.38 0.22 0.20 0.07 0.10 0.37
EBRC007 Eileen Bore 16 24 8 0.41 0.2 0.37 0.12 0.2 0.69
EBRC010 Eileen Bore 0 120 120 0.73 0.29 0.47 0.17 0.22 0.86
incl Eileen Bore 100 116 16 1 0.36 0.51 0.23 0.25 0.99
EBRC011 Eileen Bore 36 120 84 0.54 0.24 0.41 0.15 0.19 0.75
incl Eileen Bore 105 120 15 0.88 0.39 0.76 0.28 0.3 1.34
EBRC015 Eileen Bore 48 60 12 0.4 0.17 0.21 0.07 0.10 0.38
EBRC015 Eileen Bore 72 80 8 0.32 0.2 0.20 0.06 0.10 0.35
EBRC015 Eileen Bore 96 104 8 0.38 0.17 0.24 0.08 0.13 0.45
EBRC019 Eileen Bore 28 36 8 0.29 0.09 0.11 0.04 0.01 0.16
EP_D12 Eileen Bore 10 12 2 0.37 0.14 NA NA NA NA
EP_D12 Eileen Bore 34 56 22 0.33 0.16 NA NA NA NA
EP_D12 Eileen Bore 100 102 2 0.27 0.15 NA NA NA NA
EP_D14 Eileen Bore 56 58 2 0.27 0.11 NA NA NA NA
EP01_D11 Eileen Bore 3.05 7.62 4.57 0.31 0.16 NA NA NA NA
EP01_D11 Eileen Bore 21.34 30.48 9.14 0.48 0.19 NA NA NA NA
EP01_D11 Eileen Bore 44 46 2 0.29 0.19 NA NA NA NA
EP01_D11 Eileen Bore 54 64 10 0.54 0.19 NA NA NA NA
EP02 Eileen Bore 21 22.9 1.5 0.28 0.14 NA NA NA NA
EP02 Eileen Bore 28.96 32 3.04 0.5 0.21 NA NA NA NA
EP05 Eileen Bore 0 24.38 24.38 0.76 0.31 NA NA NA NA
incl Eileen Bore 16.76 24.38 7.62 1.35 0.41 NA NA NA NA
EP08 Eileen Bore 10 62 52 0.74 0.29 NA NA NA NA
EP09 Eileen Bore 32 96 64 0.77 0.3 NA NA NA NA
incl Eileen Bore 42 80 38 0.91 0.34 NA NA NA NA
EP17 Eileen Bore 0 15 15 0.27 0.12 NA NA NA NA
EP18 Eileen Bore 10 20 10 0.35 0.07 NA NA NA NA
LEKC0004 Eileen Bore 154 160 6 0.29 0.14 0.19 0.07 0.10 0.36
LEKC0014 Eileen Bore 98 100 2 0.5 0.17 0.02 0.01 0.03 0.06
SARC003 Salk 12 16 4 0.21 0.4 0.02 0.01 0.01 0.04
SARC003 Salk 24 34 10 0.17 0.27 0.04 0.02 0.01 0.07
SARC006 Salk 36 53 17 0.18 0.31 0.02 0.01 0.01 0.04
incl Salk 37 39 2 0.31 0.68 0.01 0.01 0.01 0.03
WCR016 Palamino 90 95 5 0.39 0.32 NR NR NR NR
Eileen Bore Project
Appendix Three | JORC Code (2012) Edition Table 1
Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary
Sampling techniques § Nature and quality of sampling (eg cut channels, random chips, or specific Details of drilling completed within the release are reported. No surface
specialised industry standard measurement tools appropriate to the minerals sampling analytical data is being reported as anomalism was digitised off
under investigation, such as down hole gamma sondes, or handheld XRF historic maps. Petrology reports identify mineralisation, there is no
instruments, etc). These examples should not be taken as limiting the broad analytical results for these samples.
meaning of sampling.
