TIDMFME
RNS Number : 5527Q
Future Metals NL
28 October 2021
28 October 2021
Future Metals NL
High Grade Drill Results returned at Panton
10.1m @ 9.00g/t PGM (+Au) from 92.5m
7.8m @ 6.46g/t PGM (+Au) from 39.4m
Future Metals NL ("Future Metals" or the "Company", ASX|AIM: FME
) is pleased to announce high-grade results received from an
initial five holes of the current ongoing drilling program at its
100% owned Panton PGM Project ("Panton") in northern Western
Australia. The results reported are from five of eight
metallurgical holes drilled to provide samples for flotation
optimisation and variability test work. Panton has a JORC Mineral
Resource Estimate ("MRE") of 14.32Mt @ 5.20g/t for 2.4Moz PGM and
Gold.
Highlights
-- Results from the five reported shallow drill holes include
(refer Table One and Appendix One for full details and Figures Two
and Three) :
o 20.8m @ 5.34g/t PGM (2E+Au) from 89.3m (PS388)
-- including 10.1m @ 9.00g/t PGM (2E+Au) from 92.5m
o 14.8m @ 3.88g/t PGM (2E+Au) from 38.4m (PS384)
-- including 7.8m @ 6.46g/t PGM (2E+Au) from 39.4m
o 11m @ 3.94g/t PGM (2E+Au) from 100m (PS389)
-- including 4.35m @ 5.72g/t PGM (2E+Au) from 103m
o 8m @ 1.98g/t PGM (2E+Au) from 25m (PS382)
-- including 2m @ 4.86g/t PGM (2E +Au) from 25.5m
-- Initial results demonstrate considerably higher PGM grades
and widths when compared to historical drilling and resource
modelling (please refer to Figures Two and Three).
-- Holes PS382 and PS384, drilled approximately 75 metres up-dip
from historical hole PS001 and at shallow depths (<50 metres
from surface) returned significantly higher PGM grades (please
refer to Figure Two).
-- Results include a significant amount of gold mineralisation
with 10m @ 1.22g/t gold from 92.5m encountered in PS388.
-- Approximately 4,550 metres of drilling across 21 holes now
completed at Panton with assay results pending for several
holes.
-- These initial results also confirm the potential for shallow,
bulk mineralisation being tested by the current drilling to assess
the prospective footwall zone and the potential for a larger open
pit than previously envisaged
-- Drilling planned for the largely untested 'Northern Anomaly'
where potential exists for bulk tonnage lower grade mineralisation
(please refer to Figure Four)
Mr Justin Tremain, Non-Executive Director of the Company,
commented:
"These initial results from Panton continue to demonstrate the
potential of the project with exceptional grades including several
plus 10g/t PGM samples. When compared to past drilling, these
results exceed expectations and also confirm the potential for
shallow mineralisation over broader widths which has not previously
been modelled in the current 2.4Moz JORC Mineral Resource Estimate.
With several holes still to be assayed, and drilling ongoing with
weekly sample dispatches, we look forward to reporting further
results in the coming weeks."
As previously reported, the Company commenced a 10,000m diamond
core drilling program in August 2021, which is designed to:
-- provide samples for further metallurgical test work;
-- test continuity and depth extensions to the MRE;
-- test the potential for defining a much larger and shallower
mineralised zone at lower cut-off grades;
-- test strike extensions to the MRE; and
-- test parallel zones of highly anomalous PGM soil
geochemistry
The Company has completed 21 holes for approximately 4,550
metres to date and drilling is expected to continue until December
2021, weather conditions permitting.
Eight of the 21 holes drilled to date (PS382 - PS389) were
designed to recover sufficient mineralised chromitite reef and
associated mineralised dunite for metallurgical test work. These
eight drill holes have been completed and were successful in
recovering suitable material and in the required volumes.
Results have now been received for five of these holes as shown
in Table One below (refer to Appendix One for drill hole details)
:
Hole ID From To Width Pd Pt Au PGM(2E) +Au Ni
----------- ------- --------- ------- --------- --------- --------- ------------- -------
PS382 25m 33m 8m 0.95g/t 0.93g/t 0.10g/t 1.98g/t 0.21%
including 25.5m 27.5m 2m 2.38g/t 2.27g/t 0.21g/t 4.86g/t 0.21%
PS384 38.4m 53.2m 14.8m 1.86g/t 1.68g/t 0.33g/t 3.88g/t 0.24%
including 39.4m 47.2m 7.8m 3.17g/t 2.83g/t 0.46g/t 6.46g/t 0.27%
PS387 22m 27m 5m 1.14g/t 1.00g/t 0.18g/t 2.32g/t 0.21%
PS388 89.3m 110.1m 20.8m 2.42g/t 2.30g/t 0.62g/t 5.34g/t 0.40%
including 92.5m 102.6m 10.1m 4.09g/t 3.69g/t 1.22g/t 9.00g/t 0.53%
PS389 100m 111m 11m 1.99g/t 1.73g/t 0.22g/t 3.94g/t 0.29%
including 103m 107.35m 4.35m 3.03g/t 2.47g/t 0.22g/t 5.72g/t 0.32%
Table One | Drilling Assay Results
The metallurgical holes concerned were drilled at three sites,
one at each of the A, B and C Blocks of the northern part of the
Panton intrusion (please refer to Figure One) . The holes were
designed to intersect the target horizons at a low angle to the dip
of the upper chromitite reef in order to maximise the volume of
sample collected for test work. Accordingly, the reported widths
are not true widths, however as seen in cross sections below, the
holes have returned higher grade and widths when compared to
historical drilling (please refer to Figures Two and Three) .
