REG - Future Metals NL - Quarterly Activities Report to 30 June 2023

Future Metals NLAnnouncement

27/07/2023 07:15

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RNS Number : 3437H  Future Metals NL   27 July 2023

 
 
 
 

27 July 2023

Future Metals NL

Quarterly Activities Report

for the period ended 30 June 2023

 

 

Highlights

§  Expected PGM3E1 metallurgical recoveries improved from 78% to 86% through
successful flotation tailings leaching test work

§  Flotation reagent optimisation test work reduced reagent consumption
whilst maintaining PGM3E recoveries with a concentrate grade of >280g/t
PGM3E1

§  Chromite concentrate from flotation tails represents a potentially high
value by-product with chromite prices increasing by 50% over the past 12
months

§  Mapping and sampling confirmed the prospectivity of the BC1 and Panton
West prospects, followed by initial scout drilling throughout the quarter

§  Secured Exploration Incentive Scheme ("EIS") co-funding support from the
Western Australian state government of A$147,000 for drilling at Panton West

§  The Company remains well funded to complete its Scoping Study and follow
up exploration activities across Panton, BC1 and Panton West

 

 

Future Metals NL ("Future Metals" or the "Company", ASX | AIM: FME) is pleased
to announce its Quarterly Activities and Cashflow Report for the Quarter ended
30 June 2023 ("Quarter").

Future Metals is the 100% owner of the Panton PGM-Ni Project ("Panton Project"
or "Project"), located 60km north of the town of Halls Creek in the eastern
Kimberley region of Western Australia, a tier one mining jurisdiction.

The Project is situated on three granted mining licences and lies 1km off the
Great North Highway which accesses the Port of Wyndham (see Figure One).

The Panton Project hosts an independent JORC Code (2012) Mineral Resource
Estimate ("MRE"), as announced on 21 June 2022, of 129Mt @ 1.20g/t PGM3E(1),
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 PGM3E(1), 239kt Ni, 48kt Cu and 20kt Co
(6.9Moz PdEq).

The MRE includes a high-grade reef of 25Mt @ 3.57g/t PGM3E(1), 0.24% Ni, 0.07%
Cu and 192ppm Co (3.86g/t PdEq) for contained metal of 2.9Moz PGM3E(1), 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 10km 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. The Panton intrusive is also
highly prospective for Ni- Cu-PGM sulphide mineralisation from multiple
magmatic events.

(1) PGM3E = Palladium (Pd) + Platinum (Pt) + Gold (Au)

Mr Jardee Kininmonth, Managing Director of Future Metals, commented on the
Quarter:

"Through the June quarter we continued to optimise the flowsheet at Panton,
creating a step-change in PGM recoveries, de-risking the flowsheet and
improving project economics through leaching of flotation tails, and
optimising the flotation regime. Following these improvements, we can now
expect to recover approximately 86% of the PGMs from Panton's ore feed and
expect to consistently achieve very high concentrate grades of >280g/t
PGM3E1.

With its high grade Resource, recoveries and concentrate grades, Panton
compares very favourably to analogous operations in the primary PGM producing
jurisdiction of South Africa.

Additionally, we progressed a number of prospective nickel sulphide targets
outside of the high-grade PGM reef where scout drilling and follow up
exploration activities continue."

 

Figure One | Panton PGM Project's Location

 

Operational Activities

Exploration Discussion

Ongoing exploration target generation identified a potential embayment feature
on the Panton North tenement (which is subject to a farm-in agreement with
Octava Minerals Ltd where the Company has the right to earn a 70% interest)
(see Figure Two).

Embayment features can act as 'sulphide traps', providing a confined localised
volume in which sulphide rich magma can settle. This untested embayment
feature was identified along the northwest intrusion contact in multiple
datasets, including magnetics and short wave infra-red imagery.