§ Include reference to measures taken to ensure sample representivity and the
appropriate calibration of any measurement tools or systems used. Australian Anglo American
§ Aspects of the determination of mineralisation that are Material to the § 20 percussion holes were drilled with 7 diamond tails totaling 1126.6m from
Public Report. In cases where 'industry standard' work has been done this 1977 to 1980. The first 8 percussion holes were sampled at 3ft intervals with
would be relatively simple (eg 'reverse circulation drilling was used to the remaining holes sampled at 2m intervals based on measurements off hand
obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for drawn paper sections. Sample weight, collection methods and geochemical
fire assay'). In other cases more explanation may be required, such as where analysis techniques used are unknown as these details were not documented in
there is coarse gold that has inherent sampling problems. Unusual commodities the historical reports. Measures taken to ensure sample representivity and
or mineralisation types (eg submarine nodules) may warrant disclosure of appropriate calibration of measurement tools used are unknown as these details
detailed information. were not recorded in the historical reports.
WMC
§ WMC drilled 7 holes between 1975 and 1978 which are in paper in form and
not yet digitized into the drill plan. No details of sampling are known and
no assays have been included.
Dry Creek Mining
§ A total of 11 rotary air blast holes were drilled in 1978 for 487.65m.
The sample weight and collection method were not recorded in the historical
reports. Samples were analysed by fire assay for Au, Pd and Pt and by atomic
absorption for Cu, Ni and Cr. Measures taken to ensure sample representivity
and appropriate calibration of measurement tools used are unknown as these
details were not recorded in the historical reports.
Thundelarra Exploration Ltd
§ Between 2002 and 2004 two campaigns of drilling was completed on the
project. A total of 20 Reverse circulation (RC) holes for 2094m was drilled at
Eileen Bore Prospect, two RC holes for 122m at Salk Prospect, 246.7m in 2 RC
holes with 1 diamond tail at Jenner Prospect and two RC holes for 372m at
Newton Prospect. All RC samples were passed through a riffle split for 4m
composite except in prospective geology where 2m riffle split samples were
collected. In diamond drilling samples were collected based on prospective
geology up to 3m. Analysis for Au, Pd and Pt was completed by fire assay
with an ICP-OES finish and As, Co, Cr, Cu, Ni, Pb, Zn, Fe, Mg and S by mixed
acid digest with an ICP-MS finish. Measures taken to ensure sample
representivity and appropriate calibration of measurement tools used are
unknown as these details were not recorded in the historical reports.
LionOre Australia Pty Ltd
§ From 2004-2005, a regional RC program was completed with the drilling
focused at Eileen Bore. A total of nine holes for 2053m was drilled. One
meter samples were submitted to SGS Analabs for fire assay (Au, Pt, Pd) and
mixed acid digest with ICP-OES finish. Details of sample collection methods
were not recorded in the historic report. Measures taken to ensure sample
representivity and appropriate calibration of measurement tools used are
unknown as these details were not recorded in the historical reports.
Breakaway Resources
§ During 2006 to 2007 a total of 3 RC holes were drilled at Newton totaling
340m. Samples were collected from the rig splitter at 1m intervals.
Samples were sent to Genalysis for analysis with Au, Pd, and Pt by fire assay
and four acid digest with ICP-OES finish for Al, As, Co, Cr, Cu, Fe, Mg, Mn,
Ni, S and Zn. Measures taken to ensure sample representivity and appropriate
calibration of measurement tools used are unknown as these details were not
recorded in the historical reports.
Navigator Resources
§ Drilling was completed at Palamino during 2004-2005 only WCR016 is being
reported as verification of the hole locations is underway. Data was
collected in 5m samples with assays for Ni, Cu, Co, Cr and Mg by OES. Details
of sample collection methods were not recorded in the historic report.
Measures taken to ensure sample representivity and appropriate calibration of
measurement tools used are unknown as these details were not recorded in the
historical reports.
