REG - Future Metals NL - High grade Ni-Cu-PGE sulphides confirmed at Panton
27/07/2022 07:00
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RNS Number : 8011T Future Metals NL 27 July 2022
Future Metals NL
High grade Ni-Cu-PGE sulphides confirmed at Panton
Highlights
§ Multiple new exploration targets for sulphide-rich (Ni, Cu, Au, Co &
PGM) zones identified outside of the area containing Future Metal's
significant 6.9Moz PdEq Mineral Resource Estimate ("MRE")
§ Targets identified following a detailed prospectivity review of Panton's
existing geological data, supported by a review by Ni-Cu-PGE expert Jon
Hronsky of Western Mining Services.
§ The Lower Zone is the lowest portion of the stratigraphy, closest to the
feeder conduit of the intrusion where sulphides containing base metals, gold
and PGM are most likely to accumulate during emplacement. Panton's structure
is such that a large portion of this Lower Zone is exposed from surface
enabling the potential for discovering sulphide-rich zones at relatively
shallow depths along the basal contact ('Basal Contact Zone') and the fold of
the syncline ('Keel Zone').
§ The Lower Zone is seen as highly prospective for large accumulations of
sulphide-rich mineralisation, supported by:
o high-grade base metal (Ni, Cu, Co) and gold intercepts uncovered in
historical drilling, associated with local sulphide-rich lenses
o highly anomalous base metals and gold throughout entire zone (eg 522m @
0.94 g/t PdEq(2) (0.34 g/t PGM3E(2) & 0.23% Ni & 0.016% Co) from 100m
(PS260)
o numerous late time airborne electromagnetic ("EM") conductors
o intrusion-scale geological analysis
§ Trends in metal distribution and thickness variations in lithological units
support the potential for a highly mineralised 'Keel Zone' or 'Feeder Conduit'
to have developed at depth.
§ Recently acquired airborne EM data has identified multiple strong EM
conductors within the Main and Lower Zones, as well as in the southern portion
of the project, which may represent massive sulphide bodies that have not been
previously recognised at Panton ('Southern Conductors').
§ Mineralisation at Panton is interpreted to have formed from both a primary
emplacement event and a secondary hydrothermal event, which remobilised
mineralisation into shear zones, creating further potential for accumulation
of sulphide rich mineralisation. Multiple high grade base metal and gold
sulphide intercepts & EM conductors within and near the Main Zone support
this observation.
§ Following a review of all drill data for zones evidencing increased
concentration of sulphides the Company has identified the following high-grade
intercepts:
Lower Zone
o 19m @ 0.51 g/t PGM3E(1) & 0.49% Ni & 0.28% Cu & 0.022% Co
from 88m (PS158) including:
o 3m @ 0.81 g/t PGM3E(1) & 1.16% Ni & 0.66% Cu & 0.053% Co
from 88m
o 1m @ 0.67 g/t PGM3E(1) & 0.46% Ni & 1.57% Cu & 0.022% Co
from 95m
o 2m @ 1.09 g/t PGM3E(1) & 1.01% Ni & 0.22% Cu & 0.044% Co
104m
Main Zone
o 4m @ 2.18 g/t Au & 1.18% Ni & 1.05% Cu from 242.5m (PS053)
including:
o 1m @ 6.80 g/t Au & 0.62% Ni & 2.05% Cu from 242.5m (PS053)
o 2m @ 0.92 g/t Au & 1.93% Ni & 0.76% Cu from 243.5m (PS053)
o 1m @ 23.04 g/t Au & 0.20% Ni & 0.03% Cu from 35m (PS083)
o 1m @ 1.78 g/t Au & 0.19% Ni & 1.42% Cu from 5m (PS180)
o 2m @ 0.14 g/t PGM3E(1) & 0.09% Ni & 0.73% Cu & 0.012% Co
from 28m (PS269)
§ 1m @ 0.72 g/t PGM3E(1) & 0.16% Ni & 1.02% Cu & 0.023% Co from
20m (PS128)
§ Notable new and historical intercepts from the Lower Zone, which is not
included in the MRE, include (unconstrained 0.5 PdEq cut-off) (refer to Table
One and Appendix Two for full details):
o 522m @ 0.94 g/t PdEq(2) (0.34 g/t PGM3E(2) & 0.23% Ni & 0.016%
Co) from 100m (PS260)
o 166.4m @ 0.92 g/t PdEq(2) (0.35 g/t PGM3E(2) & 0.22% Ni & 0.015%
Co) from 2m (PS406)
o 120m @ 1.12 g/t PdEq(2) (0.46 g/t PGM3E(2) & 0.26% Ni & 0.013%
Co) from 0m (PS158)
o 108m @ 1.13 g/t PdEq(2) (0.59 g/t PGM3E(2) & 0.23% Ni & 0.013%
Co) from 0m (PS160)
o 122.9m @ 1.07 g/t PdEq(2) (0.67 g/t PGM3E(2) & 0.17% Ni & 0.015%
Co) from 121m (PS029)
§ The Company is currently planning follow up exploration activities as
part of the 2022 field season which is to include ground-based EM &
gravity surveys leading into exploration drilling of its highly prospective
targets.
