REG - Future Metals NL - Drilling Confirms Sulphide System at Panton
03/11/2022 07:01
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RNS Number : 1371F Future Metals NL 03 November 2022
3 November 2022
Future Metals NL
Drilling Confirms Sulphide System at Panton
Highlights
· Drilling at Panton has intersected broad zones (10-50m) of primary
magmatic sulphides, demonstrating another mineralised system in addition to
the existing chromite and silicate-hosted reef
· Presence of primary magmatic sulphides in shallow drilling is a
significant technical breakthrough confirming the potential for larger
sulphide accumulations at depth which have not previously been tested
· Gravity modelling has identified prospective basal contact and feeder
position under chromite reefs, and a larger anomaly in the south, coincident
with electromagnetic ("EM") conductors
· Magnetic inversion modelling strongly supports the 'Keel Zone'
hypothesis and has provided additional large targets coincident with known
anomalous nickel, copper and sulphur
· Government Exploration Incentive Scheme ("EIS") Grant of $220,000
awarded to co-fund deeper drilling
· Ground-based EM survey expanded to target gravity anomalies with down
hole EM planned to commence in November 2022
Future Metals NL ("Future Metals" or the "Company", ASX | AIM: FME), is
pleased to provide an update on its ongoing drilling programme and geophysical
modelling at its Panton project ("Panton" or "the Project").
Visual inspection of initial diamond drill holes, and geophysical modelling
confirm, the potential for a large Ni-Cu-PGE system. Shallow drilling in the
'Lower Zone' of the Panton Intrusion has intersected magmatic disseminated
sulphides. Magnetics and gravity inversion modelling have demonstrated
multiple potential basal contact and feeder conduit sulphide targets encasing
and underlying the existing 6.9Moz PdEq JORC Mineral Resource estimate.
The gravity and EM surveys have importantly highlighted the south of the
Project as containing significant targets, with multiple coincident bedrock
conductors identified from ground-based EM surveys. In particular, a large
gravity anomaly has been identified to the south, starting near surface and
extending down to approximately 2km in depth, with multiple shoot-like bedrock
EM conductors identified in proximity to this anomaly.
The Company has been awarded a Government EIS Grant of up to $220,000 which
will co-fund a deep drill hole into the keel position below the reef.
Figure 1 | Sulphide bearing core from hole PS408
Mr Jardee Kininmonth, Managing Director and Chief Executive Officer of Future
Metals, commented:
"The validation of the exploration model validated through the recent drilling
and geophysical modelling is an exciting development for the Company. The
gravity inversions clearly show a significant keel position underlying the
entire Panton intrusion and provide multiple basal contact and potential
feeder targets to be drilled.
"Early drilling has been very encouraging, with the identification of
magmatically emplaced disseminated sulphides for the first time at Panton.
This mineralisation provides significant evidence there is a Ni-Cu-PGE
sulphide system encasing and underlying the existing reef-style mineralisation
that makes up the current 6.9Moz PdEq JORC MRE. The drilling of these
sulphides are at the edge of the system where analogues would suggest
mineralisation is at its weakest and it is considered likely that
mineralisation will increase towards the keel position, which is yet to be
tested.
"The Company has been successful in being awarded a Government EIS Grant to
co-fund a deep drill hole into the centre of the northern part of the Panton
intrusion. This hole will be drilled directly into the untested bottom of the
basal contact and/or feeder position.
"The team looks forward to continuing to systematically test the significant
number of high quality targets at Panton and keep the market updated on its
progress."
Figure 2 | Sulphide bearing core from hole PS408
Disseminated Magmatic Sulphides in Shallow Drilling
The Company has completed three diamond drill holes for approximately 800m,
intercepting disseminated sulphides in each hole. The logging notes and
sulphide-bearing intervals are shown in the Table 1 below. The sulphides are
predominantly fine-grained and as such have not been reported as discrete
sulphide minerals unless otherwise noted, with the percentage estimates based
on portable X-Ray Fluorescence ("XRF") analysis and visual estimation of the
logging geologist.
Holes PS408 and PS409 were both drilled in the 'Lower Zone' of the Panton
Intrusion, and both contain disseminated sulphides which locally show classic
intercumulus textures indicative of a primary magmatic origin. This is a
significant technical milestone for the Panton Project as it validates the
hypothesis that the Panton Intrusion hosts magmatic sulphide mineralisation as
well as reef-style mineralisation. It also confirms that these sulphides have
not been produced solely by later hydrothermal events.
