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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 | 1.75 | 0.00 | 07:31:18 |
| 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 2023 to Apr 2024
TIDMFME
RNS Number : 3325Y
Future Metals NL
04 May 2023
4 May 2023
Future Metals NL
Drilling to Commence at Nickel Sulphide Targets
Highlights
-- Electromagnetics ("EM") data indicates significant area of anomalism over the untested embayment feature ("BC1") which is supported by mapping and rock sampling
-- Rock chip sampling at BC1 has identified anomalous nickel sulphide mineralisation on the margin of the EM anomaly, and multiple occurrences of mineralised ultramafic rock throughout the BC1 area
o Portable X-Ray Fluorescence ("pXRF") analysis returned an average of 0.43% Ni, 0.06% Cu, 0.05% Co, 0.22% S from a BC1 contact rock sample
-- Further near surface nickel rich mineralisation identified up-dip of drill hole PS053 from a gossanous rock chip sample with pXRF analysis averaging 1.95% Ni, 0.26% Cu and 0.09% Co
-- Reverse circulation ("RC") drilling scheduled to commence in mid-May 2023 at BC1
-- Exploration Incentive Scheme ("EIS") funding of $147,000 secured for drilling to test Ni-Cu-PGM targets at the Panton West target area in June 2023
Future Metals NL ("Future Metals" or the "Company", ASX | AIM: FME), is pleased to provide an update on its upcoming drilling program at the Panton North project where the Company is farming into a majority 70% joint venture interest. This update also provides details of positive results from recent rock chip sampling at the Company's wholly owned Panton Project ("Panton" or "the Project") located adjacent to Panton North.
Mr Jardee Kininmonth, Managing Director of Future Metals, commented :
"FME continues to build upon its nickel sulphide exploration model and work towards the discovery of a large, high-grade accumulation of Ni-Cu sulphides.
"Following our detailed geological mapping and sampling at Panton and Panton North, the team is looking forward to kicking off the 2023 field season. BC1 was initially identified through a desktop review, with the area having previously been overlooked, partially because it was not part of the Panton tenements. Our ground investigations have now all but confirmed that BC1 is a true basal contact position for the highly mineralised Panton Complex, and all indications suggest that it has the potential to be a rich Ni-Cu sulphide hosting environment.
"While BC1 and Panton West are the near-term targets for initial drilling in May and June 2023, we have made further exciting observations throughout the Panton project area, including the identification of a nickel and copper rich gossan which graded 1.95% Ni, 0.26% Cu, and 0.09% Co by pXRF analysis (averaged). This is potentially a surface continuation of the magmatic sulphide mineralisation drilled in hole PS053, and a systematic ground mapping and sampling exercise is being undertaken to further delineate areas of interest.
"Any further discovery of economic mineralisation within the Panton Complex will be highly complementary to our existing 6.9Moz PdEq JORC Resource which is the focus of our ongoing Scoping Study."
The Company recently completed ground investigations at the BC1 prospect to follow up on a large, interpreted embayment feature identified during desktop analysis.
This work has confirmed the presence of ultramafic and weathered ultramafic rocks beyond the current geological map contacts as well as confirming the embayment feature (BC1), as a highly prospective nickel sulphide target.
Importantly, the presence of a mineralised ultramafic gossan and an iron-rich gossan were discovered within the BC1 prospect. These samples are located on the contact of a Helicopter Towed System Transient EM ("HoisTEM") HoisTEM anomaly which has a 700m strike and 125m width. This is further supported by a strong magnetic feature and a highly anomalous nickel-copper association in stream sediments. Assays from historical drill holes (PS157 & PS158) near the contact of the HoisTEM anomaly also returned significant intersections of nickel sulphide mineralization.
The Company has secured all the necessary approvals and a drill contractor to drill this highly prospective, untested target during May 2023.
The Company is also pleased to announce that it has been approved for EIS funding of A$147,000 from the Western Australian State Government to co-fund a planned multi-hole RC drilling programme at the Panton West Prospect, which sits within the Panton North project area.
The Company's analysis and ground investigations has confirmed that Panton West is another prospective untested basal contact position with multiple coincident indicators for Ni-Cu-PGM sulphide mineralisation.
The Company plans to begin drilling at Panton West in June 2023 and will provide further details on its targeting work through Q2 2023.
