REG - Future Metals NL - Drilling to Commence at Nickel Sulphide Targets
04/05/2023 07:00
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RNS Number : 3325Y Future Metals NL 04 May 2023
4 May 2023
Future Metals NL
Drilling to Commence at Nickel Sulphide Targets
Highlights
§ Electromagnetics ("EM") data indicates significant area of anomalism over
the untested embayment feature ("BC1") which is supported by mapping and rock
sampling
§ Rock chip sampling at BC1 has identified anomalous nickel sulphide
mineralisation on the margin of the EM anomaly, and multiple occurrences of
mineralised ultramafic rock throughout the BC1 area
o Portable X-Ray Fluorescence ("pXRF") analysis returned an average of 0.43%
Ni, 0.06% Cu, 0.05% Co, 0.22% S from a BC1 contact rock sample
§ Further near surface nickel rich mineralisation identified up-dip of drill
hole PS053 from a gossanous rock chip sample with pXRF analysis averaging
1.95% Ni, 0.26% Cu and 0.09% Co
§ Reverse circulation ("RC") drilling scheduled to commence in mid-May 2023
at BC1
§ Exploration Incentive Scheme ("EIS") funding of $147,000 secured for
drilling to test Ni-Cu-PGM targets at the Panton West target area in June 2023
Future Metals NL ("Future Metals" or the "Company", ASX | AIM: FME), is
pleased to provide an update on its upcoming drilling program at the Panton
North project where the Company is farming into a majority 70% joint venture
interest. This update also provides details of positive results from recent
rock chip sampling at the Company's wholly owned Panton Project ("Panton" or
"the Project") located adjacent to Panton North.
Mr Jardee Kininmonth, Managing Director of Future Metals, commented:
"FME continues to build upon its nickel sulphide exploration model and work
towards the discovery of a large, high-grade accumulation of Ni-Cu sulphides.
"Following our detailed geological mapping and sampling at Panton and Panton
North, the team is looking forward to kicking off the 2023 field season. BC1
was initially identified through a desktop review, with the area having
previously been overlooked, partially because it was not part of the Panton
tenements. Our ground investigations have now all but confirmed that BC1 is a
true basal contact position for the highly mineralised Panton Complex, and all
indications suggest that it has the potential to be a rich Ni-Cu sulphide
hosting environment.
"While BC1 and Panton West are the near-term targets for initial drilling in
May and June 2023, we have made further exciting observations throughout the
Panton project area, including the identification of a nickel and copper rich
gossan which graded 1.95% Ni, 0.26% Cu, and 0.09% Co by pXRF analysis
(averaged). This is potentially a surface continuation of the magmatic
sulphide mineralisation drilled in hole PS053, and a systematic ground mapping
and sampling exercise is being undertaken to further delineate areas of
interest.
"Any further discovery of economic mineralisation within the Panton Complex
will be highly complementary to our existing 6.9Moz PdEq JORC Resource which
is the focus of our ongoing Scoping Study."
The Company recently completed ground investigations at the BC1 prospect to
follow up on a large, interpreted embayment feature identified during desktop
analysis.
This work has confirmed the presence of ultramafic and weathered ultramafic
rocks beyond the current geological map contacts as well as confirming the
embayment feature (BC1), as a highly prospective nickel sulphide target.
Importantly, the presence of a mineralised ultramafic gossan and an iron-rich
gossan were discovered within the BC1 prospect. These samples are located on
the contact of a Helicopter Towed System Transient EM ("HoisTEM") HoisTEM
anomaly which has a 700m strike and 125m width. This is further supported by a
strong magnetic feature and a highly anomalous nickel-copper association in
stream sediments. Assays from historical drill holes (PS157 & PS158) near
the contact of the HoisTEM anomaly also returned significant intersections of
nickel sulphide mineralization.
The Company has secured all the necessary approvals and a drill contractor to
drill this highly prospective, untested target during May 2023.
The Company is also pleased to announce that it has been approved for EIS
funding of A$147,000 from the Western Australian State Government to co-fund a
planned multi-hole RC drilling programme at the Panton West Prospect, which
sits within the Panton North project area.
