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RNS Number : 3278X Future Metals NL 17 February 2025
Future Metals NL
("Future Metals" or the "Company")
Significant Copper-Nickel Discovery at Eileen Bore with 4.5km Strike Potential
Highlights
· Drilling at Eileen Bore has confirmed significant Cu-Ni
mineralisation, including:
o 30m @1.06% Cu, 0.45%Ni & 1.14g/t PGM((3E)) from 88.9m (EBDD002)
· Drilling results, combined with recent ground gravity, confirm
the Eileen Bore mineralisation to be a faulted section (offset 300m north) of
a newly defined 4.5km NE trending intrusion
· Holes EBDD003 and EBDD004 were drilled in the northern end of the
4.5km intrusion, representing the first ever drilling of this target area. The
results have confirmed the intrusion to be mineralised, with 127m of anomalous
magmatic sulphides intersected including:
o 7.4m @ 0.46% Cu, 0.51% Ni and 0.3g/t PGM((3E)) (EBDD003)
· The newly defined 4.5km intrusion represents a significant
advancement in the potential of the Eileen Bore Prospect, and Future Metals
believes that there is significant scope for expansion in the size and grade
of mineralisation within the 4.5km intrusion via future exploration activity
Figure 1: Plan view on ground gravity (Terrain Corrected bouguer anomaly tilt
image) showing the extent of the main intrusion, location of all drilling and
density targets similar to hole EBDD003 intersections.
Future Metals NL ("Future Metals" or the "Company", ASX | AIM: FME) is pleased
to announce that recent drilling and ground gravity undertaken at the Eileen
Bore Prospect ("Eileen Bore") and the adjacent previously undrilled 'Target
2', within the Alice Downs Corridor, has returned a significant mineralised
intrusive extending over a strike of 4.5km.
A total of four diamond holes were drilled for, in aggregate, 1,195m,
co-funded by a recent EIS grant. Two diamond holes (EBDD001 and EBDD002) were
drilled at Eileen Bore to test for extensions and confirm the continuity of
wide zones of copper & nickel mineralisation encountered in historical
drilling. A further two diamond holes (EBDD003 and EBDD004) were drilled at
Target 2 as a first pass test of surface mineralisation (see Figure 1).
Drilling commenced at the historical Eileen Bore prospect to confirm and test
for extensions to Cu-Ni mineralisation. Hole EBDD002 intersected a 30m zone
at 1.06% Cu, 0.45% Ni and 1.14g/t PGM((3E)) which confirmed historical grades
and mineralisation (see Figure 2).
Figure 2: | Cross section looking northwest at Eileen Bore. Section line
location in Figure 1 & 3 and marked as A-A'.
The ground gravity survey, which was completed at the same time as the
drilling, indicates that mineralisation at Eileen Bore has been faulted
approximately 300m north from the main intrusion. The gravity data indicates
a 4.5km long intrusion with internal density variations and north-south
faulting. There has been no prior drilling into this main intrusive target
(see Figure 1).
The prospectivity of this 4.5km intrusion was confirmed by hole EBDD003, which
intersected 7.4m at 0.46% Cu, 0.51% Ni and 0.3g/t PGM((3E)) within a magmatic
sulphide fertile pyroxenite. The fertile ultramafic extends over 127.25m
with anomalous associated Ni-Cu-Pd-Pt-S throughout. The significant
intersection occurs within a mineralised finger of magma (an apophyses) within
the larger ultramafic.
Holes EBDD003 and EBDD04 were drilled in what was previously interpreted to be
a fold hinge with confirmed surface soil anomalism and pentlandite,
chalcopyrite and pyrrhotite confirmed in historical petrography. The recent
ground gravity survey indicates that this interpretation was incorrect, and
that the folding is all pre-emplacement of the original mafic-ultramafic,
thereby opening up the 4.5km of prospective strike of the intrusion.