§ A scoping study on the existing MRE, examining different project
development scenarios has commenced and the Company is aiming to release an
update on this study to market by the end of 2022.
Future Metals NL ("Future Metals" or the "Company", ASX | AIM: FME), is
pleased to announce it has identified multiple exploration targets prospective
for sulphide accumulations at its 100% owned Panton PGM Project ("Panton" or
the "Project")). These targets have been identified from a geological
prospectivity review where significant sulphide-rich (PGM, Cu, Au, Ni, Co)
intercepts and electromagnetic conductors have been identified, supported by
intrusion-scale geological analysis.
Additionally, the Company is pleased to report shallow, wide PGM & base
metals assay results from the exploration drill holes at the 'Northern
Anomaly'. The Northern Anomaly sits within the 'Lower Zone' towards the basal
contact of the Panton intrusion and further validates the prospectivity of the
untested basal contact. Assay results have been received from four holes
recently drilled into the Lower Zone.
Mr Jardee Kininmonth, Managing Director & CEO of Future Metals, commented:
"Panton's 6.9Moz PdEq MRE relates solely to our Main Zone, being the
'reef-style' mineralisation and the enveloping bulk mineralisation. While this
style of mineralisation is known for its continuity, the Lower Zone, which
sits at a lower section in the stratigraphy is considered to be
'contact-style' mineralisation. Contact-style deposits often exhibit more
short-range variation in mineralisation thickness and grade. The Lower Zone is
considered highly prospective for hosting zones of matrix, semi-massive and
massive sulphide mineralisation.
The prospectivity review has highlighted the exciting exploration potential at
Panton, with possible high-grade zones of base metal and gold sulphides
outside of the Main Zone associated with one or multiple feeder (or conduit)
zones to the intrusion. To date exploration at Panton beyond the PGM's in the
chromite reefs has been limited and this review shows that there is more at
play at Panton than our already significant PGM deposit.
Given these excellent base metal & gold intercepts were intersected purely
by chance in drilling which was targeting the chromite reefs, it is very
exciting what we might uncover when specifically targeting zones identified to
be the most prospective for increased sulphide mineralisation.
The Company is currently planning a follow-up ground-based EM and gravity
survey to provide better granularity on targets, as well as covering the
northern portion of the tenements where the Lower Zone outcrops. Following
these surveys, the company intends to test each respective target with diamond
drilling and down-hole electromagnetics.
These exploration activities offer significant upside to what is an already
compelling high grade, large PGM project. Scoping study activities have
commenced to assess the different development pathways that may be progressed
on Panton's significant MRE. Exploration activities will be run in parallel to
the study, with any further discoveries of highly mineralised zones clearly
being complimentary to the existing orebody."
( )
(1) PGM3E = Palladium (Pd) + Platinum (Pt) + Gold (Au)
(2) Refer page 10 for palladium equivalent (PdEq) calculation
Exploration Model
The Company has identified three exploration concepts it will focus on moving
forward: the Keel Zone, the Basal Contact Zone, and the Southern Conductors.
The Keel Zone coincides with the interpreted syncline axis in the Lower Zone.
Such positions are commonly associated with more prospective positions in
other mafic-ultramafic intrusions, because of proximity to a likely feeder
position. The Basal Contact Zone is the relatively thick lowermost section of
the ultramafic section of the Panton layered intrusion and encompasses what
both Platinum Australia Limited and Future Metals have been calling the
"Northern Anomaly" mineralisation. Drilling to date has demonstrated the bulk
mineralisation potential of these rocks and this review has highlighted the
potential for zones (or lenses) of sulphide rich mineralisation to exist
within this extensive host unit. The Southern Conductors have been identified
following the acquisition and analysis of airborne EM data over the tenement,
which indicates there are several strong late time features suggesting they
are relatively deep (~200-300m) and are possibly caused by sulphide rich
mineralisation. Anomalous soil samples correlate well with the position of the
Southern Conductors.
Future Metal's current MRE relates solely to the 'reef-style' mineralisation
and the spatially associated disseminated bulk tonnage mineralisation which
sits in the immediate hanging wall and foot wall of the high-grade reefs (Main
Zone). Reef-style mineralisation is known to demonstrate strong continuity in
thickness and grade. The Main Zone chromite reef mineralisation occurs in the
middle of the stratigraphic sequence of the Panton layered intrusion, close to
the contact between overlying gabbro and an underlying ultramafic sequence.
The Lower Zone is hosted by this basal ultramafic which is comprised primarily
of mesocumulate dunite. The Lower Zone mineralisation was first defined by
surface geochemical sampling in the northern part of the outcropping Panton
layered intrusion and has been referred to as the "Northern Anomaly".
Figure One below shows the stratigraphy of the Panton layered intrusion.
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Figure One | Panton Stratigraphic Sequence
Basal Contact and Keel Zone
The following images show how the Lower Zone is exposed on the northern and
eastern limbs of the main syncline that deforms the Panton layered intrusion.
Although there are zones of reef mineralisation within the Lower Zone, these
are less thick, continuous, and lower grade than the Main Zone reefs.
