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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Future Metals Nl | LSE:FME | London | Ordinary Share | AU0000157745 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.60 | 1.50 | 1.70 | 1.60 | 1.60 | 1.60 | 25,773 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Miscellaneous Metal Ores,nec | 195k | -7.31M | -0.0131 | -2.29 | 16.78M |
From Apr 2021 to Apr 2024
TIDMFME
RNS Number : 8941U
Future Metals NL
08 December 2021
08 December 2021
Future Metals NL
("Future Metals" or the "Company")
Substantial Bulk Tonnage Identified from Surface at Panton PGM-Ni Deposit
Future Metals NL ("Future Metals" or the "Company", ASX|AIM: FME), a platinum group metals ("PGM") company, is pleased to announce a review of historical drilling data has highlighted the potential for large-scale, shallow PGM-Ni mineralisation at its 100% owned Panton PGM Project ("Panton") in northern Western Australia.
Highlights
-- The current Panton JORC Mineral Resource Estimate ("MRE") of 14.32Mt @ 4.89g/t PGM and 0.31g/t gold for 2.4Moz of contained PGM and gold (refer to Appendix One) has been constrained to the upper chromitite reef ("Upper Reef") and, to a minor extent, the middle chromitite reef ("Middle Reef"), at a 2.0g/t PGM(3E) lower cut-off
-- Previous work on Panton has focussed on the potential for a narrow, high-grade underground PGM operation, with none of the broad PGM-Ni mineralisation considered
-- A review of historical drilling shows broad, shallow PGM-Ni mineralisation of up to 20-40 metres in thickness, outside of the current MRE
-- Historical drill results(1,2) at 0.5g/t PGM3E cut-off grade (maximum 4m dilution) include the following (refer to Table One and Appendix Two):
o 74m @ 1.32g/t PGM(3E) & 0.20% Ni (1.71g/t PdEq) from 111m (PS264)
o 45.5m @ 1.38g/t PGM(3E) & 0.22% Ni (1.81g/t PdEq) from 80.5m (PS177)
o 45.5m @ 1.07g/t PGM(3E() & 0.17% Ni (1.46g/t PdEq) from 51m (PS080)
o 33m @ 3.11g/t PGM(3E) & 0.23% Ni (3.36g/t PdEq) from 69m (PS050-D1)
o 43.5m @ 1.22g/t PGM(3E) & 0.21% Ni (1.60g/t PdEq) from115.4m (PS136)
o 40.02m @ 1.42g/t PGM(3E) & 0.20% Ni (1.82g/t PdEq) from 48m (PS075)
o 28.5m @ 2.62g/t PGM(3E) & 0.21% Ni (2.93g/t PdEq) from 21m (PS069)
o 46m @ 1.15g/t PGM(3E) & 0.16% Ni (1.49g/t PdEq) from 18.5m (PS175)
o 26.1m @ 2.56g/t PGM(3E) & 0.21% Ni (2.87g/t PdEq) from 14.5m (PS067)
o 41.5m @ 1.23g/t PGM(3E) & 0.18% Ni (1.61g/t PdEq) from 29.5m (PS209)
o 35.85m @ 1.55g/t PGM(3E) & 0.22% Ni (1.81g/t PdEq) from 138.5m (PS028)
o 35m @ 1.21g/t PGM(3E) & 0.16% Ni (1.50g/t PdEq) from 22m (PS109)
o 26m @ 2.13g/t PGM(3E) & 0.21% Ni (2.49g/t PdEq) from 19m (PS068)
o 20.05m @ 1.76g/t PGM(3E) & 0.18% Ni (2.09g/t PdEq) from 1.8m (PS081)
o 25m @ 2.05g/t PGM(3E) & 0.20% Ni (2.39g/t PdEq) from 26m (PS060)
o 37.5m @ 1.58g/t PGM(3E) & 0.20% Ni (1.96g/t PdEq) from 43m (PS107)
o 35.5m @ 1.19g/t PGM(3E) & 0.20% Ni (1.61g/t PdEq) from 38m (PS106)
o 26m @ 1.15g/t PGM(3E) & 0.17% Ni (1.50g/t PdEq) from 46m (PS086)
o 43.55m @ 1.20g/t PGM(3E) & 0.20% Ni (1.60g/t PdEq) from 146.45m (PS084)
o 45m @ 0.87g/t PGM(3E) & 0.17% Ni (1.29g/t PdEq) from 30m (PS079)
-- These results are supported by historical surface trenching across the strike of the outcropping chromite reef horizon with results of 50m @ 1.33g/t PGM(3E) plus 0.18% Ni and 34m @ 1.71g/t PGM(3E) plus 0.17% Ni
-- Bulk PGM-Ni mineralisation is hosted in the footwall to the Upper Reef ("Footwall Zone") (refer to Figures One, Two and Three)
-- Drilled strike length of 3.5 kilometres within 12 kilometres of mapped strike, with highly consistent PGM-Ni mineralisation
-- 25 historical diamond core holes that drilled through the Footwall Zone at shallow depths but which were not sampled for assay are currently being prepared on site for assaying
-- Future Metals has completed a total of approximately 6,000 metres of drilling across 27 holes with assay results pending for 22 holes
-- Several of Future Metal's holes have targeted shallow bulk PGM-Ni mineralisation where historical drilling did not drill beyond the Upper Reef through the prospective Footwall Zone (refer Figures Two and Three)
-- Strong financial position with cash of approximately A$6.0 million as at 30 November 2021
Mr Justin Tremain, a Director of the Company, commented :
"The high-grade reefs at Panton have in the past been the project's main focus and the bulk tonnage potential at surface was not considered. The mineralisation in the footwall to the high-grade chromite reef is very consistent across individual samples. Whilst not all drill holes were assayed beyond the high-grade Upper Reef, a review of those holes that were drilled into the footwall demonstrates clear potential for Panton to be a shallow, bulk tonnage PGM-Ni deposit, complemented with high-grade PGM mineralisation at depth.