The Target 3 area, which is now interpreted as the southeastern extent of the
4.5km intrusion, is yet to be drilled. This area also has a coincident soil
anomaly and density anomaly larger than that drilled in hole EBDD003 (see
Figure 3). Additionally, the Target 3 area has had no ground targeting
geophysics (namely EM) or a complete soil survey.
Figure 3: Plan image on TMI-RTP magnetics 1VD showing soil anomaly with
section lines.
Further work to advance the area will include ground EM to focus follow up
drilling within the main 4.5km Eileen Bore Intrusion.
Table One | Mineralisation percentages, pXRF have confirmed chalcopyrite and
pentlandite mineralogy
Hole ID Depth Interval (m) Cu cut off Max waste int Cu Ni 3E S Co
(m) % (m) % % g/t % %
EBDD001 128.95 3.25 0.3 0 0.46 0.16 0.51 0.88 0.03
EBDD002 79.9 40.1 0.3 0 0.92 0.39 1.01 2.23 0.017
incl 88.9 30 1.0 4 1.06 0.45 1.14 2.60 0.019
138.4 1 0.3 0 0.59 0.26 0.74 1.34 0.013
EBDD003 124.9 7.4 0.3 0 0.46 0.51 0.30 1.56 0.015
incl 127.6 4.7 0.5 Ni 0 0.52 0.64 0.34 1.89 0.017
Table Two | Holes drilled in MGA94 Zone 52
HoleID Easting Northing RL EOH (m) Dip Azi Drill Type Prospect
EBDD001 389556 8039930 384 296.2 -60 120 Diamond Eileen Bore
EBDD002 389580 8039890 384 275.4 -60 120 Diamond Eileen Bore
EBDD003 390537 8040350 382 316 -60 120 Diamond Target 2
EBDD004 390464 8040384 382.6 307.6 -60 115 Diamond Target 2
Previous announcements that are relevant to this announcement are:
· ASX announcement of 13 February 2024 | Multiple Drill Targets
Identified Over an 18km Strike at the Recently Acquired Alice Downs Corridor.
· ASX announcement of 9 October 2024 | Drilling Underway at Eileen
Bore.
· ASX announcement of 29 October 2024 | Copper Nickel Sulphide
Intercepts in Exploration Drilling
The Company confirms that it is not aware of any information or data that
materially affects the information included in the abovementioned original
announcements and the form and context in which the Competent Persons'
findings were presented have not materially modified from the original market
announcements.
This announcement has been authorised and approved for release by the Board.
For further information, please contact:
Future Metals NL Strand Hanson Limited (Nominated Adviser)
Patrick Walta James Bellman/Rob Patrick
+ 61 8 9480 0414 +44 (0) 207 409 3494
info@future-metals.com.au
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 it 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 Exploration Results 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.
Eileen Bore Project | Appendix 2 | JORC Code (2012) Edition Table 1
Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary
Sampling techniques § Nature and quality of sampling (e.g. cut channels, random chips, or Diamond Drilling
specific specialised industry standard measurement tools appropriate to the
minerals under investigation, such as down hole gamma sondes, or handheld XRF § Details of the drilling completed referred to within this announcement are
instruments, etc). These examples should not be taken as limiting the broad reported in Table 1 (Significant Results) and Table 2 (Drill Collars). No
meaning of sampling. historic details are reported as they have been previously reported in an ASX
release dated 13 February 2024: Multiple Drill Targets Identified Over an 18km
§ Include reference to measures taken to ensure sample representivity and the Strike at the Recently Acquired Alice Downs Corridor.
appropriate calibration of any measurement tools or systems used.