Importantly, the Lower Zone is consistently mineralised throughout its entire
width, with low grades of PGE, Ni, Cu and Co and demonstrates a higher
proportion of base metals to PGE than the Main Zone, consistent with the
'contact-style' of mineralisation. This is best exemplified by the 522m @ 0.94
g/t PdEq intercept in PS260. The Lower Zone is considered prospective for
zones of increased sulphide-rich mineralisation with higher grades of base
metals and gold. The sulphide-rich intercepts in PS158 (including 3m @ 0.81
g/t PGM3E(2) & 1.16% Ni & 0.66% Cu & 0.053% Co) demonstrate the
capacity of these Lower Zone ultramafics to host zones of high-grade base
metals and gold.
It is interpreted that at the time of emplacement of the Lower Series
ultramafics of the Panton layered intrusion, local variations in the geometry
of the base of the magma chamber, as seen in the change between the Platreef
and Flat Reef within the Bushveld in South Africa, may have caused significant
localised variation in the amount of sulphide mineralisation deposited. This
can lead to the formation of localised high-value deposits of PGE and
base-metals. Importantly, these postulated higher-grade zones are likely to
host enhanced sulphide mineralisation that may be sufficient to allow
electromagnetic survey methods to be employed in their detection.
Figure 2 shows a generic model for mineral deposition within a layered
mafic-ultramafic intrusion. When applied to the understanding of the Panton
layered intrusion, only the 'Reef Hosted' and 'Disseminated Sulphide' zones
have been tested by drilling to date. Given Panton is a relatively thin
intrusion (1.5-2.0km) and it has been subject to relatively steep folding, it
is highly prospective for the various zones of matrix, semi-massive and
massive sulphides which form in these layered intrusions.
Figure 3 illustrates the Company's current 3D geological model for the Panton
Intrusion. The inferred Keel Zone and Feeder Conduit position are
high-priority targets for local accumulation of contact style PGE-Ni-Cu
mineralisation. Such positions are common sites of enhanced mineralisation in
many other magmatic sulphide hosting intrusions. The Keel Zone at Panton is
interpreted to be shallowing as it trends North-East given the deposit is
interpreted to be shallowly plunging to the South-East.
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Figure Two | Generic Model of Mineral Deposition in Layered Mafic-Ultramafic
Intrusions (Earth Science Australia)
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Figure Three | Panton Stratigraphy and Structural Architecture
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Figure Four | Panton 3D Geology Model
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Figure Five | Lower Zone - Sulphide Enrichment - Cross Section
Shear-zone Hosted High-grade Mineralisation in the Main Zone
Additionally, the ongoing geological review has identified shear zones within
the Main Zone, which cross-cut and run adjacent to the reefs, and are
potentially responsible for the presence of high-grade base metals and gold.
This is demonstrated in PS053 where 4m @ 2.18 g/t Au & 1.18% Ni &
1.05% Cu was intercepted in the hanging wall of the chromitite reef. It is
known that a late-stage hydrothermal mineralisation event has over-printed the
rocks of the Panton layered intrusion and it is interpreted that these
occurrences of high-grade base metals and gold are a product of this
mineralisation event and controlled by structure. To date no exploration has
specifically targeted this mineralisation, with any intersections of this
style of mineralisation occurring by chance from drilling targeting PGM's
hosted in the chromitite reefs. The existing airborne EM data and planned
ground-based geophysical surveys will facilitate targeting this style of
mineralisation.
http://www.rns-pdf.londonstockexchange.com/rns/8011T_1-2022-7-26.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/8011T_1-2022-7-26.pdf)
Figure Six | Main Zone - Shear Hosted Sulphide Enrichment - Cross Section
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(http://www.rns-pdf.londonstockexchange.com/rns/8011T_1-2022-7-26.pdf)
Figure Seven | Panton Plan View
Airborne Electromagnetic Analysis
Figure Seven shows a number of late time EM conductors of various quality that
have been identified within the Company's Mining Leases. The conductors
highlight areas of potentially increased sulphide mineralisation, both in the
Main Zone, the Lower Zone and in the southern portion of the project area. The
conductors within the Main and Lower Zone provide targets interpreted to be
sulphide rich zones possibly containing high grade base metals and gold. The
conductors in the south (Southern Conductors), are not easily explained by the
existing understanding of the geology, however they are strong, late time
conductors and are overlain by anomalous geochemical readings of sulphide,
gold and copper. The Company is currently planning follow up ground-based EM
work to provide greater granularity on the targets identified in the EM data
and also to extend coverage in the north of the Project area where there is
currently no data. This ground-based EM surveying will assist in later
exploration drill planning.
