REG - Future Metals NL - FME Doubles Strategic Exploration Position
05/10/2023 07:00
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RNS Number : 7326O Future Metals NL 05 October 2023
5 October 2023
Future Metals NL
Future Metals Doubles Strategic Exploration Position Near Panton
120m @ 0.73% Cu, 0.29% Ni & 0.86g/t PGM(3E) from 0m
96m @ 0.70% Cu, 0.29% Ni & 0.78g/t PGM(3E) from 24m
Highlights
§ Agreement to acquire ~100km(2) of highly prospective exploration tenure
adjacent to the Panton Project, including the drill ready Eileen Bore
Cu-Ni-PGM prospect
§ Drilling at Eileen Bore has returned wide zones of shallow copper, nickel
and PGM mineralisation including:
o 120m @ 0.73% Cu, 0.29% Ni & 0.86g/t PGM(3E)(1) 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
o 84m @ 0.54% Cu, 0.24% Ni & 0.75g/t PGM(3E) from 36m (EoH) ((EBRC 011))
§ No drilling since 2005 when near-surface mineralisation was targeted.
Mineralisation remains open at depth with many of the best drill holes,
including those listed above, ending in mineralisation
§ Large scale potential with historical drilling proving mineralisation
across a ~400m extent and geophysics demonstrating potential for 2.2km of
NE-SW strike and untested anomalism 1km to the east
§ Eileen Bore is analogous to the Sakatti Ni-Cu-PGM deposit in Finland
(44.4Mt @ 1.9% Cu, 2.5% Ni & 1.5g/t PGM(3E))(2); potential for higher
nickel grades at depth
§ Several additional targets including multiple untested magnetic &
gravity anomalies analogous to the nearby Savannah Ni-Cu deposit
Future Metals NL ("Future Metals" or the "Company", ASX | AIM: FME) is pleased
to announce it has entered into an option agreement to acquire 100% of Osprey
Minerals Pty Ltd ("Osprey") which owns ~100km(2) of highly prospective
exploration tenements ("Osprey Projects") in the East Kimberley region of
Western Australia. The Osprey Projects are located within a 20km radius of the
Company's 100% owned Panton Project.
Upfront consideration to exercise the option is $625,000 in Future Metals'
shares (escrowed for 6 months) at the 5-day VWAP at the time of exercise.
Mr Jardee Kininmonth, Managing Director of Future Metals, commented:
"The acquisition of Eileen Bore will provide Future Metals further significant
exploration upside. Eileen Bore has expansive strike potential and drilling to
date shows it is open at depth and potentially down plunge. Proving up another
deposit of scale will be highly complementary to our existing resource at the
Panton Project. The overall Osprey package substantially grows the Company's
land position in a highly prospective and underexplored region."
Figure One: Future Metals tenements including Octava Joint Venture, and Osprey
Projects (Eileen Bore, Sally Downs and Springvale).
Eileen Bore
The Eileen Bore Project is characterised by a series of differentiated
pyroxenite and gabbro intrusions emplaced along a structural corridor, the
Alice Downs Fault, which represents a major north-northeast trending splay off
the deep-seated mantle tapping Halls Creek Fault.
Broad zones of disseminated and net-textured Cu and Ni sulphides occur within
the host intrusions and are comprised of chalcopyrite, pyrrhotite, pentlandite
and pyrite.
Much of the project area is under cover which has limited the effectiveness of
historical surface sampling. There is significant potential for blind deposits
with no surface anomalism.
There is an extensive exploration data set for the tenement area including
geophysical surveys; magnetics, gravity, Versatile Time Domain Electromagnetic
("VTEM") and Induced Polarisation ("IP"). Surface sampling has also occurred
selectively over the tenement area. Drilling has focused primarily on the
Eileen Bore prospect.
Figure Two: Aeromagnetics with Ni-Cu-PGM prospects highlighted at the Eileen
Bore Project. The Copernicus Mine is excluded.
The Eileen Bore prospect is an advanced exploration target with drilling
confirming wide zones of consistent Cu-Ni-PGM mineralisation from surface
along a known strike of ~400m. Mineralisation remains open along a significant
strike and at depth, with an average hole depth of just 96m and a maximum
drilled vertical depth of ~200m. Eileen Bore sits along the same structure
which hosts the historical Copernicus mine 15km to the north-east.
A total of 60 holes have been drilled at Eileen Bore for 5,761m. This
historical drilling has demonstrated a disseminated Cu-Ni-PGM magmatic
sulphide body within a gabbro-pyroxenite host which extends over ~400m of
strike, offset and bounded by faulting. There are multiple holes which have
ended in mineralisation.
Drilling results include (refer Appendix 2):
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
o 84m @ 0.54% Cu, 0.24% Ni & 0.75g/t PGM(3E) from 36m (EoH) ((EBRC
011))
o 47m @ 0.62% Cu, 0.30% Ni & 0.60g/t PGM(3E) from 3m((AD07))
o 36m @ 0.53% Cu, 0.25% Ni & 0.59g/t PGM(3E) from 40m((EBRC 002))
o 64m @ 0.77% Cu, & 0.30% Ni from 32m (EoH) ((EP09))
o 52m @ 0.74% Cu, & 0.29% Ni from 10m ((EP08))
Figure Three: Cross section of drilling at Eileen Bore demonstrating
mineralisation open at depth.
Drilling to date has focused on near surface mineralization. The Company's
interpretation of drill hole data is that mineralisation is controlled by a
south-west plunging, chonolith-like body with grades and thicknesses
increasing towards the centre of the intrusion. The down plunge extent of the
body has not been effectively drill tested. It is likely that the
mineralisation has been offset and displaced laterally or vertically by
cross-faults and no drilling to date has tested this potential either.