Drilling techniques § Drill type (eg core, reverse circulation, open-hole hammer, rotary air Australian Anglo American (AAA)
blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or
standard tube, depth of diamond tails, face-sampling bit or other type, § 20 percussion holes were drilled with 7 holes diamond cored. It is
whether core is oriented and if so, by what method, etc). unknown if the core was oriented.
WMC
§ Drilling was by reverse circulation and diamond core drilling. It is
unknown if the core was oriented.
Dry Creek Mining
§ Drilling was completed by Rotary Air Blast. No details about the face
sampling bit are known.
Thundelarra Exploration Ltd
§ Drilling by Thunderlarra was by reverse circulation and diamond core
tails. It is unknown if the diamond core was oriented and the face sampling
bit for the RC drilling was not in the historic reports.
LionOre Australia Pty Ltd
§ All drill holes were completed by reverse circulation. The face sampling
bit size is not known as it isn't reported in the historical reports.
Breakaway Resources
§ All drill holes were completed by reverse circulation. The face sampling
bit size is not known as it isn't reported in the historical reports.
Navigator Resources
§ Drilling was completed by reverse circulation. The face sampling bit size
is not known as isn't reported in the historical reports.
Drill sample recovery § Method of recording and assessing core and chip sample recoveries and § For all companies, the sample recovery was not documented in historic
results assessed. reports.
§ Measures taken to maximise sample recovery and ensure representative nature
of the samples.
§ For AAA, WMC, Dry Creek Mining, Navigator Resources and LionOre the measure
§ Whether a relationship exists between sample recovery and grade and whether to maximise sample recovery are not documented in the historical reports.
sample bias may have occurred due to preferential loss/gain of fine/coarse For Thundelarra and Breakaway Resources, a riffle split off the drill rig was
material. used to maximise sample recovery and representativity.
§ For all companies, no relationship or bias between recovery and grade has
been established as there is no recorded recovery information.
Logging § Whether core and chip samples have been geologically and geotechnically Australian Anglo American (AAA)
logged to a level of detail to support appropriate Mineral Resource
estimation, mining studies and metallurgical studies. § All drill holes are represented on scanned paper sections that have been
put into digital form. The level of detail is insufficient for mineral
§ Whether logging is qualitative or quantitative in nature. Core (or costean, resource estimation, mining or metallurgical studies.
channel, etc) photography.
§ The total length and percentage of the relevant intersections logged.
WMC
§ All drill holes are represented on scanned paper sections that will be put
into digital form. The level of detail is insufficient for mineral resource
estimation, mining or metallurgical studies.
Dry Creek Mining
§ All drilling was recorded in paper logs that were digitised. Logging was
simplistic and completed at 1m intervals that captured lithology and
mineralisation and only qualitative in nature.
Thundelarra Exploration Ltd
§ Both RC and diamond drill logging are both qualitative and quantitive in
nature and captures downhole depth, lithology, colour, texture, grain size,
alteration, weathering, mineralisation type and percent. All logs were
digital.
LionOre Australia Pty Ltd
§ All logging was recorded digitally at 1m intervals that captured lithology
and mineralisation and only qualitative in nature.
Breakaway Resources
§ All logging was recorded digitally at the appropriate lithological to
mineralogically intervals that capture lithology, mineralisation and main
minerals present. Logging is qualitative in nature.
Navigator Resources
§ Drilling logging was completed on paper and has not been digitized. The
logging records color, grain size, rocky type, minerals and veining.
Sub-sampling techniques and sample preparation § If core, whether cut or sawn and whether quarter, half or all core taken. Australian Anglo American (AAA)
§ If non-core, whether riffled, tube sampled, rotary split, etc and whether § It is unknown whether the core was cut or sawn and if so whether quarter,
sampled wet or dry. half or all core was originally taken. No documentation exists with respect
to the preparation methods or analytical methods utilised.
§ For all sample types, the nature, quality and appropriateness of the sample
preparation technique.
§ Quality control procedures adopted for all sub-sampling stages to maximise WMC
representivity of samples.
