REG - Future Metals NL - Mining and Processing Breakthrough at Panton
13/02/2023 08:45
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RNS Number : 7092P Future Metals NL 13 February 2023
13 February 2023
Future Metals NL
Mining and Processing Breakthrough at Panton
Highlights
§ Flotation repeatability established with consistent metallurgical PGM
recoveries averaging 78% at concentrate grades averaging 286g/t PGM(3E) from
the high-grade PGM chromitite ore which makes up 2.9Moz of the 5.0Moz PGM(3E)
contained in the JORC Resource at Panton
§ Achieved through conventional crushing, grinding and flotation processing
techniques
§ Results from bulk ore sorting test work demonstrate 97% recovery of
high-grade PGM bearing ore and rejection of low-grade material and waste,
improving mill feed grade by 11% and reducing mass by 13%
§ Amenability to ore sorting and consistency of flotation performance
significantly de-risk Panton's future development
§ Scoping Study well advanced and to be expanded to incorporate the
positive impacts of the ore sorting results which include:
o Mitigation of the impact of mining dilution
o Increases in the processed head grade, reducing capital and operating
costs
o Improves consistency of processed ore, enhancing flotation performance
§ Expanded Scoping Study to include concentrate production along with
potential value add through downstream processing as an option, to produce
high payability, low emission upgraded metal products, with test work
demonstrating +99% metal recoveries
§ Panton contains the highest grade PGM resource in Australia allowing for
a low-capital, high margin operation to be progressed, with expansion
potential
§ Recent drilling and analysis have shown the potential for multiple
mineralisation styles within the high-grade reef and improved the geological
understanding of the deposit
§ Targeting completion of Scoping Study in H2 2023 to enable all recent
positive developments to be incorporated
Future Metals NL ("Future Metals" or the "Company", ASX | AIM: FME), is
pleased to announce the results of its bulk ore sorting and flotation
optimisation and repeatability test work for its Panton Project ("Panton" or
the "Project"). The results demonstrate a significant de-risking for the
future mining and processing of the Company's 6.9Moz PdEq JORC Resource and
provide a credible path towards developing a low capital, high margin PGM-Ni
operation.
The Company has also commenced scoping study and test work evaluation with PGM
downstream processing technology providers. Previous test work on Panton
concentrate has demonstrated recoveries of 99%+ for a majority of metals
contained in the concentrate. These processes produce upgraded metals products
for direct sale to refineries, or refining on site, improving payabilities,
reducing logistics costs and reducing emissions relative to the smelting
process route. Initial assessment of the Lifezone Metals Ltd ("Lifezone")
hydrometallurgy ("hydromet") technology suggests that this would be a low
capital flow sheet addition with significant operating and economic benefits.
Mr Jardee Kininmonth, Managing Director of Future Metals, commented:
"We have now demonstrated a credible metallurgical solution which places
Panton firmly on the development pathway. Panton is the highest grade PGM
deposit in Australia, enabling us to progress a low capital and high margin
operation with significant growth upside.
Optimisation and variability flotation test work has demonstrated highly
repeatable results with strong recoveries at high concentrate grades. The ore
sorting results are significant, as it is the key to increasing mineable
tonnes while ensuring the ore reporting to the mill is high grade. This allows
for increased economies of scale within the mine, utilising conventional
underground mining methods, while decreasing processing plant capital costs by
increasing the grade of the mill feed, with negligible losses of high-grade
ore.
Additionally, we have been progressing discussions with potential technology
partners to assess a low-capital downstream integration option at Panton.
Downstream integration enables the production of high margin metals products
while also significantly decreasing the emissions profile associated with
those products, thereby differentiating Panton from the majority of South
African and Russia producers which use coal-fired power and generate other
emissions such as sulphur dioxide. Downstream processing also closely aligns
Panton with the Australian Government's critical minerals strategy which
incentivises onshore upgrading and development of strategically important
deposits such as Panton."
Pre-concentration via Ore Sorting
Future Metals has been investigating options to de-risk and improve the Panton
development economics through innovation and recent technological
improvements. One such pathway is the rejection of waste early in the
comminution process via ore sorting. Ore sorting technology has been used in
the PGM and chromite mining industry for over ten years. The technology
classifies and separates individual rocks by their physical and chemical
properties. By removing gangue and low-grade ore, the size of the crushing,
milling and flotation equipment can be optimised. Reducing the process plant
throughput rate while increasing grade provides direct savings in capital and
operating costs. Ore sorting also reduces the impact of dilution allowing for
the use of conventional mining equipment, further driving down operating
costs. Reductions in mining & process operating costs allows the mining
cut-off grade to be optimised and the viable mining inventory to be
potentially increased.
