REG - Future Metals NL - Receipt of A$180,000 EIS Grant

Future Metals NLAnnouncement

14/05/2024 07:00

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RNS Number : 3179O  Future Metals NL  14 May 2024

14 May 2024

Future Metals NL

Receipt of A$180,000 EIS Grant to Drill Eileen Bore Mineralisation

Highlights:

·     Company awarded funding of A$180,000 to drill Eileen Bore prospect,
granted under the WA Government Exploration Incentive Scheme ('EIS')

·        Drill programme anticipated to commence in Q3 2024

·        3D modelling at Eileen Bore demonstrates that down plunge of
existing mineralisation is open. Historical intersections reported by previous
owners include:

o  120m @ 0.73% Cu, 0.29% Ni & 0.86g/t PGM(3E) from 0m (EOH(1)) ((EBRC
010))

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

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

§ Incl. 10m @ 1.08% Cu, 0.34% Ni & 1.04g/t PGM3E from 56m

·        Additional untested, drill-ready targets immediately adjacent
to Eileen Bore have confirmed nickel-copper sulphides at surface

 

Future Metals NL ("Future Metals" or the "Company", ASX | AIM: FME) is pleased
to announce its successful EIS application for co-fund drilling at Eileen
Bore. The EIS funding will support proposed drilling activities at the Eileen
Bore prospect within the Alice Downs Corridor. The Eileen Bore prospect is
located within a 20km radius of the Company's 100% owned Panton Project in the
highly prospective East Kimberley region of Western Australia.

Figure One | Regional Plan showing main targets along the Alice Downs Corridor
18km strike.  Note the location of the Eileen Bore inset map for Figure Two.

Eileen Bore Prospect

The Eileen Bore Prospect is an advanced exploration target where historical
drilling results indicate a wide zone of Cu-Ni-PGM mineralisation from surface
along a known strike of approximately 300m.  Mineralisation is hosted within
a gabbro-pyroxenite host and is comprised of chalcopyrite, pentlandite and
pyrrhotite.  Mineralisation remains open down plunge and at depth with drill
testing to date only to 96m.  Drilling down plunge remains open with scope
for significant additional mineralisation (Refer to the Company's announcement
of 13 February 2024 Multiple Drill Targets Identified Along 18km Corridor
(https://www.investi.com.au/api/announcements/fme/89ff852b-060.pdf) ).

Additional compelling targets at Eileen Bore are to the north of the area
which has been previously drilled, in an antiformal fold axis and to the south
along the Alice Downs Fault in a synform.

To the north, Drill Target 2 is based on coincident magmatic
chalcopyrite-pyrrhotite mineralisation identified in peridotite rock chips by
petrology and is associated with Ni-Cu, PGE and Au soil anomalism.  There is
no historical drill testing in the area. To the south, Drill Target 3 is
associated with the same coincident soil anomalism identified at Eileen Bore
and Drill Target 2, which has also not been drill tested.  Targets are
outlined in Figure Two below.

Figure Two | Eileen Bore Prospect show 3 main drill areas.

Forward Exploration Plan

Due to the extreme weather conditions experienced in the East Kimberley region
this year, the Company's access to the Eileen Bore area has been delayed. A
positive result of such delay is that the Company will now be able to apply
this A$180,000 EIS grant towards the cost of drilling at Eileen Bore. The
Company is planning to drill test the down plunge extension of Eileen Bore and
confirm adjacent near-surface economic mineralisation at Drill Targets 2 and
3, as soon as on site conditions allow, expected in mid Q3 2024.

 

For further information, please contact:

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

 

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.

 

The Company confirms that it is not aware of any new information or data that
materially affects the Exploration Results information included in this
announcement from previous Company announcements results announced on the
dates specified in the body of this announcement.

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