§ It is unknown whether the core was cut or sawn and if so whether quarter,
§ Measures taken to ensure that the sampling is representative of the in-situ half or all core was originally taken. Method of RC sampling is not known.
material collected, including for instance results for field No documentation exists with respect to the preparation methods or analytical
duplicate/second-half sampling. methods utilised.
§ Whether sample sizes are appropriate to the grain size of the material
being sampled.
Dry Creek Mining
§ No documentation exists with respect to the sampling details or preparation
methods utilised.
Thundelarra Exploration Ltd
§ All RC samples were passed through a riffle split for 4m composite except
in prospective geology where 2m riffle split samples were collected. In
diamond drilling samples were collected based on prospective geology up to
3m. Analysis for Au, Pd and Pt was completed by fire assay with an ICP-OES
finish and As, Co, Cr, Cu, Ni, Pb, Zn, Fe, Mg and S by mixed acid digest with
an ICP-MS finish. Sampling and sample preparation are industry standard and
appropriate for the style of mineralisation. No information on the quality
control protocols are documented.
LionOre Australia Pty Ltd
§ One-meter samples were submitted to SGS Analabs for fire assay (Au, Pt, Pd)
and mixed acid digest with ICP-OES finish. Details of sample collection
methods and quality control protocols were not documented in the historical
reports.
Breakaway Resources
§ Samples were collected from the rig splitter at 1m intervals. Samples
were sent to Genalysis for analysis with Au, Pd, and Pt by fire assay and four
acid digest with ICP-OES finish for Al, As, Co, Cr, Cu, Fe, Mg, Mn, Ni, S and
Zn. Details of quality control protocols were not documented in the historical
reports.
Navigator Resources
§ No documentation exists with respect to the sampling details or preparation
methods utilized.
Quality of assay data and laboratory tests § The nature, quality and appropriateness of the assaying and laboratory Australian Anglo American
procedures used and whether the technique is considered partial or total.
§ Information regarding laboratory techniques is unknown as these details
§ For geophysical tools, spectrometers, handheld XRF instruments, etc, the were not recorded in the historical reports.
parameters used in determining the analysis including instrument make and
model, reading times, calibrations factors applied and their derivation, etc.
§ Nature of quality control procedures adopted (eg standards, blanks, WMC
duplicates, external laboratory checks) and whether acceptable levels of
accuracy (ie lack of bias) and precision have been established. § Information regarding laboratory techniques is unknown as these details
were not recorded in the historical reports.
Dry Creek Mining
§ Samples were analysed by fire assay for Au, Pd and Pt and by atomic
absorption for Cu, Ni and Cr. No details on quality control procedures were
documented.
Thundelarra Exploration Ltd
§ Analysis for Au, Pd and Pt was completed by fire assay with an ICP-OES
finish and As, Co, Cr, Cu, Ni, Pb, Zn, Fe, Mg and S by mixed acid digest with
an ICP-MS finish. The analysis techniques are considered appropriate for
elements being analysed. Quality control procedures were not documented.
LionOre Australia Pty Ltd
§ One-meter samples were submitted to SGS Analabs for fire assay (Au, Pt, Pd)
and mixed acid digest with ICP-OES finish. The analysis techniques are
considered appropriate for elements being analysed. Quality control procedures
were not documented.
§ A ground IP was completed at the Eileen Bore Prospect over 4 areas
staggered to cover the known mineralisation and possible extensions. Data was
acquired using a Scintrex IPR-12 receiver, with 50m dipoles and 25m spaced
readings along-line. The initial line spacing was 200m, with in-fill over
selected areas at 100m line spacing.
Breakaway Resources
§ Samples were sent to Genalysis for analysis with Au, Pd, and Pt by fire
assay and four acid digest with ICP-OES finish for Al, As, Co, Cr, Cu, Fe, Mg,
Mn, Ni, S and Zn. The analysis techniques are considered appropriate for
elements being analysed. Quality control procedures were not documented.
Navigator Resources
§ Samples were analysed by AT/OES. The lab is not recorded.
Verification of sampling and assaying § The verification of significant intersections by either independent or § No verification records exist.
alternative company personnel.
