REG - Future Metals NL - High Grade Mineralisation Intersected
21/03/2023 07:00
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RNS Number : 5659T Future Metals NL 21 March 2023
21 March 2023
Future Metals NL
High Grade Mineralisation Intersected in 350m Step Out Hole
Highlights
§ Step out drilling at Panton returns high-grade PGM mineralisation 350m
beyond the existing 6.9Moz PdEq JORC Mineral Resource Estimate ("MRE") (refer
Appendix 3)
§ Intersections demonstrating significant PGM and sulphide mineralisation
include (refer Figure Three):
o 22.4m @ 1.50 g/t PGM(3E)(1), 0.21% Ni, 155ppm Co and 0.04% Cu from 786m,
including
§ Intersection of the high-grade PGM upper reef of 2m @ 6.6 g/t PGM(3E)(1),
0.29% Ni, 153ppm Co, 0.12% Cu from 786m (refer to Figure One)
o 36m @ 0.86 g/t PGM(3E)(1), 0.23% Ni, 151ppm Co, 0.01% Cu from 850m
o 19m @ 0.15 g/t PGM(3E)(1), 0.19% Ni, 158ppm Co, 0.11% Cu from 1,053m
§ Nickel sulphide exploration model further validated by latest drilling
demonstrating two distinct mineralising phases at Panton:
o First unit (Unit A) is a sulphur rich magma highly prospective for Ni-Cu
sulphide mineralisation
o Second unit (Unit B) hosts the known PGM mineralisation
§ Supports the prospectivity of the 1km long untested embayment feature
("BC1") with multiple coincident Ni-Cu sulphide anomalies
§ Further evaluation of additional prospective nickel sulphide targets
underway, including the Panton West & North Prospects, and Copernicus
North
§ Drilling planned for Q2 2023 to test the shallow BC1 target and other
targets at the Panton West prospect
Future Metals NL ("Future Metals" or the "Company", ASX | AIM: FME), is
pleased to announce results from its deep drill hole at its wholly owned
Panton Project ("Panton" or "the Project").
The Company completed a 1,328.6m drill hole at Panton (PS414) in January 2023
which targeted the basal contact towards the bottom of the intrusion. The
drill hole was co-funded by the Western Australia Government's Exploration
Incentive Scheme ("EIS"). This was the first time that a hole has been drilled
through the entire Panton intrusion and it has provided highly valuable
information relating to the reef-style mineralisation, and the Company's
nickel sulphide exploration model targeting high-grade accumulations outside
of the known 6.9Moz PdEq MRE.
Drill hole PS414 has demonstrated strong continuity of the high-grade PGM
reef, providing a step out intersection of up to 350m from the nearest drill
hole included in the current MRE. This provides significant growth potential
for an updated MRE the Company is completing on the high-grade reef,
comprising 3Moz of the current 6.9Moz PdEq MRE.
Results from the deep drill hole provide further support that Panton may host
a significant sulphide system. Critically, the deep drill hole shows that
Panton comprises of at least two discrete phases of magma intrusions. The
upper zone (Unit B) hosts the previously defined reef-style PGM mineralisation
whereas the newly recognised lower zone (Unit A) hosts disseminated magmatic
sulphide mineralisation. This supports the Company's interpretation (refer to
the Company's announcement of 2 February 2023) that the presence of a large
untested embayment feature on the NW margin of the complex is a high-priority
target. It also helps explain the local anomalous high-grade Ni-Cu sulphide
intercepts in historical drilling and the recently drilled zones of broad
disseminated magmatic sulphide mineralisation in the NW area. The Company's
2022/2023 drill programme has successfully redefined the Panton project as an
intrusive complex with significant potential for a nickel sulphide discovery
and enabled the Company to focus in on the most prospective areas for drilling
a potentially large accumulation of sulphide mineralisation.