The Company has performed sighter and bulk test work with Steinert Sorting
Solutions ("Steinert"). The sighter test work involved a three-stage
separation process applied to a mixed feed of chromitite, magnesite and
dunite. Greater than 95% chromitite recovery was achieved during the first
pass, using an x-ray transmission ("XRT") 3D-laser combination sort programme,
due to the chromitite being substantially higher in atomic density. 100% of
the magnesite was recovered during the second pass, using both an XRT-3D
combination (due to the lower atomic density of magnesite) and laser
brightness (due to the high colour contrast between magnesite and the other
materials).
Following the success of the sighter test work, a bulk test was completed. The
bulk test work involved compositing separate chromitite and dunite samples to
replicate the expected feed mix from a mine stope. The chromitite and dunite
were crushed and screened into to three size fractions; +25mm, +10mm, and
-10mm. Each of these size fractions were assayed prior to preparation of two
composites; -75mm to +25mm & -25mm to +10mm, which were processed using
the same XRT 3D-laser combination sort program used in the sighter test work.
The fine -10 mm fraction is considered to be below the capability of the ore
sorting units and was not tested.
The bulk ore sort test work validated the sighter test work on multiple size
fractions, demonstrating 96.7% recovery of high-grade ore and rejection of
low-grade and waste, increasing the PGM grade of the potential mill feed by
10.7% and reducing the throughput volume by 12.7%. This is a very positive
result early into the test work process. Further information on the bulk ore
sort test work can be found in Appendix 1.
The Company is currently planning follow up work which will involve further
optimisation, variability, and repeatability testing.
Table 1: Bulk Ore Sorting Test Results
Ore Sorting Products Pt Pd Au Pt, Pd & Au
Weight g/t Recovery g/t Recovery g/t Recovery g/t Recovery
(%) (%) (%) (%) (%)
Calculated Head Grade (Ore Sorter Feed) 3.49 4.00 0.38 7.87
Total Ore Sorter Accepts 87.3 3.88 96.9 4.44 96.8 0.40 92.5 8.72 96.7
Total Ore Sorter Rejects 12.7 0.85 3.09 1.00 3.18 0.22 7.5 1.86 3.4
Figure 1: Steinert KSS XT CLI Ore Sorter
Figure 2: Ore Sorting Schema
*Dimensions and grades are for illustrative purposes only
Flotation Test Work Results
As previously noted in the Company's announcement on 7 July 2021 'Above 80%
PGM Recovery to High Grade PGM Concentrate', flotation test work carried out
in 2015 on Panton chromitite ore achieved a technical breakthrough for the
Panton Project. It was shown that a combination of fine grinding (P(80)
38μm), conditioning with sodium dithionite as a reducing agent, and use of
nitrogen gas improved flotation results significantly. The best result
achieved (test HL1279) was 81.4% recovery (PGM(3E)) at a 2.5% mass pull for a
272 g/t PGM(3E) concentrate grade with a rapid 14 minutes of flotation time.
Whilst the 2015 test work achieved dramatic improvements in the flotation
performance, repeatability of HL1279 was not established and there was minimal
follow up optimisation work.
As detailed in the Company's announcement on 21 June 2022 'Independent
Resource Estimate of 6.9Moz PdEq', Future Metals undertook further flotation
test work in early 2022 on both low-grade composites (~2.3g/t PGM(3E)) and
high-grade composites (~7.6g/t PGM(3E)), using a single stage
rougher-scavenger test. Results yielded PGM(3E) recoveries of up to 68% and
71% respectively (with higher Pd recovery relative to the Pt recovery) with
concentrate grades of ~130g/t PGM(3E) for the high-grade composite and up to
17g/t PGM(3E) for the low-grade composite.
Following this initial test work the Company embarked on a systematic
programme of optimisation and variability test work with Independent
Metallurgical Operations Pty Ltd ("IMO").