§ The historic data review suggests that Thundelarra twinned two holes
§ The use of twinned holes. drilled by Australian Anglo American - AD11 was twinned with EP13 and AD09 was
twinned by EP_D14.
§ Documentation of primary data, data entry procedures, data verification,
data storage (physical and electronic) protocols. § Data by Australian Anglo American, WMC and Dry Creek Mining were
handwritten and subsequently digitised. Data by Thundelarra, LionOre and
§ Discuss any adjustment to assay data. Breakaway Resources was originally collected and stored digitally. All data
has been compiled into one dataset for database entry.
§ Data for Navigator Resources is still under review and will be digitised
and entered into the companies database as data verification is completed.
§ No adjustments to any of the assay data has been undertaken.
Location of data points § Accuracy and quality of surveys used to locate drill holes (collar and Australian Anglo American
down-hole surveys), trenches, mine workings and other locations used in
Mineral Resource estimation. § Original geological plans showing the location of the drill hole collar
positions were scanned and geo-referenced via ArcMap to determine MGA
§ Specification of the grid system used. coordinates for each drill hole collar.
§ Quality and adequacy of topographic control.
WMC
§ Data points have not been digitised yet.
Dry Creek Mining
§ Geological plans showing the location of the drill hole collar positions
were scanned and geo-referenced via ArcMap to determine MGA coordinates for
each drill hole collar.
Thundelarra Exploration Ltd
§ Details for hole locations were recorded in digital files available from
DMIRS and note that the holes were DGPS. No details on the DGPS method or
level of accuracy are recorded. No field verification has been completed.
LionOre Australia Pty Ltd
§ Details for hole locations were recorded in digital files available from
DMIRS. No field verification has been completed.
Breakaway Resources
§ Details for hole locations were recorded in digital files available from
DMIRS. No field verification has been completed.
Navigator Resources
§ Drill holes were recorded in AGD84 and translated into MGA94. Data will
be field verified during the dry season.
Data spacing and distribution § Data spacing for reporting of Exploration Results. § The data spacing for all historic drilling has been reconnaissance in
nature even though some holes are within 10m of each other. The line spacing
§ Whether the data spacing and distribution is sufficient to establish the is roughly 100m over a 400m strike in the main zone of mineralisation.
degree of geological and grade continuity appropriate for the Mineral Resource
and Ore Reserve estimation procedure(s) and classifications applied. § Sampling reported is of a reconnaissance nature and not for the purposes of
the delineation of a mineral resource.
§ Whether sample compositing has been applied.
§ Historic intervals reported have been composited where 4m samples are
identified. Results reported are length weighted averages.
Orientation of data in relation to geological structure § Whether the orientation of sampling achieves unbiased sampling of possible § The aim of each companies drill program is listed below with Salk, Newton
structures and the extent to which this is known, considering the deposit (Kelpler) and Jenner targets all reconnaissance in nature. Drilling at
type. Eileen Bore Prospect was reconnaissance at first with subsequent companies
using various forms of geophysics to target massive sulphide.
§ If the relationship between the drilling orientation and the orientation of
key mineralised structures is considered to have introduced a sampling bias, § No orientation bias has been identified due to the reconnaissance nature of
this should be assessed and reported if material. the drilling and the lack of structural understanding.
Australian Anglo American
§ Initial drilling was completed to test soil anomalies on a grid.
Dry Creek Mining
§ Drill program at Eileen Bore was based on a GeoTEM survey and follow-up
ground magnetics and soil geochemistry. A plunge to the SE was proposed but no
follow up drilling completed.
Thundelarra Exploration Ltd
§ At Eileen Bore targets were drilled based on EM survey with drilling aimed
at following mineralisation to the north and south. At Salk drilling was
following up on EM target.
LionOre Australia Pty Ltd
§ Drilling was completed based on EM and IP targets identified at Eileen
Bore.
Breakaway Resources
§ Drilling was completed at the Kepler testing the extension of the
Copernicus Deposit and at Newton testing an EM target.