The Company's analysis and ground investigations has confirmed that Panton
West is another prospective untested basal contact position with multiple
coincident indicators for Ni-Cu-PGM sulphide mineralisation.
The Company plans to begin drilling at Panton West in June 2023 and will
provide further details on its targeting work through Q2 2023.
Figure One | Panton and Panton North Exploration Target Areas
Figure Two | Plan view of BC1 with HoisTEM
Exploration Programme
Drilling Approvals, Logistics
Planned drilling at BC1 and Panton West has been approved by the Department of
Mines, Industry Regulation and Safety further to recent PoW submissions.
Heritage surveys over the BC1 and Panton West target areas have also been
completed and cleared with a representative group of Malarngowem Traditional
Owners.
A drilling contractor has been secured to complete an initial RC programme,
with a drill rig expected to arrive on site in mid-May 2023. Follow up
drilling of BC1 is planned for mid-June along with drilling of Panton West.
Ground investigation and surface sampling
The Company recently completed ground field mapping and sampling along the
northern contact of the Panton Sill, which includes BC1, as well as the Panton
West area. The northern contact of the Panton Sill has historically been
incorrectly mapped; likely due to topographic constraints and historic tenure
boundaries limiting the extent of exploration. Mapping the contact has
confirmed the BC1 embayment feature as well as a smaller, thickened portion to
the east, near Panton North. Within this extended basal contact area,
averaged pXRF analysis indicates a Ni-Cu anomalous association in the central
and eastern portion of the contact with the BC1 area showing a more Ni-S
anomalous association. An iron-rich gossan, on the north central most
contact of the weathered ultramafic with metasediments, has returned an
averaged pXRF reading of 0.22% Co, 0.08% Cu, 0.08% S and 0.01% Ni (see Photo
Two). This is the same area where weathered rock chips of ultramafic have
returned multiple anomalous Ni-Cu samples.
At BC1, an ultramafic outcrop of pyroxenite returned a pXRF average of 0.43%
Ni, 0.22% S, 0.06% Cu and 0.05% Co. Photo Three of this sample shows the
oxidation of the sulphide.
South of BC1, ground mapping around drill holes PS053 and PS407 has identified
gossanous material that has been shifted to create historic drilling pads,
over a 50m x 40m area. Further exploration of the area has identified
weathered sulphides in two ultramafic rock chips with an average pXRF values
of 1.95% Ni, 0.26% Cu, 0.09% Co, 0.01% S 135m to the northwest of PS053
(BD23-056, see Photo Four) and 4.28% Ni, 013% Cu, 0.11% Co, 0.01% S that is
70m to the northwest of PS053 all position along strike of a northwest fault
(BD23-055). BD23-055 was collected from rock which has been disturbed from
historical clearing. This is the same structure that is interpreted to host
the magmatic sulphide mineralisation in hole PS053. Further work needs to be
completed in this area in order to map the structures and the prospective host
unit.
The Company is currently planning further detailed mapping, soil and rock chip
sampling in key areas to assist in target generation.
Photo One | Heavily altered ultramafic to magnesite found throughout BC1
(BD23-024)
Photo Two | Iron gossan on ultramafic contact with sediment (RAS011)
Photo Three | Mineralised pyroxenite (BD23-007)
Photo Four | Mineralised dunite, 70m from PS053 drill collar (BD23-056)
pXRF data has been used as an exploration tool and a guide only and should not
be considered a proxy or substitute for laboratory analysis. The measurements
recorded and set out in this announcement are from averaged single spot
locations and may not be representative of the whole rock. Where possible the
Company has attempted to reduce bias by providing a range of values based on
analysis of multiple spots on each rock. The Company will selectively submit
rock chip samples for laboratory geochemical assay and provide an update on
these results when they become available.
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
Panmure Gordon (UK) Limited (UK Broker) +44 (0)207 886 2500
John Prior/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 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.
Notes to Editors:
About the Panton PGM-Ni Project
The 100% owned Panton PGM-Ni Project is located 60kms north of the town of
Halls Creek in the eastern Kimberly region of Western Australia, a tier one
mining jurisdiction. The project is located on three granted mining licences
and situated just 1km off the Great North Highway which accesses the Port of
Wyndham (refer to Figure Three).