Drilling Results Discussion | High-Grade PGM Reef Step Out Intersection
The EIS co-funded drill hole, PS414, is an important drill hole which has
served dual purposes for creating value at the Panton project. The hole was
planned to drill into the basal contact at depth to inform the Company's
nickel sulphide exploration model, and provide a significant step out hole in
confirming the continuity of the high-grade PGM reef.
Hole PS414 intersected the PGM reef at 786m, demonstrating high grade
mineralisation of 6.6 g/t PGM(3E) over 2 metres. This intersection represents
a large step out from the drill hole results incorporated into the current
3Moz MRE relating to the high-grade reef. The step out distance for hole PS414
from the closest hole to the NNW is 350m, and 200m to the closest hole in the
NE. Hole PS414 has also shown that the reef is flattening at depth. Figure One
shows where hole PS414 intersected the high-grade reef, relative to the
closest other intersections included in the current MRE wireframe model.
The Company is currently working on an updated JORC MRE to estimate the
mineralisation more appropriately in the high-grade reefs. This will enable
improved mine and process design to underpin the scoping study on the
high-grade PGM mineralisation at the Panton project. The Company expects that
this updated MRE will be significantly enhanced by the results from hole
PS414.
Figure One | Orthogonal view showing location of PS414 intersection of the
high-grade PGM reef relative to the nearest holes in the NNW and NE
The Panton Complex
Drill hole PS414 has confirmed that the ultramafic section of the Panton
Intrusive Complex comprises two separate intrusive phases, separated by an
approximately 50m thick chilled margin (refer to Photo One). This indicates
that there was a significant time period between emplacement of these two
events. This chilled margin is interpreted to relate to Unit B and contains
clasts of ultramafic rock from Unit A.
The lower ultramafic unit, Unit A (refer to Figure Three), is characterised by
the presence of a 'cloud' of trace disseminated copper sulphide
mineralisation. Copper-dominated mineralisation is unlikely to form as
primary magmatic mineralisation within an ultramafic host so therefore must
represent dispersion from a parental sulphide body yet to be discovered. This
"copper cloud" has been observed elsewhere in previous drilling within the
Panton Sill, most notably in the NW section stratigraphically above the
embayment target. Significantly, this is also the area where anomalous
sulphide-rich Ni-Cu mineralisation has been previously intersected (eg holes
PS157, PS158 and PS053).
The second unit, Unit B (refer to Figure Three), shows a systematic upward
fractionation trend, with the interpreted hottest and most dynamic part of the
intrusive section (ie the highest MgO and Ni interval) hosting PGM and
chromitite mineralisation. This mineralisation is referred to as the "Main
Zone" and is the geological unit that hosts the existing Panton PGM MRE.
The identification of two distinct intrusions is significant for advancing the
exploration of the Panton Sill. The Panton Sill was historically considered
to be one system and this drill hole has confirmed the dynamic nature of what
now should be considered the Panton Complex.
Figure Two | Plan view showing embayment target ('BC1') and significant
sulphide intercepts
Figure Three | Cross Section for Drill Hole PS414
Magmatic Sulphide Potential of Unit A
Based on the results from hole PS414, the lower part of the Panton Complex is
now recognised as a discrete intrusion (Unit A). This important geological
breakthrough provides a framework to help understand the increasing
indications of magmatic sulphide mineralisation arising from the Company's
recent drilling and analysis.
There are two major lines of evidence for the magmatic sulphide potential of
Unit A.
Firstly, there are local historical intersections of sulphide-rich Ni-Cu
mineralisation, like those encountered in PS053 which returned 4m @ 1.18% Ni
and 1.05% Cu (refer to the Company's announcement of 2 February 2023).