Eileen Bore's high Cu:Ni ratio and tubular, plunging geometry are highly
analogous to the Sakatti deposit in Finland. The Sakatti deposit similarly
shows high Cu:Ni ratios near surface with increasing Ni and overall grade as
it plunges at depth (see Figure Four). The Sakatti deposit hosts 44.4Mt @ 1.9%
Cu, 2.5% Ni & 1.5g/t PGM(3E).
Figure Four: Anglo American's Sakatti deposit in Finland. Demonstrates
increasing nickel grades down plunge (Anglo American presentation).
An IP survey completed over the Eileen Bore prospect shows strong anomalism
along the known ~400m extent of mineralisation. This anomalism continues over
a strike extent of 2.2km, potentially mapping out a continuation of the large
chonolith-like body. The majority of this strike extent is untested by
drilling. The IP survey also shows anomalism ~1km to the east which is
completely concealed under cover, and is also untested by drilling.
Gradient
Figure Five: Chargeability map over the Eileen Bore Prospect.
Option Agreement Terms
Future Metal's will immediately pay A$25,000 in cash for a 30-day option
period. During this period, upon completion of due diligence to its
satisfaction, Future Metal's may elect to offer to acquire 100% of Osprey for
upfront consideration of A$625,000 in FME shares, priced at the 5-day Volume
Weighted Average Price ("VWAP") on the day prior to delivering an option
exercise notice. These FME shares will be subject to a 6-month voluntary
escrow period. Shareholders representing 76.5% of the share capital in Osprey
have already undertaken to accept Future Metals' offer upon exercise of the
option.
Deferred consideration of A$325,000 in FME shares or cash (at the Company's
sole election) will be payable in 6 months from completion of the acquisition.
Once the Company drills 2,000m or more on the Osprey Projects, an additional
A$325,000 in FME shares or cash will be payable (at the Company's sole
election). In the event of the Company electing to pay the deferred
consideration in FME shares, this will be priced at the 5-day VWAP at the time
of the milestone being met.
All other terms of the option agreement are customary for a transaction of
this nature.
This announcement has been approved for release by the Board of Future Metals
NL.
For further information, please contact:
Enquiries:
Future Metals NL
Jardee Kininmonth +61 8 9480 0414
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/Rauf Munir
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.
Appendix 1: List of Eileen Bore Project drill holes, GDA94 Zone 52
HoleID Prospect Depth Hole Type Easting Northing RL Dip Azi
AD01 Eileen Bore 48.0 RAB 389697.0 8040111.9 350 -60 290
AD02 Eileen Bore 13.0 RAB 389679.4 8040118.0 350 -60 290
AD03 Eileen Bore 5.0 RAB 389675.5 8040119.5 350 -60 290
AD04 Eileen Bore 49.0 RAB 389661.8 8040124.0 350 -60 290
AD05 Eileen Bore 36.0 RAB 389641.2 8040130.4 350 -60 293
AD06 Eileen Bore 36.0 RAB 389616.2 8040041.8 350 -60 301
AD07 Eileen Bore 64.6 RAB 389588.8 8040058.7 350 -60 300
AD08 Eileen Bore 32.0 RAB 389576.0 8040067.0 350 -60 305
AD09 Eileen Bore 91.0 RAB 389574.6 8039945.1 350 -60 303
AD10 Eileen Bore 41.0 RAB 389560.4 8039953.0 350 -60 302
AD11 Eileen Bore 72.0 RAB 389543.8 8039964.1 350 -60 302
EBRC001 Eileen Bore 136.0 RC 389618.4 8039824.8 350 -60 120
EBRC002 Eileen Bore 120.0 RC 389594.4 8039840.8 350 -60 120
EBRC003 Eileen Bore 120.0 RC 389572.4 8039862.8 350 -60 120
EBRC004 Eileen Bore 120.0 RC 389546.4 8039876.8 350 -60 120
EBRC005 Eileen Bore 94.0 RC 389646.4 8039810.8 350 -60 120
EBRC006 Eileen Bore 88.0 RC 389680.4 8039884.8 350 -60 120
EBRC007 Eileen Bore 94.0 RC 389654.4 8039897.8 350 -60 120
EBRC008 Eileen Bore 80.0 RC 389910.4 8040575.8 350 -60 30
EBRC009 Eileen Bore 120.0 RC 389803.4 8041058.8 350 -60 87
EBRC010 Eileen Bore 120.0 RC 389628.4 8039912.8 350 -60 120
EBRC011 Eileen Bore 120.0 RC 389605.4 8039925.8 350 -60 120
EBRC012 Eileen Bore 120.0 RC 389700.4 8040011.8 350 -60 120
EBRC013 Eileen Bore 120.0 RC 389843.4 8041058.8 350 -60 87
EBRC014 Eileen Bore 80.0 RC 389893.4 8041058.8 350 -60 87
EBRC015 Eileen Bore 120.0 RC 389675.4 8040022.8 350 -60 120
EBRC016 Eileen Bore 72.0 RC 389728.4 8039990.8 350 -60 120
EBRC017 Eileen Bore 106.0 RC 389633.4 8040043.8 350 -60 120