Figure One | Panton and Panton North Exploration Target Areas
Figure Two | Plan view of BC1 with HoisTEM
Exploration Programme
Drilling Approvals, Logistics
Planned drilling at BC1 and Panton West has been approved by the Department of Mines, Industry Regulation and Safety further to recent PoW submissions.
Heritage surveys over the BC1 and Panton West target areas have also been completed and cleared with a representative group of Malarngowem Traditional Owners.
A drilling contractor has been secured to complete an initial RC programme, with a drill rig expected to arrive on site in mid-May 2023. Follow up drilling of BC1 is planned for mid-June along with drilling of Panton West.
Ground investigation and surface sampling
The Company recently completed ground field mapping and sampling along the northern contact of the Panton Sill, which includes BC1, as well as the Panton West area. The northern contact of the Panton Sill has historically been incorrectly mapped; likely due to topographic constraints and historic tenure boundaries limiting the extent of exploration. Mapping the contact has confirmed the BC1 embayment feature as well as a smaller, thickened portion to the east, near Panton North. Within this extended basal contact area, averaged pXRF analysis indicates a Ni-Cu anomalous association in the central and eastern portion of the contact with the BC1 area showing a more Ni-S anomalous association. An iron-rich gossan, on the north central most contact of the weathered ultramafic with metasediments, has returned an averaged pXRF reading of 0.22% Co, 0.08% Cu, 0.08% S and 0.01% Ni (see Photo Two) . This is the same area where weathered rock chips of ultramafic have returned multiple anomalous Ni-Cu samples.
At BC1, an ultramafic outcrop of pyroxenite returned a pXRF average of 0.43% Ni, 0.22% S, 0.06% Cu and 0.05% Co. Photo Three of this sample shows the oxidation of the sulphide.
South of BC1, ground mapping around drill holes PS053 and PS407 has identified gossanous material that has been shifted to create historic drilling pads, over a 50m x 40m area. Further exploration of the area has identified weathered sulphides in two ultramafic rock chips with an average pXRF values of 1.95% Ni, 0.26% Cu, 0.09% Co, 0.01% S 135m to the northwest of PS053 (BD23-056, see Photo Four) and 4.28% Ni, 013% Cu, 0.11% Co, 0.01% S that is 70m to the northwest of PS053 all position along strike of a northwest fault (BD23-055). BD23-055 was collected from rock which has been disturbed from historical clearing. This is the same structure that is interpreted to host the magmatic sulphide mineralisation in hole PS053. Further work needs to be completed in this area in order to map the structures and the prospective host unit.
The Company is currently planning further detailed mapping, soil and rock chip sampling in key areas to assist in target generation.
Photo One | Heavily altered ultramafic to magnesite found throughout BC1 (BD23-024)
Photo Two | Iron gossan on ultramafic contact with sediment (RAS011)
Photo Three | Mineralised pyroxenite (BD23-007)
Photo Four | Mineralised dunite, 70m from PS053 drill collar (BD23-056)
pXRF data has been used as an exploration tool and a guide only and should not be considered a proxy or substitute for laboratory analysis. The measurements recorded and set out in this announcement are from averaged single spot locations and may not be representative of the whole rock. Where possible the Company has attempted to reduce bias by providing a range of values based on analysis of multiple spots on each rock. The Company will selectively submit rock chip samples for laboratory geochemical assay and provide an update on these results when they become available.
For further information, please contact:
Enquiries: Future Metals NL +61 8 9480 0414 Jardee Kininmonth info@future-metals.com.au Strand Hanson Limited (Nominated Adviser) +44 (0) 207 409 3494 James Harris/James Bellman Panmure Gordon (UK) Limited (UK Broker) John Prior/Hugh Rich/Soman Thakran +44 (0)207 886 2500 FlowComms (UK IR/PR) +44 (0) 789 167 7441 Sasha Sethi
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as is forms part of United Kingdom domestic law pursuant to the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.
Competent Person's Statement
The information in this announcement that relates to Exploration Results is based on, and fairly represents, information compiled by Ms Barbara Duggan, who is a Member of the Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. Ms Duggan is the Company's Principal Geologist and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity she 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). Ms Duggan consents to the inclusion in this announcement of the matters based upon her information in the form and context in which it appears.
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 Kimberly 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 (refer to Figure Three).