Navigator Resources
§ Drilling at Palamino was testing the outcrop ultramafic.
Sample security § The measures taken to ensure sample security. § The security of samples is unknown and not documented in the historical
reports.
Audits or reviews § The results of any audits or reviews of sampling techniques and data. § Apart from desktop review of drill date, no audits have been undertaken.
Section 2 Reporting of Exploration Results
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status § Type, reference name/number, location and ownership including agreements or § Future Metals Ltd has entered into an exclusive option agreement with
material issues with third parties such as joint ventures, partnerships, Osprey Minerals Pty Ltd (OSP) to acquire 100% of the tenure associated with
overriding royalties, native title interests, historical sites, wilderness or OSP's three projects: Eileen Bore, Sally Down and Springvale. The Eileen
national park and environmental settings. Bore project comprises: E80/4922, E80/4923 and E890/5056 which are granted
tenements with HPA's signed for all tenements. The Sally Downs project
§ The security of the tenure held at the time of reporting along with any comprises E80/4951 (granted) and E80/5911 (pending). An HPA is signed for
known impediments to obtaining a licence to operate in the area. E80/4951. The Springvale project comprises E80/4753 which is a granted
tenement and has an HPA.
§ The Palamino tenement (E80/5459) is part of a JV with Octava Minerals
Limited ("OCT") which also includes E80/5455 and covers an area of 25.4
km(2). The tenure is granted and in good standing.
§ The project is within the traditional lands of the Malarngowen with the
necessary agreements in place with representatives of the Native Title Owners.
§ There are no known impediments to working in the area.
Exploration done by other parties § Acknowledgment and appraisal of exploration by other parties. Alice Downs Corridor (including Eileen Bore Prospect)
§ Exploration across the Project has been recorded since the 1970s. The
most significant exploration was the discovery of the Cabernet (now
Copernicus) and Shiraz prospects by WMC in 1975 and the Eileen Bore prospect
by Australian Angle American (Anglo) in 1975.
§ In 1978, WMC drilled 3 holes at Eileen Bore (in paper, handwritten form)
and entered into a joint venture with Anglo which ended in 1983. During this
time, an additional 11 holes were drilled with up to 15% sulphide intersected
and best grades being 19m @ 0.41% Ni, 1.06% Cu in EP5. Graphitic zones were
observed up to 4m in some drill holes.
§ In 1987, Dry Creek Mining completed 11 holes, stream sediment and rock
chip sampling. The drill program was based on the EM survey and follow up
ground magnetics and soil geochemistry. The drilling indicated a target that
is fault bounded and inclined steeply to the south east. The ultramafic-mafic
sequence has an apparent width of 75m. Mineralisation is disseminated and
comprised of pyrite, chalcopyrite and pyrrhotite.
§ From 2001 to 2004, Thundelarra completed extensive exploration: 20 RC
holes, Ground fixed loop EM-magnetics, petrography as well as rock, soil and
stream sediment sampling. The focus of this work was at Eileen Bore proper
with additional targets identified along strike between Eileen Bore and
Copernicus. Two main targets were identified from the EM survey with drilling
identifying mineralisation associated with disseminated pyrrhotite, pyrite and
chalcopyrite that remained open at depth.
§ From 2004-2005, Lionore, in joint venture with Thundelarra, completed
further surface sampling, RC drilling, surface and downhole geophysical
surveys. Ground IP was completed in the Eileen Bore area (50m stations on
200m line spacing) to cover known mineralisation as well as potential strike
extensions to the north and south as well as over the Eileen Bore East
pyroxenite. The chargeability data over Eileen Bore defined a linear trend
coincident and extending beyond the known disseminated mineralisation over a
2.2km strike length.
§ During 2006-2007, Breakaway Resources completed drilling on the Kepler
Project (now Newton), the interpreted northern extension of the Copernicus
Deposit and 100m north of the Kepler gossan. The drilling intersected a
gabbro-pyroxenite up to 75m thick that was barren of sulphides. No
additional work was completed within the Eileen Bore Project area.
