REG - Future Metals NL - Operational Update

Future Metals NLAnnouncement

15/09/2022 07:01

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RNS Number : 4828Z  Future Metals NL   15 September 2022

15 September 2022

Future Metals NL

Operational Update

Geophysical Surveys Progressing & Exploration Drilling Set to Commence at
Panton

Highlights

§  Ground exploration underway at Panton targeting new Ni-Cu-PGE sulphide
accumulations outside of the existing resource

§  Ni-Cu-PGE expert Dr Jon Hronsky has joined Future Metals' team as Senior
Exploration Advisor

§  Approved Programme of Works ("POW") and drilling contractor secured for
an initial 3,000m programme commencing October 2022

§  Detailed ground-based gravity survey nearing completion to map Panton's
structure at depth

§  Surface Fixed Loop and Moving Loop ground Electromagnetic ("EM") survey
due to commence shortly

Future Metals NL ("Future Metals" or the "Company", ASX | AIM: FME), is
pleased to announce that ground-based geophysical surveys are well advanced,
with exploration drilling expected to commence in October 2022, at its 100%
owned Panton PGM-Nickel Project ("Panton PGM-Ni Project") in northern Western
Australia.

The Company has commenced ground geophysical surveys (gravity and EM) to
improve the definition of known conductive bodies identified from airborne
surveys; and to map the structure of the Panton intrusion at depth. Data from
these surveys will refine the planned drill programme targeting sulphide
mineralisation, with a contractor secured to mobilise to site in early October
2022.

The exploration programme is being undertaken in parallel to the ongoing
scoping study and metallurgical testwork programme underway on the existing
6.9Moz PdEq resource (refer to the Company's announcement dated 21 June 2022).

Figure One | Gravity surveyor standing on the northern boundary of Panton
looking north-east

Future Metals is also pleased to report that it has retained the services of
Ni-Cu-PGE expert, Dr Jon Hronsky, as the Company's Senior Exploration Advisor.
Jon's previous review of the Panton geological model highlighted the
significant exploration potential at Panton, outside of the existing resource
area, particularly in the untested lower portion of the stratigraphy, towards
the basal contact, as presented previously in the Company's announcement dated
27(th) July 2022, a position that has analogies to the setting of Ivanplats'
Platreef deposit and Chalice Mining Ltd's Gonneville deposit.

A gravity survey is well advanced (Refer to Figure One) and a ground
electromagnetic EM survey is expected to commence shortly. In addition to
following up targets from previous airborne surveying, this ground EM survey
will also cover the lower series ultramafics ("Lower Zone") in the northern
portion of the tenement which were excluded from the prior airborne survey. It
is expected that these surveys will generate new anomalies that will warrant
drill testing. The Company is being supported by Terra Resources and Southern
Geoscience Consultants on its geophysical programmes.

Further details in relation to initial drill targets and exploration
priorities are expected in the upcoming weeks. Site access works and drill pad
preparation is expected to begin during the first week of October.

 

Mr Jardee Kininmonth, Managing Director & CEO of Future Metals, commented:

"It's incredibly exciting to kick off our 2022 field season at Panton on the
back of our exploration review. The review highlighted that the Panton Project
is highly prospective with respect to making a Ni-Cu-PGE sulphide discovery in
the previously untested lower portion of the stratigraphy of the ultramafic
series.

"We are taking a measured approach to validating and generating drill targets
by completing a ground-based geophysical programme ahead of commencing
drilling in October. We are targeting a discovery outside of the existing
resource area, with different geological association, more akin to the
Platreef or Gonneville deposits.

"The Company is progressing multiple value drivers with this exploration
programme, scoping study and metallurgical test work activities.

"I am also pleased to have Dr Jon Hronsky join our team on an ongoing basis as
Senior Exploration Advisor. Jon was instrumental in our exploration review and
developing the Panton exploration model. He brings over 35 years of experience
exploring layered intrusives such as ours, including as leader of generative
exploration for WMC Resources and BHP."

Exploration Programme

Drilling Approvals, Logistics

All proposed drilling has been approved by the Department of Mines, Industry
Regulation and Safety ("DMIRS") via a recent Programme of Works submission.

A drilling contractor has been secured to complete an initial 3,000m diamond
drill programme, with a drill rig expected at site in early October 2022. The
drill programme will be refined once the current geophysical surveys underway
have been completed and interpreted.

Gravity Survey

The gravity survey is progressing well and is approximately 70% complete. The
survey is expected to conclude during the last week of September.