The Project hosts an independent JORC Code (2012) MRE of 129Mt @ 1.20g/t PGM(3E) (1) , 0.19% Ni, 0.04% Cu and 154ppm Co (1.66g/t PdEq(2) ) at a cut-off grade of 0.90g/t PdEq(2) for contained metal of 5.0Moz PGM(3E) (1) , 239kt Ni, 48kt Cu and 20kt Co (6.9Moz PdEq(2) ). The MRE includes a high-grade reef of 25Mt @ 3.57g/t PGM(3E) (1) , 0.24% Ni, 0.07% Cu and 192ppm Co (3.86g/t PdEq(2) ) for contained metal of 2.9Moz PGM(3E) (1) , 60kt Ni, 18kt Cu and 5kt Co (3.2Moz PdEq(2) ).
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 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 1 | Sample Details
Sample locations and descriptions in GDA94 Zone 52S
Hot Features
Premium
Station Prospect Easting Northing Lithology Anomalism
ID
BD23-007 BC1 Embayment 375942 8037247 Pyroxenite Ni-Cu
--------------- -------- --------- ------------------- ----------
BD23-009 BC1 Embayment 375930 8037251 Altered Ultramafic
--------------- -------- --------- ------------------- ----------
BD23-024 BC1 Embayment 377622 8038457 Altered Ultramafic
--------------- -------- --------- ------------------- ----------
BD23-026 BC1 Embayment 377697 8038409 Metasediment
--------------- -------- --------- ------------------- ----------
BD23-027 BC1 Embayment 377682 8038383 Biotite Schist
--------------- -------- --------- ------------------- ----------
BD23-029 BC1 Embayment 377641 8038344 Pyroxenite
--------------- -------- --------- ------------------- ----------
BD23-030 BC1 Embayment 377607 8038392 Pyroxenite
--------------- -------- --------- ------------------- ----------
BD23-031 BC1 Embayment 377522 8038344 Pyroxenite
--------------- -------- --------- ------------------- ----------
Undifferentiated
BD23-032 BC1 Embayment 377502 8038326 Ultramafic Ni-Cu
--------------- -------- --------- ------------------- ----------
BD23-034 BC1 Embayment 377534 8038298 Breccia
--------------- -------- --------- ------------------- ----------
BD23-035 BC1 Embayment 377551 8038309 Pyroxenite
--------------- -------- --------- ------------------- ----------
BD23-039 BC1 Embayment 377379 8038079 Pyroxenite
--------------- -------- --------- ------------------- ----------
BD23-040 BC1 Embayment 377398 8038074 Pyroxenite Ni-S
--------------- -------- --------- ------------------- ----------
BD23-041 BC1 Embayment 377385 8038091 Metasediment
--------------- -------- --------- ------------------- ----------
Undifferentiated
BD23-050 BC1 Embayment 375871 8037111 Ultramafic
--------------- -------- --------- ------------------- ----------
BD23-051 BC1 Embayment 375902 8037130 Dunite
--------------- -------- --------- ------------------- ----------
BD23-052 BC1 Embayment 375897 8037138 Fault Zone
--------------- -------- --------- ------------------- ----------
BD23-053 BC1 Embayment 375844 8037125 Peridotite
--------------- -------- --------- ------------------- ----------
Undifferentiated
JK23-01 BC1 Embayment 375822 8037115 Mafic
--------------- -------- --------- ------------------- ----------
Undifferentiated
JK23-02 BC1 Embayment 375937 8037063 Mafic
--------------- -------- --------- ------------------- ----------
Undifferentiated
JK23-03 BC1 Embayment 376089 8037025 Mafic
--------------- -------- --------- ------------------- ----------
Undifferentiated
JK23-04 BC1 Embayment 376085 8037003 Mafic
--------------- -------- --------- ------------------- ----------
RAS001 BC1 Embayment 377066 8038004 Altered Ultramafic
--------------- -------- --------- ------------------- ----------
RAS002 BC1 Embayment 377076 8038003 Altered Ultramafic
--------------- -------- --------- ------------------- ----------
RAS003 BC1 Embayment 377164 8038059 Altered Ultramafic Ni-Cu
--------------- -------- --------- ------------------- ----------
RAS004 BC1 Embayment 376942 8037949 Altered Ultramafic