Hole PS408 was drilled 25m south west of historical reverse circulation ("RC")
drill hole PS158 (significant intercepts shown below) which demonstrated a
broad zone of sulphide-rich mineralisation. Hole PS408 has demonstrated the
continuity of this sulphide-rich zone and provided core to orientate the
mineralised structures. Hole PS409 was drilled a further ~150m south of holes
PS158 and PS408, through the centre of the shallow magnetic anomaly which they
are interpreted to be associated with, with a broad zone of visible sulphides
being intercepted here too.
Hole PS158 is an historical hole from the 'Lower Zone' which contained the
following sulphide-rich intercept (previously reported on 27 July 2022):
· 19m @ 0.51 g/t PGM3E1 & 0.49% Ni & 0.28% Cu & 0.022% Co
from 88m including:
o 3m @ 0.81 g/t PGM3E1 & 1.16% Ni & 0.66% Cu & 0.053% Co from
88m
o 1m @ 0.67 g/t PGM3E1 & 0.46% Ni & 1.57% Cu & 0.022% Co from
95m
o 2m @ 1.09 g/t PGM3E1 & 1.01% Ni & 0.22% Cu & 0.044% Co 104m
These holes are located in a distal position relative to the hypothesised keel
targets described below and the mineralisation intersected in them is
consistent with a distal position to a larger sulphide accumulation elsewhere.
Initial indications in the field suggest a spatial association between this
drill-intersected sulphide mineralisation and some of the smaller magnetic
anomalies. This suggests that the larger, currently undrilled magnetic
anomalies may relate to greater volumes of mineralisation, particularly as
these are located in the more conceptually favourable keel position.
Hole PS407 was drilled into the hangingwall of the chromitite reef, targeting
a zone of high-grade sulphide mineralisation previously drilled by a historic
hole, PS053. Hole PS407 has provided new core to orientate the local
structures, as well as enabling the use of down hole EM to identify any nearby
sulphide-rich bodies. The sulphide-rich zones in holes PS053 and PS407 are in
shear zones sitting above the large gravity anomaly underneath the reef.
Sulphide mineralisation in these holes is interpreted to have been from a
secondary event which has remobilised the mineralisation from a source below
the shear zones.
Hole PS053 is an historical hole from which drilled into the chromitite reef,
and had a sulphide-rich zone in the hanging wall to the reef. PS053 had the
following sulphide-rich intercept (previously reported on 27 July 2022):
· 4m @ 2.18 g/t Au & 1.18% Ni & 1.05% Cu from 242.5m including:
· 1m @ 6.80 g/t Au & 0.62% Ni & 2.05% Cu from 242.5m
· 2m @ 0.92 g/t Au & 1.93% Ni & 0.76% Cu from 243.5m
Table 1 | Panton Summary Logs - Sulphide Mineralisation
The below logging notes from observations made in the field of the drill core
are from visual observations only, with supporting evidence from pXRF
analysis; assay results are pending. Sulphide mineralisation and metal
contents are not directly correlated. Assays are required to determine metal
content (ie. Pd, Pt, Au, Ni, Cu values).
Hole ID From (m) To (m) Length (m) Lithology Mineralisation Description Sulphide % (Visual Estimate)
PS407 5.8 9.5 3.7 Fine grained mafic 5%
17.7 17.9 0.2 Porphyry intrusive 10%
41.75 50.4 8.65 Pyroxenite 5%
67.4 67.41 0.01 Porphyry intrusive 10% Cpy, Pn, Po
73.9 74.2 0.3 Harzburgite 5% Cpy, Pn, Po, Py
78.8 80.1 1.3 Dunite 5% Cpy, Pn, Po, Py
87.05 101.9 14.85 Peridotite 5%
102.4 103.6 1.2 Peridotite 5%
103.6 111.1 7.5 Peridotite 5% Cpy, Po, Py
111.1 175.6 64.5 Dunite 1%
183 186.8 3.8 Dunite 1%
PS408 24.6 51 26.4 Dunite 1%
51 88.8 37.8 Harzburgite 1%
88.8 112.5 23.7 Dunite 1%
112.5 130 17.5 Dunite 3% Cpy, Pn, Po, Py
143.58 144.42 0.84 Dunite 1%
144.42 144.54 0.125 Dunite 10% Cpy, Pn, Po
PS409 56.9 98.54 41.64 Dunite 1%
99.09 115.2 16.11 Dunite 1%
115.4 139.14 23.74 Dunite 1%
141 173.5 32.5 Dunite 1%
Po = Pyrrhotite, Cpy = Chalcopyrite, Pn = Pentlandite, Py = Pyrite
1 PGM3E = Palladium (Pd) + Platinum (Pt) + Gold (Au)
Figure 3 | Gravity image with Geologic Structures
3D Geophysical Modelling and Targeting
Ground gravity surveying, on a nominal 50m x 50m grid, was completed at the
end of September 2022, covering the entire Panton intrusion within the Panton
mining licenses for an approximate area of 23km2. The survey has provided a
very high-quality gravity data set.