http://www.rns-pdf.londonstockexchange.com/rns/8011T_1-2022-7-26.pdf
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Figure Eight | Late EM Conductors - Panton Plan View
Exploration Drillhole Assay Results
The new and historical intercepts within the Lower Zone demonstrate both the
bulk tonnage resource growth potential for Future Metals already substantial
resource as well as the potential to host sulphide rich zones at depth. The
latest exploration drilling assay results from the Lower Zone are set out in
Table One below. Table Two sets out historical intercepts containing sulphide
enriched mineralisation. (refer to Appendix Two for the drill hole details):
Hole ID From To Interval Pd Pt Au PGM(3E)(1) Ni Cu Co PdEq(2)
(m) (m) (m) (g/t) (g/t) (g/t) (g/t) (%) (%) (ppm) (g/t)
Intersections based on 0.5 g/t PdEq(2) cut-off grade, unconstrained
PS403 0 211.4 211.4 0.2 0.16 0.89 0.45 0.22 0.039 139 0.98
PS404 0 100.8 100.8 0.228 0.17 0.09 0.552 0.23 0.04 144 1.06
PS405 0 101.9 101.9 0.24 0.22 0.11 0.55 0.22 0.046 148 1.11
PS406 2 168.4 166.4 0.14 0.13 0.071 0.35 0.22 0.052 150 0.92
PS260 0 26 26 0.038 0.065 0.064 0.16 0.16 0.12 168 0.75
PS260 100 622 522 0.14 0.12 0.076 0.34 0.23 0.058 157 0.94
PS157 0 76 76 0.18 0.13 0.05 0.37 0.22 0.047 123 0.91
PS157 93 96 3 0.29 0.19 0.19 0.68 0.28 0.19 167 1.54
PS158 0 120 120 0.22 0.18 0.067 0.46 0.26 0.079 133 1.12
PS159 0 123 123 0.16 0.14 0.058 0.36 0.22 0.041 132 0.91
PS160 0 108 108 0.24 0.23 0.12 0.59 0.23 0.048 134 1.13
PS161 0 123 123 0.1 0.098 0.81 0.28 0.19 0.05 130 0.79
PS161 0 64 64 0.12 0.092 0.082 0.29 0.19 0.042 139 0.79
PS161 0 116 116 0.25 0.23 0.085 0.57 0.18 0.032 146 1
PS029 121 243.9 122.9 0.33 0.27 0.061 0.67 0.17 0.023 150 1.07
PS241 273 295 22 0.144 0.073 0.015 0.23 0.2 0.012 151 0.73
PS241 337 370 33 0.51 0.48 0.15 1.14 0.21 0.033 160 1.58
PS369 193.45 198 4.55 0.18 0.098 0.006 0.29 0.18 0.003 160 0.74
PS369 228 236 8 1.16 1.16 0.094 2.4 0.23 0.034 166 2.74
PS194 0 172 172 0.2 0.17 0.061 0.43 0.21 0.044 130 0.95
PS194 184 192 8 0.028 0.032 0.015 0.075 0.14 0.053 140 0.52
PS199 0 100 100 0.18 0.17 0.08 0.42 0.2 0.053 134 0.94
PS200 0 100 100 0.22 0.22 0.049 0.49 0.21 0.046 135 1.02
PS201 0 100 100 0.15 0.16 0.07 0.38 0.21 0.06 132 0.92
PS194 0 76 76 0.17 0.15 0.1 0.42 0.22 0.05 122 0.95
PS194 0 123 123 0.25 0.19 0.087 0.53 0.23 0.043 136 1.07
PS194 0 105 105 0.3 0.23 0.07 0.6 0.22 0.047 131 1.12
PS194 0 105 105 0.2 0.19 0.072 0.46 0.21 0.056 134 0.99
PS194 0 100 100 0.12 0.12 0.065 0.31 0.2 0.06 137 0.85
PS204 0 72 72 0.18 0.17 0.093 0.45 0.21 0.044 119 0.95
PS205 0 142 142 0.23 0.19 0.1 0.52 0.22 0.049 124 1.06
PS206 0 150 150 0.25 0.2 0.083 0.53 0.23 0.05 142 1.09
PS267 0 200.8 200.8 0.11 0.12 0.079 0.31 0.21 0.055 148 0.87
PS266 18 304 286 0.13 0.12 0.075 0.32 0.22 0.055 151 0.9
PS262 0 298 298 0.16 0.15 0.086 0.4 0.22 0.057 144 0.96
PS268 0 30 30 0.036 0.057 0.063 0.16 0.17 0.11 157 0.69
PS268 50 149.8 99.8 0.035 0.04 0.049 0.12 0.18 0.076 154 0.69
PS269 0 30 30 0.164 0.1 0.03 0.29 0.11 0.09 149 0.73
PS269 80 130 50 0.014 0.024 0.033 0.072 0.15 0.091 152 0.6
PS207 0 110 110 0.13 0.14 0.09 0.36 0.23 0.061 160 0.98
Table One | Lower Zone Assay Results
(1) Refer page 10 for palladium equivalent (PdEq) calculation
( )
Hole ID From To Interval Pd Pt Au PGM(3E)(1) Ni Cu Co
(m) (m) (m) (g/t) (g/t) (g/t) (g/t) (%) (%) (ppm)
Lower Zone
PS158 88 107 19 0.28 0.18 0.052 0.51 0.49 0.28 219
PS158 88 91 3 0.47 0.19 0.15 0.81 1.16 0.66 527
PS158 95 96 1 0.17 0.45 0.05 0.67 0.46 1.57 220
PS158 104 106 2 0.54 0.44 0.11 1.09 1.01 0.22 440
Main Zone
PS269 28 30 2 0.07 0.02 0.05 0.14 0.09 0.73 120
PS128 20 21 1 0.22 0.15 0.35 0.72 0.16 1.02 225
PS053 242.5 246.5 4 0.54 0.05 2.18 2.86 1.18 1.05 n/a
PS053 242.5 243.5 1 Na 0.03 6.80 7.18 0.62 2.05 n/a
PS053 243.5 245.5 2 1.80 0.08 0.92 1.86 1.93 0.76 n/a
PS083 35 36 1 0.01 0.01 23.04 23.06 0.20 0.03 130
Table Two | Historical Drilling Assay Results - Sulphide Enriched
(1) Refer below for palladium equivalent (PdEq) calculation
Palladium Equivalent (PdEq)
Based on metallurgical test work completed on Panton samples, all quoted
elements included in the metal equivalent calculation (palladium, platinum,
gold, nickel, copper and cobalt) have a reasonable potential of being
ultimately recovered and sold.
