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REG - Future Metals NL - Sulphide Intercepts Define New Target Zone

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RNS Number : 6603G  Future Metals NL   17 November 2022

17 November 2022

 

Future Metals NL

Sulphide Intercepts Define New Target Zone at Panton

 

Highlights

§ Diamond drilling has intersected near-surface sulphide mineralisation,
providing further evidence for a large new Ni-Cu-PGE sulphide system at Panton

§ Heavily disseminated to matrix-textured sulphides have been intersected in
the south (holes PS411 and PS412) within broader intervals of over 40 metres
of disseminated sulphides

§ Intersections demonstrate prospective new mineralised zone, 4km south-west
of the known high-grade chromite reef-hosted mineralisation

§ Coincident with large gravity anomaly, interpreted to be a continuation of
the keel position in the north

§ Over 350m of disseminated magmatic sulphides intercepted in hole PS410,
distal area to keel position underlying the chromite-reef hosted
mineralisation

§ Six diamond drill holes completed to date in the ongoing programme, with
every hole intersecting sulphide mineralisation

§ Down hole electromagnetics ("DHEM") and a ground-based electromagnetic
("EM") survey over the gravity anomaly areas to begin shortly

§ Drilling of the highly prospective keel position to begin imminently

 

 

Figure 1 | Semi-massive sulphide bearing core from hole PS411

Figure 2 | Matrix sulphide bearing core from hole PS412

Future Metals NL ("Future Metals" or the "Company", ASX | AIM: FME), is
pleased to provide an update on its ongoing drilling programme at its wholly
owned Panton project ("Panton" or "the Project").

Further to the Company's announcement on 3 November 2022 (Drilling Confirms
Sulphide System at Panton), the Company has completed an additional three
diamond drill holes for approximately 540m, with sulphide mineralisation
intersected in each hole. This brings total drilled metres for the 2022
exploration season to approximately 1,340m across six holes, with each hole
intersecting sulphide mineralisation. The sulphide intersections range from
fine grained and weakly disseminated to very locally, semi-massive. Table 1
below provides the logging notes and percentage estimates of sulphide
mineralisation, based on portable X-Ray Fluorescence ("pXRF") analysis and
visual estimation of the logging geologist (analytical laboratory results are
pending).

Mr Jardee Kininmonth, Managing Director and Chief Executive Officer of Future
Metals, commented:

"It is incredibly encouraging to have our sulphide exploration programme
continue to be validated with positive results. PS411 and PS412 open up a
completely new target zone in the south, an area which was previously
overlooked due to minimal outcropping chromite reef relative to the resource
area in the north-east. Our advanced gravity inversion modelling, EM surveys
and recent drilling have uncovered what is a highly prospective zone which is
interpreted to be an extension of the keel position identified under the
chromite reefs.

"Further, in hole PS410 we have drilled over 350m of magmatically emplaced
disseminated sulphides near the chromite reefs, in the outer area of the keel
position. This is again, extremely encouraging as it aligns with multiple
analogues for this style of mineralisation, with disseminated sulphides
forming a 'cloud' or 'halo' around a keel position which is more heavily
mineralised. This provides us with confidence that the keel position will
ultimately be shown to host a large sulphide body."

 

Holes PS411 and PS412

Drill holes PS411 and PS412 were targeting EM conductors in the south of the
Panton Project area. The EM targets are broadly coincident with the large
gravity anomaly in the south, identified through a recent gravity survey.
Similarly, the targets are coincident with the fold line of the Panton
intrusion, in an area of significantly high strain.

Both holes intersected heavily disseminated to matrix-textured sulphide
mineralisation within a broader zone of disseminated sulphides. These
sulphides have been confirmed by both visual inspection and pXRF analysis to
be chalcopyrite (copper sulphide mineral) bearing but are not significantly
nickel enriched. This sulphide mineralisation is clearly hosted by a
high-strain shear zone and the Company's interpretation is that it may
represent structural-hydrothermal remobilisation from an underlying primary
magmatic source.

Within hole PS411 two zones of significant mineralisation were intersected, a
2m zone of 20% massive pyrrhotite and a 5cm band of 50% semi-massive sulphide
mineralisation.  In both intervals, pyrrhotite is dominant with lesser
chalcopyrite.  Disseminated mineralisation encompasses these intervals with
up to 5% disseminated pyrrhotite with minor chalcopyrite over a 39.3m
interval.

In hole PS412, the main zone of mineralisation extends for 10.7m with blebby
to disseminated pyrrhotite and minor chalcopyrite, with an increase in matrix
sulphide up to 20% in a high strain zone.