"With only 3.5 kilometres of drilled strike to date within the approximate 12 kilometres of mapped strike at surface, the tonnage potential of Panton is substantial. Given Panton that is located on granted mining leases and ideally located for a potential future mining operation, we are incredibly excited about what we are currently uncovering from surface."
(1) 3E= Palladium (Pd) + Platinum (Pt) + Gold (Au)
(2) PdEq (Palladium Equivalent g/t) = Pd(g/t) + 0.76471Pt(g/t) + 1.90394xNi(%) + 1.38936xCu(%) + 8.23xCo(%)
Shallow, Bulk PGM-Ni Mineralisation
The Company has undertaken a review of the historical drilling undertaken at Panton which consists of 377 holes for 69,292 metres. The past focus of drilling activity and resource estimation has been on the chromitite reefs, which host high-grade PGM mineralisation.
The current 2.4Moz MRE is contained within 3.5 kilometres of strike (sub-blocked into the A , B, C and D Blocks) (refer Figure Six) and constrained to a +2.0g/t PGM 3E wireframe. The current MRE is 14.32Mt with 10.09Mt contained within the Upper (Top) Reef and 4.23Mt within the Middle Reef (refer to Appendix One) .
A review of the assay results for those holes that were drilled and sampled through the Upper Reef footwall demonstrates substantial bulk PGM-Ni mineralisation, outside of the current MRE. There are widths of 20m-40m in the mineralised footwall dunite that has not been considered in the MRE.
Reported at a 0.5g/t PGM 3E cut-off, with maximum internal waste of 4m, results in the top 150m include the following intervals (refer to Appendix Two) :
Hot Features
Premium
Hole ID From To Width Pd Pt Au PGM (3E) Ni Cu Co Pd Eq.
m m m g/t g/t g/t g/t(1) % % ppm g/t(2)
PS175 18.5 64.5 46 0.54 0.48 0.13 1.15 0.16 0.03 146 1.49
PS177 80.5 126 45.5 0.65 0.60 0.13 1.38 0.22 0.03 161 1.81
PS081 1.8 21.85 20.05 0.83 0.79 0.14 1.76 0.18 0.04 161 2.09
26.5 42.5 16 0.42 0.41 0.10 0.93 0.16 0.03 149 1.28
PS060 26 51 25 0.99 0.89 0.18 2.05 0.20 0.04 149 2.39
PS107 43 80.5 37.5 0.67 0.70 0.21 1.58 0.20 0.05 153 1.96
PS106 38 73.5 35.5 0.57 0.50 0.13 1.19 0.20 0.03 154 1.61
PS086 46 72 26 0.60 0.52 0.04 1.15 0.17 0.02 147 1.50
PS084 51 69 18 0.47 0.37 0.06 0.90 0.20 0.01 155 1.33
106 137 31 0.41 0.39 0.12 0.92 0.15 0.05 160 1.30
146.45 190 43.55 0.59 0.52 0.10 1.20 0.20 0.02 156 1.60
PS050 36 43 7 2.40 1.87 0.98 5.23 0.21 0.13 NA 5.25
69 102 33 1.61 1.19 0.30 3.11 0.23 0.10 NA 3.36
PS264 111 185 74 0.63 0.62 0.07 1.32 0.20 0.19 158 1.71
PS136 115.4 158.9 43.5 0.57 0.45 0.20 1.22 0.21 0.06 144 1.60
PS069 21 49.5 28.5 1.27 1.14 0.21 2.62 0.21 0.05 167 2.93
PS067 14.5 40.6 26.1 1.19 1.13 0.24 2.56 0.21 0.05 165 2.87
PS075 48 88.02 40.02 0.62 0.55 0.25 1.42 0.20 0.04 153 1.82
PS068 19 45 26 1.05 0.92 0.16 2.13 0.21 0.04 162 2.49
PS079 30 75 45 0.38 0.37 0.12 0.87 0.17 0.04 156 1.29
PS080 51 96.5 45.5 0.49 0.46 0.11 1.07 0.17 0.04 156 1.46
PS209 29.5 71 41.5 0.62 0.53 0.08 1.23 0.18 0.03 154 1.61
PS028 138.5 174.35 35.85 0.79 0.71 0.08 1.55 0.22 0.02 NA 1.81
PS109 22 57 35 0.59 0.55 0.08 1.21 0.16 0.02 126 1.50
PS072 19 50.5 31.5 0.51 0.44 0.07 1.02 0.17 0.02 144 1.38
PS108 21 70 49 0.49 0.39 0.17 1.06 0.17 0.03 139 1.42
Table One | Shallow (<150m) Drilling Results
(1) 3E= Palladium (Pd) + Platinum (Pt) + Gold (Au)
(2) PdEq (Palladium Equivalent g/t) = Pd(g/t) + 0.76471Pt(g/t) + 1.90394xNi(%) + 1.38936xCu(%) + 8.23xCo(%)