§ From 2009-2011, Panoramic Resources and Thundelarra completed at VTEM
survey over the entire Eileen Bore Project as well as Falcon Gravity (which is
unavailable) and magnetics. No drilling or further work was completed as it
was determined that the source of the EM anomalies was due to the presence of
graphitic shales within the Tickalarra Sediments.
§ From 2013-2014, Iron Ore Holdings completed a review and had SGC
(geophysical consultants) completed a detailed review of the geophysical data
including EM, gravity and magnetics. A total of 7 targets were identified, 3
high priority and 4 moderate priority. Based on the SGC review, Eileen Bore
and Jenner remained as high-moderate priority targets.
§ Since Osprey have held the tenure, an auger program has been completed
covering a small area around and to the south of Eileen Bore. No further
drilling has been completed.
Sally Downs Project
§ Exploration over the project area is sporadic with Falcon gravity and
magnetics completed in 2009 as part of the East Kimberley JV with Panoramic
Resources and Thundalarra. There are no electromagnetic surveys and no
historic drilling within the project area. Historic stream sampling was
completed by WMC but it has not yet been reviewed.
Springvale Project
§ Previous exploration completed by Inco and Freeport in the early 1980's
tested chromite horizons and a gossan zone with disappointing results (1.5ppb
Pt and 2 ppb Pd). In the late 1980's Geopeko's completed drilling. Clutha
Minerals looked at dimensional stone due to the presence of cordierite. A
joint venture between Australian Gemstone Mining and BHP comprised of airborne
EM, ground EM follow up of conductors and two percussion holes to test the
strongest conductors. The drill holes intersected a highly fractioned mafic
sill with significant barren pyrrhotite mineralisation (10-25% sulphide).
§ In 2009, the area was covered with a Falcon Gravity survey as part of a
larger East Kimberley JV with Panoramic Resources and Thundalara. Subsequent
VTEM surveys were completed in 2010 with follow-up ground FLEM.
Palamino Project
§ WMC carried exploration over the area from 1974 to 1981. Drilling was
completed and a JV with Australian Angle-American resulted in more holes being
drilled. Navigator Resources picked up the tenure in 2001 and completed
drilling to test conductors with the best result being WRC016 intersecting 5m
at 0.39 Ni and 0.32% Cu at the base of the ultramafic. Sally Malay
Exploration farmed into the project in 2005 and further drilling was completed
in the southern part of the project. In 2009, Navigator Resources
surrendered the ground and Rich Well Resources (100 subsidiary of Octava
Minerals Limited) had the tenement granted in 2021.
Geology § Deposit type, geological setting and style of mineralisation. Alice Downs Corridor (including Eileen Bore and Palamino Prospect)
§ The Project contains a series of differentiated pyroxenite and gabbro
intrusions emplaced along a structural corridor, the Alice Downs Fault, which
represents a major north-northeast trending splay off the deep-seated mantle
tapping Halls Creek Fault. Broad zones of disseminated and net-textured Cu
and Ni sulphides occur within the host intrusions and are comprised of
chalcopyrite, pyrrhotite, pentlandite and pyrite. The intrusions were emplaced
into the Tickalarra metamorphics which include paragneiss (pelites,
psammites), amphibolites and marble.
Sally Downs Project
§ The eastern portion of the project includes the Dougall Bore, Dougall Bore
South and Bullseye Gabbro prospects. The area is dominated by amphibolite
and dioritic to gabbroic granulites of the Tickalara Metamorphics. Several
small intrusive bodies composed of olivine gabbro and gabbronorite outcrop in
the area, in particular Dougall Bore South and Bullseye Gabbro. These
intrusions have been identified to have affinities to the Group 5 Sally Malay
suite which hosts the Savannah Nickel Deposit.
Springvale Project
§ The project consists of the western side of intrusion that has stratabound
layers of mineralisation associated with chromite. It is interpreted to be
similar in age to the McIntosh Intrusion and the Panton Sill. The intrusion
is crosscut by numerous felsic magmas associated with the Paperbark
Supersuite.