A geological review of this embayment area suggested a thickening of the
Panton Sill. Field reconnaissance in the area confirmed an altered ultramafic
product (magnesite) was present in the area which also cross cuts the dunite
on the northern contact. Where the magnesite cross cuts the dunite, brecciated
veins are present with fragments of ultramafic and sediment. Rock chip samples
(see announcement 'Drilling to Commence at Nickel Sulphide Targets' on 4 May
2023) further mapped out the prospective embayment area and were coincident
with historical anomalous stream sediment samples (see announcement 'Large
Ni-Cu-(PGE) Sulphide Zone Identified at Panton' on 2 February 2023).

Figure Two | Panton and Panton North Exploration Target Areas

Target generation, ground investigation and surface sampling

Geological mapping and sampling was completed along the northern contact of
the Panton Sill, including BC1, as well as the Panton West area. The northern
contact of the Panton Sill historically has been erroneously mapped; due to
topographic constraints and historical tenure boundaries limiting the extent
of exploration.

New mapping of the contact confirmed the BC1 embayment feature as well as a
smaller, thickened portion to the east, near Panton North. Within this
extended basal contact area, averaged pXRF analysis indicated a Ni-Cu
anomalous association in the central and eastern portion of the contact with
the BC1 area showing a more Ni-S anomalous association. An iron-rich gossan,
on the north central most contact of the weathered ultramafic with
metasediments, returned averaged X-Ray Fluorescence ("pXRF") readings of 0.22%
Co, 0.08% Cu, 0.08% S and 0.01% Ni. This is the same area where weathered rock
chips of ultramafic returned multiple anomalous Ni-Cu samples.

At BC1, an ultramafic outcrop of pyroxenite returned pXRF averages of 0.43%
Ni, 0.22% S, 0.06% Cu and 0.05% Co.

South of BC1, ground mapping around drill holes PS053 and PS407 identified
gossanous material that had been shifted to create historical drilling pads,
over a 50m x 40m area. Further exploration of the area has identified
weathered sulphides in two ultramafic rock chips with average pXRF values of
1.95% Ni, 0.26% Cu, 0.09% Co, 0.01% S 135m to the northwest of PS053
(BD23-056, see Photo One) and 4.28% Ni, 0.13% Cu, 0.11% Co, 0.01% S that is
70m to the northwest of PS053 all positioned along strike of a northwest fault
(BD23-055). BD23-055 was collected from rock which had been disturbed from
historical clearing. This is the same structure that is interpreted to host
the magmatic sulphide mineralisation in hole PS053. To assist in target
generation in key areas, the Company is currently planning a further detailed
mapping and rock chip sampling programme to commence in Q3 CY2024.

 

Photo One | Mineralised dunite, 70m from hole PS053 drill collar (BD23-056)

Drilling

During the Quarter, a c.2,000m RC scout drilling programme commenced at the
Panton North Project, starting at the BC1 Prospect (see Figure Two).

This first pass RC drilling programme was designed to test the BC1 and Panton
West Prospects for Ni-Cu-PGM mineralisation. The prospectivity of these
targets is supported by detailed analysis performed on information across EM,
magnetics, gravity, stream sediments, soil samples, rock chip samples, and
validation in the field.

The BC1 Prospect drilling was designed to test the newly interpreted basal
contact for the Panton Sill, which is supported by EM and magnetic anomalies.
Drilling at the Panton West Prospect targeting discrete magnetic features
coincident with historical EM anomalism at depth, with these features located
on the contact of a gravity high interpreted to be an ultramafic intrusion
under cover. Neither of these targets have been previously drilled.

The Company was successful in securing EIS co-funding of A$147,000 from the
Western Australian State Government to co-fund drilling at the Panton West
Prospect.

Initial scout drilling at BC1 and Panton West has been completed with assay
results expected to be announced in due course.

Photo Two | Drilling underway at the BC1 Prospect

 

Metallurgical Testwork and Scoping Study Activities

Processing and Project Delivery Strategy

The Company continues to methodically de-risk the development of Panton and
enhance project economics through ongoing metallurgical testwork and
optimisation.