--------------- -------- --------- ------------------- ----------
Undifferentiated
RAS005 BC1 Embayment 376923 8037914 Ultramafic
--------------- -------- --------- ------------------- ----------
RAS006 BC1 Embayment 376883 8038062 Metasediment
--------------- -------- --------- ------------------- ----------
RAS007 BC1 Embayment 376845 8038069 Metasediment
--------------- -------- --------- ------------------- ----------
RAS008 BC1 Embayment 376785 8038076 Metasediment
--------------- -------- --------- ------------------- ----------
RAS009 BC1 Embayment 376544 8037704 Altered Ultramafic Ni-Cu
--------------- -------- --------- ------------------- ----------
RAS010 BC1 Embayment 376507 8037738 Altered Ultramafic Ni-S
--------------- -------- --------- ------------------- ----------
RAS011 BC1 Embayment 376418 8037865 Iron gossan Cu-Co
--------------- -------- --------- ------------------- ----------
RAS012 BC1 Embayment 376426 8037865 Altered Ultramafic Ni-Cu
--------------- -------- --------- ------------------- ----------
RAS013 BC1 Embayment 376356 8037651 Altered Ultramafic Ni-Cu
--------------- -------- --------- ------------------- ----------
RAS014 BC1 Embayment 376290 8037609 Altered Ultramafic Ni-Cu
--------------- -------- --------- ------------------- ----------
RAS015 BC1 Embayment 376142 8037371 Altered Ultramafic
--------------- -------- --------- ------------------- ----------
RAS016 BC1 Embayment 376011 8037512 Altered Ultramafic
--------------- -------- --------- ------------------- ----------
BD23-054 PS053 Area 376458 8036875 Peridotite
--------------- -------- --------- ------------------- ----------
Undifferentiated
BD23-055 PS053 Area 376406 8036862 Ultramafic Ni-Cu
--------------- -------- --------- ------------------- ----------
BD23-056 PS053 Area 376371 8036917 Dunite Ni-Cu
--------------- -------- --------- ------------------- ----------
BD23-057 PS053 Area 376306 8036900 Gabbro
--------------- -------- --------- ------------------- ----------
pXRF analysis of samples
Station No. pXRF Co Co Cu Cu Ni Ni S S
Measurements % % Range % % Range % % Range % % Range
Avg Avg Avg Avg
0.04 - 0.03 - 0.22 -
BD23-007 3 0.05 0.06 0.06 0.12 0.43 0.77 0.22 ND - 0.43
-------------- ----- ---------- ----- ----------- ----- ----------- ----- ----------
BD23-009 1 ND 0.00 ND 0.03
-------------- ----- ---------- ----- ----------- ----- ----------- ----- ----------
BD23-024 1 ND 0.00 ND 0.02
-------------- ----- ---------- ----- ----------- ----- ----------- ----- ----------
BD23-026 1 ND 0.04 0.07 ND
-------------- ----- ---------- ----- ----------- ----- ----------- ----- ----------
BD23-027 1 ND 0.00 0.01 ND
-------------- ----- ---------- ----- ----------- ----- ----------- ----- ----------
BD23-029 1 0.02 0.02 0.15 ND
-------------- ----- ---------- ----- ----------- ----- ----------- ----- ----------
BD23-030 1 0.03 0.04 0.08 0.07
-------------- ----- ---------- ----- ----------- ----- ----------- ----- ----------
0.04 - 0.09 -
BD23-031 3 0.02 ND - 0.04 0.05 0.06 0.13 0.16 0.07 ND - 0.11
-------------- ----- ---------- ----- ----------- ----- ----------- ----- ----------
BD23-032 1 0.06 0.12 0.36 0.07
-------------- ----- ---------- ----- ----------- ----- ----------- ----- ----------
BD23-034 1 ND 0.01 0.09 ND
-------------- ----- ---------- ----- ----------- ----- ----------- ----- ----------
0.02 - 0.02 -
BD23-035 2 0.02 0.03 0.03 0.03 0.21 0.20 -0.21 ND ND
-------------- ----- ---------- ----- ----------- ----- ----------- ----- ----------
BD23-039 1 ND 0.03 0.05 ND
-------------- ----- ---------- ----- ----------- ----- ----------- ----- ----------
0.03 - 0.18 -
BD23-040 2 0.04 0.04 0.12 0.1 - 0.14 0.19 0.21 0.06 ND - 0.12
-------------- ----- ---------- ----- ----------- ----- ----------- ----- ----------
