REG - Future Metals NL - Drilling to Commence at Panton

Future Metals NLAnnouncement

11/10/2022 07:00

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RNS Number : 4008C  Future Metals NL   11 October 2022

11 October 2022

 

Future Metals NL

 

Drilling to Commence at Panton

 
Highlights

§ Diamond drill rig has arrived at site to commence an exploration programme
for Ni-Cu-PGE sulphide accumulations

§ Heritage survey of new drilling areas completed and requisite clearance
obtained

§ Drilling of sulphide targets, identified from review of historic drilling
results, to commence in the coming days

§ Gravity and magnetics modelling underway to better understand the geometry
of the Panton intrusion at depth

§ Electromagnetic ("EM") surveys have highlighted a bedrock conductor in the
south of the Panton project area and surveys continue over the Lower Zone (and
basal contact)

Future Metals NL ("Future Metals" or the "Company", ASX | AIM: FME), is
pleased to announce that a new drill programme is set to commence imminently
at its 100% owned Panton PGM-Nickel Project ("Panton PGM-Ni Project" or
"Panton") in northern Western Australia. A diamond drill rig has arrived at
site and initial targets have been identified from historical drilling and a
ground based EM survey.

The Company has completed a detailed archaeological and ethnographic heritage
survey over areas requiring new access tracks and pads, and obtained clearance
from the Traditional Owners of the lands where Panton is situated, the
Malarngowem people.

Several targets have been generated from both the initial ground-based EM
surveys and historical drilling where high-grade base metals and sulphur have
been intercepted previously. Initial pad clearing has been completed in
anticipation of the drill rig's arrival.

An EM survey is now progressing across the entire Lower Zone to identify any
strong conductors across the basal contact and in the Keel Zone (Please refer
to Figure Two). Data acquired from the gravity survey completed at the end of
September 2022 is being modelled in combination with the existing aeromagnetic
data to produce a 3D model and assist with structural interpretations at
depth. This work will inform the Company's understanding of the sub-surface
architecture at Panton, aiding in generating additional drill targets.
Drilling is expected to run until late December 2022, weather permitting.

Mr Jardee Kininmonth, Managing Director & CEO of Future Metals, commented:

"There has been a tremendous effort by the team to pull together this latest
exploration programme following the completion of our detailed exploration
review which highlighted Panton's prospectivity for making a Ni-Cu-PGE
sulphide discovery. A number of high quality targets have already been
generated from the review of historical data and the ground EM survey
currently underway, with the diamond drill rig set to start testing these in
the coming days. Additional targets are expected over the coming weeks on the
back of the EM survey team covering the entire basal contact and the Keel
Zone, as well as from the completion of the gravity and magnetics modelling."

 

Figure One | Panton VTEM Conductors, Maglag Contours and EM Survey Area

 

 

 

Figure Two | 3D Exploration Model - Lower Zone, Basal Contact and Keel Zone

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 Kimberley 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 (Please refer to Figure Three).

The project hosts an independent JORC Code (2012) MRE which was increased, as
announced on 22 June 2022, to 129Mt @ 1.20g/t PGM(3E), 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 PGM(3E), 239kt Ni, 48kt Cu and 20kt Co (6.9Moz PdEq). The MRE
includes a high-grade reef of 25Mt @ 3.57g/t PGM(3E), 0.24% Ni, 0.07% Cu and
192ppm Co (3.86g/t PdEq) for contained metal of 2.9Moz PGM(3E), 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 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.

 

This announcement has been approved for release by the Board of Future Metals
NL.

 Enquiries:

 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

 W H Ireland Limited (UK Broker)                +44 (0) 207 220 1670

 Harry Ansell/Katy Mitchell
 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 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 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 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.

 

Further Information

For further information on the Company, please refer to the ASX or LSE
platforms under ASX | AIM code FME or visit the Company's website at
www.future-metals.com.au (http://www.future-metals.com.au) .

 

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