PLUS1
| 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 | 0.0% | 9.50 | 9.00 | 10.00 | 9.50 | 9.50 | 9.50 | 11,300 | 08:00:00 |
| Industry Sector | Turnover (m) | Profit (m) | EPS - Basic | PE Ratio | Market Cap (m) |
|---|---|---|---|---|---|
| Mining | - | - | - | - | 33 |
Future Metals NL Further Assay Results from the Panton Deposit
17/01/2022 8:45am
UK Regulatory (RNS & others)
Future Metals Nl (LSE:FME)
Historical Stock Chart
From Nov 2021 to May 2022
TIDMFME
RNS Number : 6529Y
Future Metals NL
17 January 2022
Further Assay Results from Metallurgical Drilling
at the Panton PGM-Ni Deposit
Future Metals NL ("Future Metals" or the "Company", ASX|AIM: FME ), is pleased to announce further high-grade PGM assay results from the metallurgical drilling completed at its 100% owned Panton PGM Project ("Panton") in northern Western Australia.
The results reported are from the remaining three of eight metallurgical holes drilled to provide samples for flotation optimisation and variability test work which is underway. Assay results remain pending for a further 52 exploration drill holes, with initial results expected during Q1, 2022.
Panton has a current JORC Mineral Resource Estimate ("MRE") of 14.32Mt @ 4.89g/t PGM (6E) and 0.31g/t gold for 2.4Moz of contained PGM and gold (refer to Appendix One) .
Highlights
-- Assay results received for the remaining three metallurgical holes drilled, further to the initial five drill hole results reported in the Company's announcement of 28 October 2021, include (refer to Table One and Appendix Two for full details) :
o 8.4m @ 4.89g/t PGM 3E (4.90g/t PdEq) from 32.6m (PS383) o 12.6m @ 2.58g/t PGM 3E (2.81g/t PdEq) from 54.4m (PS385) -- including 4.6m @ 5.42g/t PGM 3E (5.34g/t PdEq) from 54.4m o 13m @ 1.03g/t PGM 3E (1.30g/t PdEq) from 43m (PS386)
-- Metallurgical flotation test work is underway on both high-grade and low-grade representative composite samples
-- Assay results pending for a further 52 drill holes comprising 19 exploration holes recently drilled by the Company and 33 historical drill holes that were not previously sampled through the footwall of the Upper Reef
-- Initial batch of results expected to be reported within the coming weeks and thereafter regularly throughout Q1, 2022.
-- Once all of the assays have been received, the Company will incorporate the new results into an updated MRE that will encompass shallow, bulk PGM-Ni mineralisation up to 20-40 metres in thickness, that importantly sits outside of the current MRE (refer to the Company's announcement of 8 December 2021)
-- The Company remains in a strong financial position with cash at bank of A$6.0 million as at 30 November 2021
(1) 3E= Palladium (Pd) + Platinum (Pt) + Gold (Au)
(2) PdEq (Palladium Equivalent g/t) = Pd(g/t) + 0.76471xPt(g/t) + 0.875xAu(g/t) + 1.90394xNi(%) + 1.38936xCu(%) + 8.23xCo(%)
Metallurgical Drillhole Assay Results
A total of eight metallurgical holes were drilled (PS382 - PS389) to recover sufficient mineralised chromitite reef and associated mineralised dunite for metallurgical test work.
Results were reported for the initial five holes on 28 October 2021 and results have now been received for the remaining three holes as set out in Table One below (refer to Appendix Two for the drill hole details) :
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)
----------- ------ ------- ------- -------- -------- -------- ---------- ------ ------ -------- -----------
PS383 32.6 41 8.4 2.37 2.08 0.42 4.89 0.24 0.06 n/a 4.90
PS385 54.4 67 12.6 1.21 1.04 0.33 2.58 0.23 0.05 n/a 2.81
including 54.4 59 4.6 2.72 2.18 0.52 5.42 0.23 0.04 n/a 5.34
and 101 103.3 2.3 1.23 1.55 0.16 2.93 0.16 0.03 n/a 2.90
----------- ------ ------- ------- -------- -------- -------- ---------- ------ ------ -------- -----------
PS386 43 56 13 0.45 0.39 0.19 1.03 0.17 0.05 n/a 1.30
----------- ------ ------- ------- -------- -------- -------- ---------- ------ ------ -------- -----------
Table One | Metallurgical Sample Drilling Assay Results
(1) 3E= Palladium (Pd) + Platinum (Pt) + Gold (Au)
(2) PdEq (Palladium Equivalent g/t) = Pd(g/t) + 0.76471xPt(g/t) + 1.90394xNi(%) + 0.875x(Au(g/t) + 1.38936xCu(%) + 8.23xCo(%)
Metallurgical flotation test work is underway at ALS Laboratories in Perth, Western Australia. Test work is being carried out on both high-grade and lower-grade bulk samples composited from the eight metallurgical drill holes.