BD23-041 1 ND 0.00 0.01 0.18
-------------- ----- ---------- ----- ----------- ----- ----------- ----- ----------
0.01 - 0.009 - 0.198
BD23-050 2 0.02 0.02 0.01 0.014 0.20 - 0.201 ND ND
-------------- ----- ---------- ----- ----------- ----- ----------- ----- ----------
BD23-051 1 ND 0.02 0.20 ND
-------------- ----- ---------- ----- ----------- ----- ----------- ----- ----------
BD23-052 1 ND 0.02 0.19 ND
-------------- ----- ---------- ----- ----------- ----- ----------- ----- ----------
0.024 0.048 - 0.1 - 0.032
BD23-053 2 0.03 - 0.029 0.05 0.06 0.11 0.11 0.03 - 0.037
-------------- ----- ---------- ----- ----------- ----- ----------- ----- ----------
BD23-054 1 0.03 0.01 0.09 0.11
-------------- ----- ---------- ----- ----------- ----- ----------- ----- ----------
JK23-01 1 ND 0.03 0.06 ND
-------------- ----- ---------- ----- ----------- ----- ----------- ----- ----------
JK23-02 1 0.06 0.01 0.31 ND
-------------- ----- ---------- ----- ----------- ----- ----------- ----- ----------
JK23-03 1 0.01 0.04 0.04 0.03
-------------- ----- ---------- ----- ----------- ----- ----------- ----- ----------
0.002 - 0.003
JK23-04 2 0.01 ND - 0.02 0.02 0.04 0.09 - 0.19 0.00 ND - 0.01
-------------- ----- ---------- ----- ----------- ----- ----------- ----- ----------
RAS001 1 ND 0.00 ND 0.02
-------------- ----- ---------- ----- ----------- ----- ----------- ----- ----------
RAS002 1 ND 0.00 ND 0.06
-------------- ----- ---------- ----- ----------- ----- ----------- ----- ----------
RAS003 1 ND 0.00 0.01 ND
-------------- ----- ---------- ----- ----------- ----- ----------- ----- ----------
RAS004 1 ND 0.00 0.00 0.02
-------------- ----- ---------- ----- ----------- ----- ----------- ----- ----------
0.02 - 0.007 - 0.05 -
RAS005 3 0.04 0.08 0.04 0.09 0.11 0.17 ND ND
-------------- ----- ---------- ----- ----------- ----- ----------- ----- ----------
RAS006 1 ND 0.06 0.00 0.05
-------------- ----- ---------- ----- ----------- ----- ----------- ----- ----------
0.02 -
RAS007 5 ND ND 0.04 0.06 ND ND 0.00 ND - 0.02
-------------- ----- ---------- ----- ----------- ----- ----------- ----- ----------
RAS008 1 ND 0.04 0.00 ND
-------------- ----- ---------- ----- ----------- ----- ----------- ----- ----------
RAS009 1 ND 0.00 0.01 0.06
-------------- ----- ---------- ----- ----------- ----- ----------- ----- ----------
RAS010 1 ND 0.00 0.00 0.36
-------------- ----- ---------- ----- ----------- ----- ----------- ----- ----------
0.05 -
RAS011 5 0.18 ND - 0.34 0.08 0.1 0.01 ND - 0.02 0.06 ND - 0.16
-------------- ----- ---------- ----- ----------- ----- ----------- ----- ----------
RAS012 1 ND 0.00 0.00 0.21
-------------- ----- ---------- ----- ----------- ----- ----------- ----- ----------
RAS013 1 ND 0.00 0.01 0.13
-------------- ----- ---------- ----- ----------- ----- ----------- ----- ----------
RAS014 1 ND 0.00 0.00 ND
-------------- ----- ---------- ----- ----------- ----- ----------- ----- ----------
RAS015 1 ND 0.00 0.00 ND
-------------- ----- ---------- ----- ----------- ----- ----------- ----- ----------
RAS016 1 0.01 ND 0.00 ND
-------------- ----- ---------- ----- ----------- ----- ----------- ----- ----------
0.02 - 0.005 - 0.22 -
BD23-055 4 0.11 0.24 0.13 0.27 4.28 12.4* 0.01 ND - 0.01
-------------- ----- ---------- ----- ----------- ----- ----------- ----- ----------
0.08 - 0.25 - 1.79 -
BD23-056 2 0.09 0.09 0.26 0.26 1.95 2.10 0.01 ND - 0.03
-------------- ----- ---------- ----- ----------- ----- ----------- ----- ----------
0.02 - 0.01 - 0.1 - 0.58 -
BD23-057 2 0.03 0.04 0.05 0.08 0.12 0.14 0.77 0.96
-------------- ----- ---------- ----- ----------- ----- ----------- ----- ----------
NB: ND refers to "Not Detected" by the pXRF; where the number of readings equals 1, the range has not been listed.