The Project hosts an independent JORC Code (2012) MRE of 129Mt @ 1.20g/t
PGM(3E)(1), 0.19% Ni, 0.04% Cu and 154ppm Co (1.66g/t PdEq(2)) at a cut-off
grade of 0.90g/t PdEq(2) for contained metal of 5.0Moz PGM(3E)(1), 239kt Ni,
48kt Cu and 20kt Co (6.9Moz PdEq(2)). The MRE includes a high-grade reef of
25Mt @ 3.57g/t PGM(3E)(1), 0.24% Ni, 0.07% Cu and 192ppm Co (3.86g/t PdEq(2))
for contained metal of 2.9Moz PGM(3E)(1), 60kt Ni, 18kt Cu and 5kt Co (3.2Moz
PdEq(2)).
PGM-Ni mineralisation occurs within a layered, differentiated mafic-ultramafic
intrusion referred to as the Panton intrusive which is a 12km long and 3km
wide, south-west plunging synclinal intrusion. PGM mineralisation is hosted
within a series of stratiform chromite reefs as well as a surrounding zone of
mineralised dunite within the ultramafic package.
Figure Three | Panton PGM Project Location
About Platinum Group Metals (PGMs)
PGMs are a group of six precious metals being platinum (Pt), palladium (Pd),
iridium (Ir), osmium (Os), rhodium (Rh), and ruthenium (Ru). Exceptionally
rare, they have similar physical and chemical properties and tend to occur, in
varying proportions, together in the same geological deposit. The usefulness
of PGMs is determined by their unique and specific shared chemical and
physical properties.
PGMs have many desirable properties and as such have a wide variety of
applications. Most notably, they are used as auto-catalysts (pollution control
devices for ICE vehicles), but are also used in jewellery, electronics,
hydrogen production / purification and in hydrogen fuel cells. The unique
properties of PGMs help convert harmful exhaust pollutant emissions to
harmless compounds, improving air quality and thereby enhancing health and
wellbeing.
Appendix 1 | Sample Details
Sample locations and descriptions in GDA94 Zone 52S
Station ID Prospect Easting Northing Lithology Anomalism
BD23-007 BC1 Embayment 375942 8037247 Pyroxenite Ni-Cu
BD23-009 BC1 Embayment 375930 8037251 Altered Ultramafic
BD23-024 BC1 Embayment 377622 8038457 Altered Ultramafic
BD23-026 BC1 Embayment 377697 8038409 Metasediment
BD23-027 BC1 Embayment 377682 8038383 Biotite Schist
BD23-029 BC1 Embayment 377641 8038344 Pyroxenite
BD23-030 BC1 Embayment 377607 8038392 Pyroxenite
BD23-031 BC1 Embayment 377522 8038344 Pyroxenite
BD23-032 BC1 Embayment 377502 8038326 Undifferentiated Ultramafic Ni-Cu
BD23-034 BC1 Embayment 377534 8038298 Breccia
BD23-035 BC1 Embayment 377551 8038309 Pyroxenite
BD23-039 BC1 Embayment 377379 8038079 Pyroxenite
BD23-040 BC1 Embayment 377398 8038074 Pyroxenite Ni-S
BD23-041 BC1 Embayment 377385 8038091 Metasediment
BD23-050 BC1 Embayment 375871 8037111 Undifferentiated Ultramafic
BD23-051 BC1 Embayment 375902 8037130 Dunite
BD23-052 BC1 Embayment 375897 8037138 Fault Zone
BD23-053 BC1 Embayment 375844 8037125 Peridotite
JK23-01 BC1 Embayment 375822 8037115 Undifferentiated Mafic
JK23-02 BC1 Embayment 375937 8037063 Undifferentiated Mafic
JK23-03 BC1 Embayment 376089 8037025 Undifferentiated Mafic
JK23-04 BC1 Embayment 376085 8037003 Undifferentiated Mafic