Although the mineralised zone in hole PS053 was hosted by a late fault zone,
it did contain fragments of undeformed magmatic sulphide-rich
mineralisation. Follow-up drilling did not successfully intersect the target
due to a suboptimal drilling angle and the mineralisation likely being a local
occurrence. However, a model has now been developed (refer to Figure Four) to
explain this mineralisation and its potential relationship to a larger
basal-contact associated target. Hole PS053 is interpreted to have intersected
a fragment of nickel sulphide mineralisation that has been uplifted along a
fault. Additionally, the historic drill holes PS157 and PS158 were drilled
near the perimeter of the embayment feature and demonstrate some of the most
anomalous Ni-Cu sulphide intercepts from drilling undertaken at Panton. These
are historic RC holes so visual analysis is not possible.
The second line of evidence for the prospectivity of Unit A is the widespread
presence of trace (to locally more significant) disseminated
pyrrhotite-chalcopyrite mineralisation throughout the host ultramafic sequence
(refer to Photos Two and Three). This is referred to as the "Copper Cloud"
and results in widespread intervals of copper anomalism throughout the Unit A
ultramafic (refer to Figure Three). Textural observations indicate that this
copper mineralisation is remobilised. This conclusion is also consistent with
the basic geological principles for this type of deposit where primary
copper-dominant magmatic mineralisation is not expected to form in an
ultramafic host rock (ultramafic hosts usually host Ni-bearing sulphide
mineralisation). The significance of this for exploration activity is that it
implies that this copper mineralisation must be sourced from some larger
primary source of sulphide mineralisation that has not yet been discovered.
The above observations have been integrated into a model to explain the
sulphide mineralisation potential of Unit A at Panton. This is illustrated in
Figure Four below.
The working concept is that a significant nickel sulphide body may have been
emplaced at the base of the Panton Complex (ie the base of Unit A) in the
embayment target area. Subsequent ongoing turbulent magma emplacement may have
remobilised some of this mineralisation into scattered discrete "blobs" that
solidified in the hanging wall of the main sulphide body. Some of these
sulphide-rich blobs may have been subsequently elevated to a higher position
in the intrusion by later faulting. This is the interpreted context of the
sulphide intersection in hole PS053, which is located a significant distance
above the interpreted prospective basal contact.
Interestingly, the best PGM mineralisation (highest grade and thickest) in the
Main Zone (hosted by the overlying Unit B) occurs immediately overlying
(stratigraphically) the embayment position. This can be explained in the
context of the Company's model if the same feeder conduit was responsible for
emplacement of both Unit A and Unit B.
Figure Four | Nickel Sulphide Emplacement Schematic
1: Emplacement of a hybrid melt (mixture of wallrock sulphide droplets to
blebs, plus primary picritic magma) into the base of the sill
2: Accumulation and pooling of Ni-Cu rich sulphide magma in embayments near
the feeder; remobilisation of sulphides from the top of this pool by
subsequent pulses of turbulent new magma, resulting in sulphide-rich blobs
within the overlying dunite formed by the new magma
3: Lower zone, including sulphide blobs overlying the basal sulphide pool,
freezes; major new magma pulse into sill (using same feeder position) produces
PGM-rich Chromitite layers which are thickest and best mineralised above the
sulphide-rich embayment
4: Folding of the sill resulting in the embayment area appearing as a
thickened zone on the contact
5: Late faulting locally remobilised sulphide blobs
Photo One | Upper contact of the chilled margin of Unit A with the dunite of
Unit B showing the fragments
Photo Two | Pyrrhotite with Chalcopyrite blebs in Unit A at 1,095.3m in hole
PS414
Photo Three | NQ2 core, 1,201.6m in hole PS414, pyrrhotite and chalcopyrite
vein
Forward Plan | Further Exploration
The Company continues to build upon its nickel sulphide exploration model and
work towards a discovery of a large, high-grade accumulation of Ni-Cu
sulphides. The 2022/2023 drill programme has enabled the Company to validate
the presence of a primary magmatic sulphide system within Panton, reduce the
search space for follow-up exploration and identify a discrete untested target
in BC1, the embayment feature.