* The high value of nickel relates to nickel oxide which is interpreted to be related to the weathering of nickel sulphide.
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, * Rock chip samples were collected to determine if
random chips, or specific specialised industry nickel, copper, sulphur and magnesium were present
standard measurement tools appropriate to the within the BC1 area to confirm the extent of the
minerals under investigation, such as down hole gamma ultramafic contact into E80/5455.
sondes, or handheld XRF instruments, etc). These
examples should not be taken as limiting the broad
meaning of sampling. * The Olympus Vanta portable x-ray fluorescence
('pXRF') was used to collect measurements from field
samples. If the sample was mineralised, multiple
* Include reference to measures taken to ensure sample measurements were collected at different positions on
representivity and the appropriate calibration of any the sample to get the variability.
measurement tools or systems used.
* Each measurement had 3 beams collected, the first two
* Aspects of the determination of mineralisation that beams for 15 seconds and the third beam for 10
are Material to the Public Report. In cases where seconds.
'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 * These measurements assist in confirming lithological
pulverised to produce a 30 g charge for fire assay'). compositions and any potential mineralisation
In other cases more explanation may be required, such present. The pXRF was used to assist in confirmation
as where there is coarse gold that has inherent of the rock chip collected as preliminary analysis.
sampling problems. Unusual commodities or Upon completion of the RC program in mid-May, a
mineralisation types (eg submarine nodules) may selection of rock chips will be sent to the
warrant disclosure of detailed laboratory for verification.
information. * The background image in Figure 2 is an anomaly map
from the HoisTEM survey completed in 2005 which
completed on a 100 m spacing with samples every
8-10m.
=============== ================================================================== ==================================================================
Drilling * No drilling is reported.
techniques * Drill type (eg core, reverse circulation, open-hole
hammer, rotary air blast, auger, Bangka, sonic, etc)
and details (eg core diameter, triple or standard
tube, depth of diamond tails, face-sampling bit or
other type, whether core is oriented and if so, by
what method, etc).
=============== ================================================================== ==================================================================
Drill * No drilling is reported.
sample * Method of recording and assessing core and chip
recovery sample recoveries and results assessed.
* Measures taken to maximise sample recovery and ensure
representative nature of the samples.
* Whether a relationship exists between sample recovery
and grade and whether sample bias may have occurred
due to preferential loss/gain of fine/coarse
material.
=============== ================================================================== ==================================================================
Logging
* Whether core and chip samples have been geologically * No drilling is reported.
and geotechnically logged to a level of detail to
support appropriate Mineral Resource estimation,
mining studies and metallurgical studies. * All rock chip samples, except JK23-01 to JK23-04 were
described with photographs taken.
* Whether logging is qualitative or quantitative in
nature. Core (or costean, channel, etc) photography.
* The total length and percentage of the relevant
intersections logged.
=============== ================================================================== ==================================================================
Sub- sampling
techniques * If core, whether cut or sawn and whether quarter, * pXRF analysis was completed on the whole rock and not
and sample half or all core taken. a pulverised sample. Where samples were elevated in
preparation nickel, copper or cobalt, multiple measurement were
collected to get a range of values.
* If non-core, whether riffled, tube sampled, rotary
split, etc and whether sampled wet or dry.
* pXRF analysis is a spot reading of the surface of the
rock. The variability in grain size, alteration and
* For all sample types, the nature, quality and mineralisation can result in the element that is
appropriateness of the sample preparation being analysed to be overrepresented. By measuring an
unmineralized or unaltered portion of the same sample,
a more representative value can be reported. The
technique. Competent Person considers this to be acceptable for
preliminary results of Nickel, Copper and Cobalt.
* The HoisTEM survey was completed in 2005. The HoisTEM
system is 25Hz with a terrain clearance of 30-40m and
a line of spacing of 100m. Re-processing of this data
has not been possible due to the originally
processing corrupting the data. The IP effects
present in the original data were not properly
corrected and the original data and flight details
are no longer available.
=============== ================================================================== ==================================================================
* Quality control procedures adopted for all sub- * The CRM's provided with the pXRF were used to
sampling stages to maximise representivity of validate the consistency of the readings and regular
samples. Calibration Checks were completed.