Metal recoveries used in the palladium equivalent (PdEq) calculations are the
midpoint of the range of recoveries for each element based on metallurgical
test work undertaken to date at Panton. It should be noted that palladium and
platinum grades reported in this announcement are lower than the palladium and
platinum grades of samples that were subject to metallurgical test work
(grades of other elements are similar).
Metal recoveries used in the palladium equivalent calculations are shown
below:
§ Palladium 80%, Platinum 80%, Gold 70%, Nickel 45%, Copper 67.5% and
Cobalt 60%
Metal prices used are also shown below:
§ Palladium US$1,700/oz, Platinum US$1,300/oz, Gold US$1,700/oz, Nickel
US$18,500/t, Copper US$9,000/t and Cobalt US$60,000/t
Metal equivalents were calculated according to the follow formula:
§ 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(%)
This announcement has been approved for release by the Board of Future Metals
NL.
For further information, please contact:
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) 20 7409 3494
James Harris/James Bellman
W H Ireland Limited (UK Broker) +44 (0) 207 220 1670
Harry Ansell/Katy Mitchell
White Noise Communications (Australian IR/PR) + 61 400 512 109
Fiona Marshall
Competent Person's Statement:
The information in this announcement that relates to Exploration Results is
based on, and fairly represents, information compiled by Mr Shane Hibbird, who
is a Member of the Australasian Institute of Mining and Metallurgy and the
Australian Institute of Geoscientists. Mr Hibbird is the Company's Exploration
Manager and has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the activity he
is undertaking to qualify as a competent person as defined in the 2012 Edition
of the "Australasian Code for reporting of Exploration Results, Exploration
Targets, Mineral Resources and Ore Reserves" (JORC Code). Mr Hibbird consents
to the inclusion in this announcement of the matters based upon his
information in the form and context in which it appears.
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.
The information in this announcement that relates to Metallurgical Results is
based on, and fairly represents, information compiled by Mr Brian Talbot, a
Competent Person who is a Member of the Australian Institute of Mining and
Metallurgy. Mr Talbot is a full-time employee of R-Tek Group Pty Ltd (R-Tek) a
specialist metallurgical consultancy. Mr Talbot 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 Talbot consents to the inclusion in this
announcement of the matters based upon his information in the form and context
in which it appears.
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.
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 Nine).
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.
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Figure Nine | 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 One
Panton JORC (2012) Mineral Resource Estimate
http://www.rns-pdf.londonstockexchange.com/rns/8011T_1-2022-7-26.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/8011T_1-2022-7-26.pdf)
Appendix Two
Exploration Drill Hole Details
Hole ID Hole Type Easting Northing RL (m) Total Depth (m) Inc (deg) Azi (deg)
PS403 HQ3 Core 375871.5 8037097 427.8 211.4 -50 144
PS404 HQ3 Core 376794.6 8037635 444.9 100.8 -50 330
PS405 HQ3 Core 376807.2 8037570 447.3 101.9 -50 330
PS406 HQ3 Core 376796 8037504 452.0 168.4 -50 330
PS029 RC 376067.3 8036829 476.5 243.9 -40 121.5
PS053 RC 376455.9 8036810 493.0 339.5 -82 356.5
PS083 RC 376706 8037123 488.5 101.9 -55 334
PS128 HQ3 Core 378055.9 8036648 450.5 152.8 -55 45
PS157 RC 375873.6 8037088 431.5 105 -60 324
PS158 RC 375906.2 8037046 431.8 120 -60 324
PS159 RC 375934.4 8037007 437.1 123 -60 324
PS160 RC 375964.7 8036965 437.0 123 -60 324
PS161 RC 375993.3 8036925 441.8 123 -60 324
PS194 RC 377681.8 8038097 478.0 207 -60 324
PS199 RC 377707.2 8038027 489.0 100 -58 320
PS200 RC 377731.3 8037983 478.8 100 -61.5 324
PS201 RC 377749.7 8037941 472.8 100 -60.5 326
PS204 RC 377036 8037855 490.6 129 -53.5 329
PS205 RC 377059 8037789 478.4 150 -59.5 324.5
PS206 RC 377072.4 8037721 476.5 150 -58 324
PS207 RC 377043.1 8037644 474.3 110 -61.5 329
PS241 RC 376253.7 8036573 488.2 371 -55.64 324.54
PS260 RC 376060 8036834 475.3 629.3 -55.06 335.95
PS262 RC 376464.9 8037346 482.0 368.4 -56.16 335.8
PS266 RC 377572.9 8037794 494.6 391.4 -58.85 335.67
PS268 RC 376671.9 8037437 491.9 200.8 -56.5 337.5
PS269 RC 376489 8037251 474.3 149.8 -55.5 334.5
PS369 RC 376487.1 8037165 471.8 149.8 -56 334
Appendix Three | 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 § Sampling methods used for the samples referred to in this announcement
specific specialised industry standard measurement tools appropriate to the were HQ3 Diamond Core which was cut in half, one half is sent for assay, the
minerals under investigation, such as down hole gamma sondes, or handheld XRF remaining half is retained for reference. Sample intervals were generally 1m
instruments, etc). These examples should not be taken as limiting the broad in length but modified to honour geological changes such as lithology
meaning of sampling. contacts. Minimum sample length was 30cm.