The purpose of the gravity survey was to, in conjunction with existing
magnetic data, to build a 3D interpreted geophysical model of the Panton
intrusion structure. Such a model can then be used to validate the geological
model for the intrusion and importantly, help define additional drill targets.
The resultant geophysical model has confirmed the Company's hypothesis that
the Panton Intrusion has a keel-like geometry (See Figure 4). This is
important because the inferred keel position is the most favourable site for
significant magmatic Ni-Cu-PGE sulphide-rich mineralisation but has not been
previously drill tested. Both the gravity and magnetic models, which are based
on completely independent data sets, were consistent with this keel-like
architecture.
Significantly, several discrete volumes of anomalous gravity and magnetic
response, located in conceptually favourable positions along the keel-axis,
were also defined within the model. It is plausible that these volumes may
represent concentrations of sulphide mineralisation as we expect such
concentrations to have higher gravity and magnetic responses. Most of these
anomalous volumes have not been previously drilled. Where historical drilling
has been proximal to some of the magnetic volumes, the drilling results are
anomalous with copper, nickel and sulphur assays, close to the basal contact
and proximal to a large untested gravity anomaly below the chromite reefs (see
Figures 4 and 5).
An unexpected, but potentially highly significant result from the geophysical
model is the identification of a large, pipe-like anomalously dense volume,
near the south-western end of the intrusion. Although not present at the
surface, this dense volume shows very strong continuity from near surface down
to a measured depth of approximately 2km. It is also adjacent to the Panton
Fault, a major regional structure. When viewed in context with the overall
model for the Panton Intrusion, this body is either a major feeder zone to the
Panton Intrusion or alternatively a later intrusive phase that may have used
the same magmatic plumbing system (See Figure 6).
Significantly, the Company has identified two strong bedrock EM conductors
which are broadly spatially coincident with this gravity high (See Figure 7).
It is plausible that they may be related to (perhaps off-shoots from) this
large new pipe-like dense volume, which might represent a later, more
prospective phase of mafic-ultramafic intrusion that has been emplaced after
the main Panton body. This southern density anomaly may therefore represent an
important new target for the Panton Project.
Figure 4 | Reef Long Section showing magnetic and gravity anomalies along the
Keel Zone encasing and underlying the chromite reef
Figure 5 | Reef Cross Section showing magnetic and gravity anomalies along the
Keel Zone
Figure 6 | Panton Intrusion Long Section - Gravity Contours
EM Conductors
The Company has now completed Fixed Loop EM ("FLEM") surveys over
approximately 11 target areas identified through the prior airborne Versatile
Time Domain EM ("VTEM") survey, as well as in areas where historical drilling
demonstrated anomalous base metal sulphides (ie. as opposed to the
chromite-associated PGE mineralisation which has historically been
characteristic of Panton), and the north-eastern portion of the basal contact
where the Keel Zone is interpreted to be plunging to surface.
The FLEM surveys to date have been completed using a Fluxgate system which can
detect large massive sulphide bodies down to depths of ~500m where host rock
is very resistive, such as at Panton.
Two strong bedrock conductors have been identified to date, both in the
south-west of the project area, broadly coincident with the dense, pipe-like
volume discussed above (see Figure 7). The characteristics of these conductors
are:
· Target 5-1: strong bedrock conductor (1090 Siemens ("S)), 10m wide
and steeply dipping and starting near surface
· Target 5-3: strong bedrock conductor (6200 S), 20m wide and steeply
dipping and starting near surface
The Company is now working with Southern Geoscience Consultants to have a
Jessie SQUID system brought to site to test the large, deep gravity targets
identified from the gravity survey.