In this context, it is significant that these sulphide intersections are
spatially coincident with a large gravity anomaly. This anomaly potentially
shows an extension of the keel position, 4km to the south-west of the keel
zone identified near the chromite reefs in the north-east of the Project area.
These encouraging visual results from initial drilling confirm this southern
area of the Project as a new target zone.

 

Hole PS410

Hole PS410 was drilled in the 'Lower Zone' of the Panton Intrusion, in the
north-east near the chromite reefs, testing a large magnetic anomaly (refer
announcement dated 3 November 2022) distal to the interpreted 'keel' position
in this area. The hole intersected over 350m of fine grained weakly
disseminated to disseminated sulphides, of clear magmatic origin, with pXRF
analysis confirming the presence of chalcopyrite and nickel-bearing
mineralisation. This provides further evidence of a potentially significantly
mineralised 'keel' position near the chromite reefs.

 

Ongoing Programme

Although the mineralisation appears to be remobilised, it is significant in
that sulphides are present in gabbroic to anorthositic lithologies which
overlay the dunite and chromite reefs of the complex.  These drill holes are
over 4km to the south-west of hole PS410 which intersected over 350m of
disseminated intercumulus magmatic sulphides in dunite.  This demonstrates
the potential for the Panton Intrusion to host a significant sulphide system
in addition to its chromite-hosted Platinum Group Metals ("PGM") reefs.

The Company has commenced drilling into the keel position into the north and
will shortly begin running DHEM on each of the completed drill holes to
identify further targets, and complete ground-based EM surveys over the
gravity anomaly areas.

 

Figure 3 | Disseminated sulphide bearing core from PS412

 

Figure 4 | Magnetic Inversion with Gravity Anomalies and Fixed Loop
Electromagnetic ("FLEM") Conductors

The below logging notes from observations made in the field of the drill core
are from visual observations only, with supporting evidence from pXRF
analysis; analytical laboratory results are pending and further announcements
will be made in due course. Sulphide mineralisation and metal contents are not
directly correlated. Assays are required to determine metal content (ie. Pd,
Pt, Au, Ni, Cu values). The sulphides in hole PS410 are predominantly fine
grained and as such have not been reported as discrete sulphide minerals
unless otherwise noted.

 

Table 1: Panton Summary Logs - Sulphide Mineralisation

 Hole ID  From (m)  To      Length (m)  Lithology                                                                       Mineralisation Description Sulphide % (Visual Estimate)

                    (m)
 PS410    33        39.5    6.5         Dunite, orthocumulate                                                           <1%
          39.5      87.0    47.5        Dunite, orthocumulate, patchy strong serpentinisation                           <1%
          87.0      113     26          Dunite, orthocumulate                                                           <1%
          113       118     5           Dunite, orthocumulate                                                           <1%
          118       171.8   53.8        Dunite, orthocumulate                                                           <1%
          171.8     321.4   149.6       Dunite, orthocumulate                                                           <1%
          321.4     321.6   0.2         Dunite, orthocumulate                                                           <1%
          321.6     347     25.4        Dunite, sheared 342 to 343m, strong serpentinisation on shear                   <1%
          347       348     1           Dunite, orthocumulate                                                           <1%
          348       367.8   19.8        Dunite, orthocumulate, narrow bands of strong serpentinisation                  <1%
          367.8     369.8   2           Dunite, orthocumulate, strong pervasive serpentinisation                        <1%
          373       384.5   11.5        Dunite, orthocumulate                                                           <1%
          384.5     401     16.5        Dunite, orthocumulate                                                           <1%
 PS411    9.00      11.00   2.00        Intensely altered gabbro                                                        2% po, cpy
          11.00     14.80   3.80        Intensely altered gabbro                                                        <1%  po, cpy
          14.80     16.60   1.80        Altered gabbro with planar fabric - foliation or shearing?                      1% po, cpy
          16.60     17.60   1.00        Intensely altered gabbro                                                        6% po, cpy
          17.60     19.60   2.00        Intensely altered gabbro/matrix sulphide. Planar fabric                         20% po, cpy
          19.60     21.40   1.80        Intensely altered gabbro. Multiphase alteration with late carbonate overprint.  4% po, cpy
          21.40     21.45   0.05        Semi-massive sulphide                                                           55% po, cpy
          21.45     32.10   10.65       Intensely altered gabbro. Multiphase alteration with late carbonate overprint   1% po, cpy
          32.10     35.20   3.10        Intensely altered gabbro. Multiphase alteration with late carbonate overprint   <1% po, cpy
          35.20     50.10   14.90       Intensely altered rock, fine to medium grained Late carbonate overprint         <1% po, cpy
 PS412    52.90     53.80   0.90        Pervasively silica altered Gabbro/Norite                                        <1%
          53.80     55.50   1.70        Pervasively silica altered Gabbro/Norite                                        10% po, cpy
          55.50     56.60   1.10        Pervasively silica altered Gabbro/Norite                                        5% po
          56.60     63.50   6.90        Pervasively silica altered Gabbro/Norite                                        1% po
          63.50     64.50   1.00        Pervasively silica altered Gabbro/Norite                                        20% po
          64.50     107.60  43.10       Pervasively silica altered Gabbro/Norite                                        <1% - 3% po