§ Include reference to measures taken to ensure sample representivity and § All sampling was either supervised by, or undertaken by, qualified
the appropriate calibration of any measurement tools or systems used. geologists.
§ Aspects of the determination of mineralisation that are Material to the § ½ core samples were sent to Bureau Veritas, Canning Vale, Western
Public Report. In cases where 'industry standard' work has been done this Australia.
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 § To ensure representative sampling, for each hole, the same half of the
fire assay'). In other cases more explanation may be required, such as where original core was sent for assay, for example when looking at the core down
there is coarse gold that has inherent sampling problems. Unusual commodities hole, the right-hand side was retained in the core tray as a reference sample,
or mineralisation types (eg submarine nodules) may warrant disclosure of and the left-hand side of the core was always sent for assay. At the
detailed information. laboratory the entire ½ core sample was crushed, a 300g split was pulverised
to provide material for fire assay and ICP-MS.
Versatile Time Domain Electromagnetic
§ Open file Versatile Time Domain Electromagnetic (VTEM) Data was acquired
from the Geological Survey of Western Australia and processed by Southern
Geoscience Consultants. The data was originally acquired by Panoramic
Resources Ltd in 2010. The survey contractor was Geotech Airborne Limited.
Flight line spacing was 150m with a line direction of 090 degrees and a mean
terrain clearance was 40m.
Transmitter
§ Transmitter-receiver geometry In-loop: Vertical dipole
§ Transmitter coil: Octagon shape - vertical axis, 17.4m diameter
§ Base frequency: Standard 30Hz or 25Hz depending on powerline frequency
§ Pulse shape: Polygonal Pulse width 3.4 - 7ms in length
§ Peak dipole moment: Up to 240,000 NIA
§ Peak current: Up to 250 Amperes Receiver
§ Coils: Z only
§ Sample rate: 192kHz over entire waveform
§ Bandwidth: Up to 50kHz
§ Spheric noise rejection: Digital
§ Industrial noise rejection: 60Hz or 50Hz
§ Nominal survey speed: 90km/hr
§ EM transmitter/receiver ground clearance: 30m
Drilling techniques § Drill type (eg core, reverse circulation, open-hole hammer, rotary air § All drill holes referred to in this announcement were drilled HQ3 (61.0mm
blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or diameter).
standard tube, depth of diamond tails, face-sampling bit or other type,
whether core is oriented and if so, by what method, etc.). § Core is orientated, the orientation tool used for the historical drill
holes has not been identified.
§ The drilling contractor was Mt Magnet Drilling. Standard tubes were
employed.
Drill sample recovery § Method of recording and assessing core and chip sample recoveries and § Each core run is measured and checked against the driller,s core blocks.
results assessed. Any 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. § The drilled widths of mineralisation in these drill holes are larger than
the true widths.
§ Whether a relationship exists between sample recovery and grade and
whether sample bias may have occurred due to preferential loss/gain of § No relationship between recovery and grade has been identified.
fine/coarse material.
Logging § Whether core and chip samples have been geologically and geotechnically § All drill core was logged onsite by geologists to a level of detail to
logged to a level of detail to support appropriate Mineral Resource support appropriate Mineral Resource estimation, mining studies and
estimation, mining studies and metallurgical studies. metallurgical studies.
§ Whether logging is qualitative or quantitative in nature. Core (or § Logging is qualitative and records lithology, grain size, texture,
costean, channel, etc.) photography. weathering, structure, alteration, veining and sulphides. Core is digitally
photographed.
§ The total length and percentage of the relevant intersections logged.
§ All holes are logged in full.
Sub-sampling techniques and sample preparation § If core, whether cut or sawn and whether quarter, half or all core taken. § All core that is sampled is cut using a diamond saw. HQ3 core is cut in
half and one half sent to the laboratory for assay, and the remaining half
§ If non-core, whether riffled, tube sampled, rotary split, etc and whether core kept as a reference.
sampled wet or dry.