A series of improvements are being incorporated into the Scoping Study further
demonstrating the viability of the Panton Project as a low capital, high-grade
and high recovery operation producing PGMs, nickel and chromite concentrate.

The Scoping Study is evaluating multiple pathways (see Figure Three) for
progressing Panton, assessing both concentrate production for sale into the
smelting market, and downstream integration to produce high payability, low
emission upgraded metal products for direct sale to end users.

These de-risking factors include:

§ Ore sorting testwork

Demonstrating the ability to separate high-grade PGM reef with a 97% recovery
from the surrounding low grade bulk mineralisation and waste. Enabling the use
of more conventional mining methods to extract the high-grade ore and ensure a
high-grade feed for the mill, thereby reducing capital and operating costs.

§ Flotation test work

Demonstrating the ability to consistently achieve flotation PGM(3E)1
recoveries averaging 78% at a very high average concentrate grade of
>280g/t PGM(3E)1 utilising conventional crushing, grinding and flotation
techniques on high-grade PGM(3E)1 reef ore.

§ Flotation tails leaching test work

Leaching of flotation tails improved overall PGM(3E)1 recoveries to 93.1% Pd,
76.8% Pt and 94.2% Au (~86% PGM(3E)1), requiring no additional grinding, at
atmospheric pressure and ambient temperature.

§ Magnetic Separation

Test work demonstrating the ability to produce a saleable chromite concentrate
from flotation tailings using magnetic separation.

 

Figure Three | High-Level Flowsheet

 

Improved PGM Recoveries Through Leaching of Flotation Tails

The Company demonstrated that cyanide leaching of flotation tails at an
ambient temperature and atmospheric pressure can achieve recoveries of 83.5%
Pd and 92% Au as shown in Table 1.

The positive leaching results not only potentially improve project economics,
but also substantially de-risk the flow sheet by providing an additional
method of metal recovery following flotation, thereby providing protection
from any periods of fluctuating flotation performance.

Table 1 | Flotation Tailings Leaching Recoveries

 

 Pt (g/t)             Pd (g/t)  Au (g/t)
 Head Grade    0.94   1.25      0.16
 Recovery (%)  0.3    83.5      91.6

Applying previously reported concentrate flotation recoveries in combination
with this successful flotation tailings leaching test work provides an overall
net recovery of 86% PGM3E1 as show below in Table 2.

Table 2 | Panton Net Recovery

 

                                   Pt    Pd    Au    Pt, Pd & Au
 Head grade1                  g/t  4.35  5.20  0.44  9.99
 Ore sorting mass recovery1   %    87.3  87.3  87.3  87.3
 Ore sorting metal            %    96.7  96.7  96.7  96.7

 Recovery2
 Head grade post ore sorting  g/t  4.82  5.76  0.49  11.07
 Flotation recovery3          %    79.4  77.2  69.3  77.8
 Flotation recovered grade    g/t  3.83  4.45  0.34  8.61
 Tails grade                  g/t  0.99  1.31  0.15  2.46
 Tails recovery4              %    0.26  83.5  91.6  50.3
 Tails recovered grade        g/t  0.00  1.10  0.14  1.24
 Net recovery                 %    76.8  93.1  94.2  86.0

1: As set out under Table 2: Optimisation and Variability Flotation Test
Programme - Concentrate Grades, Future Metals Announcement 'Mining and
Processing Breakthrough' on 13 February 2023

2: As set out under Table 1: Bulk Ore Sorting Test Results, Future Metals
Announcement 'Mining and Processing Breakthrough' on 13 February 2023

3: As set out under Table 2: Bulk Ore Sorting Test Results, Future Metals
Announcement 'Mining and Processing Breakthrough' on 13 February 2023

4: Refer to Table 1 of this announcement

 

Flotation Reagent Optimisation

The Company has continued to optimise its flotation test work subsequent to
demonstrating the ability to consistently achieve a high-grade concentrate at
high recoveries.