Evaluations and preparatory activities are being undertaken across Panton, BC1
and the Panton West prospect for a follow up drill programme currently planned
for Q2 2023. The drill programme will likely involve shallow Reverse
Circulation ("RC") drilling as a first pass. The Company will provide further
details on these targets in Q2 2023.
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.
The information in this announcement that relates to Mineral Resources is
based on, and fairly represents, information compiled by Mr Brian Wolfe, who
is a Member of the Australian Institute of Geoscientists. Mr Wolfe an external
consultant to the Company and is a full time employee of International
Resource Solutions Pty Ltd, a specialist geoscience consultancy. Mr Wolfe 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 Wolfe 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 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 Five).
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 Five | 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 | Panton Diamond Drill Hole Collar Details
Drill EOH Easting Northing RL Azimuth Dip
Hole
PS414 1328.6 376653 8036506 485 340 -80
Appendix 2 | PS414 Drilling Assay Results
Drill From To Interval Au Co Cu Ni Pd Pt S 3E(1)
Hole
(m)
(m)
(m)
ppb
ppm
%
%
ppb
ppb
%
g/t
PS414 34.70 35.00 0.30 9 0.01 0.02 0.03 386.30 287.6 ND 0.68
PS414 533.00 534.00 1.00 17 0.01 0.13 0.04 15.10 7.9 0.22 0.04
PS414 574.00 576.00 2.00 32.5 0.01 0.22 0.09 28.30 39.7 0.54 0.10
PS414 582.00 583.00 1.00 28 0.01 0.11 0.07 18.50 45.4 0.29 0.09
PS414 622.00 623.00 1.00 60 0.02 0.13 0.09 11.30 15.1 0.33 0.09
PS414 666.00 667.00 1.00 21 0.01 0.10 0.09 34.60 48.7 0.26 0.10
PS414 760.00 768.00 8.00 15.2 0.02 0.01 0.20 395.23 136.5 0.07 0.55
PS414 780.00 782.00 2.00 53 0.02 0.02 0.20 333.25 139 0.10 0.53
PS414 786.00 808.40 22.40 164.1 0.02 0.04 0.21 697.90 634.8 0.16 1.50
from 786m to 788m, 2m @ 704 0.02 0.12 0.29 3078.75 2836.2 0.34 6.62
PS414 813.00 828.67 15.67 111.9 0.02 0.04 0.17 440.19 429 0.15 0.98
PS414 829.00 831.00 2.00 99 0.02 0.20 0.22 43.45 57.6 0.45 0.20
PS414 850.00 886.00 36.00 25.6 0.02 0.01 0.23 489.73 340.9 0.07 0.86
PS414 891.00 892.00 1.00 20.9 0.02 0.02 0.26 350.53 227.7 0.13 0.60
PS414 897.91 898.43 0.52 12 0.02 0.02 0.18 651.70 408.1 0.16 1.07
PS414 904.00 906.35 2.35 42.6 0.02 0.04 0.12 569.86 303.9 0.41 0.92
PS414 932.00 933.00 1.00 35 0.01 0.12 0.09 359.90 30.5 0.29 0.43
PS414 1021.00 1022.00 1.00 28 0.01 0.13 0.13 5.30 5.8 0.37 0.04
PS414 1031.00 1032.00 1.00 25 0.02 0.11 0.18 8.60 13.1 0.35 0.05
PS414 1039.00 1040.00 1.00 36 0.02 0.11 0.18 6.00 10.0 0.31 0.05
PS414 1053.00 1072.00 19.00 70.4 0.02 0.11 0.19 29.70 52 0.36 0.15
PS414 1083.00 1084.00 1.00 50 0.01 0.11 0.12 61.50 113.9 0.38 0.23