§ Generally, core samples are 1 metre in length, with a minimum sample
§ For all sample types, the nature, quality and appropriateness of the length of 30 centimetres. Sample lengths are altered from the usual 1 metre
sample preparation technique. due to geological contacts, particularly around the chromitite reefs.
§ Quality control procedures adopted for all sub-sampling stages to § The sample size is considered appropriate for the material being sampled.
maximise representivity of samples.
§ Measures taken to ensure that the sampling is representative of the
in-situ material collected, including for instance results for field
duplicate/second-half sampling.
§ Whether sample sizes are appropriate to the grain size of the material
being sampled.
Quality of assay data and laboratory tests § The nature, quality and appropriateness of the assaying and laboratory § Core samples were sent to Bureau Veritas, Canning Vale, Western
procedures used and whether the technique is considered partial or total. Australia.
§ For geophysical tools, spectrometers, handheld XRF instruments, etc, the § Future Metals NL's analysis of samples had Pt, Pd and Au determined by
parameters used in determining the analysis including instrument make and lead collection fire assay with a 40 gram charge with ICP-MS finish providing
model, reading times, calibrations factors applied and their derivation, etc. a lower detection limit of 1ppb. Determination of As, Co, Cr, Cu, Ni and S was
by Inductively Coupled Plasma following a mixed acid digest. Both ICP and fire
§ Nature of quality control procedures adopted (e.g. standards, blanks, assay analytical methods are total.
duplicates, external laboratory checks) and whether acceptable levels of
accuracy (ie lack of bias) and precision have been established. § No geophysical tools were used.
§ Laboratory repeat analysis is completed on 10% of the samples submitted
for assay.
Verification of sampling and assaying § The verification of significant intersections by either independent or § Significant intercepts are calculated as composites and reported using
alternative company personnel. 0.50g/t PGM(3E) (Pt + Pd + Au) cut-off grade. A maximum of 4m consecutive
internal waste is allowed in composites.
§ The use of twinned holes.
§ All significant intercepts are calculated by the Company's Exploration
§ Documentation of primary data, data entry procedures, data verification, Manager and checked by management.
data storage (physical and electronic) protocols.
§ Discuss any adjustment to assay data.
Location of data points § Accuracy and quality of surveys used to locate drill holes (collar and § Drill hole collars are located differential GPS. Surtron Technologies
down-hole surveys), trenches, mine workings and other locations used in were contracted by Platinum Australia Pty Ltd to complete downhole directional
Mineral Resource estimation. gyroscopic surveys using a Gyroscopic Deviation Tool (9095). Survey readings
are recorded every ten metres and at the surface. The Gyro accuracy is +/-
§ Specification of the grid system used. 1.0(o) for the azimuth and +/- 0.1o for the inclination. The Gyro readings are
not influenced by strongly magnetic rocks within the drill hole.
§ Quality and adequacy of topographic control.
§ Grid system used is Map Grid of Australia 1994, Zone 52.
§ The topographic control is considered better than <0.5m.
Data spacing and distribution § Data spacing for reporting of Exploration Results. § Data spacing down hole is considered appropriate at between 0.3m and 1m
intervals.
§ Whether the data spacing and distribution is sufficient to establish the
degree of geological and grade continuity appropriate for the Mineral Resource § Samples have not been composited.
and Ore Reserve estimation procedure(s) and classifications applied.
§ Whether sample compositing has been applied.
Orientation of data in relation to geological structure § Whether the orientation of sampling achieves unbiased sampling of § The orientation of the drill hole relative to the geological target is as
possible structures and the extent to which this is known, considering the orthogonal as practicable however drilled intersections will be larger than
deposit type. true widths.
§ 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 core sample intervals are labelled in the core boxes, recoded
digitally and captured with the core photography. Cut core samples are
collected in bags labelled with the sample number. Samples are delivered to
the Company's transport contractor in Halls Creek directly by Company
personnel. Samples are then delivered to the laboratory by the transport
contractor.
Audits or reviews § The results of any audits or reviews of sampling techniques and data. § The Company employed industry-standard protocols. No independent audit
has been conducted.
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 § The Panton PGM Project is located on three granted mining licenses
or material issues with third parties such as joint ventures, partnerships, M80/103, M80/104 and M80/105 ('MLs'). The MLs are held 100% by Panton Sill Pty
overriding royalties, native title interests, historical sites, wilderness or Ltd which is a 100% owned subsidiary of Future Metals NL.
national park and environmental settings.
§ The MLs were granted on 17 March 1986 and are currently valid until 16
§ The security of the tenure held at the time of reporting along with any March 2028.
known impediments to obtaining a licence to operate in the area.
§ A 0.5% net smelter return royalty is payable to Elemental Royalties
Australia Pty Ltd in respect of any future production of chrome, cobalt,
copper, gold, iridium, palladium, platinum, nickel, rhodium and ruthenium.
§ A 2.0% net smelter return royalty is payable to Maverix Metals
(Australia) Pty Ltd on any PGMs produced from the MLs.
§ There are no impediments to working in the area.