New flotation results from this latest programme of optimisation and
variability test work yielded positive results on the high-grade chromitite
samples with PGM(3E) recoveries of 75.7% to 81.4% with concentrate grades from
167 g/t to 387 g/t PGM(3E) with an average of 286g/t PGM(3E). These results
were achieved over six consecutive tests, demonstrating strong repeatability
of the flotation regime. A key factor to these consistent results is
controlling potential through the flotation cycle and ensuring a reducing
environment is maintained. Other physical parameters have also been optimised
such as froth collection rates, number of flotation stages and flotation
retention time. Table 2 details these latest flotation results.
Table 2: Optimisation and Variability Flotation Test Programme - Concentrate
Grades
Test Concentrate Grade Head Grade
No.
Mass Pull Pt Pd Au Pt, Pd & Au Pt Pd Au Pt, Pd & Au
% g/t Rec g/t Rec g/t Rec g/t Rec g/t
FT014 2.46 136 77.7 154 74.9 11 65.3 301 75.7 4.31 5.06 0.42 9.79
FT015 2.90 121 80.3 139 78.1 11 68.9 271 78.6 4.38 5.18 0.45 10.01
FT016 1.85 175 78.9 197 75.9 15 68.3 387 76.9 4.09 4.79 0.41 9.29
FT017 2.36 136 78.8 154 75.7 12 67.9 302 76.7 4.08 4.78 0.43 9.29
FT018 3.34 127 82.3 151 81.2 11 74.6 289 81.4 5.13 6.21 0.50 11.84
FT019 4.51 71 78.3 89 77.2 7 70.9 167 77.4 4.11 5.19 0.43 9.73
Average 2.90 128 79.4 147 77.2 11 69.3 286 77.8 4.35 5.20 0.44 9.99
The Company considers the head grade of the flotation tests to be within an
acceptable range of potential mill feed grade when factoring mined grade of
the Upper Reef following upgrading through ore sorting.
Table 3 sets out the range of achieved recoveries, concentrate grades and head
grades for by-products in the flotation tests on chromitite ore samples:
Table 3: By-product Recoveries
Panton Ni Cu Co* Rh Ir Os
(%) (%) (%) (g/t) (g/t) (g/t)
Head Grade 0.27 - 0.28 0.04 0.03 0.09 - 0.10 0.09 - 0.11 0.12 - 0.13
Recovery (%) 37 - 45 56 - 62 8 - 9 38 - 44 50 - 55 29 - 34
Concentrate Grade 3.8 - 5.5 0.9 - 1.3 0.06 - 0.07 1.4 - 2.0 1.9 - 2.6 1.4 - 2.1
*Only FT017 was assayed for Co
In addition, the Company has completed multiple flotation tests on a low-grade
(~1 g/t PGM(3E)) dunite sample. The flotation regime utilised is similar to
that used on the chromitite sample. The Company has been able to achieve
recoveries >75%, however it has not yet been able to achieve concentrate
grades which would support direct sale to the global smelter market.
Additional ongoing test work and analysis is examining how to improve
flotation results, as well as the potential to utilise flotation and physical
separation as an intermediate step to onsite hydrometallurgical processing.
The Company is additionally looking at various leaching methods to extract
metals directly from both high-grade and low-grade ore, without flotation.
Ongoing Test Work
The results to date indicate that a very high grade PGM(3E) concentrate is
achievable from Panton chromitite ore feed. Now that a consistent baseline
flotation regime has been established, there is significant potential for
further optimisation through the study process. This includes introducing a
cleaner circuit, concentrate regrind, and further exploratory testing of
reagents to improve recoveries, including the recoveries of base metals in
feed. The Company will continue to test for further improvements, as well as
testing the variability of flotation response from samples throughout the
Panton orebody.
Panton's concentrate will likely be marketed as a bulk Ni-PGM(3E) concentrate.
Additional optimisation, planning and marketing work is required in relation
to the chrome content of the concentrate, given it is a deleterious element.
However, the very high PGM(3E) grade of the concentrate is expected make the
Panton Ni-PGM(3E) concentrate attractive to smelters despite the chrome
content. Mine planning and blending strategies will also be utilised to ensure
a consistent, valuable Ni-PGM(3E) concentrate is produced.
Furthermore, test work has demonstrated that a metallurgical grade chromite
concentrate can be produced from the Panton flotation tails (from chromitite
ore) through Wet High Intensity Magnetic Separation ("WHIMS"). Chromite
concentrate represents a potentially valuable co-product, which is sold into
the ferrochrome industry, an input into stainless steel. The Company will
continue optimisation and marketing work and assess the inclusion of a WHIMS
circuit in the Scoping Study.