§ HQ3/NQ2 diamond core was submitted for analysis. All samples were cut
§ Aspects of the determination of mineralisation that are Material to the using an almonti core saw and are either ½ or ¼ core. All duplicate
Public Report. In cases where 'industry standard' work has been done this samples were ¼ core. Half core remains in the core tray and is available at
would be relatively simple (e.g. 'reverse circulation drilling was used to the Perth Core Library as drilling was completed with EIS cofunding.
obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for
fire assay'). In other cases more explanation may be required, such as where § All drill core sampling was either supervised by, or undertaken by,
there is coarse gold that has inherent sampling problems. Unusual commodities qualified geologists.
or mineralisation types (e.g. submarine nodules) may warrant disclosure of
detailed information. § Sample intervals are based on geological observations (Lithological
contacts, mineralisation, alteration, etc). Minimum core sampled was 0.3m.
Ground Gravity Survey
§ The ground gravity survey was completed from 18 September to 12 October
2024 by Haines Gravity Surveys. A total of 1,203 detailed gravity stations
were collected in an irregular grid comprising 69 West-East trending lines
with a 200m spacing and station intervals of 100m. Quality control repeated
stations were collected giving a repeat percentage of 6.9%.
§ Terrain corrections were completed by Terra Resources.
Drilling techniques § Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air § Diamond drilling was completed by Top Drill with holes starting in HQ3 and
blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or finishing in NQ2. The depth of HQ3 core was determined based on ground
standard tube, depth of diamond tails, face-sampling bit or other type, conditions.
whether core is oriented and if so, by what method, etc).
§ All core was oriented using Axis Mining Technology's Champ Ori Tool.
§ HQ3 core diameter is 61.1mm and NQ2 core diameter is 50.6mm.
§ Triple tubes were utilised until the hole was competent and then a standard
barrel was used.
Drill sample recovery § Method of recording and assessing core and chip sample recoveries and § Each core run was measured for RQD and checked against the driller's core
results assessed. blocks. Any core loss was noted. To date, core recoveries have been good
with core loss only reported in structural zones.
§ Measures taken to maximise sample recovery and ensure representative nature
of the samples. § All drilling is planned to be as close to orthogonal to mineralisation and
geology as practicable to get representative samples of mineralisation.
§ Whether a relationship exists between sample recovery and grade and whether
sample bias may have occurred due to preferential loss/gain of fine/coarse § No historic relationship between recovery and grade has been identified and
material. there is no current analytical data being reported.
Logging § Whether core and chip samples have been geologically and geotechnically § All drill holes were logged on site by geologists to a level of detail to
logged to a level of detail to support appropriate Mineral Resource support appropriate Mineral Resource estimation, mining studies and
estimation, mining studies and metallurgical studies. metallurgical studies.
§ Whether logging is qualitative or quantitative in nature. Core (or costean, § Logging is qualitative and records lithology, grain size, texture,
channel, etc.) photography. weathering, structure, alteration, veining and mineralisation. Core is
digitally photographed.
§ The total length and percentage of the relevant intersections logged.
§ All drillholes are logged in full.
Sub-sampling techniques and sample preparation § If core, whether cut or sawn and whether quarter, half or all core taken. § The drill programme was co-funded by the Geological Survey of Western
Australia's Exploration Incentive Scheme (EIS) and the diamond core is
§ If non-core, whether riffled, tube sampled, rotary split, etc and whether required to be submitted to the Core Library as a minimum. To retain drill
sampled wet or dry. core for further analysis/petrography and review, the drill core was either
half or quarter cut depending on the zone being sampled. A majority of core,
§ For all sample types, the nature, quality and appropriateness of the sample both HQ3 and NQ2 was ¼ cut.
preparation technique.
§ Only diamond drill core was sampled.
§ Quality control procedures adopted for all sub-sampling stages to maximise
representivity of samples. § All samples were put into pre-numbered sample bags that were checked
against the cut sheet.
§ Measures taken to ensure that the sampling is representative of the in-situ
material collected, including for instance results for field § Samples were prepared by ALS's Laboratory in Perth.
duplicate/second-half sampling.