Exploration done by other parties § Acknowledgment and appraisal of exploration by other parties. § The Panton deposit was discovered by the Geological Survey of Western
Australia from surface mapping conducted in the early 1960s.
§ Pickland Mather and Co. drilled the first hole to test the
mafic-ultramafic complex in 1970, followed by Minsaco Resources which drilled
30 diamond holes between 1976 and 1987.
§ In 1989, Pancontinental Mining Limited and Degussa Exploration drilled a
further 32 drill holes and defined a non-JORC compliant resource.
§ Platinum Australia Ltd acquired the project in 2000 and conducted the
majority of the drilling, comprising 166 holes for 34,410 metres, leading to
the delineation of a maiden JORC Mineral Resource Estimate.
§ Panoramic Resources Ltd subsequently purchased the Panton PGM Project
from Platinum Australia Ltd in May 2012 and conducted a wide range of
metallurgical test work 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.
Drill hole Information § A summary of all information material to the understanding of the § Details of all drill holes reported in this announcement are provided in
exploration results including a tabulation of the following information for Appendix Two.
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 (e.g. cutting of high grades) and cut-off of grades above 0.50g/t PGM(3E) (Pt/Pd/Au). No top cuts have been applied to
grades are usually Material and should be stated. the reporting of the assay results.
§ Where aggregate intercepts incorporate short lengths of high grade § 4 metres of internal dilution is allowed in the reported intervals.
results and longer lengths of low grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations § Higher grade intervals are included in the reported grade intervals; and
should be shown in detail. have also been split out on a case-by-case basis where relevant.
§ The assumptions used for any reporting of metal equivalent values should § Where palladium equivalents are reported, these values are based on the
be clearly stated. following assumptions
§ Prices in USD
$/(t or oz)
Cu % 9,000
Pt ppm 1,300
Au ppm 1,700
Pd ppm 1,700
Ni % 18,500
Co ppm 60,000
§ Metal recoveries are based on past metallurgical test work.
Recovery
%
Cu 67.5%
Pt 80.0%
Au 70.0%
Pd 80.0%
Ni 45.0%
Co 60.0%
Relationship between mineralisation widths and intercept lengths § These relationships are particularly important in the reporting of § Metallurgical drill holes have been deliberately orientated at a low
Exploration Results. angle to the dip of the mineralised chromitite reefs to maximise the amount of
material recovered for metallurgical test work. The drilled thickness is
§ If the geometry of the mineralisation with respect to the drill hole considerably greater than the true thickness in these drill holes as a result.
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 (e.g. 'down hole length, true width
not known').
Diagrams § Appropriate maps and sections (with scales) and tabulations of intercepts § Drill hole plan included in Figure One of the body of this announcement.
should be included for any significant discovery being reported These should
include, but not be limited to a plan view of drill hole collar locations and
appropriate sectional views.
Balanced reporting § Where comprehensive reporting of all Exploration Results is not § All results at hand at the time of this announcement have been reported.
practicable, representative reporting of both low and high grades and/or
widths should be practiced to avoid misleading reporting of Exploration
Results.
Other substantive exploration data § Other exploration data, if meaningful and material, should be reported § No other exploration data is relevant.
including (but not limited to): geological observations; geophysical survey
results; geochemical survey results; bulk samples size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances.
Further work § The nature and scale of planned further work (eg tests for lateral § Next stage of work will consist of follow up ground based geophysical
extensions or depth extensions or large-scale step-out drilling). surveys and exploration drilling to test identified targets.
§ Diagrams clearly highlighting the areas of possible extensions, including
the main geological interpretations and future drilling areas, provided this
information is not commercially sensitive.
§ Metal recoveries are based on past metallurgical test work.
Recovery
%
Cu 67.5%
Pt 80.0%
Au 70.0%
Pd 80.0%
Ni 45.0%
Co 60.0%
Relationship between mineralisation widths and intercept lengths
§ These relationships are particularly important in the reporting of
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 (e.g. 'down hole length, true width
not known').
§ Metallurgical drill holes have been deliberately orientated at a low
angle to the dip of the mineralised chromitite reefs to maximise the amount of
material recovered for metallurgical test work. The drilled thickness is
considerably greater than the true thickness in these drill holes as a result.
Diagrams
§ Appropriate maps and sections (with scales) and tabulations of intercepts
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.
§ Drill hole plan included in Figure One of the body of this announcement.
Balanced reporting
§ Where comprehensive reporting of all Exploration Results is not
practicable, representative reporting of both low and high grades and/or
widths should be practiced to avoid misleading reporting of Exploration
Results.
§ All results at hand at the time of this announcement have been reported.
Other substantive exploration data
§ Other exploration data, if meaningful and material, should be reported
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.
§ No other exploration data is relevant.
Further work
§ The nature and scale of planned further work (eg tests for lateral
extensions or depth extensions or large-scale step-out drilling).
§ Diagrams clearly highlighting the areas of possible extensions, including
the main geological interpretations and future drilling areas, provided this
information is not commercially sensitive.
§ Next stage of work will consist of follow up ground based geophysical
surveys and exploration drilling to test identified targets.
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