As opposed to completing ground EM across the entire northern section of the
Lower Zone, the Company is drilling multiple magnetic anomaly targets which
coincide with anomalous copper, nickel and sulphur grades in historical
drilling. These drill holes will subsequently have down hole EM run down them,
which will be able to detect weaker conductors than surficial EM.
Figure 7 | Magnetic Inversion with Gravity Anomalies and FLEM Conductors
Forward Plan
Following the completion of the geophysical modelling and structural analysis
there are a number of high quality targets to be drill tested. The Company is
currently systematically testing the magnetic anomalies along the Lower Zone
in the north, drilling a central hole through each anomaly to test for
sulphide mineralisation, changes in geology, and to allow for follow up DHEM.
Following the drill testing of these targets the drill rig will transition to
the south and test the EM Conductors, and the shallower areas of the gravity
anomalies. The Company is arranging for a larger drill rig to be at site for
the 1st of December to drill a deep hole through the northern gravity anomaly,
underneath the chromite reef and into the interpreted basal contact or feeder
conduit position. This deeper drill hole will be co-funded under the Western
Australia State Government's EIS Scheme, which will reimburse the Company for
up to $220,000 of drilling costs, including mobilisation and demobilisation.
The Company will begin DHEM surveys on each of its holes from mid-November
2022. These plans are subject to change based on ongoing results and weather
conditions.
For further information, please contact:
Enquiries:
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
W H Ireland Limited (UK Broker) +44 (0) 207 220 1670
Harry Ansell/Katy Mitchell
White Noise Communications (Australian IR/PR) +61 400 512 109
Fiona Marshall
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.
Competent Person's Statement
The information in this announcement that relates to Exploration Results is
based on, and fairly represents, information compiled by Mr Shane Hibbird, who
is a Member of the Australasian Institute of Mining and Metallurgy and the
Australian Institute of Geoscientists. Mr Hibbird is the Company's Exploration
Manager and 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 Hibbird consents
to the inclusion in this announcement of the matters based upon his
information in the form and context in which it appears.
Notes to Editors
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 autocatalysts (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.
Appendix 1 | Panton Diamond Drill Hole Collar Details
Hole ID Hole Type Easting Northing RL (m) Total Depth (m) Inc (deg) Azi (deg)
PS407 Diamond core 376456 8036810 490 300 -82 350.6
PS408 Diamond core 375920 8037027 437 200 -60 324
PS409 Diamond core 375860 8036770 455 300 -60 290
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 (eg cut channels, random chips, or specific § Fixed Loop transient electromagnetic (FLEM) surveys were completed using
specialised industry standard measurement tools appropriate to the minerals 50m spaced lines and 25m spaced stations.
under investigation, such as down hole gamma sondes, or handheld XRF
instruments, etc). These examples should not be taken as limiting the broad § FLEM lines were planned on local grids that run orthogonal to the strike
meaning of sampling. direction of the targets as interpreted from historic airborne TEM (VTEM) data
§ Include reference to measures taken to ensure sample representivity and the § Measurements were completed using the SMARtem24 and SMARTflux (B field)
appropriate calibration of any measurement tools or systems used. sensor manufactured by Electromagnetic Imaging Technology (EMIT) of Perth
W.A.. These instruments are designed and calibrated by EMIT for the purpose
§ Aspects of the determination of mineralisation that are Material to the of completing Transient Electromagnetic (TEM) geophysical surveys
Public Report. In cases where 'industry standard' work has been done this
would be relatively simple (eg 'reverse circulation drilling was used to § Gravity survey readings were taken on a nominal 50m x 50m grid, locally
obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for adjusted due to topography. Grid orientation is aligned to the MAG94 Zone 52
fire assay'). In other cases more explanation may be required, such as where datum.
there is coarse gold that has inherent sampling problems. Unusual commodities
or mineralisation types (eg submarine nodules) may warrant disclosure of § Gravity data were acquired using a Scintrex CG6
detailed information. digital gravity meter, Serial Number: 21050345 and Hi Target differential
GNSS receivers. Expected accuracy of the gravity survey would be better
than 0.02 mGal with recorded elevations accurate to better than 2cm.
