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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% | 1.525 | 1.45 | 1.60 | 1.525 | 1.525 | 1.525 | 0.00 | 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 2022 to Apr 2024
TIDMFME
RNS Number : 5659T
Future Metals NL
21 March 2023
21 March 2023
Future Metals NL
High Grade Mineralisation Intersected in 350m Step Out Hole
Highlights
-- Step out drilling at Panton returns high-grade PGM mineralisation 350m beyond the existing 6.9Moz PdEq JORC Mineral Resource Estimate ("MRE") (refer Appendix 3)
-- Intersections demonstrating significant PGM and sulphide mineralisation include (refer Figure Three) :
o 22.4m @ 1.50 g/t PGM(3E) (1) , 0.21% Ni, 155ppm Co and 0.04% Cu from 786m, including
-- Intersection of the high-grade PGM upper reef of 2m @ 6.6 g/t PGM(3E) (1) , 0.29% Ni, 153ppm Co, 0.12% Cu from 786m (refer to Figure One)
o 36m @ 0.86 g/t PGM(3E) (1) , 0.23% Ni, 151ppm Co, 0.01% Cu from 850m
o 19m @ 0.15 g/t PGM(3E) (1) , 0.19% Ni, 158ppm Co, 0.11% Cu from 1,053m
-- Nickel sulphide exploration model further validated by latest drilling demonstrating two distinct mineralising phases at Panton:
o First unit (Unit A) is a sulphur rich magma highly prospective for Ni-Cu sulphide mineralisation
o Second unit (Unit B) hosts the known PGM mineralisation
-- Supports the prospectivity of the 1km long untested embayment feature ("BC1") with multiple coincident Ni-Cu sulphide anomalies
-- Further evaluation of additional prospective nickel sulphide targets underway, including the Panton West & North Prospects, and Copernicus North
-- Drilling planned for Q2 2023 to test the shallow BC1 target and other targets at the Panton West prospect
Future Metals NL ("Future Metals" or the "Company", ASX | AIM: FME), is pleased to announce results from its deep drill hole at its wholly owned Panton Project ("Panton" or "the Project").
The Company completed a 1,328.6m drill hole at Panton (PS414) in January 2023 which targeted the basal contact towards the bottom of the intrusion. The drill hole was co-funded by the Western Australia Government's Exploration Incentive Scheme ("EIS"). This was the first time that a hole has been drilled through the entire Panton intrusion and it has provided highly valuable information relating to the reef-style mineralisation, and the Company's nickel sulphide exploration model targeting high-grade accumulations outside of the known 6.9Moz PdEq MRE.
Drill hole PS414 has demonstrated strong continuity of the high-grade PGM reef, providing a step out intersection of up to 350m from the nearest drill hole included in the current MRE. This provides significant growth potential for an updated MRE the Company is completing on the high-grade reef, comprising 3Moz of the current 6.9Moz PdEq MRE.
Results from the deep drill hole provide further support that Panton may host a significant sulphide system. Critically, the deep drill hole shows that Panton comprises of at least two discrete phases of magma intrusions. The upper zone (Unit B) hosts the previously defined reef-style PGM mineralisation whereas the newly recognised lower zone (Unit A) hosts disseminated magmatic sulphide mineralisation. This supports the Company's interpretation (refer to the Company's announcement of 2 February 2023) that the presence of a large untested embayment feature on the NW margin of the complex is a high-priority target. It also helps explain the local anomalous high-grade Ni-Cu sulphide intercepts in historical drilling and the recently drilled zones of broad disseminated magmatic sulphide mineralisation in the NW area. The Company's 2022/2023 drill programme has successfully redefined the Panton project as an intrusive complex with significant potential for a nickel sulphide discovery and enabled the Company to focus in on the most prospective areas for drilling a potentially large accumulation of sulphide mineralisation.
Drilling Results Discussion | High-Grade PGM Reef Step Out Intersection
The EIS co-funded drill hole, PS414, is an important drill hole which has served dual purposes for creating value at the Panton project. The hole was planned to drill into the basal contact at depth to inform the Company's nickel sulphide exploration model, and provide a significant step out hole in confirming the continuity of the high-grade PGM reef.
Hole PS414 intersected the PGM reef at 786m, demonstrating high grade mineralisation of 6.6 g/t PGM(3E) over 2 metres. This intersection represents a large step out from the drill hole results incorporated into the current 3Moz MRE relating to the high-grade reef. The step out distance for hole PS414 from the closest hole to the NNW is 350m, and 200m to the closest hole in the NE. Hole PS414 has also shown that the reef is flattening at depth. Figure One shows where hole PS414 intersected the high-grade reef, relative to the closest other intersections included in the current MRE wireframe model.
The Company is currently working on an updated JORC MRE to estimate the mineralisation more appropriately in the high-grade reefs. This will enable improved mine and process design to underpin the scoping study on the high-grade PGM mineralisation at the Panton project. The Company expects that this updated MRE will be significantly enhanced by the results from hole PS414.
