REG - Future Metals NL - Operational Update & Management Appointment
04/04/2022 07:00
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RNS Number : 0621H Future Metals NL 04 April 2022
4 April 2022
Future Metals NL
("Future Metals" or the "Company")
Further +100m PGM Intercepts from Drilling, Metallurgical Update & Management Appointment
Future Metals NL ("Future Metals" or the "Company", ASX|AIM: FME), a platinum
group metals ("PGM") focused company, is pleased to report further shallow,
wide PGM assay results from the resource definition drilling completed to date
at its 100% owned Panton PGM Project ("Panton") in northern Western Australia.
In addition, the Company is pleased to provide an update on its metallurgical
workstream as well as announcing the appointment of Mr Andrew Shepherd as
General Manager - Project Development.
Highlights
§ Assay results received for a further three resource definition holes, all
confirming that the mineralisation extends to widths over 50 metres along the
well drilled 3.5km strike
§ Drill hole PS402 returned an unconstrained bulk intersection of 150.8m @
1.18g/t PdEq(3) from 8m down hole and notable intercepts (at a 0.5g/t
PGM((3E)) cut-off, maximum 4m internal dilution) of (refer to Table One and
Appendix Two for full details):
o 32.88m @ 1.72 g/t PdEq(3) (1.33 g/t PGM3E(2) & 0.19% Ni) from 28.12m
o 22.37m @ 1.36 g/t PdEq(3) (1 g/t PGM3E(2) & 0.16% Ni) from 66.76m
o 12.1m @ 1.45 g/t PdEq(3) (1.05 g/t PGM3E(2) & 0.20% Ni) from 130.9m
§ Drill hole PS397 also returned broad widths of shallow PGM and nickel
mineralisation, with an unconstrained bulk intersection of 119.78m @ 1.06g/t
PdEq(3) from surface including constrained intercepts of (refer to Table One
and Appendix Two for full details):
o 37.1m @ 1.32g/t PdEq(3) (0.95 g/t PGM3E(2) & 0.16% Ni) from 8m
o 27.8m @ 1.25g/t PdEq(3) (0.80 g/t PGM3E(2) & 0.21% Ni) from 59.2m
§ An updated JORC Mineral Resource Estimate ("MRE") remains on track for
second quarter once the assays are received in respect of the remaining 44
outstanding drill holes (refer to the Company's announcements of 8 December
2021, 17 February 2022 and 8 March 2022)
§ Initial sighter work and detailed review of all metallurgical information
from Panton's prior owners has been completed. Adapting test work regime to
the anticipated ore feed of the bulk tonnage strategy. Includes both physical
separation and flotation test work. Detailed review of hydrometallurgical
information has now commenced
§ Mr Andrew Shepherd has been appointed as GM - Project Development in
anticipation of the Company initiating study activities following completion
of the updated MRE
§ The Company remains in a well-funded position, with cash of approximately
A$4.3 million as at 31 March 2022
(1 )PGM6E = Palladium (Pd) + Platinum (Pt) + Rhodium (Rh) + Ruthenium (Ru) +
Osmium (Os) + Iridium (Ir)
(2) PGM3E = Palladium (Pd) + Platinum (Pt) + Gold (Au)
(3) PdEq (Palladium Equivalent g/t) = Pd(g/t) + 0.76471xPt(g/t) +
0.875xAu(g/t) + 1.90394xNi(%) + 1.38936xCu(%) + 8.23xCo(%)
Mr Jardee Kininmonth, CEO of Future Metals, commented:
"Drill results continue to show the lateral extent of the mineralisation at
Panton, with the reef system already known to show strong continuity along the
3.5km of strike. The current MRE only includes the upper and middle reefs
which represent approximately 0.1 - 4.0 metres of mineralised width, while our
latest drilling, and historical assays demonstrate that the mineralisation
extends up to 50 metres, much wider than what is currently in the MRE.
We are also excited to have Andrew join to lead project development
activities. He complements the team well with significant experience in
managing mining operations, as well as having a strong study management and
project evaluation background.
We continue to progress the metallurgical test work which confirms recoveries
of over 70% and that a +100g/t PGM(3E) concentrate grade is attainable via
single stage mill and rougher-scavengerflotation from the high-grade chromite
reef that makes up the current 2.4Moz MRE (refer to Appendix One). Our
intention is to remodel the MRE to include the bulk shallow PGM and Ni
mineralisation thereby providing volume and scale to consider value-added
alternatives for this lower grade mineralisation including bulk concentrate,
separate concentrate or further downstream processing in order to produce
higher value intermediate products. This forms the current focus of our
ongoing metallurgical test work."