Downstream Processing - Hydrometallurgy
In addition to the flotation test work, the Company is also exploring the
potential to further process the high-grade concentrate utilising a
hydrometallurgical process to produce upgraded metal products. The potential
benefits from hydrometallurgical processing including improved payabilities,
reduced logistics costs, and significantly less sensitivity to many elements
deleterious to smelters, such as chrome. These benefits have resultant
benefits in mine planning and mine inventory.
Future Metals has engaged with Lifezone as a technology partner to further
explore the amenability of utilising their hydrometallurgical technology for
further upgrading of Panton concentrate. The Lifezone hydromet process
replaces the smelting process, extracting contained metals in concentrate
through hydrometallurgical processes to produce a suite of metals products
suitable for direct sale to refiners. Hydrometallurgical processing has a
range of benefits relative to smelting including 1 (#_ftn1) :
§ 65-80% lower capital costs
§ 35-50% lower operating costs
§ 50-85% lower electricity consumption
§ Up to 80% lower CO(2) emissions and no SO(2) emissions
§ Fewer constraints on concentrate quality than smelting
The upgrading of concentrate to metals products also materially increases
revenue per tonne as payabilities for these products is much higher relative
to smelters payment terms for metals in concentrate.
The Company's view is that a low emission upgraded PGM product from Australia
will be highly sought after by potential customers in the hydrogen and
automotive industry, who are sensitive to accumulated emissions through the
supply chain, as well as other ESG considerations.
Lifezone's hydromet technology is at various stages of development globally.
Panton's very high grade PGM(3E) concentrate would allow for a small,
low-capital process plant employing Lifezone's hydromet technology, which
would potentially significantly enhance the economics of the Panton project.
Test work has previously been undertaken on the Panton concentrate utilising
Lifezone's hydromet process with concentrate specifications and metal
recoveries shown below.
Table 4: Panton Concentrate Head Assays and Metal Recoveries
Sample Pt Pd Au Ni Cu Co Fe S
(g/t) (g/t) (g/t) (%) (%) (g/t) (%) (%)
Concentrate Grade 55.6 65.9 5.6 3.3 0.9 916.0 12.9 4.4
Recovery 99.3 99.3 92.2 99.0 99.4 93.2 60.7 96.6
The Company is also undertaking test work with SGS Canada Inc., utilising
their Platsol process.
Scoping Study Update
The Company is pleased with the progress made to date, with ore sorting and
flotation test work significantly de-risking the development of Panton. The
ore sorting results have a material impact on mine design and enable a
reduction in the size of milling and flotation equipment, tailings storage,
electricity requirements and water consumption which will therefore reduce
estimated capital and operating costs. These have positive flow-on effects to
cut-off grades used for mine design, improving mineable inventory. Following
positive pre-scoping assessment and prior test work of the Lifezone's hydromet
process, the Company is also assessing the potential of downstream integration
as part of its scoping study. Additionally, Company has an improved geological
model for Panton which will be used to inform an updated JORC Mineral Resource
estimate to be incorporated into the Scoping Study. Lastly, the Company
continues to progress potential processing pathways for its significant
low-grade Resource and will incorporate this into study activities once a
metallurgical solution is in place.
Consequently, the Company expects an updated Scoping Study, incorporating
these improvements, to be completed in H2 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
White Noise Communications (Australian IR/PR) +61 400 512 109
Fiona Marshall
FlowComms (UK IR/PR) +44 (0) 789 167 7441
Sasha Sethi
Competent Person's Statement
The information in this announcement that relates to metallurgical test work
managed by Independent Metallurgical Operations Pty Ltd ("IMO") is based on,
and fairly represents, information and supporting documentation reviewed by Mr
Peter Adamini, BSc (Mineral Science and Chemistry), who is a Member of The
Australasian Institute of Mining and Metallurgy (AusIMM). Mr Adamini is a
full-time employee of IMO, who has been engaged by Future Metals NL to provide
metallurgical consulting services. Mr Adamini has approved and consented to
the inclusion in this announcement of the matters based on 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 it 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.
Notes to Editors:
About the Panton PGM-Ni Project
The 100% owned Panton PGM-Ni Project is located 60kms north of the town of
Halls Creek in the eastern Kimberly region of Western Australia, a tier one
mining jurisdiction. The project is located on three granted mining licences
and situated just 1km off the Great North Highway which accesses the Port of
Wyndham (refer to Figure Three).