* Measures taken to ensure that the sampling is * To reduce the potential that the elevated mineralised
representative of the in-situ material collected, samples are overrepresented, measurements without
including for instance results for field visible mineralisation were collected and then the
duplicate/second-half sampling. sample was averaged.
* Whether sample sizes are appropriate to the grain
size of the material being sampled.
=============== ================================================================== ==================================================================
Quality
of assay * The nature, quality and appropriateness of the * The Olympus Vanta Series pXRF analyser is used to
data and assaying and laboratory procedures used and whether provide preliminary quantitative measurements of
laboratory the technique is considered partial or total. mineralisation. A 3-beam, 40 second reading time was
tests used with a single reading collected from the rocks
surface. Where no elevated nickel, copper or cobalt
* For geophysical tools, spectrometers, handheld XRF were detected, one measurement was collected. Where
instruments, etc, the parameters used in determining high grade values were returned, multiple readings
the analysis including instrument make and model, were collected, including those without
reading times, calibrations factors applied and their mineralisation, to note that the sample was not 100%
derivation, etc. mineralised.
* 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 * The verification of significant intersections by * The analytical data was collected directly by the
and assaying either independent or alternative company personnel. pXRF analyser and downloaded by digital transfer to
an excel sheet. All results were reviewed and
verified by the principal geologist.
* The use of twinned holes.
* The elevated nickel readings are a results of nickel
* Documentation of primary data, data entry procedures, oxide from the weathering of sulphides.
data verification, data storage (physical and
electronic) protocols.
* All measurements from the pXRF anlayser were averaged
where multiple readings were collected.
* Discuss any adjustment to assay data.
* No adjustments to any data have been undertaken.
* No drilling was completed and there are no twinned
holes.
=============== ================================================================== ==================================================================
Location
of data * Accuracy and quality of surveys used to locate drill * All rock chip samples were collected using a handheld
points holes (collar and down-hole surveys), trenches, mine GPS with a +/-5m error.
workings and other locations used in Mineral Resource
estimation.
* All data is reported using Map Grid of Australia
1994, Zone 52.
* Specification of the grid system used.
* Quality and adequacy of topographic control.
=============== ================================================================== ==================================================================
Data spacing
and * Data spacing for reporting of Exploration Results. * The spacing of samples is showing in Figure 2 and is
distribution based on available outcrop and the traverses walked.
This is not detailed sampling program but rather
* Whether the data spacing and distribution is samples collected to confirm and verify the desktop
sufficient to establish the degree of geological and interpretation.
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 * Whether the orientation of sampling achieves unbiased * The orientation of sampling is based on traverses
in relation sampling of possible structures and the extent to walked and available outcrop present. Focus was on
to geological which this is known, considering the deposit type. mapping the historic contact and the extent of the
structure interpreted contact with infilling where possible.
* If the relationship between the drilling orientation
and the orientation of key mineralised structures is * No sampling bias is present.
considered to have introduced a sampling bias, this
should be assessed and reported if material.
=============== ================================================================== ==================================================================
Sample
security * The measures taken to ensure sample security. * All rock chip samples were collected, bagged and
securely stored in a locked sea container by FME
staff. Submission of selected samples to the lab will
occur with the next batch of drilling.
============= ==================================================================== ==================================================================
Audits
or reviews * The results of any audits or reviews of sampling * No audits are documented to have occurred in relation
techniques and data. to sampling techniques or data.
============= ==================================================================== ==================================================================
Section 2 Reporting of Exploration Results
Criteria JORC Code explanation Commentary
==================================================================
Mineral
tenement * Type, reference name/number, location and ownership * The BC1 Prospect crosses two tenements: M80/105 which
and land including agreements or material issues with third is part of the Panton PGM Project and the Panton
tenure status parties such as joint ventures, partnerships, North Area which is part of the JV with Octava
overriding royalties, native title interests, Minerals Limited (E80/5455). The Panton West and
historical sites, wilderness or national park and Panton North Prospect are within the Panton North
environmental settings. Tenement.
* The security of the tenure held at the time of * The Panton PGM Project is located on three granted
reporting along with any known impediments to mining licenses M80/103, M80/104 and M80/105 ('MLs').
obtaining a licence to operate in the area. The MLs are held 100% by Panton Sill Pty Ltd which is
a 100% owned subsidiary of Future Metals NL. The MLs
were granted on 17 March 1986 and are currently valid
until 16 March 2028. 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.