EBRC018 Eileen Bore 82.0 RC 389490.4 8039760.8 350 -60 120
EBRC019 Eileen Bore 82.0 RC 389058.4 8039215.8 350 -60 120
EBRC020 Eileen Bore 100.0 RC 389032.4 8039229.8 350 -60 120
EP_D12 Eileen Bore 126.9 PC/DD 389609.4 8040045.4 350 -84 110
EP_D14 Eileen Bore 91.0 PC/DD 389576.0 8039944.3 350 -60 290
EP_D15 Eileen Bore 88.8 PC/DD 389435.0 8039808.3 350 -60 290
EP_D19 Eileen Bore 50.4 PC/DD 389272.7 8039457.5 350 -60 290
EP_D20 Eileen Bore 48.2 PC/DD 389400.7 8039828.9 350 -60 110
EP_D21 Eileen Bore 55.0 PC/DD 389088.5 8039464.4 350 -60 110
EP01_D11 Eileen Bore 94.0 PC/DD 389670.9 8040120.8 350 -60 290
EP02 Eileen Bore 38.0 PC 389689.9 8040114.0 350 -60 290
EP03 Eileen Bore 38.0 PC 389772.9 8040103.1 350 -60 290
EP04 Eileen Bore 38.0 PC 389742.1 8040096.7 350 -60 290
EP05 Eileen Bore 38.0 PC 389651.9 8040126.9 350 -60 290
EP06 Eileen Bore 38.0 PC 389633.2 8040133.3 350 -60 290
EP07 Eileen Bore 43.7 PC 389684.4 8040115.9 350 -60 110
EP08 Eileen Bore 64.6 PC 389592.4 8040056.4 350 -60 290
EP09 Eileen Bore 96.0 PC 389609.4 8040045.4 350 -60 290
EP10 Eileen Bore 56.0 PC 389658.8 8040262.4 350 -60 290
EP13 Eileen Bore 72.0 PC 389545.3 8039963.0 350 -60 110
EP16 Eileen Bore 15.0 PC 389108.4 8039451.2 350 -90 360
EP17 Eileen Bore 15.0 PC 389104.5 8039453.9 350 -90 360
EP18 Eileen Bore 20.0 PC 389100.5 8039456.5 350 -90 360
LEKC0001 Eileen Bore 200.0 RC 390032.0 8040665.0 350 -60 270
LEKC0002 Eileen Bore 200.0 RC 390157.0 8040665.0 350 -60 270
LEKC0003 Eileen Bore 250.0 RC 389772.0 8039840.0 350 -60 294
LEKC0004 Eileen Bore 250.0 RC 389564.0 8039947.0 350 -60 114
LEKC0005 Eileen Bore 222.0 RC 389432.0 8039665.1 350 -60 90
LEKC0006 Eileen Bore 250.0 RC 389582.0 8039675.1 350 -60 270
LEKC0007 Eileen Bore 234.0 RC 389732.0 8040365.0 350 -60 90
LEKC0013 Eileen Bore 197.0 RC 390157.4 8040669.9 350 -60 90
LEKC0014 Eileen Bore 250.0 RC 389932.4 8040314.7 350 -60 270
SARC003 Salk 58.0 RC 392413.0 8046663.0 505 -60 124
SARC006 Salk 64.0 RC 392392.0 8046676.0 504 -60 124
Appendix 2: Summary of Eileen Bore Project drill intersections
Hole ID Prospect From To Interval Cu Ni Pt Pd Au PGE + Au
(m) (m) (m) (%) (%) (g/t) (g/t) (g/t) (g/t)
AD02 Eileen Bore 3 13 10 0.4 0.2 NA NA NA NA
AD03 Eileen Bore 2 5 3 0.32 0.12 NA NA NA NA
AD04 Eileen Bore 2 27 25 0.45 0.19 NA NA NA NA
AD04 Eileen Bore 47 49 2 0.5 0.19 NA NA NA NA
AD05 Eileen Bore 6 15 9 0.53 0.36 0.16 0.12 0.16 0.44
AD05 Eileen Bore 21 22 1 0.02 0.33 0.64 NA NA NA
AD06 Eileen Bore 13 20 7 0.35 0.17 NA NA NA NA
AD06 Eileen Bore 35 36 1 0.25 0.15 NA NA NA NA
AD07 Eileen Bore 3 50 47 0.62 0.3 0.37 0.12 0.14 0.60
AD08 Eileen Bore 1 10 10 0.46 0.2 0.14 0.10 0.08 0.32
AD10 Eileen Bore 37 38 1 0.52 0.14 NA NA NA NA
EBRC002 Eileen Bore 0 18 18 0.66 0.26 0.37 0.15 0.18 0.7
EBRC002 Eileen Bore 40 76 36 0.53 0.25 0.32 0.11 0.16 0.59
EBRC003 Eileen Bore 24 120 96 0.7 0.29 0.42 0.14 0.22 0.78
incl Eileen Bore 56 66 10 1.08 0.34 0.58 0.19 0.27 1.04
EBRC004 Eileen Bore 92 120 28 0.38 0.22 0.20 0.07 0.10 0.37
EBRC007 Eileen Bore 16 24 8 0.41 0.2 0.37 0.12 0.2 0.69
EBRC010 Eileen Bore 0 120 120 0.73 0.29 0.47 0.17 0.22 0.86
incl Eileen Bore 100 116 16 1 0.36 0.51 0.23 0.25 0.99
EBRC011 Eileen Bore 36 120 84 0.54 0.24 0.41 0.15 0.19 0.75
incl Eileen Bore 105 120 15 0.88 0.39 0.76 0.28 0.3 1.34
EBRC015 Eileen Bore 48 60 12 0.4 0.17 0.21 0.07 0.10 0.38
EBRC015 Eileen Bore 72 80 8 0.32 0.2 0.20 0.06 0.10 0.35
EBRC015 Eileen Bore 96 104 8 0.38 0.17 0.24 0.08 0.13 0.45
EBRC019 Eileen Bore 28 36 8 0.29 0.09 0.11 0.04 0.01 0.16
EP_D12 Eileen Bore 10 12 2 0.37 0.14 NA NA NA NA
EP_D12 Eileen Bore 34 56 22 0.33 0.16 NA NA NA NA
EP_D12 Eileen Bore 100 102 2 0.27 0.15 NA NA NA NA
EP_D14 Eileen Bore 56 58 2 0.27 0.11 NA NA NA NA
EP01_D11 Eileen Bore 3.05 7.62 4.57 0.31 0.16 NA NA NA NA
EP01_D11 Eileen Bore 21.34 30.48 9.14 0.48 0.19 NA NA NA NA
EP01_D11 Eileen Bore 44 46 2 0.29 0.19 NA NA NA NA
EP01_D11 Eileen Bore 54 64 10 0.54 0.19 NA NA NA NA
EP02 Eileen Bore 21 22.9 1.5 0.28 0.14 NA NA NA NA
EP02 Eileen Bore 28.96 32 3.04 0.5 0.21 NA NA NA NA
EP05 Eileen Bore 0 24.38 24.38 0.76 0.31 NA NA NA NA
incl Eileen Bore 16.76 24.38 7.62 1.35 0.41 NA NA NA NA
EP08 Eileen Bore 10 62 52 0.74 0.29 NA NA NA NA
EP09 Eileen Bore 32 96 64 0.77 0.3 NA NA NA NA