Figure One | Orthogonal view showing location of PS414 intersection of the high-grade PGM reef relative to the nearest holes in the NNW and NE
The Panton Complex
Drill hole PS414 has confirmed that the ultramafic section of the Panton Intrusive Complex comprises two separate intrusive phases, separated by an approximately 50m thick chilled margin (refer to Photo One). This indicates that there was a significant time period between emplacement of these two events. This chilled margin is interpreted to relate to Unit B and contains clasts of ultramafic rock from Unit A.
The lower ultramafic unit, Unit A (refer to Figure Three) , is characterised by the presence of a 'cloud' of trace disseminated copper sulphide mineralisation. Copper-dominated mineralisation is unlikely to form as primary magmatic mineralisation within an ultramafic host so therefore must represent dispersion from a parental sulphide body yet to be discovered. This "copper cloud" has been observed elsewhere in previous drilling within the Panton Sill, most notably in the NW section stratigraphically above the embayment target. Significantly, this is also the area where anomalous sulphide-rich Ni-Cu mineralisation has been previously intersected (eg holes PS157, PS158 and PS053).
The second unit, Unit B (refer to Figure Three) , shows a systematic upward fractionation trend, with the interpreted hottest and most dynamic part of the intrusive section (ie the highest MgO and Ni interval) hosting PGM and chromitite mineralisation. This mineralisation is referred to as the "Main Zone" and is the geological unit that hosts the existing Panton PGM MRE.
The identification of two distinct intrusions is significant for advancing the exploration of the Panton Sill. The Panton Sill was historically considered to be one system and this drill hole has confirmed the dynamic nature of what now should be considered the Panton Complex.
Figure Two | Plan view showing embayment target ('BC1') and significant sulphide intercepts
Figure Three | Cross Section for Drill Hole PS414
Magmatic Sulphide Potential of Unit A
Based on the results from hole PS414, the lower part of the Panton Complex is now recognised as a discrete intrusion (Unit A). This important geological breakthrough provides a framework to help understand the increasing indications of magmatic sulphide mineralisation arising from the Company's recent drilling and analysis.
There are two major lines of evidence for the magmatic sulphide potential of Unit A.
Firstly, there are local historical intersections of sulphide-rich Ni-Cu mineralisation, like those encountered in PS053 which returned 4m @ 1.18% Ni and 1.05% Cu (refer to the Company's announcement of 2 February 2023) . Although the mineralised zone in hole PS053 was hosted by a late fault zone, it did contain fragments of undeformed magmatic sulphide-rich mineralisation. Follow-up drilling did not successfully intersect the target due to a suboptimal drilling angle and the mineralisation likely being a local occurrence. However, a model has now been developed (refer to Figure Four) to explain this mineralisation and its potential relationship to a larger basal-contact associated target. Hole PS053 is interpreted to have intersected a fragment of nickel sulphide mineralisation that has been uplifted along a fault. Additionally, the historic drill holes PS157 and PS158 were drilled near the perimeter of the embayment feature and demonstrate some of the most anomalous Ni-Cu sulphide intercepts from drilling undertaken at Panton. These are historic RC holes so visual analysis is not possible.
The second line of evidence for the prospectivity of Unit A is the widespread presence of trace (to locally more significant) disseminated pyrrhotite-chalcopyrite mineralisation throughout the host ultramafic sequence (refer to Photos Two and Three) . This is referred to as the "Copper Cloud" and results in widespread intervals of copper anomalism throughout the Unit A ultramafic (refer to Figure Three) . Textural observations indicate that this copper mineralisation is remobilised. This conclusion is also consistent with the basic geological principles for this type of deposit where primary copper-dominant magmatic mineralisation is not expected to form in an ultramafic host rock (ultramafic hosts usually host Ni-bearing sulphide mineralisation). The significance of this for exploration activity is that it implies that this copper mineralisation must be sourced from some larger primary source of sulphide mineralisation that has not yet been discovered.
The above observations have been integrated into a model to explain the sulphide mineralisation potential of Unit A at Panton. This is illustrated in Figure Four below.
The working concept is that a significant nickel sulphide body may have been emplaced at the base of the Panton Complex (ie the base of Unit A) in the embayment target area. Subsequent ongoing turbulent magma emplacement may have remobilised some of this mineralisation into scattered discrete "blobs" that solidified in the hanging wall of the main sulphide body. Some of these sulphide-rich blobs may have been subsequently elevated to a higher position in the intrusion by later faulting. This is the interpreted context of the sulphide intersection in hole PS053, which is located a significant distance above the interpreted prospective basal contact.
Interestingly, the best PGM mineralisation (highest grade and thickest) in the Main Zone (hosted by the overlying Unit B) occurs immediately overlying (stratigraphically) the embayment position. This can be explained in the context of the Company's model if the same feeder conduit was responsible for emplacement of both Unit A and Unit B.