As part of this work, the Company demonstrated the ability to achieve strong
results with 79.4% PGM3E1 recovery at a concentrate grade of 309g/t PGM3E1
without the need for nitrogen sparging, thereby reducing the capital and
operating costs and simplifying the flow sheet.

A summary of the results from this reagent optimisation testwork is shown in
Table 3 below.

Table 3 | Summary of Reagent Optimisation Results

 Test   Concentrate Grade                                            Head Grade

 No.
        Mass Pull  Pt         Pd         Au          PGM(3E)(1)      Pt    Pd    Au    PGM(3E)(1)

        %          g/t  Rec   g/t  Rec   g/t   Rec   g/t     Rec     g/t
 FT022  2.64       140  82.4  155  77.5  14.1  73.3  309     79.4    4.47  5.29  0.51  10.3

Chromite Concentrate as a Valuable By-Product

Test work has demonstrated the ability to produce a saleable chromite
concentrate from flotation tailings through a magnetic separation circuit.

Chromite concentrate is a high-value bulk product primarily used for the
production of ferrochrome, a non-substitutable input into the production of
stainless steel. The major suppliers of chromite concentrate include South
Africa, Turkey, Zimbabwe & Albania. Given its importance to the steel
industry and the limited deposits in Western jurisdictions it is listed as a
critical mineral in the United States, Australia, Japan and India.

The Company has commenced further optimisation test work and will assess the
inclusion of a chromite concentrate circuit as part of the Project's flow
sheet in the Scoping Study. Chromite concentrate has the potential to be a
valuable by-product and reduce tailings at site.

 

June 2023 Quarter Activities

Ongoing Exploration Activities

The Company is progressing its nickel sulphide exploration model including
completing scout drilling of two priority targets being BC1 and Panton West.
The Company will provide an update on planned forward activities once assays
are received and interpreted through Q3 CY2023.

Scoping Study Progress

The Company continues to methodically de-risk the development of Panton and
enhance project economics through ongoing metallurgical test work and
optimisation. This series of improvements to the Scoping Study, targeted for
completion in Q4 2023, will serve to demonstrate a credible path towards
developing a future low capital, high grade PGM-Ni operation.

Corporate

In accordance with the terms of the Company's Performance Rights Plan, 800,000
of Jardee Kininmonth's Performance Rights vested, having achieved 12 months
continuous service with the Company. Refer to the Company's announcement dated
31 January 2022 for further details of these Performance Rights.

Financial commentary

The Quarterly Cashflow Report (Appendix 5B) for the period ending 30 June 2023
provides an overview of the Company's financial activities.

The Quarterly Cashflow Report (Appendix 5B) is available at the following
link:

http://www.rns-pdf.londonstockexchange.com/rns/3437H_1-2023-7-26.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/3437H_1-2023-7-26.pdf) and at
the Company's website.

The Company held approximately A$2.7 million in cash at the end of the
Quarter.

Exploration and project development expenditure during the Quarter amounted to
approximately A$439k. During the Quarter, the Company paid down its stamp duty
liability in respect of the acquisition of Panton. This was initially assessed
to be A$895k however it was reduced to A$447k. Payments for administration and
corporate costs amounted to approximately A$273k. This included payments to
related parties and their associates of A$122k, comprising Director fees and
remuneration (including superannuation).

 

Statement of commitments

The Quarter is covered by the Statement of Commitments outlined in the
Company's ASX Prospectus dated 18 May 2021. A summary of expenditure to date
is outlined in the table below.

