REG - Future Metals NL - Drilling Underway at Eileen Bore

Future Metals NLAnnouncement

09/10/2024 07:00

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RNS Number : 4154H  Future Metals NL  09 October 2024

9 October 2024

Future Metals NL

Drilling Underway at Eileen Bore

Future Metals NL ("Future Metals" or the "Company", ASX | AIM: FME) is pleased
to announce that diamond drilling has commenced at the Company's 100% owned
Eileen Bore Prospect, which is targeting extensions to very wide zones of
copper & nickel mineralisation encountered in historic third party
drilling (Drill Target 1), and an untested anomaly ~1km to the east (Drill
Target 2), as outlined in Figure One.

Highlights:

·   Drilling underway at the Company's 100% owned Eileen Bore Prospect
with a ~1,200m initial programme planned

·       3D modelling at Eileen Bore demonstrates that the down plunge
of existing mineralisation is OPEN

·       Drilling will follow up on historical intersections including:

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

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

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

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

·    Drilling will also test additional undrilled targets with confirmed
nickel-copper sulphides at surface immediately adjacent to Eileen Bore

·       First drilling at Eileen Bore in over 20 years

 

Future Metals' Chairman, Patrick Walta, commented:

"First drilling by Future Metals at our Eileen Bore Prospect is an exciting
step forward for the Company and follows a thorough process to secure the
requisite heritage clearance approvals. Topdrill have now mobilised to site
and drilling is underway. This initial programme is targeting confirmation and
the potential extension of historical Cu-Ni-PGM mineralisation at Eileen Bore,
located within the Alice Downs Corridor. Eileen Bore is located less than
15kms northeast to the Company's existing flagship Panton PGM Project and
provides significant scope for secondary ore feed to potential future
operations."

Photo One | Topdrill at the site of the first hole for Eileen Bore drill
programme.

Eileen Bore Prospect

The Eileen Bore Prospect is an advanced exploration target with historic
drilling identifying a wide zone of Cu-Ni-PGM mineralisation from surface
along a known strike of approximately 300m.  Mineralisation is hosted within
a gabbro-pyroxenite zone and is comprised of chalcopyrite, pentlandite and
pyrrhotite.  Mineralisation remains open down dip and at depth with drill
testing only to 96m.

To the northeast, Drill Target 2 is based on coincident magmatic
chalcopyrite-pyrrhotite mineralisation identified in peridotite rock chips by
petrology and is associated with Ni-Cu, PGE and Au soil anomalism.  There has
been no historic drill testing in the area.

Figure One | Eileen Bore Prospect showing 2 drill areas: down plunge
mineralisation from section A-A' and Drill Target 2

 

The previous announcement that is relevant to this announcement is:

Company's announcement of 13 February 2024 | Multiple Drill Targets Identified
Over an 18km Strike at the Recently Acquired Alice Downs Corridor.

The Company confirms that it is not aware of any information or data that
materially affects the information included in the abovementioned original
announcement and the form and context in which the Competent Persons' findings
are presented have not been materially modified from the original market
announcement.

 

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

 

For further information, please contact:

 Future Metals NL                                           +61 8 9480 0414
 Patrick Walta                                              info@future-metals.com.au (mailto:info@future-metals.com.au)
 Strand Hanson Limited (Nominated Adviser & UK Broker)      +44 (0) 207 409 3494
 James Bellman/Rob Patrick

 

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.

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