po = Pyrrhotite, cpy = Chalcopyrite, pn = Pentlandite, py = Pyrite

 

For further information, please contact:

 Enquiries:

 Future Metals NL                                           +61 8 9480 0414
 Jardee Kininmonth                                          info@future-metals.com.au (mailto:info@future-metals.com.au)
 Strand Hanson Limited (Financial & 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
 White Noise Communications (Australian IR/PR)              +61 400 512 109

 Fiona Marshall
 FlowComms (UK IR/PR)                                       +44 (0) 789 167 7441
 Sasha Sethi

 

Competent Person's Statement

The information in this announcement that relates to Exploration Results is
based on, and fairly represents, information compiled by Mr Shane Hibbird, who
is a Member of the Australasian Institute of Mining and Metallurgy and the
Australian Institute of Geoscientists. Mr Hibbird is the Company's Exploration
Manager and 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 Hibbird 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.

 

Notes to Editors

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 autocatalysts (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 1 | Panton Diamond Drill Hole Collar Details

 Hole ID  Hole Type     Easting  Northing  RL (m)  Total Depth (m)  Inc (deg)  Azi (deg)
 PS407    Diamond core  376456   8036810   490     300              -82        350.6
 PS408    Diamond core  375920   8037027   437     200              -60        324
 PS409    Diamond core  375860   8036770   455     300              -60        290
 PS410    Diamond core  376070   8036930   437     401              -58        038
 PS411    Diamond core  375505   8033370   390     50               -60        340
 PS412    Diamond core  374687   8032799   400     90               -60        135

 

Appendix 2 | JORC Code (2012) Edition Table 1

Section 1 Sampling Techniques and Data

 Criteria                                                 JORC Code explanation                                                            Commentary
 Sampling techniques                                      § Nature and quality of sampling (eg cut channels, random chips, or specific     § No sampling is reported
                                                          specialised industry standard measurement tools appropriate to the minerals
                                                          under investigation, such as down hole gamma sondes, or handheld XRF
                                                          instruments, etc). These examples should not be taken as limiting the broad
                                                          meaning of sampling.

                                                          § Include reference to measures taken to ensure sample representivity and the
                                                          appropriate calibration of any measurement tools or systems used.

                                                          § Aspects of the determination of mineralisation that are Material to the
                                                          Public Report. In cases where 'industry standard' work has been done this
                                                          would be relatively simple (eg 'reverse circulation drilling was used to
                                                          obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for
                                                          fire assay'). In other cases more explanation may be required, such as where
                                                          there is coarse gold that has inherent sampling problems. Unusual commodities
                                                          or mineralisation types (eg submarine nodules) may warrant disclosure of
                                                          detailed information.
 Drilling techniques                                      § Drill type (eg core, reverse circulation, open-hole hammer, rotary air         § All Future Metals NL drill holes were diamond core holes, either PQ3 or HQ3
                                                          blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or       in size. Generally, the top 50 metres (approximately) of the other drill holes
                                                          standard tube, depth of diamond tails, face-sampling bit or other type,          were often also drilled in PQ3 until competent rock was encountered. The drill
                                                          whether core is oriented and if so, by what method, etc).                        hole was then cased off and continued in HQ3 size core drilling.

                                                                                                                                           § PQ3 core diameter is 83.0mm, HQ3 core diameter is 61.1mm.

                                                                                                                                           § Future Metals NL drill holes HQ3 core is orientated using a BLY TruCore
                                                                                                                                           UPIX Orientation Tool.

