REG - Future Metals NL - Quarterly Activities Report

Future Metals NLAnnouncement

30/01/2025 07:00

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RNS Number : 2052V  Future Metals NL  30 January 2025

30 January 2025

Future Metals NL

Quarterly Activities Report for Quarter Ended

31 December 2024

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
31 December 2024 (the "Quarter").

Highlights

·     Maiden drilling at the Eileen Bore Prospect has identified a new
mineralised zone 1km to the east ("Target 2") with multiple zones of
disseminated to blebby sulphides intersected, including:

o  4.7m of 10-25% chalcopyrite, pyrrhotite, pentlandite from 127.6m; and

o  7.8m of 10-15% chalcopyrite, pyrrhotite, pentlandite from 255.5m

·      Extension drilling at Eileen Bore intersected variably mineralised
ultramafic, including a 39m zone of 25-30% blebby to disseminated
chalcopyrite-pyrrhotite mineralisation

·        Assay results for drilling expected to be released shortly

·     Ground gravity data collected combined with drilling at Target 2
indicates a large prospective ultramafic

·     Continued prudent financial management, including reduced corporate
costs in light of the ongoing low PGM price environment

·     Ongoing review of potential acquisition opportunities for
value-accretive resource projects, including assets within strategic proximity
to the Panton PGM Project

Figure One | Future Metals East Kimberley Projects, the Panton Project &
Alice Downs Corridor

Alice Downs Corridor Exploration

The maiden drilling programme was successfully completed at the Eileen Bore
Prospect and the adjacent, previously undrilled Target 2 within the Alice
Downs Corridor. A total of four diamond drill holes were drilled, totalling
1,195.2m.  Assay results were received mid-December 2024, but due to a
quality control/quality assurance ("QA/QC") issue with the preliminary
results, public release has been delayed until advice is received from the
laboratory.

Future Metals expects results to be released shortly.

The Alice Downs Corridor targets are located within a 20km radius of the
Company's 100% owned Panton Project in the highly prospective East Kimberley
region of Western Australia. Broad zones of disseminated and net-textured
copper and nickel sulphides occur within multiple host intrusions and are
comprised of chalcopyrite, pyrrhotite, pentlandite and pyrite.

Two diamond drill holes, EBDD001 and EBDD002, were drilled at the Eileen Bore
Prospect to test for extensions of historical drilling and confirm the
continuity of wide, near-surface zones of copper and nickel mineralisation.
Additionally, two more diamond drill holes, EBDD003 and EBDD004, were drilled
at Target 2 as an initial test of surface anomalism.

 

Photo One | Topdrill at the first hole for Eileen Bore drilling

Eileen Bore Prospect | Drilling

The Eileen Bore Prospect is an advanced exploration target. Historical
third-party drilling has confirmed wide zones of consistent Cu-Ni-PGM
mineralisation from surface along a known strike of approximately 300m.
Historical mineralisation remains open down dip and at depth, with
mineralisation only tested to 96m vertical below surface.

 

The Company drilled hole EBDD002 between the historical holes EBRC010 and
EBRC003 to confirm the historical results, test the continuity of
mineralisation, and assess the true width of the mineralisation. Both
historical holes, EBRC010 and EBRC003, ended in mineralisation.

·    120m @ 0.73% Cu, 0.29% Ni & 0.86g/t PGM(3E) from 0m (EOH) ((EBRC
010))

o  Incl. 16m @ 1.0% Cu, 0.36% Ni & 0.99g/t PGM(3E) from 100m

·    96m @ 0.70% Cu, 0.29% Ni & 0.78g/t PGM(3E) from 24m (EOH) ((EBRC
003))

o  Incl. 10m @ 1.08% Cu, 0.34% Ni & 1.04g/t PGM(3E) from 56m

EBDD002 intersected a 122.7m zone of varying sulphide mineralisation from
36.7m, with a 39m zone of 25-30% disseminated chalcopyrite and pyrrhotite from
79.9m (refer to Photo 2). This zone is chalcopyrite dominant, with remobilised
pyrrhotite and pentlandite veins present.

This drill programme confirmed a disseminated Cu-Ni-PGM magmatic sulphide body
within a serpentinsed pyroxenite host. Multiple historical holes ended in
mineralisation and modelling suggests mineralisation is focused within a
synformal fold axis and is plunging to the north-northwest.