incl Eileen Bore 42 80 38 0.91 0.34 NA NA NA NA
EP17 Eileen Bore 0 15 15 0.27 0.12 NA NA NA NA
EP18 Eileen Bore 10 20 10 0.35 0.07 NA NA NA NA
LEKC0004 Eileen Bore 154 160 6 0.29 0.14 0.19 0.07 0.10 0.36
LEKC0014 Eileen Bore 98 100 2 0.5 0.17 0.02 0.01 0.03 0.06
SARC003 Salk 12 16 4 0.21 0.4 0.02 0.01 0.01 0.04
SARC003 Salk 24 34 10 0.17 0.27 0.04 0.02 0.01 0.07
SARC006 Salk 36 53 17 0.18 0.31 0.02 0.01 0.01 0.04
incl Salk 37 39 2 0.31 0.68 0.01 0.01 0.01 0.03
*NA denotes element not analysed
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 Details of drilling completed within the release are reported. No surface
specialised industry standard measurement tools appropriate to the minerals sampling data is being reported.
under investigation, such as down hole gamma sondes, or handheld XRF
instruments, etc). These examples should not be taken as limiting the broad
meaning of sampling.
Australian Anglo American
§ Include reference to measures taken to ensure sample representivity and the
appropriate calibration of any measurement tools or systems used. § 20 percussion holes were drilled with 7 diamond tails totaling 1126.6m from
1977 to 1980. The first 8 percussion holes were sampled at 3ft intervals with
§ Aspects of the determination of mineralisation that are Material to the the remaining holes sampled at 2m intervals based on measurements off hand
Public Report. In cases where 'industry standard' work has been done this drawn paper sections. Sample weight, collection methods and geochemical
would be relatively simple (eg 'reverse circulation drilling was used to analysis techniques used are unknown as these details were not documented in
obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for the historical reports. Measures taken to ensure sample representivity and
fire assay'). In other cases more explanation may be required, such as where appropriate calibration of measurement tools used are unknown as these details
there is coarse gold that has inherent sampling problems. Unusual commodities were not recorded in the historical reports.
or mineralisation types (eg submarine nodules) may warrant disclosure of
detailed information.
WMC
§ WMC drilled 7 holes between 1975 and 1978 which are in paper in form and
not yet digitized into the drill plan. No details of sampling are known and
no assays have been included.
Dry Creek Mining
§ A total of 11 rotary air blast holes were drilled in 1978 for 487.65m.
The sample weight and collection method were not recorded in the historical
reports. Samples were analysed by fire assay for Au, Pd and Pt and by atomic
absorption for Cu, Ni and Cr. Measures taken to ensure sample representivity
and appropriate calibration of measurement tools used are unknown as these
details were not recorded in the historical reports.
Thundelarra Exploration Ltd
§ Between 2002 and 2004 two campaigns of drilling was completed on the
project. A total of 20 Reverse circulation (RC) holes for 2094m was drilled at
Eileen Bore Prospect, two RC holes for 122m at Salk Prospect, 246.7m in 2 RC
holes with 1 diamond tail at Jenner Prospect and two RC holes for 372m at
Newton Prospect. All RC samples were passed through a riffle split for 4m
composite except in prospective geology where 2m riffle split samples were
collected. In diamond drilling samples were collected based on prospective
geology up to 3m. Analysis for Au, Pd and Pt was completed by fire assay
with an ICP-OES finish and As, Co, Cr, Cu, Ni, Pb, Zn, Fe, Mg and S by mixed
acid digest with an ICP-MS finish. Measures taken to ensure sample
representivity and appropriate calibration of measurement tools used are
unknown as these details were not recorded in the historical reports.
LionOre Australia Pty Ltd
§ From 2004-2005, a regional RC program was completed with the drilling
focused at Eileen Bore. A total of nine holes for 2053m was drilled. One
meter samples were submitted to SGS Analabs for fire assay (Au, Pt, Pd) and
mixed acid digest with ICP-OES finish. Details of sample collection methods
were not recorded in the historic report. Measures taken to ensure sample
representivity and appropriate calibration of measurement tools used are
unknown as these details were not recorded in the historical reports.