                                                                                                                                           § Future Metal NLs drilling contractor is Terra Drilling. Triple tubes are
                                                                                                                                           utilised in the weathered horizon (less than 10m) and standard tubes for the
                                                                                                                                           remainder of the drill hole.
 Drill sample recovery                                    § Method of recording and assessing core and chip sample recoveries and          § Each core run is measured and checked against the drillers core blocks. Any
                                                          results assessed.                                                                core loss is noted. To date core recoveries have been excellent with very

                                                                                little core loss reported.
                                                          § Measures taken to maximise sample recovery and ensure representative nature

                                                          of the samples.                                                                  § Exploration drilling is planned to be as close to orthogonal to the

                                                                                mineralisation as practicable to get representative samples of the
                                                          § Whether a relationship exists between sample recovery and grade and whether    mineralisation.
                                                          sample bias may have occurred due to preferential loss/gain of fine/coarse

                                                          material.                                                                        § No relationship between recovery and grade has been identified.
 Logging                                                  § Whether core and chip samples have been geologically and geotechnically        § All drill core samples have been logged onsite by geologists to a level of
                                                          logged to a level of detail to support appropriate Mineral Resource              detail to support appropriate Mineral Resource estimation, mining studies and
                                                          estimation, mining studies and metallurgical studies.                            metallurgical studies.

                                                          § Whether logging is qualitative or quantitative in nature. Core (or costean,    § Logging is qualitative and records lithology, grain size, texture,
                                                          channel, etc) photography.                                                       weathering, structure, alteration, veining and sulphides. Core is digitally

                                                                                photographed.
                                                          § The total length and percentage of the relevant intersections logged.

                                                                                                                                           § All holes are logged in full.

 Sub-sampling techniques and sample preparation           § If core, whether cut or sawn and whether quarter, half or all core taken.      § Not applicable - no sampling reported.

                                                          § If non-core, whether riffled, tube sampled, rotary split, etc and whether
                                                          sampled wet or dry.

                                                          § For all sample types, the nature, quality and appropriateness of the sample
                                                          preparation technique.

                                                          § Quality control procedures adopted for all sub-sampling stages to maximise
                                                          representivity of samples.

                                                          § Measures taken to ensure that the sampling is representative of the in-situ
                                                          material collected, including for instance results for field
                                                          duplicate/second-half sampling.

                                                          § Whether sample sizes are appropriate to the grain size of the material
                                                          being sampled.
 Quality of assay data and laboratory tests               § The nature, quality and appropriateness of the assaying and laboratory         § No new assay data is reported on in this announcement.
                                                          procedures used and whether the technique is considered partial or total.

                                                          § For geophysical tools, spectrometers, handheld XRF instruments, etc, the
                                                          parameters used in determining the analysis including instrument make and
                                                          model, reading times, calibrations factors applied and their derivation, etc.

                                                          § Nature of quality control procedures adopted (eg standards, blanks,
                                                          duplicates, external laboratory checks) and whether acceptable levels of
                                                          accuracy (ie lack of bias) and precision have been established.
 Verification of sampling and assaying                    § The verification of significant intersections by either independent or         § Primary data: drill hole data, geological logging, sample intervals etc.
                                                          alternative company personnel.                                                   are all recorded digitally in the field. Maps and cross sections are produced

                                                                                and the digital data verified.
                                                          § The use of twinned holes.

                                                                                § Future Metals NL has established a Datashed database and appropriate
                                                          § Documentation of primary data, data entry procedures, data verification,       protocols.
                                                          data storage (physical and electronic) protocols.

                                                          § Discuss any adjustment to assay data.
 Location of data points                                  § Accuracy and quality of surveys used to locate drill holes (collar and         § All drill holes were located initially with hand held GPS but then
                                                          down-hole surveys), trenches, mine workings and other locations used in          re-surveyed with a differential GPS system to get locational accuracy's to
                                                          Mineral Resource estimation.                                                     <0.1m.

                                                          § Specification of the grid system used.                                         § Down hole surveys are taken with a north seeking gyroscope at regular

                                                                                intervals of 30m down hole in Future Metals NL drill holes.
                                                          § Quality and adequacy of topographic control.

                                                                                                                                           § Future Metals NL drilling is located using Map Grid of Australia 1994, Zone
                                                                                                                                           52.

                                                                                                                                           § The topographic control is considered better than <3m and is considered
                                                                                                                                           adequate.
 Data spacing and distribution                            § Data spacing for reporting of Exploration Results.                             § Sample Compositing: Not applicable, no sampling reported

                                                          § Whether the data spacing and distribution is sufficient to establish the
                                                          degree of geological and grade continuity appropriate for the Mineral Resource
                                                          and Ore Reserve estimation procedure(s) and classifications applied.