RAS001 BC1 Embayment 377066 8038004 Altered Ultramafic
RAS002 BC1 Embayment 377076 8038003 Altered Ultramafic
RAS003 BC1 Embayment 377164 8038059 Altered Ultramafic Ni-Cu
RAS004 BC1 Embayment 376942 8037949 Altered Ultramafic
RAS005 BC1 Embayment 376923 8037914 Undifferentiated Ultramafic
RAS006 BC1 Embayment 376883 8038062 Metasediment
RAS007 BC1 Embayment 376845 8038069 Metasediment
RAS008 BC1 Embayment 376785 8038076 Metasediment
RAS009 BC1 Embayment 376544 8037704 Altered Ultramafic Ni-Cu
RAS010 BC1 Embayment 376507 8037738 Altered Ultramafic Ni-S
RAS011 BC1 Embayment 376418 8037865 Iron gossan Cu-Co
RAS012 BC1 Embayment 376426 8037865 Altered Ultramafic Ni-Cu
RAS013 BC1 Embayment 376356 8037651 Altered Ultramafic Ni-Cu
RAS014 BC1 Embayment 376290 8037609 Altered Ultramafic Ni-Cu
RAS015 BC1 Embayment 376142 8037371 Altered Ultramafic
RAS016 BC1 Embayment 376011 8037512 Altered Ultramafic
BD23-054 PS053 Area 376458 8036875 Peridotite
BD23-055 PS053 Area 376406 8036862 Undifferentiated Ultramafic Ni-Cu
BD23-056 PS053 Area 376371 8036917 Dunite Ni-Cu
BD23-057 PS053 Area 376306 8036900 Gabbro
pXRF analysis of samples
Station No. pXRF Measurements Co Co Cu Cu Ni Ni S S
% Avg % Range % Avg % Range % Avg % Range % Avg % Range
BD23-007 3 0.05 0.04 - 0.06 0.06 0.03 - 0.12 0.43 0.22 - 0.77 0.22 ND - 0.43
BD23-009 1 ND 0.00 ND 0.03
BD23-024 1 ND 0.00 ND 0.02
BD23-026 1 ND 0.04 0.07 ND
BD23-027 1 ND 0.00 0.01 ND
BD23-029 1 0.02 0.02 0.15 ND
BD23-030 1 0.03 0.04 0.08 0.07
BD23-031 3 0.02 ND - 0.04 0.05 0.04 - 0.06 0.13 0.09 - 0.16 0.07 ND - 0.11
BD23-032 1 0.06 0.12 0.36 0.07
BD23-034 1 ND 0.01 0.09 ND
BD23-035 2 0.02 0.02 - 0.03 0.03 0.02 - 0.03 0.21 0.20 -0.21 ND ND
BD23-039 1 ND 0.03 0.05 ND
BD23-040 2 0.04 0.03 - 0.04 0.12 0.1 - 0.14 0.19 0.18 - 0.21 0.06 ND - 0.12
BD23-041 1 ND 0.00 0.01 0.18
BD23-050 2 0.02 0.01 - 0.02 0.01 0.009 - 0.014 0.20 0.198 - 0.201 ND ND
BD23-051 1 ND 0.02 0.20 ND
BD23-052 1 ND 0.02 0.19 ND
BD23-053 2 0.03 0.024 - 0.029 0.05 0.048 - 0.06 0.11 0.1 - 0.11 0.03 0.032 - 0.037
BD23-054 1 0.03 0.01 0.09 0.11
JK23-01 1 ND 0.03 0.06 ND
JK23-02 1 0.06 0.01 0.31 ND
JK23-03 1 0.01 0.04 0.04 0.03
JK23-04 2 0.01 ND - 0.02 0.02 0.002 - 0.04 0.09 0.003 - 0.19 0.00 ND - 0.01
RAS001 1 ND 0.00 ND 0.02
RAS002 1 ND 0.00 ND 0.06
RAS003 1 ND 0.00 0.01 ND
RAS004 1 ND 0.00 0.00 0.02
RAS005 3 0.04 0.02 - 0.08 0.04 0.007 - 0.09 0.11 0.05 - 0.17 ND ND
RAS006 1 ND 0.06 0.00 0.05
RAS007 5 ND ND 0.04 0.02 - 0.06 ND ND 0.00 ND - 0.02
RAS008 1 ND 0.04 0.00 ND
RAS009 1 ND 0.00 0.01 0.06
RAS010 1 ND 0.00 0.00 0.36
RAS011 5 0.18 ND - 0.34 0.08 0.05 - 0.1 0.01 ND - 0.02 0.06 ND - 0.16
RAS012 1 ND 0.00 0.00 0.21
RAS013 1 ND 0.00 0.01 0.13
RAS014 1 ND 0.00 0.00 ND
RAS015 1 ND 0.00 0.00 ND
RAS016 1 0.01 ND 0.00 ND
BD23-055 4 0.11 0.02 - 0.24 0.13 0.005 - 0.27 4.28 0.22 - 12.4* 0.01 ND - 0.01
BD23-056 2 0.09 0.08 - 0.09 0.26 0.25 - 0.26 1.95 1.79 - 2.10 0.01 ND - 0.03
BD23-057 2 0.03 0.02 - 0.04 0.05 0.01 - 0.08 0.12 0.1 - 0.14 0.77 0.58 - 0.96
NB: ND refers to "Not Detected" by the pXRF; where the number of readings
equals 1, the range has not been listed.
