REG - Future Metals NL - RC Drilling Commences at Panton Ni-Cu-PGM Targets

Future Metals NLAnnouncement

24/05/2023 07:00

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RNS Number : 3856A  Future Metals NL   24 May 2023

24 May 2023

 

Future Metals NL

 

RC Drilling Commences at

Panton Ni-Cu-PGM Targets

 

Highlights

§    2,000+ metre Reverse Circulation ("RC") drill programme underway at
Panton North, testing the BC1 and Panton West Prospects

§     Targets underpinned by coincident Ni-Cu-PGM anomalies across
electromagnetics ("EM"), magnetics, gravity, stream sediments, soil samples
and rock chip samples

§    Drilling at Panton West is co-funded with Exploration Incentive
Scheme ("EIS") funding support from the Western Australia state government of
$147,000 (previously announced on 4 May 2023)

Future Metals NL ("Future Metals" or the "Company", ASX | AIM: FME), is
pleased to announce commencement of its drill programme at the Panton North
project. Panton North is located adjacent to the Company's wholly owned Panton
Project ("Panton" or "the Project") and is subject to a Farm-In Agreement with
Octava Minerals Limited (refer to the Company's announcement of 17 January
2023 for further details).

Photo One | Rig at BC1 Prospect at the Panton North project

Figure One | Panton and Panton North Exploration Target Areas

 

Drilling Programme

Drilling has commenced at the Panton North Project, starting at the BC1
Prospect. This first pass RC drilling programme has been designed to test the
BC1 and Panton West Prospects for Ni-Cu-PGM mineralisation. The drill
programme is expected to run through June and up to early July. 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.

At the BC1 Prospect, drilling has been designed to test the newly interpreted
basal contact for the Panton sill, which is supported by EM and magnetic
anomalism.

Drilling at the Panton West Prospect is targeting discrete magnetic features
coincident with 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.

Further detailed information on these targets can be found in the Company's
previous announcements including 'Drilling to Commence at Nickel Sulphide
Targets' on 4 May 2023, and 'High Grade Mineralisation Intersected in 350m
Step Out Hole' on 21 March 2023.

As previously announced, the Company has secured all necessary approvals for
drilling at BC1 and Panton West. The Company was also successfully approved
for EIS funding of A$147,000 from the Western Australian State Government to
co-fund drilling at the Panton West Prospect.

Further updates will be provided in due course as appropriate.

 

Figure Two | Plan view of BC1 with HoisTEM

 

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/Soman Thakran
 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 is 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 of 129Mt @ 1.20g/t
PGM(3E)(1), 0.19% Ni, 0.04% Cu and 154ppm Co (1.66g/t PdEq(2)) at a cut-off
grade of 0.90g/t PdEq(2) for contained metal of 5.0Moz PGM(3E)(1), 239kt Ni,
48kt Cu and 20kt Co (6.9Moz PdEq(2)). The MRE includes a high-grade reef of
25Mt @ 3.57g/t PGM(3E)(1), 0.24% Ni, 0.07% Cu and 192ppm Co (3.86g/t PdEq(2))
for contained metal of 2.9Moz PGM(3E)(1), 60kt Ni, 18kt Cu and 5kt Co (3.2Moz
PdEq(2)).

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 Three | 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.

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