 

Photo Two | Chalcopyrite dominant mineralisation in EBDD002

Target 2 | Drilling

Target 2, located approximately 1km northeast of the Eileen Bore prospect, is
a newly discovered area.  Drilling at Target 2 intersected over 200m of
prospective ultramafic, with multiple zones of disseminated to blebby magmatic
sulphides. A 4.7m intersection of 10-25% chalcopyrite, pyrrhotite, pentlandite
from 127.6m and a 7.8m intersection of 10-15% pyrrhotite, chalcopyrite,
pentlandite from 255.5m is particularly interesting, both indicate variable
zones of sulphide mineralisation within the 200m interval (refer to Photo
Three).

Like Eileen Bore, mineralisation intersected at Target 2 is hosted in a
lithology unit similar to the Copernicus Deposit.

Photo Three | A: Pyrrhotite-pentlandite-chalcopyrite mineralisation in
EBDD003, B: Chalcopyrite dominant mineralisation in EBDD002, C:
Pyrrhotite-pentlandite stringers in EBDD002

 

Ground Gravity

Ground gravity across the Alice Downs Corridor and Panton North was completed
under the EIS Venture 1 programme.  The ground gravity data is being
processed but initial data indicates multiple targets within the Alice Downs
Corridor as well as the extension of the Panton Complex to the northwest.

Corporate

Mr Justin Tremain stepped down as Non-Executive Director on 11 November 2024
following increased commitments with his executive role at another ASX-listed
company. The Company does not intend to find a replacement at this stage and
will continue to operate with three directors, leading to a reduction in
corporate costs.

The Company announced a change of Company Secretary after the resignation of
Thomas O'Rourke. Mr Harry Miller, with 10 years' experience in the provision
of secretarial services, was appointed on 19 December 2024.

Project Generation

With the depressed PGM price environment continuing to inhibit the development
of the Panton PGM Project, the Company is undertaking ongoing due diligence on
the acquisition potential of other value-accretive resource assets.

The Company is committed to keeping investors informed of any material
developments related to new project opportunities as they arise. However,
there is no assurance that any transactions will result from these ongoing
evaluations.

Cost Rationalisation

The Company continues to progress in reducing discretionary corporate
expenditure to reduce overheads.

Financial Commentary

The Company held approximately A$0.57m in cash at the end of the Quarter.

Exploration and project development expenditure during the Quarter amounted to
approximately A$945k. Payments for administration and corporate costs amounted
to approximately A$179k. Also included in corporate costs were payments to
related parties and their associates of A$39k, comprising Director fees and
remuneration (including superannuation). The Quarterly Cashflow Report
(Appendix 5B) for the period ended 31 December 2024 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/2052V_1-2025-1-29.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/2052V_1-2025-1-29.pdf)  and
on the Company's website.

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

19 December 2024                    Change of Company Secretary

21 November 2024                    Result of AGM and Board
Changes

30 October 2024                        Copper Nickel
Sulphide Intercepts in Exploration Drilling

9 October 2024                          Drilling Underway at
Eileen Bore

16 September 2024                    Heritage Surveys Completed at
Eileen Bore

The above announcements are available to view on the Company's website at
future-metals.com.au. The Company confirms that it is not aware of any new
information or data that materially affects the information included in the
relevant original market announcements. The Company confirms that the
information and context in which any Competent Person's findings are presented
have not been materially modified from the original market announcements.

For further information, please contact:

 Future Metals NL           Strand Hanson Limited (Nominated Adviser)
 Patrick Walta              James Bellman/Rob Patrick
 + 61 8 9480 0414           +44 (0) 207 409 3494
 info@future-metals.com.au

 

 

Appendix One | Exploration and Mining Permits

Exploration & Mining Permits changes during the Quarter

 

 Project  Location  Tenement  Interest at beginning of Quarter  Interest at end of Quarter
 Nil

Farm-In / Farm Out Agreement changes during the Quarter

 

 Joint Venture        Project       Location           Tenement  Interest at beginning of Quarter  Interest at end of Quarter
 Octava Minerals Ltd  Panton North  Western Australia  E80/5455  -                                 -
 Octava Minerals Ltd  Palamino      Western Australia  E80/5459  -                                 -

Future Metals may earn up to 70% in the two tenements listed above. 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 31
December 2024

 

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

                                                   M80/104   5.7km2   100%
                                                   M80/105   8.3km2   100%
 Panton North (OCT JV)          Western Australia  E80/5455  8 BL     -
 Alice Downs Corridor (OCT JV)  Western Australia  E80/5459  2 BL     -
 Alice Downs Corridor           Western Australia  E80/4922  1BL      100%
 Alice Downs Corridor           Western Australia  E80/4923  2BL      100%
 Alice Downs Corridor           Western Australia  E80/5056  10BL     100%

 

 

 

 

 

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