Past drill holes were often terminated once the hole reached the 'Upper Reef' or the 'Middle Reef' and were not drilled through the entire prospective footwall horizon to the 'Lower Reef'. Furthermore, several drill holes only had samples and assays taken within the visible chromitite in the Upper and Middle Reef and were not sampled between or below in the host dunite rock. The selection of historical drill holes reported above serves to demonstrate the potential of the complete mineralised zone associated with the 'Upper', 'Middle' and 'Lower' reefs within the Panton deposit.
The Company is in the process of sampling the unassayed holes that were drilled into the mineralised footwall dunite which, in conjunction with the recent new drilling, will enable new JORC resource modelling and estimation.
http://www.rns-pdf.londonstockexchange.com/rns/8941U_1-2021-12-7.pdf
Figure One | Panton Cross Section
http://www.rns-pdf.londonstockexchange.com/rns/8941U_1-2021-12-7.pdf
Figure Two | Panton Cross Section
http://www.rns-pdf.londonstockexchange.com/rns/8941U_1-2021-12-7.pdf
Figure Three | Panton Cross Section
The mineralised dunite in the footwall to the Upper Reef contains variable amounts of disseminated fine grained chromite and sulphides occurring between the coarser grained olivine crystals. The sulphides are dominantly pyrite, with lesser chalcopyrite and pentlandite. Occasionally, narrow (<2cm) bands of semi massive to massive chromite occur.
The weathering profile at Panton is shallow, with the top of fresh rock generally being 20-30m from surface with minimal oxide material (2-3m) and often transitional (partially weathered) from surface. The shallow weathering profile is expected to be beneficial from a metallurgical perspective for bulk mineralisation.
Northern Anomaly
A 2.5 kilometre long 'mag-lag' PGM-Ni surface anomaly is located parallel and immediately north of the current MRE (refer to Figure Four) .
http://www.rns-pdf.londonstockexchange.com/rns/8941U_1-2021-12-7.pdf
Figure Four | Anomalous PGM in Mag Lag Sampling
Only five wide spaced sections (400-800m apart) have been drilled at the Northern Anomaly to test for shallow PGM-Ni mineralisation (refer to Figure Five) .
http://www.rns-pdf.londonstockexchange.com/rns/8941U_1-2021-12-7.pdf
Figure Five | Northern Anomaly Cross Section
None of the mineralisation at the Northern Anomaly is contained within the current MRE. As part of the current drill programme, the Company has drilled an infill section and up-dip on a previously drilled section, to test for continuity of this bulk PGM-Ni mineralisation.
Current Drilling Programme
As previously reported, the Company commenced a diamond core drilling programme in August 2021, which has been 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; and
-- test parallel zones of highly anomalous PGM at surface (i.e. the Northern Anomaly)
http://www.rns-pdf.londonstockexchange.com/rns/8941U_1-2021-12-7.pdf
Figure Six | Panton Geology Showing A, B, C and D Blocks
The Company has completed 27 holes for approximately 6,000 metres of drilling. Drilling has now concluded due to inclement weather conditions and will resume after the wet season. Eight holes were drilled to provide metallurgical samples. Five holes were drilled into the Northern Anomaly to test for continuity of mineralisation between the existing wide spaced drilled sections. Ten shallow holes were drilled to test for wide zones of mineralisation between the Upper Reef and Lower Reef in areas that were under-drilled, and four deeper holes were drilled to test for down dip extensions of the high-grade reefs.
In addition, drill core from 25 historical holes that has not previously been assayed has been identified and is currently being sampled on site to be assayed.