 

                                                   Proposed Use of Funds             Actual

                                                   13 June 2021 to 13 June 2023      (13 June 2021 to

                                                   $                                 30 June 2023)

                                                                                     $
 Exploration & development expenditure
 Panton Option consideration                       3,000,000                         3,000,000
 Estimated duty liability                          1,755,495                         1,007,530
 Drilling of extensions                            2,000,000                         5,971,169
 Metallurgical testwork                            500,000                           429,471
 Process design, mining and development studies    1,000,000                         742,357
 Other technical studies                           500,000                           -
 Assessment of complementary assets or projects    500,000                           -

 Estimated cash expenses of the Australian Offers  1,077,834                         1,164,174
 Estimated cash costs for readmission to AIM       1,124,334                         910,800
 Administration costs                              2,000,000                         4,422,721
 Working Capital                                   768,200                           85,964

For additional information please refer to the ASX/AIM announcements covered
in this report:

§ 28 April 2023 | Quarterly Activities / Appendix 5B Cash Flow Report

§ 4 May 2023 | Drilling to Commence at Nickel Sulphide Targets

§ 24 May 2023 | RC Drilling Commences at Panton Ni-Cu-PGM Targets

§ 7 June 2023 | Restricted Securities to be Released from Escrow

§ 8 June 2023 | Investor Webinar

§ 13 June 2023 | Corporate Presentation

§ 22 June 2023 | Application for quotation of securities - FME

§ 22 June 2023 | Notification regarding unquoted securities - FME

§ 27 June 2023 | Notification of cessation of securities - FME

§ 10 July 2023 | Change of Directors Interest Notice x3

§ 10 July 2023 | Notification regarding unquoted securities - FME

§ 11 July 2023 | Step Change in PGM Recovery - Improved to 86%

 

 

 

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) 207 409 3494
 James Harris/James Bellman
 Panmure Gordon (UK) Limited (UK Broker)    +44 (0)207 886 2500
 John Prior/Hugh Rich/Rauf Munir
 FlowComms (UK IR/PR)                       +44 (0) 789 167 7441
 Sasha Sethi

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as 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.

Competent Person's Statement

The information in this announcement that relates to Exploration Results is
based on, and fairly represents, information compiled by Ms Barbara Duggan,
who is a Member of the Australasian Institute of Mining and Metallurgy and the
Australian Institute of Geoscientists. Ms Duggan is the Company's Principal
Geologist and has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the activity she
is undertaking to qualify as a competent person as defined in the 2012 Edition
of the "Australasian Code for reporting of Exploration Results, Exploration
Targets, Mineral Resources and Ore Reserves" (JORC Code). Ms Duggan consents
to the inclusion in this announcement of the matters based upon her
information in the form and context in which it appears.

The information in this announcement that relates to Mineral Resources is
based on, and fairly represents, information compiled by Mr Brian Wolfe, who
is a Member of the Australian Institute of Geoscientists. Mr Wolfe is 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 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.

 

 

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 Four).

The Project hosts an independent JORC Code (2012) MRE of 129Mt @ 1.20g/t
PGM3E, 0.19% Ni, 0.04% Cu and 154ppm Co (1.66g/t PdEq2) at a cut-off grade of
0.90g/t PdEq for contained metal of 5.0Moz PGM3E(1), 239kt Ni, 48kt Cu and
20kt Co (6.9Moz PdEq). The MRE includes a high-grade reef of 25Mt @ 3.57g/t
PGM3E(1), 0.24% Ni, 0.07% Cu and 192ppm Co (3.86g/t PdEq) for contained metal
of 2.9Moz PGM3E(1), 60kt Ni, 18kt Cu and 5kt Co (3.2Moz PdEq) (refer to the
Company's announcement of 21 June 2022 for further details).

PGM-Ni 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 a series of stratiform chromite reefs as well as a surrounding zone of
mineralised dunite within the ultramafic package.

The Company confirms that it is not aware of any new information or data that
materially affects the information included in the announcement referenced
above.