§ In 2002 Platinum Australian Limited commissioned UTS Geophysics to conduct
a low level airborne geophysical survey over the complete Panton Project Area.
The survey was from a fixed wing aircraft using UTS proprietary flight
planning and survey navigation
system. Data was acquired by UTS proprietary high
speed digital data acquisition system.
§ Magnetic data was acquired using a UTS tail mounted stinger.
§ Scintrex Cesium Vapour CS-2 total field magnetometer.
§ Fluxgate three component vector magnetometer.
§ RMS Aeromagnetic Automatic Digital Compensator (AADC II).
§ Diurnal monitoring magnetometer (Scintrex Envimag).
Drilling techniques § Drill type (eg core, reverse circulation, open-hole hammer, rotary air § All Future Metals NL drill holes were diamond core holes, either PQ3 or HQ3
blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or in size. Generally, the top 50 metres (approximately) of the other drill holes
standard tube, depth of diamond tails, face-sampling bit or other type, were often also drilled in PQ3 until competent rock is encountered. The drill
whether core is oriented and if so, by what method, etc). hole was then cased off and continued in HQ3 size core drilling.
§ PQ3 core diameter is 83.0mm, HQ3 core diameter is 61.1mm.
§ Future Metals NL drill holes HQ3 core is orientated using a BLY TruCore
UPIX Orientation Tool.
§ Future Metal NLs drilling contractor is Terra Drilling. Triple tubes are
utilised in the weathered horizon (less than 10m) and standard tubes for the
remainder of the drill hole.
Drill sample recovery § Method of recording and assessing core and chip sample recoveries and § Each core run is measured and checked against the drillers core blocks. Any
results assessed. core loss is noted. To date core recoveries have been excellent with very
little core loss reported.
§ Measures taken to maximise sample recovery and ensure representative nature
of the samples. § Exploration drilling is planned to be as close to orthogonal to the
mineralisation as practicable to get representative samples of the
§ Whether a relationship exists between sample recovery and grade and whether mineralisation.
sample bias may have occurred due to preferential loss/gain of fine/coarse
material. § No relationship between recovery and grade has been identified.
Logging § Whether core and chip samples have been geologically and geotechnically § All drill core samples have been logged onsite by geologists to a level of
logged to a level of detail to support appropriate Mineral Resource detail to 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 sulphides. Core is digitally
photographed.
§ The total length and percentage of the relevant intersections logged.
§ All holes are logged in full.
Sub-sampling techniques and sample preparation § If core, whether cut or sawn and whether quarter, half or all core taken. § Not applicable. Samples are yet to be processed.
§ If non-core, whether riffled, tube sampled, rotary split, etc and whether
sampled wet or dry.
§ 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
representivity of samples.
§ Measures taken to ensure that the sampling is representative of the in-situ
material collected, including for instance results for field
duplicate/second-half sampling.
§ Whether sample sizes are appropriate to the grain size of the material
being sampled.
Quality of assay data and laboratory tests § The nature, quality and appropriateness of the assaying and laboratory § No new assay data is reported on in this announcement.
procedures used and whether the technique is considered partial or total.
§ The Company commissioned Southern Geoscience Consultants (SGC) of Perth to
§ For geophysical tools, spectrometers, handheld XRF instruments, etc, the plan and conduct the FLEM surveys. The geophysical programme parameters were
parameters used in determining the analysis including instrument make and as follows:
model, reading times, calibrations factors applied and their derivation, etc.
Planning/Supervision/Acquisition: Southern Geoscience Consultants Pty Ltd
§ Nature of quality control procedures adopted (eg standards, blanks, (SGC)
duplicates, external laboratory checks) and whether acceptable levels of
accuracy (ie lack of bias) and precision have been established. Survey Configuration: Fixed Loop TEM (FLEM)
TX Loop Size: 200 x200m to 400m x 400m (FLEM)
Transmitter: DRTX
Transmitter Power: Battery Power Supply
Receiver: SMARTem24 sn:1522
Sensor: SMARTflux sn:1487
Line Spacing: 50m and 25m
Line Bearing: variable - orthogonal to target strike
Station Spacing: 50m and 25m (FLEM)
TX Frequency: 3.125 Hz
Duty cycle: 50%
Current: 50 A
Stacks: 128 stacks
Readings: At least 2 repeatable readings per station
§ The Company commissioned Southern Geoscience Consultants (SGC) of Perth to
plan the gravity surveys. Southern Geoscience engaged Atlas Geophysical to
acquire the data. The geophysical programme parameters were as follows:
Planning/Supervision/Acquisition: Southern Geoscience Consultants Pty Ltd
(SGC)
Station Spacing: 50m x 50m
§ Graviometer: Scintrex CG6 digital gravity meter and Hi Target
differential GNSS receivers.