The Project hosts an independent JORC Code (2012) MRE had increased to 129Mt @
1.20g/t PGM3E1, 0.19% Ni, 0.04% Cu and 154ppm Co (1.66g/t PdEq2) at a cut-off
grade of 0.90g/t PdEq2 for contained metal of 5.0Moz PGM3E1, 239kt Ni, 48kt Cu
and 20kt Co (6.9Moz PdEq2). The MRE includes a high-grade reef of 25Mt @
3.57g/t PGM3E1, 0.24% Ni, 0.07% Cu and 192ppm Co (3.86g/t PdEq2) for contained
metal of 2.9Moz PGM3E1, 60kt Ni, 18kt Cu and 5kt Co (3.2Moz PdEq2).
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 chromitite reefs as well as a surrounding zone
of mineralised dunite within the ultramafic package.
Figure Three | Panton PGM Project Location
About Platinum Group Metals (PGMs)
PGMs are a group of six precious metals being Platinum (Pt), palladium (Pd),
iridium (Ir), osmium (Os), rhodium (Rh), and ruthenium (Ru). Exceptionally
rare, they have similar physical and chemical properties and tend to occur, in
varying proportions, together in the same geological deposit. The usefulness
of PGMs is determined by their unique and specific shared chemical and
physical properties.
PGMs have many desirable properties and as such have a wide variety of
applications. Most notably, they are used as auto-catalysts (pollution control
devices for ICE vehicles), but are also used in jewellery, electronics,
hydrogen production / purification and in hydrogen fuel cells. The unique
properties of PGMs help convert harmful exhaust pollutant emissions to
harmless compounds, improving air quality and thereby enhancing health and
wellbeing.
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 samples used in the metallurgical test work in
specific specialised industry standard measurement tools appropriate to the this announcement were sourced from both PQ3 Diamond drill core and Chromitite
minerals under investigation, such as down hole gamma sondes, or handheld XRF reef mineralisation mined from the underground decline in 2007. PQ3 Diamond
instruments, etc). These examples should not be taken as limiting the broad Core which was cut in half, and one half further cut into a quarter. One
meaning of sampling. quarter is sent for assay, one quarter is retained for reference and the
remaining half is used as a metallurgical test sample. Sample intervals were
§ Include reference to measures taken to ensure sample representivity and generally 1m in length but modified to honor geological changes such as
the appropriate calibration of any measurement tools or systems used. lithology contacts. Minimum sample length was 30cm.
§ Aspects of the determination of mineralisation that are Material to the § Coarsely crushed (>100mm) chromitite reef and dunite material from the
Public Report. In cases where 'industry standard' work has been done this underground workings was collected by Panoramic Resources in 2007 and stored
would be relatively simple (eg 'reverse circulation drilling was used to in sealed drums. This material was utilized in the bulk ore sorting test work
obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for program. Approximately 540kg of 'chromite reef' and 290kg of 'dunite' was
fire assay'). In other cases more explanation may be required, such as where utilized. This material was categorized by an experienced geologist based on
there is coarse gold that has inherent sampling problems. Unusual commodities visual inspection. This material was crushed and screened into three size
or mineralisation types (eg submarine nodules) may warrant disclosure of fractions; -10mm, +10mm / -25mm and +25mm / -75mm. Each size fraction of both
detailed information. chromite reef and dunite was sampled for assay and subsequently blended. The
first pass of the ore sorting was calibrated based on previous sighter test
work which utilized chromite and dunite material with significantly different
densities. It was discovered in the bulk ore sort that a significant amount of
the material being rejected had much higher densities than other material
being rejected. A decision was made to do a second pass through the ore sorter
with the rejects from the first pass. The ore sorter products were
subsequently assayed, and it was found that a significant amount of material
that had initially been classified as lower density still contained
significantly higher grade PGM material. Thus further optimisation testwork at
different density cut-offs should confirm that only a single pass will be
required to achieve the same results as the two pass recovery.
§ All sampling was either supervised by, or undertaken by, qualified
geologists.
§ 1/4 core samples were sent to Bureau Veritas, Canning Vale, Western
Australia.