Drill hole Information § A summary of all information material to the understanding of the § Details of all drill holes reported in this announcement are provided in
exploration results including a tabulation of the following information for the appendices, in the body of the text and on related figures.
all Material drill holes:
§ No information material to the understanding of the exploration results has
o easting and northing of the drill hole collar been excluded.
o elevation or RL (Reduced Level - elevation above sea level in metres) of
the drill hole collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
§ If the exclusion of this information is justified on the basis that the
information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why
this is the case.
Data aggregation methods § In reporting Exploration Results, weighting averaging techniques, maximum § Significant intercepts are reported as down-hole length weighted averages
and/or minimum grade truncations (eg cutting of high grades) and cut-off of grades above 0.25% Ni and/or 0.25% Cu. No top cuts have been applied to the
grades are usually Material and should be stated. reporting of the assay results.
§ Where aggregate intercepts incorporate short lengths of high-grade results § Up to 8m of internal dilution was allowed, where needed, in the reported
and longer lengths of low-grade results, the procedure used for such intervals. Except in EBRC011 where a 12m interval of dilution was included.
aggregation should be stated and some typical examples of such aggregations
should be shown in detail. § Higher grade intervals are included in the reported grade intervals and
have also been split out on a case-by-case basis where relevant.
§ The assumptions used for any reporting of metal equivalent values should be
clearly stated. § Length weighted intercepts are calculated as follows: Reported grade for a
downhole interval = (the sum of all individual sample grades x individual
sample length) / (total interval length).
§ No metal equivalents are being reported.
Relationship between mineralisation widths and intercept lengths § These relationships are particularly important in the reporting of § Assay intersections are reported as downhole lengths. Due to the
Exploration Results. reconnaissance nature of the historical drilling, true widths of
mineralisation have not been calculated by Future Metals staff.
§ If the geometry of the mineralisation with respect to the drill hole angle
is known, its nature should be reported. § The geometry of the mineralisation below surface is not fully understood at
this time.
§ If it is not known and only the down hole lengths are reported, there
should be a clear statement to this effect (eg 'down hole length, true width § All intervals are reported as down hole length, true width of
not known'). mineralisation is not yet known.
Diagrams § Appropriate maps and sections (with scales) and tabulations of intercepts § Relevant maps and diagrams have been included in the body of this report.
should be included for any significant discovery being reported These should
include, but not be limited to a plan view of drill hole collar locations and
appropriate sectional views.
Balanced reporting § Where comprehensive reporting of all Exploration Results is not § All historic drill results with grades above 0.25% Ni and/or 0.25% Cu have
practicable, representative reporting of both low and high grades and/or been reported for the Eileen Bore Project.
widths should be practiced to avoid misleading reporting of Exploration
Results.
Other substantive exploration data § Other exploration data, if meaningful and material, should be reported § All relevant data has been included within this report.
including (but not limited to): geological observations; geophysical survey
results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances.
Further work § The nature and scale of planned further work (eg tests for lateral § Data evaluation has highlighted additional targets at Eileen Bore to be
extensions or depth extensions or large-scale step-out drilling). drill tested as well as the down plunge extension of the main mineralisation.
§ Diagrams clearly highlighting the areas of possible extensions, including § Additional data evaluation has identified multiple targets along the 18 km
the main geological interpretations and future drilling areas, provided this corridor and further work is underway to identify the key areas for field
information is not commercially sensitive. follow up in the dry season.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END UPDTJMPTMTABMPIRecent news on Future Metals NL
See all newsREG - Future Metals NL - Quarterly Activities Report
AnnouncementREG - AIM - AIM Notice - 24/04/2025
AnnouncementREG - Future Metals NL - Completion of Placement
AnnouncementREG - Future Metals NL - Strategic Infrastructure MOU and Equity Fundraise
AnnouncementREG - Future Metals NL - ASX Trading Halt
Announcement