Whilst the long assay turnaround time from the third party laboratories is frustrating, the Company looks forward to reporting results from the approximate 6,000m of drilling and the additional 25 historic holes to be assayed over the coming months and incorporating the data into a new JORC resource model and estimate.
Palladium Equivalent (PdEq)
Based on metallurgical test work completed on Panton samples, all quoted elements included in the metal equivalent calculation (palladium, platinum, gold, nickel, copper and cobalt) have a reasonable potential of being ultimately recovered and sold.
Metal recoveries used in the palladium equivalent (PdEq) calculations are in the midpoint of the range of recoveries for each element based on metallurgical test work undertaken to date at Panton. It should be noted that palladium and platinum grades reported in this announcement are lower that the palladium and platinum grades of samples that were subject to metallurgical test work (grades of other elements are similar).
Metal recoveries used in the palladium equivalent calculation are shown below:
-- Palladium 80%, Platinum 80%, Gold 70%, Nickel 45%, Copper 67.5% and Cobalt 60%
Metal prices used are shown below:
-- Palladium US$1,700/oz, Platinum US$1,300/oz, Gold US$1,700/oz, Nickel US$18,500/t, Copper US$9,000/t and Cobalt US$60,000/t
Metal equivalents are calculated according to the follow formula:
-- PdEq (Palladium Equivalent g/t) = Pd(g/t) + 0.76471Pt(g/t) + 1.90394 x Ni(%) + 1.38936 x Cu(%) + 8.23 x Co(%)
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 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.
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:
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 (refer to Figure Seven) .
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 (refer to Appendix One) .
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 Upper and Middle reefs, within the ultramafic sequence.
http://www.rns-pdf.londonstockexchange.com/rns/8941U_1-2021-12-7.pdf
Figure Seven | Panton PGM Project 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.
Appendix One
Panton JORC (2012) Mineral Resource Estimate
http://www.rns-pdf.londonstockexchange.com/rns/8941U_1-2021-12-7.pdf
Appendix Two
Drill Hole Details
Hole ID Hole Type Easting Northing RL Depth (m) Dip Azi PS028 RCD 376019 8036527 445 191.4 -56 331 PS050-D1 DD 376358 8036850 470 102 -89 140 PS060 RC 376344 8036816 477 51 -70 315 PS067 RCD 376342 8036819 478 40.6 -70 324 PS068 RC 376343 8036818 478 45 -70 324 PS072 RC 376427 8036862 488 50.5 -59 328 PS075 RCD 376433 8036854 489 99.1 -70 324 PS079 RC 376614 8037087 489 75 -55 327 PS080 RCD 376616 8037078 489 110.1 -60 334 PS081 RCD 376604 8037107 486 44.5 -55 334 PS084 RCD 376757 8037246 497 197.6 -55 154 PS085 RCD 376765 8037231 496 146.9 -55 154 PS086 RCD 376772 8037215 494 101.9 -55 154 PS106 RCD 375899 8036515 448 73.5 -55 308 PS107 RCD 376125 8036641 466 80.5 -55 308 PS109 DD 375963 8036551 443 68 -55 324 PS136 RCD 377448 8036966 444 158.9 -55 65 PS175 RC 376616 8037100 487 69 -55 334 PS177 DD 376019 8036556 449 133.3 -55 324 PS209 DD 375730 8036484 446 77.7 -55 144 PS264 DD 375913 8036507 447 255.1 -61 287 PS108 DD 376118 8036646 466 80.9 -55 307 PS069 RCD 376343 8036817 477 50 -70 324
Appendix Three | 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, * Sampling methods used for samples in this
random chips, or specific specialised industry announcement were PQ3 Diamond Core (Future Metals NL)
standard measurement tools appropriate to the cut in half, and then one half cut again to produce
minerals under investigation, such as down hole gamma 1/4 core samples using a core saw. HQ3, NQ2 and BQ
sondes, or handheld XRF instruments, etc). These Diamond Core (Future Metals, Platinum Australia,
examples should not be taken as limiting the broad Pancontinental and Minsaco Resources) was cut in half
meaning of sampling. ,
one half retained in the core tray for reference, the
other sent to the laboratory for analysis. Reverse
* Include reference to measures taken to ensure sample circulation sampling (Platinum Australia) was by a
representivity and the appropriate calibration of any combination of 4m composites produced by spearing one
measurement tools or systems used. metre bulk samples and 1m split samples taken from
the rig mounted sample splitter.
* Aspects of the determination of mineralisation that
are Material to the Public Report. In cases where * All sampling was either supervised by, or undertaken
'industry standard' work has been done this would be by, qualified geologists.