§ To ensure representative sampling, for each hole, the same quarter of the
original core was sent for assay, for example when looking at the core down
hole, the right-hand side was retained in the core tray as the metallurgical
sample, and the upper left-hand side of the core was always sent for assay
with the lower left hand side always retained as the reference material. At
the laboratory the entire 1/4 core sample was crushed, a 300g split was
pulverised to provide material for fire assay and ICP-MS.
Drilling techniques § Drill type (eg core, reverse circulation, open-hole hammer, rotary air § All drill holes in this release were drilled PQ3 (83.0mm diameter)..
blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or
standard tube, depth of diamond tails, face-sampling bit or other type, § Core is orientated using a BLY TruCore UPIX Orientation Tool.
whether core is oriented and if so, by what method, etc.).
§ The drilling contractor was 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.
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 has been logged onsite by geologists to a level of detail
logged to a level of detail to support appropriate Mineral Resource to 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. PQ3 core is cut in
half, and then one half cut again into quarters. One quarter core is sent to
§ If non-core, whether riffled, tube sampled, rotary split, etc and whether the laboratory for assay, and the remaining core is 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 § For Future Metals NL drill holes ½ core samples were sent, Bureau
procedures used and whether the technique is considered partial or total. Veritas, Canning Vale, Western Australia.
§ For geophysical tools, spectrometers, handheld XRF instruments, etc, the § Future Metal NL analysis of samples had Pt, Pd and Au determined by lead
parameters used in determining the analysis including instrument make and collection fire assay with a 40 gram charge with ICP-MS finish providing a
model, reading times, calibrations factors applied and their derivation, etc. 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 § Intersections are not reported in this release.
alternative company personnel.
§ No adjustments were made to the data other than converting ppm to % by
§ The use of twinned holes. dividing by 10,000.
§ Documentation of primary data, data entry procedures, data verification,
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 using a hand-held GPS. Down hole surveys
down-hole surveys), trenches, mine workings and other locations used in are taken with a north seeking gyroscope at regular intervals of 30m down
Mineral Resource estimation. hole.
§ Specification of the grid system used. § Grid system used is Map Grid of Australia 1994, Zone 52.
§ Quality and adequacy of topographic control. § The topographic control is considered better than <3m and is
considered adequate.
Data spacing and distribution § Data spacing for reporting of Exploration Results. § Data spacing down hole is considered appropriate at between 0.3 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 § Drillhole locations and diagrams are presented above in this announcement
exploration results including a tabulation of the following information for and are also detailed in the relevant previous ASX announcements related to
all Material drill holes: the exploration results.
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 § No intercepts are being reported.
and/or minimum grade truncations (e.g. cutting of high grades) and cut-off
grades are usually Material and should be stated.
§ Where aggregate intercepts incorporate short lengths of high grade
results and longer lengths of low-grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations
should be shown in detail.
§ The assumptions used for any reporting of metal equivalent values should
be clearly stated.
Relationship between mineralisation widths and intercept lengths § These relationships are particularly important in the reporting of § No exploration results are being reported.
Exploration Results.
§ Metallurgical drill holes have been deliberately orientated at a low
§ If the geometry of the mineralisation with respect to the drill hole angle to the dip of the mineralised chromitite reefs to maximise the amount of
angle is known, its nature should be reported. material recovered for metallurgical test work. The drilled thickness is
considerably greater than the true thickness in these drill holes as a result.
§ 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 § Drillhole locations and diagrams are presented above in this announcement
should be included for any significant discovery being reported These should and are also detailed in the relevant previous ASX announcements related to
include, but not be limited to a plan view of drill hole collar locations and the exploration results.
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 § All exploration results received by the Company to date are included in
including (but not limited to): geological observations; geophysical survey this or previous releases to the ASX. No exploration results are being
results; geochemical survey results; bulk samples size and method of reported in this specific announcement.
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 § Next stage of work will consist of additional mineralogical and
extensions or depth extensions or large-scale step-out drilling). metallurgical test work. The Company plans to undertake infill drilling to
upgrade the current chromitite hosted PGM resource and is undertaking mining
§ Diagrams clearly highlighting the areas of possible extensions, including and economic studies.
the main geological interpretations and future drilling areas, provided this
information is not commercially sensitive.
1 (#_ftnref1) Kell hydrometallurgical extraction of precious and base metals
from flotation concentrates - Piloting, engineering and implementation
advances. June 2019. K Liddell, M Adams, L Smith
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