http://www.rns-pdf.londonstockexchange.com/rns/6529Y_1-2022-1-17.pdf
Figure One | Panton Drill Hole Plan
Pending Exploration Drillhole Assay Results
As previously reported, the Company has completed approximately 6,000m of diamond core drilling designed to:
-- provide samples for further metallurgical test work (as reported above);
-- test continuity and depth extensions to the existing 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)
The Company has completed 27 drill holes. Eight holes were drilled to provide metallurgical samples as reported above and as announced on 28 October 2021. Assay results from the remaining 19 exploration holes remain pending with samples submitted to Bureau Veritas in Perth, Western Australia in 11 batches between October 2021 and January 2022.
Historical 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' (refer to the Company's announcement of 8 December 2021) . Furthermore, several historic 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 Company has now completed sampling of the partially unassayed holes that were drilled into the mineralised footwall dunite. A total of 33 historical drill holes that were not previously completely assayed have now been sampled and submitted for assaying in December 2021 and January 2022.
Accordingly, the Company expects to progressively report assay results from a further 52 drill holes (comprising 19 recently drilled holes and 33 historical holes) over the next 2-3 months. The initial batch of results are expected to be received in the next few weeks.
Once received, all new assay data will be incorporated into a new MRE for the Panton PGM Project. The planned updated MRE will take into consideration shallow, bulk PGM-Ni mineralisation of up to 20-40 metres in thickness, that sits outside of the current MRE (refer to the Company's announcement of 8 December 2021).
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 than 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 calculations are shown below:
-- Palladium 80%, Platinum 80%, Gold 70%, Nickel 45%, Copper 67.5% and Cobalt 60%
Metal prices used are also 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 were calculated according to the follow formula:
-- PdEq (Palladium Equivalent g/t) = Pd(g/t) + 0.76471 x Pt(g/t) + 0.875 x Au(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.
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.
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/6529Y_1-2022-1-17.pdf
Appendix Two
Metallurgical Drill Hole Details
Hole Type Dip
Depth ((0) Azi ((0)
Hole ID Easting Northing RL (m) (m) ) )
PS383 PQ 377043 8037291 455 44.4 -87 339
PS385 PQ 377648 8037205 458 115.3 -50 250
PS386 PQ 377649 8037205 458 60.3 -70 250
----------- -------- --------- ------- ------ ------ ---------
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 which was cut in
standard measurement tools appropriate to the half, and then one half cut again to produce 1/4 core
minerals under investigation, such as down hole gamma samples using a core saw.
sondes, or handheld XRF instruments, etc). These
examples should not be taken as limiting the broad
meaning of sampling. * All sampling was either supervised by, or undertaken
by, qualified geologists.
* Include reference to measures taken to ensure sample
representivity and the appropriate calibration of any * 1/4 and 1/2 core samples were sent to ALS Metallurgy
measurement tools or systems used. in Balcatta, Perth, Western Australia. 1/2 core
samples were reserved for metallurgical test work and
the 1/4 core samples were assayed at ALS Minerals in
* Aspects of the determination of mineralisation that Malaga, Perth, Western Australia.
are Material to the Public Report. In cases where
'industry standard' work has been done this would be
relatively simple (eg 'reverse circulation drilling * To ensure representative sampling, for each hole, the
was used to obtain 1 m samples from which 3 kg was same quadrant of the original core was sent for assay
pulverised to produce a 30 g charge for fire assay'). ,
In other cases more explanation may be required, such for example when looking at the core down hole, the
as where there is coarse gold that has inherent left-hand side was sampled for metallurgical test
sampling problems. Unusual commodities or work, the lower right-hand quadrant was retained in
mineralisation types (eg submarine nodules) may the core tray as a reference sample, and the upper
warrant disclosure of detailed information. 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 pulverised to
provide material for fire assay, ICP-MS and XRF
analysis.
============= ============================================================ ============================================================
Drilling
techniques * Drill type (eg core, reverse circulation, open-hole * All metallurgical drill holes PS382 - PS389 were
hammer, rotary air blast, auger, Bangka, sonic, etc) drilled PQ3 (83.0mm diameter).
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 * Core is orientated using a BLY TruCore UPIX
what method, etc.). Orientation Tool.
* The 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.
============= ============================================================ ============================================================
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.
* Metallurgical drill holes PS382 - PS389 that were
drilled to collect sample material for metallurgical
* Whether a relationship exists between sample recovery test work were deliberately drilled at a low angle to
and grade and whether sample bias may have occurred the chromitite reefs so as to maximise the amount of
due to preferential loss/gain of fine/coarse mineralised material recovered in each drill hole.
material. 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. PQ3 core is cut in half, and then one half cut again
preparation into quarters. One quarter core is kept as reference,
one quarter core is sent to the laboratory for assay,
* If non-core, whether riffled, tube sampled, rotary and the remaining half core is sent to ALS Metallurgy
split, etc and whether sampled wet or dry. for metallurgical test work.