* The high value of nickel relates to nickel oxide which is interpreted to be
related to the weathering of nickel sulphide.
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 § Rock chip samples were collected to determine if nickel, copper, sulphur
specialised industry standard measurement tools appropriate to the minerals and magnesium were present within the BC1 area to confirm the extent of the
under investigation, such as down hole gamma sondes, or handheld XRF ultramafic contact into E80/5455.
instruments, etc). These examples should not be taken as limiting the broad
meaning of sampling. § The Olympus Vanta portable x-ray fluorescence ('pXRF') was used to collect
measurements from field samples. If the sample was mineralised, multiple
§ Include reference to measures taken to ensure sample representivity and the measurements were collected at different positions on the sample to get the
appropriate calibration of any measurement tools or systems used. variability.
§ Aspects of the determination of mineralisation that are Material to the § Each measurement had 3 beams collected, the first two beams for 15 seconds
Public Report. In cases where 'industry standard' work has been done this and the third beam for 10 seconds.
would be relatively simple (eg 'reverse circulation drilling was used to
obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for § These measurements assist in confirming lithological compositions and any
fire assay'). In other cases more explanation may be required, such as where potential mineralisation present. The pXRF was used to assist in confirmation
there is coarse gold that has inherent sampling problems. Unusual commodities of the rock chip collected as preliminary analysis. Upon completion of the RC
or mineralisation types (eg submarine nodules) may warrant disclosure of program in mid-May, a selection of rock chips will be sent to the laboratory
detailed for verification.
information. § The background image in Figure 2 is an anomaly map from the HoisTEM survey
completed in 2005 which completed on a 100 m spacing with samples every 8-10m.
Drilling techniques § Drill type (eg core, reverse circulation, open-hole hammer, rotary air § No drilling is reported.
blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or
standard tube, depth of diamond tails, face-sampling bit or other type,
whether core is oriented and if so, by what method, etc).
Drill sample recovery § Method of recording and assessing core and chip sample recoveries and § No drilling is reported.
results assessed.
§ Measures taken to maximise sample recovery and ensure representative nature
of the samples.
§ Whether a relationship exists between sample recovery and grade and whether
sample bias may have occurred due to preferential loss/gain of fine/coarse
material.
Logging § Whether core and chip samples have been geologically and geotechnically § No drilling is reported.
logged to a level of detail to support appropriate Mineral Resource
estimation, mining studies and metallurgical studies. § All rock chip samples, except JK23-01 to JK23-04 were described with
photographs taken.
§ Whether logging is qualitative or quantitative in nature. Core (or costean,
channel, etc) photography.
§ The total length and percentage of the relevant intersections logged.
Sub- sampling techniques and sample preparation § If core, whether cut or sawn and whether quarter, half or all core taken. § pXRF analysis was completed on the whole rock and not a pulverised
sample. Where samples were elevated in nickel, copper or cobalt, multiple
§ If non-core, whether riffled, tube sampled, rotary split, etc and whether measurement were collected to get a range of values.
sampled wet or dry.
§ pXRF analysis is a spot reading of the surface of the rock. The
§ For all sample types, the nature, quality and appropriateness of the sample variability in grain size, alteration and mineralisation can result in the
preparation element that is being analysed to be overrepresented. By measuring an
unmineralized or unaltered portion of the same sample, a more representative
technique. value can be reported. The Competent Person considers this to be acceptable
for preliminary results of Nickel, Copper and Cobalt.