The gravity data will be used in combination with the aeromagnetic data
already accessible to produce 3D models and structural interpretations. This
work will inform understanding of the sub-surface architecture of the Panton
layered intrusion and assist in target generation for drill testing.

Please refer to Figure Two below.

Surface Electromagnetic Survey

A ground EM survey is scheduled to commence in the next week covering
approximately 5km(2), including a combination of Fixed Loop and Moving Loop
Electromagnetic Survey activities. Work will commence in the southern part of
the project area where an airborne Versatile Time Domain Electromagnetics
("VTEM") survey in 2016 detected a cluster of late time conductors which
indicate the potential presence of sulphide rich rocks. These conductive
bodies of rock are priority drill targets. A ground based Fixed Loop
Electromagnetic Survey over these features will greatly refine the anomalies,
allowing for accurate drill targeting.

Once the southern VTEM targets have been surveyed, the survey team will then
cover the northern part of the Project which was not covered by the airborne
VTEM survey. This area comprises almost the entire Lower Zone, an area
considered to be highly prospective for accumulations of sulphide
mineralisation. Moving Loop Electromagnetic Surveying will blanket cover the
lower series ultramafic rocks of the Panton intrusion. It is anticipated that
the survey will be able to detect conductive rocks as deep as 400m from
surface utilising a Jessie Squid B Field sensor, to define further drill
targets.

Please refer to Figures Three and Four below.

 

Down Hole Electromagnetic Surveying

All drill holes planned as part of our 2022 exploration programme will be
cased with PVC pipe to facilitate down hole electromagnetic ("DHEM") surveying
in order to detect sulphide rich rock up to 200-300m from the bore hole. Any
deep targets identified can be drill tested in the current field season.

 

Figure Two | Panton Gravity Survey Area and Progress Report at 13 September
2022

Figure Three | Panton VTEM Conductors, Maglag Contours and EM Survey Area

 

 

Figure Four | Panton southern VTEM Conductors

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 Kimberley region of Western Australia, a tier one
mining jurisdiction. The project is located on three granted mining licences
and situated just 1km off the Great North Highway which accesses the Port of
Wyndham (Refer to Figure Five).

The Project hosts an independent JORC Code (2012) MRE, which was increased, as
announced on 21 June 2022, to 129Mt @ 1.20g/t PGM(3E), 0.19% Ni, 0.04% Cu and
154ppm Co (1.66g/t PdEq) at a cut-off grade of 0.90g/t PdEq for contained
metal of 5.0Moz PGM(3E), 239kt Ni, 48kt Cu and 20kt Co (6.9Moz PdEq). The MRE
includes a high-grade reef of 25Mt @ 3.57g/t PGM(3E), 0.24% Ni, 0.07% Cu and
192ppm Co (3.86g/t PdEq) for contained metal of 2.9Moz PGM(3E), 60kt Ni, 18kt
Cu and 5kt Co (3.2Moz PdEq).

PGM-Ni mineralisation occurs within a layered, differentiated mafic-ultramafic
intrusion referred to as the Panton intrusive which is a 12km long and 3km
wide, south-west plunging synclinal intrusion. PGM mineralisation is hosted
within a series of stratiform chromite reefs as well as a surrounding zone of
mineralised dunite within the ultramafic package.

 

Figure Five | Panton PGM Project Location

About Platinum Group Metals (PGMs)

PGMs are a group of six precious metals being Platinum (Pt), palladium (Pd),
iridium (Ir), osmium (Os), rhodium (Rh), and ruthenium (Ru). Exceptionally
rare, they have similar physical and chemical properties and tend to occur, in
varying proportions, together in the same geological deposit. The usefulness
of PGMs is determined by their unique and specific shared chemical and
physical properties.

PGMs have many desirable properties and as such have a wide variety of
applications. Most notably, they are used as auto-catalysts (pollution control
devices for ICE vehicles), but are also used in jewellery, electronics,
hydrogen production / purification and in hydrogen fuel cells.  The unique
properties of PGMs help convert harmful exhaust pollutant emissions to
harmless compounds, improving air quality and thereby enhancing health and
wellbeing.

 

This announcement has been approved for release by the Board of Future Metals
NL.

 Future Metals NL                ABN: 99 124 734 961

 Level 1, 33 Richardson Street   info@future-metals.com.au

 West Perth, WA, 6005            https://future-metals.com.au/

 

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 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 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.

 

 

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