§ Certified reference materials (CRM)'s including blanks were used in each
§ Whether sample sizes are appropriate to the grain size of the material drill hole with CRM's being comparable to the material analysed and ore grade
being sampled. and blank CRMs inserted in mineralised zones.
§ Duplicates were completed every 50 samples to ensure that the sampling was
representative of the material collected.
§ Samples ranged from a minimum of 0.3m to 1.4m to follow lithological,
mineralisation and or alteration contacts where possible.
Quality of assay data and laboratory tests § The nature, quality and appropriateness of the assaying and laboratory
procedures used and whether the technique is considered partial or total.
§ All samples were sent to ALS's Laboratory in Perth for multi-element
§ For geophysical tools, spectrometers, handheld XRF instruments, etc, the analysis (4 acid digestion with ICP-MS finish and Au, Pd, and Pt analysis (30g
parameters used in determining the analysis including instrument make and lead fire assay with ICP-AES finish). This method is appropriate for
model, reading times, calibrations factors applied and their derivation, etc. lithogeochemistry and determination of mineralisation. All samples that
exceeded the upper limit of detection were analysed for the appropriate ore
§ Nature of quality control procedures adopted (e.g. standards, blanks, grade values.
duplicates, external laboratory checks) and whether acceptable levels of
accuracy (ie lack of bias) and precision have been established. § All analytical results listed are from an accredited laboratory.
§ For all sampling, CRMs were utilised every 20-30 samples with duplicates
collected every 50 samples, approximately. CRM's also included blanks used
every 3rd sample. In addition, the QAQC data from the lab will be collected
and stored in the database
Verification of sampling and assaying § The verification of significant intersections by either independent or
alternative company personnel.
§ The results were reviewed by the principal geologist. An issue with a
§ The use of twinned holes. blank in a mineralised zone was queried with the laboratory with results
verified prior to release.
§ Documentation of primary data, data entry procedures, data verification,
data storage (physical and electronic) protocols. § Significant results are a mix or combination of the following: >0.3% Cu,
>0.5 g/t 3E (Au+Pt+Pd), and/or 0.3% Ni.
§ Discuss any adjustment to assay data.
§ No twinned holes were completed.
§ Data was captured into digital spreadsheets and checked and verified prior
to submission.
§ No adjustments were made to the assay data but dilution was included up to
4m.
§ All primary data including drill hole data, geological logging, sample
intervals, etc. are all recorded digitally.
§ Data is stored in Future Metals' Datashed database.
Location of data points § Accuracy and quality of surveys used to locate drill holes (collar and Diamond Drilling
down-hole surveys), trenches, mine workings and other locations used in
Mineral Resource estimation. § All drill holes were located with handheld GPS.
§ Specification of the grid system used. § Downhole surveys were taken with a north seeking gyroscope at 5m intervals
down hole.
§ Quality and adequacy of topographic control.
§ Future Metals' drilling is located using Map Grid of Australia 1994, Zone
52.
§ The topographic control is <3m and is considered adequate.
Ground Gravity Survey
All data points were collected using a DGPS with accuracy ±3cm.
Data spacing and distribution § Data spacing for reporting of Exploration Results. § Diamond drill holes were drilled to selectively target key geological
targets that were untested. One hole, EBDD002, was between two historic
§ Whether the data spacing and distribution is sufficient to establish the holes that were 30m away, one to the north and one to the south.
degree of geological and grade continuity appropriate for the Mineral Resource
and Ore Reserve estimation procedure(s) and classifications applied. § The drill spacing is insufficient to estimate a mineral resource.
§ Whether sample compositing has been applied. § No sample compositing has been applied.
Orientation of data in relation to geological structure § Whether the orientation of sampling achieves unbiased sampling of possible § All drill holes were planned orthogonal to the geological contacts and
structures and the extent to which this is known, considering the deposit logging of structures indicates that samples are relatively orthogonal.
type.
§ No sampling bias is present.