* For all sample types, the nature, quality and * Generally, core samples are 1 metre in length, with a
appropriateness of the sample preparation technique. minimum sample length of 25 centimetres. Sample
lengths are altered from the usual 1 metre due to
geological contacts, particularly around the
* Quality control procedures adopted for all chromitite reefs.
sub-sampling stages to maximise representivity of
samples.
* The sample size is considered appropriate for the
material being sampled.
* Measures taken to ensure that the sampling is
representative of the in-situ material collected,
including for instance results for field
duplicate/second-half sampling.
* Whether sample sizes are appropriate to the grain
size of the material being sampled.
============= ============================================================ ============================================================
Quality
of assay * 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.
* No geophysical tools were used.
* Laboratory repeat analysis is completed on 10% of the
samples submitted for assay.
============= ============================================================ ============================================================
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 0.70g/t PGM (3E) (Pt + Pd + Au)
cut-off grade. A maximum of 2m consecutive internal
waste is allowed in composites.
* The use of twinned holes.
* All significant intercepts are calculated by the
* Documentation of primary data, data entry procedures, Company's Exploration Manager and checked by
data verification, data storage (physical and management.
electronic) protocols.
* Discuss any adjustment to assay data.
============= ============================================================ ============================================================
Location
of data * Accuracy and quality of surveys used to locate drill * Drill hole collars are located using a hand-held GPS.
points holes (collar and down-hole surveys), trenches, mine Down hole surveys are taken with a north seeking
workings and other locations used in Mineral Resource gyroscope at regular intervals of 30m down hole.
estimation.
* Grid system used is Map Grid of Australia 1994, Zone
* Specification of the grid system used. 52.
* Quality and adequacy of topographic control. * The topographic control is considered better than
============= ============================================================ ============================================================
Data spacing
and * Data spacing for reporting of Exploration Results. * Data spacing down hole is considered appropriate at
distribution between 0.25 and 1m intervals.
* Whether the data spacing and distribution is
sufficient to establish the degree of geological and * The metallurgical drill holes reported in this
grade continuity appropriate for the Mineral Resource announcement are designed to recover material for
and Ore Reserve estimation procedure(s) and metallurgical test work.
classifications applied.
* Samples have not been composited.
* Whether sample compositing has been applied.
============= ============================================================ ============================================================
Orientation
of data * Whether the orientation of sampling achieves unbiased * Metallurgical drill holes have been deliberately
in relation sampling of possible structures and the extent to orientated at a low angle to the dip of the
to which this is known, considering the deposit type. mineralised chromitite reefs to maximise the amount
geological of material recovered for metallurgical test work.
structure The drilled thickness is considerably greater than
* If the relationship between the drilling orientation the true thickness in these drill holes as a result.
and the orientation of key mineralised structures is
considered to have introduced a sampling bias, this
should be assessed and reported if material.
============= ============================================================ ============================================================
Sample
security * The measures taken to ensure sample security. * All core sample intervals are labelled in the core
boxes, recoded digitally and captured with the core
photography. Cut core samples are collected in bags
labelled with the sample number. Samples are
delivered to the Company's transport contractor in
Halls Creek directly by Company personnel. Samples
are then delivered to the laboratory by the 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 status parties such as joint ventures, partnerships, The MLs are held 100% by Panton Sill Pty Ltd which is
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 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.
* 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
Information * A summary of all information material to the * Details of all drill holes reported in this
understanding of the exploration results including a announcement are provided in Appendix Two.
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 0.70g/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 * 2 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 * Metallurgical drill holes have been deliberately
mineralisation reporting of Exploration Results. orientated at a low angle to the dip of the
widths and mineralised chromitite reefs to maximise the amount
intercept of material recovered for metallurgical test work.
lengths * If the geometry of the mineralisation with respect to The drilled thickness is considerably greater than
the drill hole angle is known, its nature should be the true thickness in these drill holes as a result.
reported.
* If it is not known and only the down hole lengths are
reported, there should be a clear statement to this
effect (e.g. 'down hole length, true width not
known').
=============== ============================================================ =================================================================
Diagrams
* Appropriate maps and sections (with scales) and * Drill hole plan included in Figure One of the body of
tabulations of intercepts should be included for any this 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 * All results at hand at the time of this announcement
Results is not practicable, representative reporting have been reported.
of both low and high grades and/or widths should be
practiced to avoid misleading reporting of
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 * 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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(END) Dow Jones Newswires
January 17, 2022 03:45 ET (08:45 GMT)
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