§ The HoisTEM survey was completed in 2005. The HoisTEM system is 25Hz with
a terrain clearance of 30-40m and a line of spacing of 100m.
Re-processing of this data has not been possible due to the originally
processing corrupting the data. The IP effects present in the original data
were not properly corrected and the original data and flight details are no
longer available.
§ Quality control procedures adopted for all sub- sampling stages to maximise § The CRM's provided with the pXRF were used to validate the consistency of
representivity of samples. the readings and regular Calibration Checks were completed.
§ Measures taken to ensure that the sampling is representative of the in-situ § To reduce the potential that the elevated mineralised samples are
material collected, including for instance results for field overrepresented, measurements without visible mineralisation were collected
duplicate/second-half sampling. and then the sample was averaged.
§ 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 § The Olympus Vanta Series pXRF analyser is used to provide preliminary
procedures used and whether the technique is considered partial or total. quantitative measurements of mineralisation. A 3-beam, 40 second reading
time was used with a single reading collected from the rocks surface. Where
§ For geophysical tools, spectrometers, handheld XRF instruments, etc, the no elevated nickel, copper or cobalt were detected, one measurement was
parameters used in determining the analysis including instrument make and collected. Where high grade values were returned, multiple readings were
model, reading times, calibrations factors applied and their derivation, etc. collected, including those without mineralisation, to note that the sample was
not 100% mineralised.
§ Nature of quality control procedures adopted (eg standards, blanks,
duplicates, external laboratory checks) and whether acceptable levels of
accuracy (ie lack of bias) and precision have been established.
Verification of sampling and assaying § The verification of significant intersections by either independent or § The analytical data was collected directly by the pXRF analyser and
alternative company personnel. downloaded by digital transfer to an excel sheet. All results were reviewed
and verified by the principal geologist.
§ The use of twinned holes.
§ The elevated nickel readings are a results of nickel oxide from the
§ Documentation of primary data, data entry procedures, data verification, weathering of sulphides.
data storage (physical and electronic) protocols.
§ All measurements from the pXRF anlayser were averaged where multiple
§ Discuss any adjustment to assay data. readings were collected.
§ No adjustments to any data have been undertaken.
§ No drilling was completed and there are no twinned holes.
Location of data points § Accuracy and quality of surveys used to locate drill holes (collar and § All rock chip samples were collected using a handheld GPS with a ±5m
down-hole surveys), trenches, mine workings and other locations used in error.
Mineral Resource estimation.
§ All data is reported using Map Grid of Australia 1994, Zone 52.
§ Specification of the grid system used.
§ Quality and adequacy of topographic control.
Data spacing and distribution § Data spacing for reporting of Exploration Results. § The spacing of samples is showing in Figure 2 and is based on available
outcrop and the traverses walked. This is not detailed sampling program but
§ Whether the data spacing and distribution is sufficient to establish the rather samples collected to confirm and verify the desktop interpretation.
degree of geological and grade continuity appropriate for the Mineral Resource
and Ore Reserve estimation procedure(s) and classifications applied.
§ Whether sample compositing has been applied.
Orientation § Whether the orientation of sampling achieves unbiased sampling of possible § The orientation of sampling is based on traverses walked and available
structures and the extent to which this is known, considering the deposit outcrop present. Focus was on mapping the historic contact and the extent of
of data in relation to geological structure type. the interpreted contact with infilling where possible.
§ If the relationship between the drilling orientation and the orientation of § No sampling bias is present.
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 rock chip samples were collected, bagged and securely stored in a
locked sea container by FME staff. Submission of selected samples to the lab
will occur with the next batch of drilling.
Audits or reviews § The results of any audits or reviews of sampling techniques and data. § No audits are documented to have occurred in relation to sampling
techniques or data.
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 BC1 Prospect crosses two tenements: M80/105 which is part of the Panton
material issues with third parties such as joint ventures, partnerships, PGM Project and the Panton North Area which is part of the JV with Octava
overriding royalties, native title interests, historical sites, wilderness or Minerals Limited (E80/5455). The Panton West and Panton North Prospect are
national park and environmental settings. within the Panton North Tenement.