PS414 1094.70 1095.30 0.60 56 0.01 0.29 0.06 3.00 3.5 0.42 0.06
PS414 1116.00 1120.00 4.00 24 0.02 0.10 0.14 4.15 5.5 0.29 0.03
PS414 1148.00 1149.00 1.00 126 0.01 0.07 0.19 257.00 208.3 0.23 0.59
PS414 1193.00 1194.00 1.00 136 0.01 0.21 0.18 33.20 35.2 0.32 0.20
PS414 1216.00 1217.00 1.00 111 0.01 0.12 0.16 14.90 20.6 0.24 0.15
(1) 3E= Palladium (Pd) + Platinum (Pt) + Gold (Au)
Appendix 3 | Panton Mineral Resource Estimate (JORC Code 2012)(2)
Resource Category Mass Grade Contained Metal
(Mt) Pd Pt Au PGM(3E) (g/t) Ni Cu Co PdEq(1) Pd Pt Au PGM(3E) (Koz) Ni Cu Co PdEq(1)
(g/t) (g/t) (g/t) (%) (%) (ppm) (g/t) (Koz) (Koz) (Koz) (kt) (kt) (kt) (Koz)
Reef Indicated 7.9 1.99 1.87 0.31 4.16 0.24 0.07 190 4.39 508 476 78 1,062 19.1 5.2 1.5 1,120
Inferred 17.6 1.59 1.49 0.22 3.30 0.23 0.07 193 3.63 895 842 123 1,859 41.1 13.1 3.4 2,046
Subtotal 25.4 1.71 1.61 0.24 3.57 0.24 0.07 192 3.86 1,403 1,318 201 2,922 60.3 18.2 4.9 3,166
Dunite Inferred 103.4 0.31 0.25 0.07 0.62 0.17 0.03 145 1.12 1,020 825 225 2,069 179.6 30.2 15.0 3,712
Subtotal 103.4 0.31 0.25 0.07 0.62 0.17 0.03 145 1.12 1,020 825 225 2,069 179.6 30.2 15.0 3,712
All Indicated 7.9 1.99 1.87 0.31 4.16 0.24 0.07 190 4.39 508 476 78 1,062 19.1 5.2 1.5 1,120
Inferred 121 0.49 0.43 0.09 1.01 0.18 0.04 152 1.48 1,915 1,667 347 3,929 219.7 43.2 18.4 5,758
Total 129 0.58 0.52 0.10 1.20 0.19 0.04 154 1.66 2,423 2,143 425 4,991 238.8 48.4 19.9 6,879
( )
(Notes)
(1) Please refer to the paragraph below for palladium equivalent (PdEq)
calculation
(2) No cut-off grade has been applied to reef mineralisation and a cut-off of
0.9g/t PdEq has been applied to the dunite mineralisation
(1) PGM(3E) = Palladium (Pd) + Platinum (Pt) + Gold (Au)
(2) Metal equivalents were calculated according to the follow formulae:
§ Reef: PdEq (Palladium Equivalent g/t) = Pd(g/t) + 0.76471 x Pt(g/t) +
0.875 x Au(g/t) +1.90394 x Ni(%) + 1.38936 x Cu(%) + 8.23 x Co(%)
§ Dunite: PdEq (Palladium Equivalent g/t) = Pd(g/t) + 0.76471 x Pt(g/t) +
0.933 x Au(g/t) +2.03087 x Ni(%) + 1.481990 x Cu(%) + 8.80 x Co(%)
Appendix 4 | 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 § PQ3/HQ3/NQ2 diamond core was submitted for analysis. All samples were half
specialised industry standard measurement tools appropriate to the minerals core and cut using a core saw. PQ3 core was cut in half and then one half cut
under investigation, such as down hole gamma sondes, or handheld XRF again to produce ¼ core samples using a core saw. The only exception is for
instruments, etc). These examples should not be taken as limiting the broad regular duplicates downhole that were cut into quarters so that half the core
meaning of sampling. remained in the tray. All sampling was either supervised by, or undertaken by,
qualified geologists.