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'). * To ensure representative sampling, for each hole, the
In other cases more explanation may be required, such same quadrant of the original core was sent for assay
as where there is coarse gold that has inherent ,
sampling problems. Unusual commodities or for example when looking at the core down hole, the
mineralisation types (eg submarine nodules) may left-hand side was sampled for metallurgical test
warrant disclosure of detailed information. work, the lower right-hand quadrant was retained in
the core tray as a reference sample, and the upper
right-hand quadrant was always sent to the laboratory
for assay. In the case of other cored drill holes,
the left-hand side of the core was always sent for
assay. At the laboratory the entire 1/4 or 1/2 core
sample was crushed, a 300g split was pulverized to
provide material for fire assay, ICP-MS and XRF
analysis.
* Not all core or sections drilled with reverse
circulation (in particular pre-collars) were sampled.
Intervals of rock that were not recognised as
potentially mineralised from the geological logging
were not always sampled.
* MAGLAG (Magnetic fraction of the upper soil profile)
were collected, using a MAGSAM retractable rare-earth
magnetic sampler on a 200m by 50m differential GPS
grid. The samples were collected by Pathfinder
Exploration Pty Ltd on behalf of Platinum Australia
Limited. Samples were between 50 and 250gm.
============= ============================================================ ============================================================
Drilling
techniques * Drill type (eg core, reverse circulation, open-hole * Pancontinental and Minsarco drill holes (PS001 to
hammer, rotary air blast, auger, Bangka, sonic, etc) PS058) were drilled by diamond core drilling, either
and details (eg core diameter, triple or standard HQ or NQ2. A number of drill holes have daughter
tube, depth of diamond tails, face-sampling bit or drill holes that were drilled BQ in size.
other type, whether core is oriented and if so, by
what method, etc.).
* Platinum Australia Limited drill holes, PS059 to
PS379 were drilled using reverse circulation and
diamond coring, either PQ3, HQ3 or NQ3 in size.
Reverse circulation drilling employed a face sampling
bit. A number of drill holes had reverse circulation
pre-collars drilled in advance of a diamond core tail
,
but a number of drill holes were drilled completely
with reverse circulation.
* All Future Metals NL drill holes were diamond core
holes, either PQ3, HQ3 or NQ3 in size. The top 50
metres (approximately) of the exploration drill holes
were often also drilled in PQ3 until competent rock
is encountered. The drill hole was then cased off and
continued in HQ3 size core drilling. Where there is a
need to case off the HQ3 core drilling if the hole
has difficulties, then it is continued in NQ3 size
core drilling.
* PQ3 core diameter is 83.0mm, HQ3 core diameter is
61.1mm, NQ3 core diameter is 45.0mm, BQ core diameter
is 36.5m. Reverse circulation drilling bits have a
diameter of 15.9cm.
* In Future Metals NL drill holes HQ3 and NQ3 core is
orientated using a BLY TruCore UPIX Orientation Tool.
* In Platinum Australia Limited drill holes HQ3 and NQ3
core is orientated using a Reflex Orientation Tool.
* In Pan Continental drill holes HQ3, NQ3 and BQ core
was not orientated.
* Future Metals NL's drilling contractor was Terra
Drilling. Triple tubes are utilised in the weathered
horizon (less than 10m) and standard tubes for the
remainder of the drill hole.
* Platinum Australia Limited drilling contractor was Mt
Magnet Drilling. The drilling contractor used by Pan
Continental and Minsarco was not recorded.
============= ============================================================ ============================================================
Drill sample
recovery * Method of recording and assessing core and chip * Each core run is measured and checked against the
sample recoveries and results assessed. drillers core blocks. Any 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.
* All reverse circulation drill hole samples (Platinum
Australia) were weighed in the field as a method of
* Whether a relationship exists between sample recovery recording sample quality and recovery.
and grade and whether sample bias may have occurred
due to preferential loss/gain of fine/coarse
material. * Exploration drilling is planned to be as close to
orthogonal to the mineralisation as practicable to
get representative samples of the mineralisation.
* Metallurgical drill holes PS382 - PS389 that were
drilled to collect sample material for metallurgical
test work were deliberately drilled at a low angle to
the chromitite reefs so as to maximise the amount of
mineralised material recovered in each drill hole.
The drilled widths of mineralisation in these drill
holes are larger than the true widths.
* No relationship between recovery and grade has been
identified.
============= ============================================================ ============================================================
Logging
* Whether core and chip samples have been geologically * All drill core and reverse circulation samples have
and geotechnically logged to a level of detail to been logged onsite by geologists to a level of detail
support appropriate Mineral Resource estimation, to support appropriate Mineral Resource estimation,
mining studies and metallurgical studies. mining studies and metallurgical studies.