Breakaway Resources
§ During 2006 to 2007 a total of 3 RC holes were drilled at Newton totaling
340m. Samples were collected from the rig splitter at 1m intervals.
Samples were sent to Genalysis for analysis with Au, Pd, and Pt by fire assay
and four acid digest with ICP-OES finish for Al, As, Co, Cr, Cu, Fe, Mg, Mn,
Ni, S and Zn. Measures taken to ensure sample representivity and appropriate
calibration of measurement tools used are unknown as these details were not
recorded in the historical reports.
Drilling techniques § Drill type (eg core, reverse circulation, open-hole hammer, rotary air
blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or
standard tube, depth of diamond tails, face-sampling bit or other type, Australian Anglo American (AAA)
whether core is oriented and if so, by what method, etc).
§ 20 percussion holes were drilled with 7 holes diamond cored. It is
unknown if the core was oriented.
WMC
§ Drilling was by reverse circulation and diamond core drilling. It is
unknown if the core was oriented.
Dry Creek Mining
§ Drilling was completed by Rotary Air Blast. No details about the face
sampling bit are known.
Thundelarra Exploration Ltd
§ Drilling by Thunderlarra was by reverse circulation and diamond core
tails. It is unknown if the diamond core was oriented and the face sampling
bit for the RC drilling was not in the historic reports.
LionOre Australia Pty Ltd
§ All drill holes were completed by reverse circulation. The face sampling
bit size is not known as it isn't reported in the historical reports.
Breakaway Resources
§ All drill holes were completed by reverse circulation. The face sampling
bit size is not known as it isn't reported in the historical reports.
Drill sample recovery § Method of recording and assessing core and chip sample recoveries and § For all companies, the sample recovery was not documented in historic
results assessed. reports.
§ Measures taken to maximise sample recovery and ensure representative nature
of the samples.
§ For AAA, WMC, Dry Creek Mining and LionOre the measure to maximise sample
§ Whether a relationship exists between sample recovery and grade and whether recovery are not documented in the historical reports. For Thundelarra and
sample bias may have occurred due to preferential loss/gain of fine/coarse Breakaway Resources, a riffle split off the drill rig was used to maximise
material. sample recovery and representativity.
§ For all companies, no relationship or bias between recovery and grade has
been established as there is no recorded recovery information.
Logging § Whether core and chip samples have been geologically and geotechnically Australian Anglo American (AAA)
logged to a level of detail to support appropriate Mineral Resource
estimation, mining studies and metallurgical studies. § All drill holes are represented on scanned paper sections that have been
put into digital form. The level of detail is insufficient for mineral
§ Whether logging is qualitative or quantitative in nature. Core (or costean, resource estimation, mining or metallurgical studies.
channel, etc) photography.
§ The total length and percentage of the relevant intersections logged.
WMC
§ All drill holes are represented on scanned paper sections that will be put
into digital form. The level of detail is insufficient for mineral resource
estimation, mining or metallurgical studies.
Dry Creek Mining
§ All drilling was recorded in paper logs that were digitised. Logging was
simplistic and completed at 1m intervals that captured lithology and
mineralisation and only qualitative in nature.
Thundelarra Exploration Ltd
§ Both RC and diamond drill logging are both qualitative and quantitive in
nature and captures downhole depth, lithology, colour, texture, grain size,
alteration, weathering, mineralisation type and percent. All logs were
digital.
LionOre Australia Pty Ltd
§ All logging was recorded digitally at 1m intervals that captured lithology
and mineralisation and only qualitative in nature.
Breakaway Resources
§ All logging was recorded digitally at the appropriate lithological to
mineralogically intervals that capture lithology, mineralisation and main
minerals present. Logging is qualitative in nature.
Sub-sampling techniques and sample preparation § If core, whether cut or sawn and whether quarter, half or all core taken.
§ If non-core, whether riffled, tube sampled, rotary split, etc and whether Australian Anglo American (AAA)
sampled wet or dry.
§ It is unknown whether the core was cut or sawn and if so whether quarter,
§ For all sample types, the nature, quality and appropriateness of the sample half or all core was originally taken. No documentation exists with respect
preparation technique. to the preparation methods or analytical methods utilised.
§ Quality control procedures adopted for all sub-sampling stages to maximise
representivity of samples.
WMC
§ Measures taken to ensure that the sampling is representative of the in-situ
material collected, including for instance results for field § It is unknown whether the core was cut or sawn and if so whether quarter,
duplicate/second-half sampling. half or all core was originally taken. Method of RC sampling is not known.
No documentation exists with respect to the preparation methods or analytical
§ Whether sample sizes are appropriate to the grain size of the material methods utilised.
being sampled.
Dry Creek Mining
§ No documentation exists with respect to the sampling details or preparation
methods utilised.
Thundelarra Exploration Ltd
§ All RC samples were passed through a riffle split for 4m composite except
in prospective geology where 2m riffle split samples were collected. In
diamond drilling samples were collected based on prospective geology up to
3m. Analysis for Au, Pd and Pt was completed by fire assay with an ICP-OES
finish and As, Co, Cr, Cu, Ni, Pb, Zn, Fe, Mg and S by mixed acid digest with
an ICP-MS finish. Sampling and sample preparation are industry standard and
appropriate for the style of mineralisation. No information on the quality
control protocols are documented.