Exploration Drillhole Assay Results
Further drill hole assays have now been received and continue to confirm much
broader widths of shallow PGM mineralisation than modelled in the current
2.4Moz MRE (refer to Appendix One). Assays for the remaining holes submitted
to the laboratory that remain outstanding are expected to be reported in April
2022 which will then enable modelling of an updated MRE based on the shallow,
bulk tonnage mineralisation at Panton. The latest assay results are set out in
Table One below (refer to Appendix Two for the drill hole details):
Hole From (m) To Interval (m) Pd (g/t) Pt Au (g/t) PGM3E(1) (g/t) Ni Cu Co (pm) PdEq(2) (g/t)
No. (m) (g/t) (%) (%)
PS396 56.3 60.6 4.3 0.36 0.14 0.02 0.52 0.16 0.00 140 0.91
PS396 65 86 21 0.58 0.54 0.03 1.15 0.18 0.01 144 1.48
PS396 91 103 12 0.41 0.42 0.10 0.93 0.15 0.04 154 1.29
PS396 116 154.7 38.7 0.46 0.32 0.02 0.80 0.21 0.01 142 1.25
PS396 159 170 11 0.22 0.13 0.03 0.37 0.14 0.03 158 0.78
PS397 0 2.4 2.4 0.76 0.78 0.22 1.76 0.20 0.05 236 2.2
PS397 8 45.1 37.1 0.43 0.40 0.12 0.95 0.16 0.04 144 1.32
PS397 59.2 87 27.8 0.47 0.31 0.04 0.80 0.21 0.01 147 1.25
PS397 102 104.52 2.52 0.42 0.22 0.04 0.68 0.12 0.04 183 1.05
PS402 28.12 61 32.88 0.65 0.56 0.13 1.33 0.19 0.04 147 1.72
PS402 66.76 89.13 22.37 0.45 0.43 0.12 1.00 0.16 0.04 156 1.36
PS402 113 126 13 0.40 0.35 0.02 0.77 0.20 0.01 145 1.19
PS402 130.9 143 12.1 0.61 0.42 0.02 1.05 0.20 0.01 134 1.45
PS402 149 157 8 0.58 0.36 0.01 0.95 0.21 0.00 148 1.39
Table One | Drilling Assay Results
(1) 3E= Palladium (Pd) + Platinum (Pt) + Gold (Au)
(2) PdEq (Palladium Equivalent g/t) = Pd(g/t) + 0.76471xPt(g/t) +
1.90394xNi(%) + 0.875x(Au(g/t) + 1.38936xCu(%) + 8.23xCo(%)
Figure One | Panton Drill Hole Plan
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Figure Two | Future Metals' Exploration Drilling (PS397) - Panton Cross
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Figure Three | Future Metals' Exploration Drilling (PS402) - Panton Cross
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Metallurgical Update
The Company has completed some preliminary sighter test work and an extensive
review of the significant test work data from Panton's previous owners. The
majority of the historical test work focussed on the chromite reef
mineralisation, being the high-grade portion of the Panton orebody, which
showed PGM recoveries of over 80% in combination with concentrate grades over
100g/t PGM((3E)). The Company's recent test work has largely confirmed this
on flotation of the high-grade chromite reef with +100g/t PGM((3E)) at over
70% PGM((3E)) recovery.
The remodelling of the MRE to include shallow, bulk PGM and Ni mineralisation
is expected to provide scale to enable the Company to consider value-added and
optimisation alternatives for the processing of the lower grade PGM and Ni
mineralisation. The Company's test work is now focussed on optimising
recoveries and concentrate grades on the lower grade, bulk mineralisation. It
has been observed that mineralised host dunite rock which surrounds the
chromite reefs has a different composition, which potentially provide
alternative options for processing and optimisation of the final product.
Physical Separation
The Company has commenced physical separation test work utilising a number of
processing techniques which pre-concentrate or separate ore feed based on its
physical characteristics such as size, density or colour. The physical
separation techniques being examined include ore sorting, heavy liquid
separation ("HLS"), spirals and Wet High Intensity Magnetic Separation
("WHIMS"). These techniques have shown favourable results in historical test
work programmes on Panton ore and the Company is now applying them to
composite samples of the anticipated ore feed from a bulk tonnage operation.
Panton ore is suitable given the difference in colour between chromite-rich
ore, mineralised dunite, waste dunite, magnesite and talc. This may allow for
the removal of gangue minerals ahead of the milling circuit, and separation of
ore into high-grade and low-grade streams which can then be processed using
targeted milling and reagent regimes. The WHIMS test work will substantiate
prior test work demonstrating the amenability of extracting chromite from
flotation tails to produce a chromite concentrate for sale as a by-product.
Flotation
In parallel with the physical separation test work, the Company is undertaking
flotation test work which seeks to replicate the unit operations common to
South African PGM facilities which process a high proportion of the
Panton-analogous UG2 ore as their feed. This campaign will focus on the
mineral deportment at each stage across a 3-stage mill-float ("MF") flow sheet
involving an initial coarse grind and flash float, primary grind and float,
and regrind and float with cleaning. The majority of the previous test work on
Panton ore utilised a single-stage grind to 38μm followed by a long rougher
float and scavenging stages. Initial sighter test work indicates that a
single-stage fine grind creates significant flotation issues as it generates
slimes and liberates free-floating gangue materials which inhibit the
flotation of the base metal and PGM bearing minerals. A multi-staged MF
approach avoids the issues associated with overgrinding, allows reagent regime
to be adjusted through the flow sheet based on targeted outcomes, and reduces
the mass pull to fine-grind unit operations. The Company is also carrying out
flotation test work on material in the 'weathered' zone of the orebody,
following up on previous results which indicated that acceptable recoveries
could be achieved given the PGM metal elements at Panton occur as tellurides,
antimonides and bismuthides.