* Whether logging is qualitative or quantitative in * Logging is qualitative and records lithology, grain
nature. Core (or costean, channel, etc.) photography. size, texture, 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 * If core, whether cut or sawn and whether quarter, * All core that is sampled is cut using a diamond saw.
and sample half or all core taken. HQ3 , NQ2 and BQ core is cut in half with one half
preparation submitted for assaying and the other retained for
reference. PQ3 core is cut in half, and then one half
* If non-core, whether riffled, tube sampled, rotary cut again into quarters. One quarter core is kept as
split, etc and whether sampled wet or dry. reference, one quarter core is sent to the laboratory
for assay, and in the case of the Future Metals NL
metallurgical drill holes the remaining half core is
* For all sample types, the nature, quality and sent to ALS Metallurgy for metallurgical test work.
appropriateness of the sample preparation technique.
* Reverse circulation drilling by Platinum Australia
* Quality control procedures adopted for all was sampled from a rig mounted riffle splitter in 1,
sub-sampling stages to maximise representivity of or half metre intervals. Virtually all of the reverse
samples. circulation samples were dry, a small percentage were
damp or wet, this is recorded in the logs. All
Reverse circulation samples were weighed on site to
* Measures taken to ensure that the sampling is monitor sample recovery. Sections of drill holes
representative of the in-situ material collected, logged as unmineralised were samples of 4 metre
including for instance results for field composites using a PVC spear.
duplicate/second-half sampling.
* Generally, core samples are 1 metre in length, with a
* Whether sample sizes are appropriate to the grain minimum sample length of 25 centimetres. Sample
size of the material being sampled. lengths are altered from the usual 1 metre due to
geological contacts, particularly around the
chromitite reefs.
* Reverse circulation drill holes had field duplicate
samples taken at the rate of 1 in 25 samples. In the
case of one metre samples a second split was taken
from the riffle splitter or the bulk sample was
passed through a 50/50 riffle splitter several times
to produce a sample of about 1 kg in size. Composite
samples were duplicated by spearing the original bags
twice. Platinum Australia took occasional 1/4 core
samples and assayed them as a check against the
original 1/2 core sample assayed.
* The sample size is considered appropriate for the
material being sampled.
============= ============================================================ ============================================================
Quality
of assay * The nature, quality and appropriateness of the * For Future Metals NL metallurgical drill holes 1/4
data and assaying and laboratory procedures used and whether and 1/2 core samples were sent to ALS Metallurgy in
laboratory the technique is considered partial or total. Balcatta, Perth, Western Australia. 1/2 core samples
tests are reserved for metallurgical test work and the 1/4
core samples were assayed at ALS Minerals in Malaga,
* For geophysical tools, spectrometers, handheld XRF Perth, Western Australia.
instruments, etc, the parameters used in determining
the analysis including instrument make and model,
reading times, calibrations factors applied and their * Future Metal NL analysis of metallurgical drill hole
derivation, etc. samples had Pt, Pd and Au determined by either a 10
or 25 gram charge with ICP-OES finish providing a
lower detection limit of 0.02ppm. XRF has been used
* Nature of quality control procedures adopted (e.g. to determine Cr, Cu, Ni and S to a lower detection of
standards, blanks, duplicates, external laboratory 0.01% . Both XRF and fire assay analytical methods
checks) and whether acceptable levels of accuracy (ie are total.
lack of bias) and precision have been established.
* Future Metals NL sent assays for all the exploration
drill holes in the current programme to Bureau
Veritas in Perth for Au, Pt and Pd analysis by lead
collection fire assay (FA003) and As, Co, Cr, Cu, Ni
and S by Mixed Acid Digest ICP-AES (MA101)
* Platinum Australia Limited had samples outside of the
upper reef assayed by Ultratrace, with Au, Pt and Pd
determined by lead collection fire assay with ICPMS
(method code FA003) and Co, Cr, Cu, Ni and S
determined by Peroxide Fusion with (ICPAES).
* Platinum Australia Limited send mineralised reef
samples to Genalysis Laboratory Services in Perth and
submitted them for Nickel sulphide collection fire
assay with ICPMS finish. As, Co, Cr, Cu, Ni and S
were analysed by method code DX/OES, a sodium
peroxide fusion and hydrochloric digest (nickel
cruicibles) with ICPOES.
* Platinum Australia Limited and Future Metals NL
submitted standards (Certified Reference Material) at
a rate of 1 in 25 samples, and blanks were inserted
at a similar rate. Blanks and standards were placed
in the sample run to fall within the mineralised
material as it was analysed at the laboratory.
* All analytical methods employed are considered total.
* No geophysical tools were used.
* Laboratory repeat analysis is completed on 10% of the
samples submitted for assay.
* MAGLAG samples collected by Platinum Australia
Limited were submitted to Ultra Trace Laboratories
and assayed for Au, Pt, Pd, As, Bi, Ca, Co, Cr, Fe,
Ir, Mg, Ni, Os, Pb, S, Se, Te, V and Zn using Method
PAR003, a partial digest designed for magnetic lag
samples with ICPMS finish.