 

Figure Four | Panton PGM Project's 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 | Exploration and Mining Permits

Exploration & Mining Permits changes during the Quarter

 

                                 Interest at beginning of Quarter  Interest at end of Quarter

 Project   Location   Tenement
 No changes during the Quarter

 

Farm-In / Farm Out Agreement changes during the Quarter^

 

                                                                      Interest at beginning of Quarter  Interest at end of Quarter

 Joint Venture        Project           Location           Tenement
 Octava Minerals Ltd  Panton North      Western Australia  E80/5455   -                                 -
 Octava Minerals Ltd  Copernicus North  Western Australia  E80/5459   -                                 -

^ In January 2023, the Company executed a farm-in and joint venture agreement
with Octava Minerals Ltd over two tenements, one of which adjoins the Panton
Project to the north. Future Metals may earn up to 70% in the two tenements.
Details of the transaction can be found in the announcement 'Farm-In Agreement
Over East Kimberley Ni-Cu-PGE Prospects' released on 17 January 2023.

Interests in Mining & Exploration Permits & Joint Ventures at 30 June
2023

 

 Project                Location           Tenement         Area     Interest at end of Quarter
 Panton PGM-Ni Project  Western Australia  M80/103 M80/104  8.6km2   100%

                                                            5.7km2   100%
                                           M80/105          8.3km2   100%
 Panton North           Western Australia  E80/5455         8 BL     -
 Copernicus North       Western Australia  E80/5459         2 BL     -

 

 

 

 

Appendix Two | Panton Mineral Resource Estimate (JORC Code 2012)(2)

 

 Resource  Category   Mass   Grade                                                                                   Contained Metal
                      (Mt)   Pd (g/t)  Pt (g/t)  Au (g/t)             Ni (%)  Cu (%)  Co (ppm)  PdEq2 (g/t)   Pd (Koz)      Pt (Koz)  Au (Koz)  PGM3E   Ni (kt)  Cu (kt)  Co (kt)  PdEq2 (Koz)

                                                           PGM 1 3E                                                                             (Koz)

                                                           (g/t)
 Reef      Indicated  7.9    1.99      1.87      0.31      4.16       0.24    0.07    190       4.39          508           476       78        1,062   19.1     5.2      1.5      1,120
           Inferred   17.6   1.59      1.49      0.22      3.30       0.23    0.07    193       3.63          895           842       123       1,859   41.1     13.1     3.4      2,046
           Subtotal   25.4   1.71      1.61      0.24      3.57       0.24    0.07    192       3.86          1,403         1,318     201       2,922   60.3     18.2     4.9      3,166

 Dunite    Inferred   103.4  0.31      0.25      0.07      0.62       0.17    0.03    145       1.12          1,020         825       225       2,069   179.6    30.2     15.0     3,712
           Subtotal   103.4  0.31      0.25      0.07      0.62       0.17    0.03    145       1.12          1,020         825       225       2,069   179.6    30.2     15.0     3,712

 All       Indicated  7.9    1.99      1.87      0.31      4.16       0.24    0.07    190       4.39          508           476       78        1,062   19.1     5.2      1.5      1,120
           Inferred   121    0.49      0.43      0.09      1.01       0.18    0.04    152       1.48          1,915         1,667     347       3,929   219.7    43.2     18.4     5,758
           Total      129    0.58      0.52      0.10      1.20       0.19    0.04    154       1.66          2,423         2,143     425       4,991   238.8    48.4     19.9     6,879

Notes

1 Please refer to the paragraph below for palladium equivalent (PdEq)
calculation

2 No cut-off grade has been applied to reef mineralisation and a cut-off of
0.9g/t PdEq has been applied to the dunite mineralisation

 

1 PGM3E = Palladium (Pd) + Platinum (Pt) + Gold (Au)

2 Metal equivalents were calculated according to the follow formulae:

§   Reef: PdEq (Palladium Equivalent g/t) = Pd(g/t) + 0.76471 x Pt(g/t) +
0.875 x Au(g/t) +1.90394 x Ni(%) + 1.38936 x Cu(%) + 8.23 x Co(%)

§   Dunite: PdEq (Palladium Equivalent g/t) = Pd(g/t) + 0.76471 x Pt(g/t) +
0.933 x Au(g/t) +2.03087 x Ni(%) + 1.481990 x Cu(%) + 8.80 x Co(%)

 

 

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