Verification of sampling and assaying § The verification of significant intersections by either independent or § Primary data: drill hole data, geological logging, sample intervals etc.
alternative company personnel. are all recorded digitally in the field. Maps and cross sections are produced
and the digital data verified.
§ The use of twinned holes.
§ Future Metals has established a Datashed database and appropriate
§ Documentation of primary data, data entry procedures, data verification, protocals.
data storage (physical and electronic) protocols.
§ Geophysical Electromagnetic data were recorded by the Smartem24 receiver
§ Discuss any adjustment to assay data. and downloaded in the field then emailed to the SGC supervising
geophysicist. All data are backed up weekly.
§ Gravity data was downloaded in the field then emailed to the SGC
supervising geophysicist. All data are backed up weekly.
Location of data points § Accuracy and quality of surveys used to locate drill holes (collar and § All drill holes were located initially with hand held GPS but then
down-hole surveys), trenches, mine workings and other locations used in re-surveyed with a differential GPS system to get locational accuracy's to
Mineral Resource estimation. <0.1m.
§ Specification of the grid system used. § Down hole surveys are taken with a north seeking gyroscope at regular
intervals of 30m down hole in Future Metals drill holes.
§ Quality and adequacy of topographic control.
§ Geophysical measurement locations were determined using a hand-held Garmin
GPSMAP64. The accuracy of this unit at most sample sites was +/- 3m to 5m.
§ Future Metals drilling is located using Map Grid of Australia 1994, Zone
52.
§ The topographic control is considered better than <3m and is considered
adequate.
§ Airbourne location data is provided via a Novatel 395IR, 12 channel
precision navigation GPS and Bendix King KRA-405 radar altimeter
Data spacing and distribution § Data spacing for reporting of Exploration Results. § 50m and 25m FLEM line and station spacing.
§ Whether the data spacing and distribution is sufficient to establish the § The FLEM surveys were designed to follow-up on specific VTEM of drill
degree of geological and grade continuity appropriate for the Mineral Resource intersection targets using line and station spacing that are suitable for
and Ore Reserve estimation procedure(s) and classifications applied. detailing the anomaly for modelling and drill targeting. Line and station
spacing is a function of size and depth of the target.
§ Whether sample compositing has been applied.
§ Gravity stations are taken on a grid spaced 50m x 50m apart.
§ Aeromagnetic data was acquired on a 50m line spacing, sensor height was
25m, tie lines 500m
§ Sample Compositing: Not applicable.
Orientation of data in relation to geological structure § Whether the orientation of sampling achieves unbiased sampling of possible § Exploration and resource drilling is designed to be as close to orthogonal
structures and the extent to which this is known, considering the deposit as practicable to the dip and strike of the mineralized chromitite reefs
type. within the Panton Intrusion.
§ If the relationship between the drilling orientation and the orientation of § FLEM stations were planned perpendicular to the strike of the targets as
key mineralised structures is considered to have introduced a sampling bias, interpreted from other datasets, however, the 3 component measurements
this should be assessed and reported if material. recorded by the EM surveys allow the capture of anomalies from targets of any
orientation.
Sample security § The measures taken to ensure sample security. § Geophysical data were recorded by the Smartem24 receiver and downloaded in
the field then emailed to the SGC supervising geophysicist. All data are
backed up weekly.
Audits or reviews § The results of any audits or reviews of sampling techniques and data. § Not applicable. Samples are yet to be processed.
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 § The Panton PGM Project is located on three granted mining licenses M80/103,
material issues with third parties such as joint ventures, partnerships, M80/104 and M80/105 ('MLs'). The MLs are held 100% by Panton Sill Pty Ltd
overriding royalties, native title interests, historical sites, wilderness or which is a 100% owned subsidiary of Future Metals NL.
national park and environmental settings.