§ If the relationship between the drilling orientation and the orientation of
key mineralised structures is considered to have introduced a sampling bias,
this should be assessed and reported if material.
Sample security § The measures taken to ensure sample security. § All samples were cut in Perth and placed into prenumbered calico bags.
Calico bags were placed into polyweaves and then into a bulka bag that was
taped shut and delivered to ALS in Perth.
Audits or reviews § The results of any audits or reviews of sampling techniques and data. § No audits or reviews of sampling techniques were 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 acquired the Eileen Bore project within the Alice Downs
material issues with third parties such as joint ventures, partnerships, Corridor as part of its acquisition of Osprey Minerals Pty Ltd (OSP). The
overriding royalties, native title interests, historical sites, wilderness or Eileen Bore project comprises licences, E80/4923 and E890/5056 which are
national park and environmental settings. granted tenements with HPA's signed/in place.
§ The security of the tenure held at the time of reporting along with any § The project is within the traditional lands of the Malarngowen with the
known impediments to obtaining a licence to operate in the area. 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. Eileen Bore Prospect
§ Exploration 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 Anglo
American (Anglo) in 1975.
§ In 1978, WMC drilled 3 holes at Eileen Bore (in paper, handwritten form)
and entered a joint venture with Anglo which ended in 1983. During this
time, an additional 11 holes were drilled with up to 15% sulphide intersected
with the 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 programme 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 a 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.
§ From 2009-2011, Panoramic Resources and Thundelarra completed at VTEM
survey over the entire Eileen Bore Project as well as Falcon Gravity 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) complete a detailed review of the geophysical data
including EM, gravity and magnetics. Based on SGC's review, Eileen Bore
remained as a high-moderate priority target.
§ Since Osprey have held the tenure, an auger programme has been completed
covering a small area around and to the south of Eileen Bore. No further
drilling has been completed.
Geology § Deposit type, geological setting and style of mineralisation. § 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 pyroxenite intrusions and are comprised
of chalcopyrite, pyrrhotite, pentlandite and pyrite. The intrusions are
emplaced into the Tickalarra metamorphics which include paragneiss (pelites,
psammites), amphibolites and marble.
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 associated tables, in the body of the text and on the 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 (e.g. cutting of high grades) and cut-off of grades above 0.3% Cu, and/or 0.3% Ni and/or 0.50g/t PGM3E (Pt+Pd+Au).
grades are usually Material and should be stated.
§ No top cuts have been applied to the reporting of the assay results.
§ Where aggregate intercepts incorporate short lengths of high-grade results
and longer lengths of low-grade results, the procedure used for such § Up to 4 metres of internal dilution is allowed in the reported intervals.
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.
Relationship between mineralisation widths and intercept lengths § These relationships are particularly important in the reporting of § Mineralisation is disseminated within the pyroxenite. Remobilised stringers
Exploration Results. of chalcopyrite-pyrrhotite±pentlandite have orientations related to late
deformation in the area.
§ If the geometry of the mineralisation with respect to the drill hole angle
is known, its nature should be reported. § No structural controls on the main mineralisation are present.
§ If it is not known and only the down hole lengths are reported, there
should be a clear statement to this effect (e.g. 'down hole length, true width
not known').
Diagrams § Appropriate maps and sections (with scales) and tabulations of intercepts § Relevant maps and diagrams have been included in the body of this
should be included for any significant discovery being reported These should announcement.
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 have been previously reported in an ASX release
practicable, representative reporting of both low and high grades and/or of 13 February 2024.
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 announcement.
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 (e.g. tests for lateral § Further analysis of the ground gravity survey data to refine the targets
extensions or depth extensions or large-scale step-out drilling). and determine if a ground electromagnetic survey would add further target
definition.
§ Diagrams clearly highlighting the areas of possible extensions, including
the main geological interpretations and future drilling areas, provided this
information is not commercially sensitive.
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