============= ============================================================ ============================================================
Verification
of sampling * The verification of significant intersections by * Significant intercepts are calculated as composites
and assaying either independent or alternative company personnel. and reported using 0.50g/t PGM (3E) (Pt + Pd + Au)
cut-off grade. A maximum of 4m consecutive internal
waste is allowed in composites.
* The use of twinned holes.
* Primary data: drill hole data, geological logging,
* Documentation of primary data, data entry procedures, sample intervals etc are all recorded initially on
data verification, data storage (physical and hard copy in the field and then entered digitally.
electronic) protocols. Maps and cross sections are produced and the digital
data verified.
* Discuss any adjustment to assay data.
* Platinum Australia Limited employed Maxwell's
Datashed to manage and store drilling data. Future
Metals NL is in the process of establishing a
Datashed database and appropriate protocals,
presently the digital data is stored in Excel
spreadsheets and Access database and managed by the
Exploration Manager.
* For the metallurgical holes, significant intercepts
are calculated as composites and reported using
0.70g/t PGM (3E) (Pt + Pd + Au) cut-off grade. A
maximum of 2m consecutive internal waste is allowed
in composites.
* All significant intercepts are calculated by the
Company's Exploration Manager and checked by
management.
* Platinum Australia Limited and Future Metals NL
twinned several drill holes.
============= ============================================================ ============================================================
Location
of data * Accuracy and quality of surveys used to locate drill * At present Future Metals NL drill hole collars are
points holes (collar and down-hole surveys), trenches, mine located using a hand-held GPS.
workings and other locations used in Mineral Resource
estimation.
* Platinum Australia Limited, Pan Continental and
Minsaco Resources drill holes were located initially
* Specification of the grid system used. with hand held GPS but then re-surveyed with a
differential GPS system to get locational accuracies
to
* Quality and adequacy of topographic control.
* Down hole surveys are taken with a north seeking
gyroscope at regular intervals of 30m down hole in
Future Metals NL's drill holes. All Platinum
Australia Limited's drill holes were surveyed with a
single shot Eastman down hole camera with a number
re-surveyed with a north seeking gyroscope as a
comparison and a check against interference of the
down hole camera surveys against the local magnetism
within the host ultramafic rocks. Platinum Australia
found that in general the down hole camera surveys
were acceptable, with the rare individual surveys
required to be rejected due to obvious spurious
readings from local bands of magnetite within the
ultra mafic host rocks. The survey methods for the
Pan Continental drill holes was by down hole camera,
and the Minsarco Resources drill holes were surveyed
with a combination of down hole cameras and acid
bottle methods.
* Minsaco Resources, Pan Continental and Platinum
Australia Limited drilling was initially located on a
local grid system which was re-installed by Platinum
Australia Limited using metal survey stakes by
Whelans surveyors in Kununurra. The local grid has
survived and is in good condition in the field today.
Location data was then converted to the Australian
Map Grid 1966, Zone 52. Future Metals NL has then
converted this location data to Map Grid of Australia
1994, Zone 52
* Future Metals drilling is located using Map Grid of
Australia 1994, Zone 52.
* The topographic control is considered better than
============= ============================================================ ============================================================
Data spacing
and * Data spacing for reporting of Exploration Results. * Data spacing of exploration results down hole is
distribution considered appropriate at between 0.25 and 1m
intervals.
* Whether the data spacing and distribution is
sufficient to establish the degree of geological and
grade continuity appropriate for the Mineral Resource * The metallurgical drill holes reported in this
and Ore Reserve estimation procedure(s) and announcement are designed to recover material for
classifications applied. metallurgical test work.
* Whether sample compositing has been applied. * The historical drill holes completed by Platinum
Australia and others is considered sufficient to
establish the degree of geological and grade
continuity appropriate for the Mineral Resource and
Ore Reserve estimation procedure(s) and
classifications applied.
* Samples have not been composited.
============= ============================================================ ============================================================
Orientation
of data * Whether the orientation of sampling achieves unbiased * Exploration drilling is designed to be as close to
in relation sampling of possible structures and the extent to orthogonal as practicable to the dip and strike of
to which this is known, considering the deposit type. the mineralised chromitite reefs within the Panton
geological Intrusion.
structure
* If the relationship between the drilling orientation
and the orientation of key mineralised structures is * Metallurgical drill holes have been deliberately
considered to have introduced a sampling bias, this orientated at a low angle to the dip of the
should be assessed and reported if material. mineralised chromitite reefs to maximise the amount
of material recovered for metallurgical test work.
The drilled thickness is considerably greater than
the true thickness in these drill holes as a result.
============= ============================================================ ============================================================
Sample
security * The measures taken to ensure sample security. * Samples are delivered to the Company's transport
contractor's yard in Halls Creek directly by Company
personnel. Samples are then delivered to the
laboratory by the Company's transport contractor.