                                                          § Whether sample compositing has been applied.
 Orientation of data in relation to geological structure  § Whether the orientation of sampling achieves unbiased sampling of possible     § Exploration and resource drilling is designed to be as close to orthogonal
                                                          structures and the extent to which this is known, considering the deposit        as practicable to the dip and strike of the mineralisation within the Panton
                                                          type.                                                                            Intrusion.

                                                          § If the relationship between the drilling orientation and the orientation of
                                                          key mineralised structures is considered to have introduced a sampling bias,
                                                          this should be assessed and reported if material.
 Sample security                                          § The measures taken to ensure sample security.                                  § Not applicable - no sampling reported.
 Audits or reviews                                        § The results of any audits or reviews of sampling techniques and data.          § Not applicable - no sampling reported.

Section 2 Reporting of Exploration Results

 Criteria                                                          JORC Code explanation                                                            Commentary
 Mineral tenement and land tenure status                           § Type, reference name/number, location and ownership including agreements or    § The Panton PGM Project is located on three granted mining licenses M80/103,
                                                                   material issues with third parties such as joint ventures, partnerships,         M80/104 and M80/105 ('MLs'). The MLs are held 100% by Panton Sill Pty Ltd
                                                                   overriding royalties, native title interests, historical sites, wilderness or    which is a 100% owned subsidiary of Future Metals NL.
                                                                   national park and environmental settings.

                                                                                § The MLs were granted on 17 March 1986 and are currently valid until 16
                                                                   § The security of the tenure held at the time of reporting along with any        March 2028.
                                                                   known impediments to obtaining a licence to operate in the area.

                                                                                                                                                    § A 0.5% net smelter return royalty is payable to Elemental Royalties
                                                                                                                                                    Australia Pty Ltd in respect of any future production of chrome, cobalt,
                                                                                                                                                    copper, gold, iridium, palladium, platinum, nickel, rhodium and ruthenium.

                                                                                                                                                    § A 2.0% net smelter return royalty is payable to Maverix Metals (Australia)
                                                                                                                                                    Pty Ltd on any PGMs produced from the MLs.

                                                                                                                                                    § There are no impediments to working in the area.
 Exploration done by other parties                                 § Acknowledgment and appraisal of exploration by other parties.                  § The Panton deposit was discovered by the Geological Survey of Western
                                                                                                                                                    Australia from surface mapping conducted in the early 1960s.

                                                                                                                                                    § Pickland Mather and Co. drilled the first hole to test the mafic-ultramafic
                                                                                                                                                    complex in 1970, followed by Minsaco Resources which drilled 30 diamond holes
                                                                                                                                                    between 1976 and 1987.

                                                                                                                                                    § In 1989, Pancontinental Mining Limited and Degrussa Exploration drilled a
                                                                                                                                                    further 32 drill holes and defined a non-JORC compliant resource.

                                                                                                                                                    § Platinum Australia Ltd acquired the project in 2000 and conducted the
                                                                                                                                                    majority of the drilling, comprising 166 holes for 34,410 metres, leading to
                                                                                                                                                    the delineation of a maiden JORC Mineral Resource Estimate.

                                                                                                                                                    § Panoramic Resources Ltd subsequently purchased the Panton PGM Project from
                                                                                                                                                    Platinum Australia Ltd in May 2012 and conducted a wide range of metallurgical
                                                                                                                                                    test work programs on the Panton ore.
 Geology                                                           § Deposit type, geological setting and style of mineralisation.                  § The Panton intrusion is a layered, differentiated mafic to ultramafic body
                                                                                                                                                    that has been intruded into the sediments of the Proterozoic Lamboo Complex in
                                                                                                                                                    the Kimberley Region of Western Australia.  The Panton intrusion has
                                                                                                                                                    undergone several folding and faulting events that have resulted in a south
                                                                                                                                                    westerly plunging synclinal structure some 10km long and 3km wide.

                                                                                                                                                    § PGM mineralisation is associated with several thin cumulate Chromitite
                                                                                                                                                    reefs within the ultramafic sequence.  In all there are three chromite
                                                                                                                                                    horizons, the Upper group Chromitite (situated within the upper gabbroic
                                                                                                                                                    sequence), the Middle group Chromitite (situated in the upper portion of the
                                                                                                                                                    ultramafic cumulate sequence) and the Lower group Chromitite (situated toward
                                                                                                                                                    the base of the ultramafic cumulate sequence). The top reef mineralised zone
                                                                                                                                                    has been mapped over approximately 12km.