http://www.rns-pdf.londonstockexchange.com/rns/5527Q_1-2021-10-28.pdf
Figure One | Panton Geology Shown A, B, C and D Blocks
http://www.rns-pdf.londonstockexchange.com/rns/5527Q_1-2021-10-28.pdf
Figure Two | Panton Section (PS382 and PS384)
http://www.rns-pdf.londonstockexchange.com/rns/5527Q_1-2021-10-28.pdf
Figure Three | Panton Section (PS388 and PS389)
A review of historical drilling has shown significant broad
zones of platinum (Pt) and palladium (Pd) mineralisation outside of
the current wireframes that support the 2.4Moz JORC Mineral
Resource estimate. The current MRE interpretation has been
constrained to the high grade upper and middle chromitite reefs and
has excluded Pt and Pd mineralisation outside of these chromitite
reefs within the host dunite rock. Often, no sampling of historical
drilling was undertaken outside the chromitite reef and/or drilling
did not extend beyond the upper and middle chromite reefs (please
refer to Figures Two and Three) . Accordingly, the Company sees
potential for bulk shallow tonnage and is currently testing for
this with a series of shallow (<150m) drill traverses across the
B and C Zones.
In addition, the Company plans to undertake some shallow
drilling at the 'Northern Anomaly' where a large PGM anomaly exists
based on mag lag sampling (please refer to Figure Four) . Only
limited wide spaced drilling has been undertaken at the Northern
Anomaly, which returned shallow, broad widths of lower grade
mineralisation.
http://www.rns-pdf.londonstockexchange.com/rns/5527Q_1-2021-10-28.pdf
Figure Four | Anomalous PGM in Mag Lag Sampling
This announcement has been approved for release by the Board of
Future Metals NL.
For further information, please contact :
Future Metals NL +61 8 9480 0414
Justin Tremain info@future-metals.com.au
Strand Hanson Limited (Nominated & Financial
Adviser) +44 (0) 20 7409 3494
James Harris
W H Ireland Limited (UK Broker)
Harry Ansell/Katy Mitchell +44 (0) 207 220 1670
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 in this announcement which relates to Mineral
Resources was stated in the Company's ASX Prospectus dated 18 May
2021. The Company confirms that is not aware of any new information
or data that materially affects the information included in the
Prospectus relating to Mineral Resources, and that all material
assumptions and technical parameters underpinning the Mineral
Resource Estimate continue to apply and have not materially
changed.
The information in this announcement that relates to
Metallurgical Results is based on, and fairly represents,
information compiled by Dr Evan Kirby, a Competent Person who is a
Member of the Australian Institute of Mining and Metallurgy. Dr
Kirby is a full-time employee of Metallurgical Management Services
(MMS) a specialist metallurgical consultancy and an independent
consultant of the Company. Dr Kirby 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). Dr Kirby consents to the inclusion in this announcement of
the matters based upon his information in the form and context in
which it appears.
Notes to Editors:
About Panton PGM Project
The 100% owned Panton PGM project is located 60 kilometres 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 1
kilometre off the Great North Highway which accesses the Port of
Wyndham (please refer to Figure Five) .
http://www.rns-pdf.londonstockexchange.com/rns/5527Q_1-2021-10-28.pdf
Figure Five | Panton PGM Project Location
The Panton PGM Project has a JORC Mineral Resource estimate of
14.32Mt @ 4.89g/t PGM, 0.31g/t Au and 0.27% Ni.
The Panton mineralisation occurs within a layered,
differentiated mafic-ultramafic intrusion referred to as the Panton
intrusive which is a 10km long and 3km wide, south-west plunging
synclinal intrusion. PGM mineralisation is hosted within two
stratiform chromite reefs, the Top and Middle reefs, within the
ultramafic sequence.
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.
Appendix One
Drill Hole Details
Hole
ID Easting Northing RL Depth (m) Dip Azi
PS382 377041 8037293 455 95.2 -85 330
PS384 377045 8037288 455 55.9 -87 330
PS387 377657 8037205 458 54.7 -80 359
PS388 375960 8036549 445 110.1 -70 357
PS389 375963 8036527 444 111 -60 350
-------- --------- ---- ---------- ---- ----
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