§ The security of the tenure held at the time of reporting along with any § The Panton PGM Project is located on three granted mining licenses M80/103,
known impediments to obtaining a licence to operate in the area. M80/104 and M80/105 ('MLs'). The MLs are held 100% by Panton Sill Pty Ltd
which is a 100% owned subsidiary of Future Metals NL. The MLs were granted on
17 March 1986 and are currently valid until 16 March 2028. 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.
§ The Panton North tenement, E80/5455, is part of JV with Octava Minerals
Limited ("OCT") and covers an area of 25.4km2. In addition to E80/5455, the
Palamino Project (E80/5459) is part of the JV with OCT and covers an area of
6.4km2. Both tenements are granted and in good standing.
§ Both the Panton PGM Project and the OCT JV are within the traditional lands
of the Malarngowen with the necessary agreement in place with representatives
of the Native Title Owners and the Kimberley Land Council.
§ There are no impediments to working in the area.
Exploration done by other parties § Acknowledgment and appraisal of exploration by other parties. The Panton PGM Project
§ 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. Pickland Mather also completed stream sediment sampling
as part of a regional programme.
§ 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. The Company also
completed an extensive maglag surface programme on a 200m N-S grid with 50m
samples across the entire intrusion.
§ Panoramic Resources Ltd subsequently purchased the Panton PGM-Ni Project
from Platinum Australia Ltd in May 2012 and conducted a wide range of
metallurgical test work programmes on the Panton ore.
§ Prior to 2021, all focus has been on the PGM resource.
Panton North - OCT JV
§ The Panton North Tenement (E80/5455) has undergone surface exploration and
limited drilling. Historic work by Pickland Mather and Co covered the area
with stream sediment sampling. Most recently, Thundelarra, as part of the
East Kimberley JV with Panoramic Resources completed rock chip and soil
sampling with airborne Falcon Gravity survey and an airborne Electromagnetic
HoisTEM survey. Drilling was predominantly focused on the Panton North area.
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. Historically, there are three distinct
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.
§ Recent work by FME staff has identified a thicker basal unit that extends
into the Panton North JV with thickened portions interpreted to represent an
embayment type feature that could host Ni-Cu sulphide mineralisation.
Additionally, the Panton West area is interpreted to be a separate ultramafic
sill, of similar age to the Panton Complex.
§ Exploration activities being referred to in this release are aimed at
confirming desktop interpretation of airborne and historic surface sampling.
Drill hole Information § A summary of all information material to the understanding of the § No drilling was reported.
exploration results including a tabulation of the following information for
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 § All rock chips were measured with a pXRF analyser which gives spot
and/or minimum grade truncations (eg cutting of high grades) and cut-off measurements. Where samples were mineralised, multiple readings were
grades are usually Material and should be stated. collected and the average value was reported. If a 'Not Detected" value was
returned for one of the reported elements, a value of 0 was included with the
§ Where aggregate intercepts incorporate short lengths of high-grade results averaging.
and longer lengths of low-grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations § For samples that were averaged, the range of values collected are reported.
should be shown in detail.
§ No metal equivalents are reported.
§ 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 § No drilling was completed.
Exploration Results.
§ If the geometry of the mineralisation with respect to the drill hole angle
is known, its nature should be reported.
§ 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 § Figure 2 shows the sample locations in relation to the interpreted
should be included for any significant discovery being reported These should target. All samples are listed in Table 1.
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 rock chip samples collected in the BC1 Embayment area and around PS053
practicable, representative reporting of both low and high grades and/or have been reported where the original location of the sample was known.
widths should be practiced to avoid misleading reporting of Samples of shifted rock were not reported or included.
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 the main text and figures in the main body of this announcement
extensions or depth extensions or large-scale step-out drilling). for details of the exploration activities completed.
§ Diagrams clearly highlighting the areas of possible extensions, including § Further work in the BC1 Embayment area will be completed with shallow RC
the main geological interpretations and future drilling areas, provided this drilling to confirm the presence and extent of the Panton Complex, which is in
information is not commercially sensitive. a blind position under the Tickalarra metasediments.
§ Mining, environmental and economic studies are underway.
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