LionOre Australia Pty Ltd
§ One-meter samples were submitted to SGS Analabs for fire assay (Au, Pt, Pd)
and mixed acid digest with ICP-OES finish. Details of sample collection
methods and quality control protocols were not documented in the historical
reports.
Breakaway Resources
Samples were collected from the rig splitter at 1m intervals. Samples were
sent to Genalysis for analysis with Au, Pd, and Pt by fire assay and four acid
digest with ICP-OES finish for Al, As, Co, Cr, Cu, Fe, Mg, Mn, Ni, S and Zn.
Details of quality control protocols were not documented in the historical
reports.
Quality of assay data and laboratory tests § The nature, quality and appropriateness of the assaying and laboratory Australian Anglo American
procedures used and whether the technique is considered partial or total.
§ Information regarding laboratory techniques is unknown as these details
§ For geophysical tools, spectrometers, handheld XRF instruments, etc, the were not recorded in the historical reports.
parameters used in determining the analysis including instrument make and
model, reading times, calibrations factors applied and their derivation, etc.
§ Nature of quality control procedures adopted (eg standards, blanks, WMC
duplicates, external laboratory checks) and whether acceptable levels of
accuracy (ie lack of bias) and precision have been established. § Information regarding laboratory techniques is unknown as these details
were not recorded in the historical reports.
Dry Creek Mining
§ Samples were analysed by fire assay for Au, Pd and Pt and by atomic
absorption for Cu, Ni and Cr. No details on quality control procedures were
documented.
Thundelarra Exploration Ltd
§ Analysis for Au, Pd and Pt was completed by fire assay with an ICP-OES
finish and As, Co, Cr, Cu, Ni, Pb, Zn, Fe, Mg and S by mixed acid digest with
an ICP-MS finish. The analysis techniques are considered appropriate for
elements being analysed. Quality control procedures were not documented.
LionOre Australia Pty Ltd
§ One-meter samples were submitted to SGS Analabs for fire assay (Au, Pt, Pd)
and mixed acid digest with ICP-OES finish. The analysis techniques are
considered appropriate for elements being analysed. Quality control procedures
were not documented.
§ A ground IP was completed at the Eileen Bore Prospect over 4 areas
staggered to cover the known mineralisation and possible extensions. Data was
acquired using a Scintrex IPR-12 receiver, with 50m dipoles and 25m spaced
readings along-line. The initial line spacing was 200m, with in-fill over
selected areas at 100m line spacing.
Breakaway Resources
§ Samples were sent to Genalysis for analysis with Au, Pd, and Pt by fire
assay and four acid digest with ICP-OES finish for Al, As, Co, Cr, Cu, Fe, Mg,
Mn, Ni, S and Zn. The analysis techniques are considered appropriate for
elements being analysed. Quality control procedures were not documented.
Verification of sampling and assaying § The verification of significant intersections by either independent or § No verification records exist.
alternative company personnel.
§ The historic data review suggests that Thundelarra twinned two holes
§ The use of twinned holes. drilled by Australian Anglo American - AD11 was twinned with EP13 and AD09 was
twinned by EP_D14.
§ Documentation of primary data, data entry procedures, data verification,
data storage (physical and electronic) protocols. § Data by Australian Anglo American, WMC and Dry Creek Mining were
handwritten and subsequently digitised. Data by Thundelarra, LionOre and
§ Discuss any adjustment to assay data. Breakaway Resources was originally collected and stored digitally. All data
has been compiled into one dataset for database entry.
§ No adjustments to any of the assay data has been undertaken.
Location of data points § Accuracy and quality of surveys used to locate drill holes (collar and Australian Anglo American
down-hole surveys), trenches, mine workings and other locations used in
Mineral Resource estimation. § Original geological plans showing the location of the drill hole collar
positions were scanned and geo-referenced via ArcMap to determine MGA
§ Specification of the grid system used. coordinates for each drill hole collar.
§ Quality and adequacy of topographic control.
WMC
§ Data points have not been digitised yet.
Dry Creek Mining
§ Geological plans showing the location of the drill hole collar positions
were scanned and geo-referenced via ArcMap to determine MGA coordinates for
each drill hole collar.
Thundelarra Exploration Ltd
§ Details for hole locations were recorded in digital files available from
DMIRS and note that the holes were DGPS. No details on the DGPS method or
level of accuracy are recorded. No field verification has been completed.
LionOre Australia Pty Ltd
§ Details for hole locations were recorded in digital files available from
DMIRS. No field verification has been completed.
Breakaway Resources
§ Details for hole locations were recorded in digital files available from
DMIRS. No field verification has been completed.
Data spacing and distribution § Data spacing for reporting of Exploration Results. § The data spacing for all historic drilling has been reconnaissance in
nature even though some holes are within 10m of each other. The line spacing
§ Whether the data spacing and distribution is sufficient to establish the is roughly 100m over a 400m strike in the main zone of mineralisation.
degree of geological and grade continuity appropriate for the Mineral Resource
and Ore Reserve estimation procedure(s) and classifications applied. § Sampling reported is of a reconnaissance nature and not for the purposes of
the delineation of a mineral resource.
§ Whether sample compositing has been applied.
§ Historic intervals reported have been composited where 4m samples are
identified. Results reported are length weighted averages.
Orientation of data in relation to geological structure § Whether the orientation of sampling achieves unbiased sampling of possible § The aim of each companies drill program is listed below with Salk, Newton
structures and the extent to which this is known, considering the deposit (Kelpler) and Jenner targets all reconnaissance in nature. Drilling at
type. Eileen Bore Prospect was reconnaissance at first with subsequent companies
using various forms of geophysics to target massive sulphide.