* The Panton North tenement, E80/5455, is part of JV
with Octava Minerals Limited ("OCT") and covers an
area of 25.4km2. In addition to E80/5455, the
Palamino Project (E80/5459) is part of the JV with
OCT and covers an area of 6.4km2. Both tenements are
granted and in good standing.
* Both the Panton PGM Project and the OCT JV are within
the traditional lands of the Malarngowen with the
necessary agreement in place with representatives of
the Native Title Owners and the Kimberley Land
Council.
* There are no impediments to working in the area.
================= ================================================================== ==============================================================
Exploration The Panton PGM Project
done by other * Acknowledgment and appraisal of exploration by other * The Panton deposit was discovered by the Geological
parties parties. 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. Pickland Mather also completed
stream sediment sampling as part of a regional
programme.
* 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. The Company also completed an extensive
maglag surface programme on a 200m N-S grid with 50m
samples across the entire intrusion.
* Panoramic Resources Ltd subsequently purchased the
Panton PGM-Ni Project from Platinum Australia Ltd in
May 2012 and conducted a wide range of metallurgical
test work programmes on the Panton ore.
* Prior to 2021, all focus has been on the PGM
resource.
Panton North - OCT JV
* The Panton North Tenement (E80/5455) has undergone
surface exploration and limited drilling. Historic
work by Pickland Mather and Co covered the area with
stream sediment sampling. Most recently, Thundelarra,
as part of the East Kimberley JV with Panoramic
Resources completed rock chip and soil sampling with
airborne Falcon Gravity survey and an airborne
Electromagnetic HoisTEM survey. Drilling was
predominantly focused on the Panton North area.
================= ================================================================== ==============================================================
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. Historically, there are three distinct
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.
* Recent work by FME staff has identified a thicker
basal unit that extends into the Panton North JV with
thickened portions interpreted to represent an
embayment type feature that could host Ni-Cu sulphide
mineralisation. Additionally, the Panton West area is
interpreted to be a separate ultramafic sill, of
similar age to the Panton Complex.
* Exploration activities being referred to in this
release are aimed at confirming desktop
interpretation of airborne and historic surface
sampling.
================= ================================================================== ==============================================================
Drill hole
Information * A summary of all information material to the * No drilling was reported.
understanding of the exploration results including a
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 * All rock chips were measured with a pXRF analyser
methods techniques, maximum and/or minimum grade truncations which gives spot measurements. Where samples were
(eg cutting of high grades) and cut-off grades are mineralised, multiple readings were collected and the
usually Material and should be stated. average value was reported. If a 'Not Detected" value
was returned for one of the reported elements, a
value of 0 was included with the averaging.
* Where aggregate intercepts incorporate short lengths
of high-grade results and longer lengths of low-grade
results, the procedure used for such aggregation * For samples that were averaged, the range of values
should be stated and some typical examples of such collected are reported.
aggregations should be shown in detail.
* No metal equivalents are reported.
* The assumptions used for any reporting of metal
equivalent values should be
clearly stated.
=============== ==================================================================== ==============================================================
Relationship * No drilling was completed.
between * These relationships are particularly important in the
mineralisation reporting of Exploration Results.
widths and
intercept
lengths * If the geometry of the mineralisation with respect to
the drill hole angle is known, its nature should be
reported.
* 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 * Figure 2 shows the sample locations in relation to
tabulations of intercepts should be included for any the interpreted target. All samples are listed in
significant discovery being reported These should Table 1.
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 * All rock chip samples collected in the BC1 Embayment
Results is not practicable, representative reporting area and around PS053 have been reported where the
of both low and high grades and/or widths should be original location of the sample was known. Samples of
practiced to avoid misleading reporting of shifted rock were not reported or included.
Exploration Results.
=============== ==================================================================== ==============================================================
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 * Refer to the main text and figures in the main body
tests for lateral extensions or depth extensions or of this announcement for details of the exploration
large-scale step-out drilling). activities completed.
* Diagrams clearly highlighting the areas of possible * Further work in the BC1 Embayment area will be
extensions, including the main geological completed with shallow RC drilling to confirm the
interpretations and future drilling areas, provided presence and extent of the Panton Complex, which is
this information is not commercially sensitive. in a blind position under the Tickalarra
metasediments.
* Mining, environmental and economic studies are
underway.
=============== ==================================================================== ==============================================================
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