§ Include reference to measures taken to ensure sample representivity and the
appropriate calibration of any measurement tools or systems used. § Core was cut into two equal halves, approximately 1 cm left of the
orientation line where possible. The left side was always sent to the
§ Aspects of the determination of mineralisation that are Material to the laboratory to leave the orientation line in the tray.
Public Report. In cases where 'industry standard' work has been done this
would be relatively simple (eg 'reverse circulation drilling was used to § Sample intervals are based on geological observations (Lithological
obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for contacts, mineralization, alteration, etc). Minimum core sampled was 0.2m with
fire assay'). In other cases more explanation may be required, such as where two exceptions for chromitite intervals that were 0.15m and 0.1m. A total of
there is coarse gold that has inherent sampling problems. Unusual commodities 1425 samples were sent to the laboratory including 60 Certified Reference
or mineralisation types (eg submarine nodules) may warrant disclosure of Materials ("CRM")/Blanks and duplicates.
detailed
information.
Drilling techniques § Drill type (eg core, reverse circulation, open-hole hammer, rotary air § All drill holes were diamond cored, with either PQ3 or HQ3 collars. Once
blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or the hole was stable the hole was cased off and drilled with NQ2.
standard tube, depth of diamond tails, face-sampling bit or other type,
whether core is oriented and if so, by what method, etc). § PQ3 core diameter is 83.0mm, HQ3 core diameter is 61.1mm and NQ2 core is
50.6mm.
§ 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 holes were logged qualitatively for lithology, alteration,
logged to a level of detail to support appropriate Mineral Resource mineralisation and weathering by a geologist. Data is then captured in a
estimation, mining studies and metallurgical studies. database appropriate for mineral resource estimation.
§ Whether logging is qualitative or quantitative in nature. Core (or costean, § All drill holes are digitally photographed and logged in full.
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. § Diamond drill core was cut in half. Half the core was submitted for
analysis and the remaining half was stored securely for future reference and
§ If non-core, whether riffled, tube sampled, rotary split, etc and whether potential further analysis.
sampled wet or dry.
§ Only diamond core drilling was completed.
§ For all sample types, the nature, quality and appropriateness of the sample
preparation § Sample preparation was completed by Intertek Genalysis in Maddington, WA.
technique.
§ Quality control procedures adopted for all sub- sampling stages to maximise § CRM's including blanks were used in each drill hole with CRM's being
representivity of samples. comparable to the material analysed and ore grade CRM inserted in mineralised
intervals.
§ Measures taken to ensure that the sampling is representative of the in-situ
material collected, including for instance results for field § Duplicates were completed every 50 samples to ensure that the sampling is
duplicate/second-half sampling. representative of the material collected.
§ Whether sample sizes are appropriate to the grain size of the material § Samples ranged from a minimum of 0.2m to 1.6m to follow lithological,
being sampled. mineralisation and/or alteration contacts where possible.
Quality of assay data and laboratory tests § The nature, quality and appropriateness of the assaying and laboratory § All samples were sent to Intertek Genalysis in Maddington for multi-element
procedures used and whether the technique is considered partial or total. analysis (4 acid digestion with ICP-MS finish and Au, Pd, and Pt analysis (50g
lead fire assay with ICP-AES finish). This method is appropriate for
§ For geophysical tools, spectrometers, handheld XRF instruments, etc, the lithogeochemistry and determination of mineralisation. All samples that
parameters used in determining the analysis including instrument make and exceeded the upper limit of detection were analysed for the appropriate ore
model, reading times, calibrations factors applied and their derivation, etc. grade values.
§ Nature of quality control procedures adopted (eg standards, blanks, § All analytical results listed are from an accredited laboratory.
duplicates, external laboratory checks) and whether acceptable levels of
accuracy (ie lack of bias) and precision have been established. § For all sampling, CRM's were utilised every 20-30 samples with duplicates
collected every 50 samples, approximately. CRM's also included blanks used
every third sample. In addition, the QAQC data from the lab will be collected
and stored in the database.