§ The MLs were granted on 17 March 1986 and are currently valid until 16
§ The security of the tenure held at the time of reporting along with any March 2028.
known impediments to obtaining a licence to operate in the area.
§ A 0.5% net smelter return royalty is payable to Elemental Royalties
Australia Pty Ltd in respect of any future production of chrome, cobalt,
copper, gold, iridium, palladium, platinum, nickel, rhodium and ruthenium.
§ A 2.0% net smelter return royalty is payable to Maverix Metals (Australia)
Pty Ltd on any PGMs produced from the MLs.
§ There are no impediments to working in the area.
Exploration done by other parties § Acknowledgment and appraisal of exploration by other parties. § The Panton deposit was discovered by the Geological Survey of Western
Australia from surface mapping conducted in the early 1960s.
§ Pickland Mather and Co. drilled the first hole to test the mafic-ultramafic
complex in 1970, followed by Minsaco Resources which drilled 30 diamond holes
between 1976 and 1987.
§ In 1989, Pancontinental Mining Limited and Degrussa Exploration drilled a
further 32 drill holes and defined a non-JORC compliant resource.
§ Platinum Australia Ltd acquired the project in 2000 and conducted the
majority of the drilling, comprising 166 holes for 34,410 metres, leading to
the delineation of a maiden JORC Mineral Resource Estimate.
§ Panoramic Resources Ltd subsequently purchased the Panton PGM Project from
Platinum Australia Ltd in May 2012 and conducted a wide range of metallurgical
test work programs on the Panton ore.
Geology § Deposit type, geological setting and style of mineralisation. § The Panton intrusive is a layered, differentiated mafic to ultramafic body
that has been intruded into the sediments of the Proterozoic Lamboo Complex in
the Kimberley Region of Western Australia. The Panton intrusion has
undergone several folding and faulting events that have resulted in a south
westerly plunging synclinal structure some 10km long and 3km wide.
§ PGM mineralisation is associated with several thin cumulate Chromitite
reefs within the ultramafic sequence. In all there are three chromite
horizons, the Upper group Chromitite (situated within the upper gabbroic
sequence), the Middle group Chromitite (situated in the upper portion of the
ultramafic cumulate sequence) and the Lower group Chromitite (situated toward
the base of the ultramafic cumulate sequence). The top reef mineralised zone
has been mapped over approximately 12km.
§ Exploration drilling described in this release is targeting more conceptual
features, particularly an inferred feeder or conduit system to the layered
intrusion and the lowermost ultramafic stratigraphy proximal to such a
structure. These areas, by analogy to other similar intrusions prospective for
sulphide hosted nickel, copper, cobalt and PGE mineralisation. Such bodies of
mineralisation can be semi massive to massive and hence excellent
electromagnetic targets.
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 Appendix One.
all Material drill holes:
o easting and northing of the drill hole collar
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 0.50g/t PGM(3E) (Pt/Pd/Au). No top cuts have been applied to
grades are usually Material and should be stated. the reporting of the assay results.
§ Where aggregate intercepts incorporate short lengths of high-grade results § 4 metres of internal dilution is allowed in the reported intervals.
and longer lengths of low-grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations § Higher grade intervals are included in the reported grade intervals; and
should be shown in detail. 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 § Usually drilling is designed to be as close to orthogonal as practicable to
Exploration Results. the dip and strike of the mineralized chromitite reefs within the Panton
Intrusion.
§ If the geometry of the mineralisation with respect to the drill hole angle
is known, its nature should be reported. § Refer to the Figures in this announcement showing drill cross sections.
§ 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
not known').
Diagrams § Appropriate maps and sections (with scales) and tabulations of intercepts § Appropriate sections included in the body of this announcement.
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 results at hand at the time of this announcement have been reported.
practicable, representative reporting of both low and high grades and/or
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 § No other exploration data is relevant.
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 § Refer to main text and figures for exploration potential.
extensions or depth extensions or large-scale step-out drilling).
§ Metallurgical test work is on-going.
§ Diagrams clearly highlighting the areas of possible extensions, including
the main geological interpretations and future drilling areas, provided this § Exploration and resource definition drilling will continue in and around
information is not commercially sensitive. the current resource area.
§ Mining, environmental and economic studies are underway
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