§ If the relationship between the drilling orientation and the orientation of
key mineralised structures is considered to have introduced a sampling bias, § No orientation bias has been identified due to the reconnaissance nature of
this should be assessed and reported if material. the drilling and the lack of structural understanding.
Australian Anglo American
§ Initial drilling was completed to test soil anomalies on a grid.
Dry Creek Mining
§ Drill program at Eileen Bore was based on a GeoTEM survey and follow-up
ground magnetics and soil geochemistry. A plunge to the SE was proposed but no
follow up drilling completed.
Thundelarra Exploration Ltd
§ At Eileen Bore targets were drilled based on EM survey with drilling aimed
at following mineralisation to the north and south. At Salk drilling was
following up on EM target.
LionOre Australia Pty Ltd
§ Drilling was completed based on EM and IP targets identified at Eileen
Bore.
Breakaway Resources
§ Drilling was completed at the Kepler testing the extension of the
Copernicus Deposit and at Newton testing an EM target.
Sample security § The measures taken to ensure sample security. § The security of samples is unknown and not documented in the historical
reports.
Audits or reviews § The results of any audits or reviews of sampling techniques and data. § Apart from desktop review of drill date, no audits have been undertaken.
Section 2 Reporting of Exploration Results
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status § Type, reference name/number, location and ownership including agreements or § Future Metals Ltd has entered into an exclusive option agreement with
material issues with third parties such as joint ventures, partnerships, Osprey Minerals Pty Ltd (OSP) to acquire 100% of the tenure associated with
overriding royalties, native title interests, historical sites, wilderness or OSP's three projects: Eileen Bore, Sally Down and Springvale. The Eileen
national park and environmental settings. Bore project comprises: E80/4922, E80/4923 and E890/5056 which are granted
tenements with HPA's signed for all tenements. The Sally Downs project
§ The security of the tenure held at the time of reporting along with any comprises E80/4951 (granted) and E80/5911 (pending). An HPA is signed for
known impediments to obtaining a licence to operate in the area. E80/4951. The Springvale project comprises E80/4753 which is a granted
tenement and has an HPA.
§ 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 Project
§ Exploration across the Project has been recorded since the 1970s. The
most significant exploration was the discovery of the Cabernet (now
Copernicus) and Shiraz prospects by WMC in 1975 and the Eileen Bore prospect
by Australian Angle American (Anglo) in 1975.
§ In 1978, WMC drilled 3 holes at Eileen Bore (in paper, handwritten form)
and entered into a joint venture with Anglo which ended in 1983. During this
time, an additional 11 holes were drilled with up to 15% sulphide intersected
and best grades being 19m @ 0.41% Ni, 1.06% Cu in EP5. Graphitic zones were
observed up to 4m in some drill holes.
§ In 1987, Dry Creek Mining completed 11 holes, stream sediment and rock
chip sampling. The drill program was based on the EM survey and follow up
ground magnetics and soil geochemistry. The drilling indicated a target that
is fault bounded and inclined steeply to the south east. The ultramafic-mafic
sequence has an apparent width of 75m. Mineralisation is disseminated and
comprised of pyrite, chalcopyrite and pyrrhotite.
§ From 2001 to 2004, Thundelarra completed extensive exploration: 20 RC
holes, Ground fixed loop EM-magnetics, petrography as well as rock, soil and
stream sediment sampling. The focus of this work was at Eileen Bore proper
with additional targets identified along strike between Eileen Bore and
Copernicus. Two main targets were identified from the EM survey with drilling
identifying mineralisation associated with disseminated pyrrhotite, pyrite and
chalcopyrite that remained open at depth.
§ From 2004-2005, Lionore, in joint venture with Thundelarra, completed
further surface sampling, RC drilling, surface and downhole geophysical
surveys. Ground IP was completed in the Eileen Bore area (50m stations on
200m line spacing) to cover known mineralisation as well as potential strike
extensions to the north and south as well as over the Eileen Bore East
pyroxenite. The chargeability data over Eileen Bore defined a linear trend
coincident and extending beyond the known disseminated mineralisation over a
2.2km strike length.
§ During 2006-2007, Breakaway Resources completed drilling on the Kepler
Project (now Newton), the interpreted northern extension of the Copernicus
Deposit and 100m north of the Kepler gossan. The drilling intersected a
gabbro-pyroxenite up to 75m thick that was barren of sulphides. No
additional work was completed within the Eileen Bore Project area.
§ From 2009-2011, Panoramic Resources and Thundelarra completed at VTEM
survey over the entire Eileen Bore Project as well as Falcon Gravity (which is
unavailable) and magnetics. No drilling or further work was completed as it
was determined that the source of the EM anomalies was due to the presence of
graphitic shales within the Tickalarra Sediments.
§ From 2013-2014, Iron Ore Holdings completed a review and had SGC
(geophysical consultants) completed a detailed review of the geophysical data
including EM, gravity and magnetics. A total of 7 targets were identified, 3
high priority and 4 moderate priority. Based on the SGC review, Eileen Bore
and Jenner remained as high-moderate priority targets.
§ Since Osprey have held the tenure, an auger program has been completed
covering a small area around and to the south of Eileen Bore. No further
drilling has been completed.
Sally Downs Project
§ Exploration over the project area is sporadic with Falcon gravity and
magnetics completed in 2009 as part of the East Kimberley JV with Panoramic
Resources and Thundalarra. There are no electromagnetic surveys and no
historic drilling within the project area. Historic stream sampling was
completed by WMC but it has not yet been reviewed.