Verification of sampling and assaying § The verification of significant intersections by either independent or § Results were reviewed by the principal geologist with the laboratory
alternative company personnel. repeating selected intervals. Significant results are a mix or combination of
the following: >0.5 g/t 3E (Au+Pt+Pd), 0.25% Ni and 0.1% Cu
§ The use of twinned holes.
§ No twinned holes were completed.
§ Documentation of primary data, data entry procedures, data verification,
data storage (physical and electronic) protocols. § Data was captured into digital spreadsheets. Data was checked and verified.
Digital files are imported into the electronic database. All physical sampling
§ Discuss any adjustment to assay data. sheets are filed on site.
§ No adjustments were made to the assay data but dilution was included up to
3m.
Location of data points § Accuracy and quality of surveys used to locate drill holes (collar and § Hole PS414 was located with a handheld GPS which is accurate to ±5m. The
down-hole surveys), trenches, mine workings and other locations used in drill hole will be Differential GPS later in 2023.
Mineral Resource estimation.
§ Down hole surveys are taken with a north seeking gyroscope at regular
§ Specification of the grid system used. intervals of 30m down hole.
§ Quality and adequacy of topographic control. § Future Metal NLs drilling is located using Map Grid of Australia 1994, Zone
52.
§ The topographic control is considered better than <3m and is considered
adequate.
Data spacing and distribution § Data spacing for reporting of Exploration Results. § Hole PS414 was drilled as part of the EIS programme and was testing the
Panton Sill stratigraphy in the keel position where a gravity anomaly was
§ Whether the data spacing and distribution is sufficient to establish the present.
degree of geological and grade continuity appropriate for the Mineral Resource
and Ore Reserve estimation procedure(s) and classifications applied. § The drill spacing of this program was reconnaissance in nature. However,
hole PS414 intersected the mineralised reef at a depth deeper than expected
§ Whether sample compositing has been applied. and will be added to the next MRE update.
§ Sampling compositing has been applied. Results reported are length weighted
averages.
Orientation § Whether the orientation of sampling achieves Exploration and resource drilling is designed to be as close to orthogonal as
practicable to the dip and strike of the mineralized chromitite reefs within
of data in relation to geological structure § unbiased sampling of possible structures and the extent to which this is the Panton Intrusion.
known, considering the deposit type.
§ No sampling bias is present.
§ If the relationship between the drilling orientation and the orientation of
key mineralised structures is considered to have introduced a sampling bias,
this should be assessed and reported if material.
Sample security § The measures taken to ensure sample security. § All drill core was logged and sampled on site. It was transported in secure
bulka bags from Halls Creek to Intertek Genalysis in Maddington.
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 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. 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.
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 announcement 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 the drill hole reported in this announcement are provided in
exploration results including a tabulation of the following information for Appendix O1.
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 PGM3E (Pt/Pd/Au) and/or Ni>0.25% and/or Cu>0.1%.
grades are usually Material and should be stated. No top cuts have been applied to the reporting of the assay
§ Where aggregate intercepts incorporate short lengths of high-grade results results.
and longer lengths of low-grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations § Up to 3 metres of internal dilution is allowed in the reported intervals.
should be shown in detail.
§ Higher grade intervals are included in the reported grade intervals; and
§ The assumptions used for any reporting of metal have also been split out on a case-by-case basis where relevant.
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 mineralised 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 Figure in this announcement showing the drill cross section.
§ 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 related to hole PS414 are being 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 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 potential.
§ Diagrams clearly highlighting the areas of possible extensions, including § Further work applying the learnings from PS414 to the Panton complex.
the main geological interpretations and future drilling areas, provided this
information is not commercially sensitive. § Core to be submitted to DMIRS for core scanning prior to the completion of
any petrology.
§ Exploration and resource definition drilling will continue in and around
the current resource area.
§ Mining, environmental and economic studies are underway.
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