============= ============================================================ ============================================================
Audits
or reviews * The results of any audits or reviews of sampling * The Company employed industry-standard protocols. No
techniques and data. independent audit has been conducted.
============= ============================================================ ============================================================
Section 2 Reporting of Exploration Results
Criteria JORC Code explanation Commentary
============================================================
Mineral
tenement * Type, reference name/number, location and ownership * The Panton PGM Project is located on three granted
and land including agreements or material issues with third mining licenses M80/103, M80/104 and M80/105 ('MLs').
tenure parties such as joint ventures, partnerships, The MLs are held 100% by Panton Sill Pty Ltd which is
status overriding royalties, native title interests, a 100% owned subsidiary of Future Metals NL.
historical sites, wilderness or national park and
environmental settings.
* The MLs were granted on 17 March 1986 and are
currently valid until 16 March 2028.
* The security of the tenure held at the time of
reporting along with any 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 * Acknowledgment and appraisal of exploration by other * The Panton deposit was discovered by the Geological
other parties. Survey of Western Australia from surface mapping
parties 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 Degussa
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 programmes on the Panton ore.
=============== ============================================================ =============================================================
Geology
* Deposit type , geological setting and style of * The Panton intrusive is a layered, differentiated
mineralisation . 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.
=============== ============================================================ =============================================================
Drill
hole * A summary of all information material to the * Details of all drill holes reported in this
Information understanding of the exploration results including a announcement are provided in Appendix One.
tabulation of the following information for 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 * In reporting Exploration Results, weighting averaging * Significant intercepts are reported as down-hole
methods techniques, maximum and/or minimum grade truncations length weighted averages of grades above 0.50g/t PGM
(e.g. cutting of high grades) and cut-off grades are (3E) (Pt/Pd/Au). No top cuts have been applied to the
usually Material and should be stated. reporting of the assay results.
* Where aggregate intercepts incorporate short lengths * 4 metres of internal dilution is allowed in the
of high grade results and longer lengths of low grade reported intervals.
results, the procedure used for such aggregation
should be stated and some typical examples of such
aggregations should be shown in detail. * Higher grade intervals are included in the reported
grade intervals; and 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.
* Where palladium equivalents are reported, these
values are based on the following assumptions
* Prices in USD
$/(t or
oz)
Cu
% 9,000
Pt
ppm 1,300
Au
ppm 1,700
Pd
ppm 1,700
Ni
% 18,500
Co
ppm 60,000
* Metal recoveries are based on past metallurgical test
work.
Recovery
%
Cu 67.5%
Pt 80.0%
Au 70.0%
Pd 80.0%
Ni 45.0%
Co 60.0%
=============== ============================================================ =============================================================
Relationship
between * These relationships are particularly important in the * Usually, drilling is designed to be as close to
mineralisation reporting of Exploration Results. orthogonal as practicable to the dip and strike of
widths the mineralised chromitite reefs within the Panton
and intercept Intrusion.
lengths * If the geometry of the mineralisation with respect to
the drill hole angle is known, its nature should be
reported. * Metallurgical drill holes have been deliberately
orientated at a low angle to the dip of the
mineralised chromitite reefs to maximize the amount
* If it is not known and only the down hole lengths are of material recovered for metallurgical test work.
reported, there should be a clear statement to this The drilled thickness is considerably greater than
effect (e.g. 'down hole length, true width not the true thickness in these drill holes as a result.
known').
* Refer to the Figures in this announcement showing
drill cross sections.
=============== ============================================================ =============================================================
Diagrams
* Appropriate maps and sections (with scales) and * Appropriate sections included in the body of this
tabulations of intercepts should be included for any announcement.
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 * Historical drill holes not reported include those
Results is not practicable, representative reporting that failed to intersect any significant width of the
of both low and high grades and/or widths should be mineralisation in the foot wall to the Upper Reef or
practiced to avoid misleading reporting of were incompletely sampled, and others intersected the
Exploration Results. mineralisation at depths that are considered unlikely
to be economic for open pit extraction. A number of
drill holes recently completed by Future Metals were
designed to intersect the complete mineralised zone
associated with the upper and lower reef and when
assay results are received will greatly assist in the
appraisal of this lower grade mineralisation. At this
time, Future Metals NL will be able to ascertain the
potential limits of this bulk mineralisation.
=============== ============================================================ =============================================================
Other
substantive * Other exploration data, if meaningful and material, * No other exploration data is relevant.
exploration should be reported including (but not limited to):
data 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 * Next stage of work will consist of additional
tests for lateral extensions or depth extensions or mineralogical and metallurgical test work. The
large-scale step-out drilling). Company plans to undertake a new JORC Mineral
Resource model and estimate once all assays from
recently completed drilling are received.
* Diagrams clearly highlighting the areas of possible
extensions, including the main geological
interpretations and future drilling areas, provided
this information is not commercially sensitive.
=============== ============================================================ =============================================================
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