Hydrometallurgy
Prior test work has shown the potential for Panton to produce high value
intermediate products with the Panton concentrate having good amenability to
hydrometallurgical processing which provides several potential benefits over
smelting 1 , including:
· It creates a refined product, allowing the producer to market
directly to end customers, thereby improving payabilities & margins
· less capital intensive
· faster relative processing times leading to working capital
position improvement
· significantly less electricity consumption, SO(2) and CO(2)
emissions
· increased flexibility for integrated upstream production
A hydrometallurgy test work program and scoping review will be initiated in H2
2022.
The Company is well positioned to assess the viability of a hydrometallurgical
processing route given the prior experience of CEO, Mr Jardee Kininmonth and
Lead Technical Adviser, Mr Brian Talbot at Galaxy Resources Ltd (and Allkem
Ltd) where they were both responsible for commercially and technically
evaluating and developing downstream hydrometallurgical businesses.
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
W H Ireland Limited (UK Broker) +44 (0) 207 220 1670
Harry Ansell/Katy Mitchell
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 which relates to Mineral Resources was
stated in the Company's ASX Prospectus dated 18 May 2021. The Company
confirms that it is not aware of any new information or data that materially
affects the information included in the Prospectus relating to Mineral
Resources, and that all material assumptions and technical parameters
underpinning the Mineral Resource Estimate continue to apply and have not
materially changed.
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 Panton PGM Project
The 100% owned Panton PGM project is located 60 kilometres 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 1 kilometre off the Great North Highway which accesses the
Port of Wyndham (refer to Figure Four).
The Panton PGM Project has a JORC Mineral Resource estimate of 14.32Mt @
4.89g/t PGM, 0.31g/t Au and 0.27% Ni (refer to Appendix One).
The Panton mineralisation occurs within a layered, differentiated
mafic-ultramafic intrusion referred to as the Panton intrusive which is a 10km
long and 3km wide, south-west plunging synclinal intrusion. PGM mineralisation
is hosted within two stratiform chromite reefs, the Upper and Middle reefs,
within the ultramafic sequence.
Figure Four | Panton PGM Project Location
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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
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Appendix Two
Exploration Drill Hole Details
Hole ID Hole Type Easting Northing RL (m) Total Depth (m) Inc (deg) Azi (deg)
PS396 HQ core 376527 8037035 459 190.1 -55 330
PS397 HQ core 377054 8037268 459 120.2 -55 330
PS402 HQ core 375957 8036543 447 150 -50 330
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 samples in this announcement were HQ3 Diamond
specific specialised industry standard measurement tools appropriate to the Core which was cut in half, one half is sent for assay, the remaining half is
minerals under investigation, such as down hole gamma sondes, or handheld XRF retained for reference. Sample intervals were generally 1m in length but
instruments, etc). These examples should not be taken as limiting the broad modified to honor geological changes such as lithology contacts. Minimum
meaning of sampling. 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.
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). The top 10 to 50 metres was drilled with PQ3 diamond core drilling
standard tube, depth of diamond tails, face-sampling bit or other type, to ensure penetration of the weathered zone.
whether core is oriented and if so, by what method, etc.).
§ Core is orientated using a BLY TruCore UPIX Orientation Tool.
§ 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. HQ3
sampled wet or dry. core is cut in half and one half sent to the laboratory for assay, and the
remaining half core kept as a reference.
§ For all sample types, the nature, quality and appropriateness of the
sample preparation technique. § Generally, core samples are 1 metre in length, with a minimum sample
length of 30 centimetres. Sample lengths are altered from the usual 1 metre
§ Quality control procedures adopted for all sub-sampling stages to due to geological contacts, particularly around the chromitite reefs.
maximise representivity of samples.
§ The sample size is considered appropriate for the material being sampled.
§ 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 to 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 § 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 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 § 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 additional mineralogical and
extensions or depth extensions or large-scale step-out drilling). metallurgical test work. The Company plans to undertake a new JORC Mineral
Resource model and estimate once all assays from the recently completed
§ Diagrams clearly highlighting the areas of possible extensions, including drilling have been received.
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 additional mineralogical and
metallurgical test work. The Company plans to undertake a new JORC Mineral
Resource model and estimate once all assays from the recently completed
drilling have been received.
1 'Kell hydrometallurgical extraction of precious and base metals from
flotation concentrates - Piloting, engineering, and implementation advances.'
K.S. Liddell, M.D. Adams, L.A. Smith, and B. Muller
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