Springvale Project
§ Previous exploration completed by Inco and Freeport in the early 1980's
tested chromite horizons and a gossan zone with disappointing results (1.5ppb
Pt and 2 ppb Pd). In the late 1980's Geopeko's completed drilling. Clutha
Minerals looked at dimensional stone due to the presence of cordierite. A
joint venture between Australian Gemstone Mining and BHP comprised of airborne
EM, ground EM follow up of conductors and two percussion holes to test the
strongest conductors. The drill holes intersected a highly fractioned mafic
sill with significant barren pyrrhotite mineralisation (10-25% sulphide).
§ In 2009, the area was covered with a Falcon Gravity survey as part of a
larger East Kimberley JV with Panoramic Resources and Thundalara. Subsequent
VTEM surveys were completed in 2010 with follow-up ground FLEM.
Geology § Deposit type, geological setting and style of mineralisation. Eileen Bore Project
§ The Project contains a series of differentiated pyroxenite and gabbro
intrusions emplaced along a structural corridor, the Alice Downs Fault, which
represents a major north-northeast trending splay off the deep-seated mantle
tapping Halls Creek Fault. Broad zones of disseminated and net-textured Cu
and Ni sulphides occur within the host intrusions and are comprised of
chalcopyrite, pyrrhotite, pentlandite and pyrite. The intrusions were emplaced
into the Tickalarra metamorphics which include paragneiss (pelites,
psammites), amphibolites and marble.
Sally Downs Project
§ The eastern portion of the project includes the Dougall Bore, Dougall Bore
South and Bullseye Gabbro prospects. The area is dominated by amphibolite
and dioritic to gabbroic granulites of the Tickalara Metamorphics. Several
small intrusive bodies composed of olivine gabbro and gabbronorite outcrop in
the area, in particular Dougall Bore South and Bullseye Gabbro. These
intrusions have been identified to have affinities to the Group 5 Sally Malay
suite which hosts the Savannah Nickel Deposit.
Springvale Project
§ The project consists of the western side of intrusion that has stratabound
layers of mineralisation associated with chromite. It is interpreted to be
similar in age to the McIntosh Intrusion and the Panton Sill. The intrusion
is crosscut by numerous felsic magmas associated with the Paperbark
Supersuite.
Drill hole Information § A summary of all information material to the understanding of the § Details of all drill holes reported in this announcement are provided in
exploration results including a tabulation of the following information for the appendices, in the body of the text and on related figures.
all Material drill holes:
§ No information material to the understanding of the exploration results has
o easting and northing of the drill hole collar been excluded.
o elevation or RL (Reduced Level - elevation above sea level in metres) of
the drill hole collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
§ If the exclusion of this information is justified on the basis that the
information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why
this is the case.
Data aggregation methods § In reporting Exploration Results, weighting averaging techniques, maximum § Significant intercepts are reported as down-hole length weighted averages
and/or minimum grade truncations (eg cutting of high grades) and cut-off of grades above 0.25% Ni and/or 0.25% Cu. No top cuts have been applied to the
grades are usually Material and should be stated. reporting of the assay results.
§ Where aggregate intercepts incorporate short lengths of high-grade results § Up to 8m of internal dilution was allowed, where needed, in the reported
and longer lengths of low-grade results, the procedure used for such intervals. Except in EBRC011 where a 12m interval of dilution was included.
aggregation should be stated and some typical examples of such aggregations
should be shown in detail. § Higher grade intervals are included in the reported grade intervals and
have also been split out on a case-by-case basis where relevant.
§ The assumptions used for any reporting of metal equivalent values should be
clearly stated. § Length weighted intercepts are calculated as follows: Reported grade for a
downhole interval = (the sum of all individual sample grades x individual
sample length) / (total interval length).
§ No metal equivalents are being reported.
Relationship between mineralisation widths and intercept lengths § These relationships are particularly important in the reporting of § Assay intersections are reported as downhole lengths. Due to the
Exploration Results. reconnaissance nature of the historical drilling, true widths of
mineralisation have not been calculated by Future Metals staff.
§ If the geometry of the mineralisation with respect to the drill hole angle
is known, its nature should be reported. § The geometry of the mineralisation below surface is not fully understood at
this time.
§ If it is not known and only the down hole lengths are reported, there
should be a clear statement to this effect (eg 'down hole length, true width § All intervals are reported as down hole length, true width of
not known'). mineralisation is not yet known.
Diagrams § Appropriate maps and sections (with scales) and tabulations of intercepts § Relevant maps and diagrams have been included in the body of this report.
should be included for any significant discovery being reported These should
include, but not be limited to a plan view of drill hole collar locations and
appropriate sectional views.
Balanced reporting § Where comprehensive reporting of all Exploration Results is not § All historic drill results with grades above 0.25% Ni and/or 0.25% Cu have
practicable, representative reporting of both low and high grades and/or been reported for the Eileen Bore Project.
widths should be practiced to avoid misleading reporting of Exploration
Results.
Other substantive exploration data § Other exploration data, if meaningful and material, should be reported § All relevant data has been included within this report.
including (but not limited to): geological observations; geophysical survey
results; geochemical survey results; bulk samples - size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances.
Further work § The nature and scale of planned further work (eg tests for lateral § During the due diligence period, data compilation including detailed
extensions or depth extensions or large-scale step-out drilling). geophysical review and structural modelling will be completed to identify
further targets across all projects and to plan drilling at Eileen Bore
§ Diagrams clearly highlighting the areas of possible extensions, including Prospect.
the main geological interpretations and future drilling areas, provided this
information is not commercially sensitive.
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