                                                                                                                                                    § Exploration drilling described in this announcement is targeting more
                                                                                                                                                    conceptual features, particularly an inferred feeder or conduit system to the
                                                                                                                                                    layered intrusion and the lowermost ultramafic stratigraphy proximal to such a
                                                                                                                                                    structure. These areas, by analogy to other similar intrusions prospective for
                                                                                                                                                    sulphide hosted nickel, copper, cobalt and PGE mineralisation. Such bodies of
                                                                                                                                                    mineralisation can be semi massive to massive and hence excellent
                                                                                                                                                    electromagnetic targets.
 Drill hole Information                                            § A summary of all information material to the understanding of the              § Details of all drill holes reported in this announcement are provided in
                                                                   exploration results including a tabulation of the following information for      Appendix One.
                                                                   all Material drill holes:

                                                                   o  easting and northing of the drill hole collar

                                                                   o  elevation or RL (Reduced Level - elevation above sea level in metres) of
                                                                   the drill hole collar

                                                                   o  dip and azimuth of the hole

                                                                   o  down hole length and interception depth

                                                                   o  hole length.

                                                                   § If the exclusion of this information is justified on the basis that the
                                                                   information is not Material and this exclusion does not detract from the
                                                                   understanding of the report, the Competent Person should clearly explain why
                                                                   this is the case.
 Data aggregation methods                                          § In reporting Exploration Results, weighting averaging techniques, maximum      § Significant intercepts are reported as down-hole length weighted averages
                                                                   and/or minimum grade truncations (eg cutting of high grades) and cut-off         of grades above 0.50g/t PGM(3E) (Pt/Pd/Au). No top cuts have been applied to
                                                                   grades are usually Material and should be stated.                                the reporting of the assay results.

                                                                   § Where aggregate intercepts incorporate short lengths of high-grade results     § 4 metres of internal dilution is allowed in the reported intervals.
                                                                   and longer lengths of low-grade results, the procedure used for such

                                                                   aggregation should be stated and some typical examples of such aggregations      § Higher grade intervals are included in the reported grade intervals; and
                                                                   should be shown in detail.                                                       have also been split out on a case-by-case basis where relevant.

                                                                   § The assumptions used for any reporting of metal equivalent values should be
                                                                   clearly stated.
 Relationship between mineralisation widths and intercept lengths  § These relationships are particularly important in the reporting of             § Usually drilling is designed to be as close to orthogonal as practicable to
                                                                   Exploration Results.                                                             the dip and strike of the mineralised chromitite reefs within the Panton

                                                                                Intrusion.
                                                                   § If the geometry of the mineralisation with respect to the drill hole angle

                                                                   is known, its nature should be reported.                                         § Refer to the Figures in this announcement showing drill cross sections.

                                                                   § If it is not known and only the down hole lengths are reported, there
                                                                   should be a clear statement to this effect (eg 'down hole length, true width
                                                                   not known').
 Diagrams                                                          § Appropriate maps and sections (with scales) and tabulations of intercepts      § Appropriate sections included in the body of this announcement.
                                                                   should be included for any significant discovery being reported These should
                                                                   include, but not be limited to a plan view of drill hole collar locations and
                                                                   appropriate sectional views.
 Balanced reporting                                                § Where comprehensive reporting of all Exploration Results is not                § All results at hand at the time of this announcement have been reported.
                                                                   practicable, representative reporting of both low and high grades and/or
                                                                   widths should be practiced to avoid misleading reporting of Exploration
                                                                   Results.
 Other substantive exploration data                                § Other exploration data, if meaningful and material, should be reported         § No other exploration data is relevant.
                                                                   including (but not limited to): geological observations; geophysical survey
                                                                   results; geochemical survey results; bulk samples - size and method of
                                                                   treatment; metallurgical test results; bulk density, groundwater, geotechnical
                                                                   and rock characteristics; potential deleterious or contaminating substances.
 Further work                                                      § The nature and scale of planned further work (eg tests for lateral             § Refer to main text and figures for exploration potential.
                                                                   extensions or depth extensions or large-scale step-out drilling).

                                                                                § Metallurgical test work is on-going.
                                                                   § Diagrams clearly highlighting the areas of possible extensions, including

                                                                   the main geological interpretations and future drilling areas, provided this     § Exploration and resource definition drilling will continue in and around
                                                                   information is not commercially sensitive.                                       the current resource area.

                                                                                                                                                    § Mining, environmental and economic studies are underway

 

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