Figure Four | Nickel Sulphide Emplacement Schematic
1: Emplacement of a hybrid melt (mixture of wallrock sulphide droplets to blebs, plus primary picritic magma) into the base of the sill
2: Accumulation and pooling of Ni-Cu rich sulphide magma in embayments near the feeder; remobilisation of sulphides from the top of this pool by subsequent pulses of turbulent new magma, resulting in sulphide-rich blobs within the overlying dunite formed by the new magma
3: Lower zone, including sulphide blobs overlying the basal sulphide pool, freezes; major new magma pulse into sill (using same feeder position) produces PGM-rich Chromitite layers which are thickest and best mineralised above the sulphide-rich embayment
4: Folding of the sill resulting in the embayment area appearing as a thickened zone on the contact
5: Late faulting locally remobilised sulphide blobs
Photo One | Upper contact of the chilled margin of Unit A with the dunite of Unit B showing the fragments
Photo Two | Pyrrhotite with Chalcopyrite blebs in Unit A at 1,095.3m in hole PS414
Photo Three | NQ2 core, 1,201.6m in hole PS414, pyrrhotite and chalcopyrite vein
Forward Plan | Further Exploration
The Company continues to build upon its nickel sulphide exploration model and work towards a discovery of a large, high-grade accumulation of Ni-Cu sulphides. The 2022/2023 drill programme has enabled the Company to validate the presence of a primary magmatic sulphide system within Panton, reduce the search space for follow-up exploration and identify a discrete untested target in BC1, the embayment feature.
Evaluations and preparatory activities are being undertaken across Panton, BC1 and the Panton West prospect for a follow up drill programme currently planned for Q2 2023. The drill programme will likely involve shallow Reverse Circulation ("RC") drilling as a first pass. The Company will provide further details on these targets in Q2 2023.
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.
The information in this announcement that relates to Mineral Resources is based on, and fairly represents, information compiled by Mr Brian Wolfe, who is a Member of the Australian Institute of Geoscientists. Mr Wolfe an external consultant to the Company and is a full time employee of International Resource Solutions Pty Ltd, a specialist geoscience consultancy. Mr Wolfe has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a competent person as defined in the 2012 Edition of the "Australasian Code for reporting of Exploration Results, Exploration Targets, Mineral Resources and Ore Reserves" (JORC Code). Mr Wolfe consents to the inclusion in this announcement of the matters based upon his information in the form and context in which it appears.
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 Five).
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 Five | 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 | Panton Diamond Drill Hole Collar Details
Hot Features
Premium
Drill EOH Easting Northing RL Azimuth Dip
Hole
PS414 1328.6 376653 8036506 485 340 -80
------- -------- --------- ---- -------- ----
Appendix 2 | PS414 Drilling Assay Results
Drill From To Interval Au Co Cu Ni Pd Pt S 3E(1)
Hole (m) (m) (m) ppb ppm % % ppb ppb % g/t
PS414 34.70 35.00 0.30 9 0.01 0.02 0.03 386.30 287.6 ND 0.68
-------- -------- ---------------- ------ ----- ----- ----- -------- ------- ----- -----
PS414 533.00 534.00 1.00 17 0.01 0.13 0.04 15.10 7.9 0.22 0.04
-------- -------- ---------------- ------ ----- ----- ----- -------- ------- ----- -----
PS414 574.00 576.00 2.00 32.5 0.01 0.22 0.09 28.30 39.7 0.54 0.10
-------- -------- ---------------- ------ ----- ----- ----- -------- ------- ----- -----
PS414 582.00 583.00 1.00 28 0.01 0.11 0.07 18.50 45.4 0.29 0.09
-------- -------- ---------------- ------ ----- ----- ----- -------- ------- ----- -----
PS414 622.00 623.00 1.00 60 0.02 0.13 0.09 11.30 15.1 0.33 0.09
-------- -------- ---------------- ------ ----- ----- ----- -------- ------- ----- -----
PS414 666.00 667.00 1.00 21 0.01 0.10 0.09 34.60 48.7 0.26 0.10
-------- -------- ---------------- ------ ----- ----- ----- -------- ------- ----- -----
PS414 760.00 768.00 8.00 15.2 0.02 0.01 0.20 395.23 136.5 0.07 0.55
-------- -------- ---------------- ------ ----- ----- ----- -------- ------- ----- -----
PS414 780.00 782.00 2.00 53 0.02 0.02 0.20 333.25 139 0.10 0.53
-------- -------- ---------------- ------ ----- ----- ----- -------- ------- ----- -----
PS414 786.00 808.40 22.40 164.1 0.02 0.04 0.21 697.90 634.8 0.16 1.50
-------- -------- ---------------- ------ ----- ----- ----- -------- ------- ----- -----
from 786m to 788m,
2m @ 704 0.02 0.12 0.29 3078.75 2836.2 0.34 6.62
------------------------------------ ------ ----- ----- ----- -------- ------- ----- -----
PS414 813.00 828.67 15.67 111.9 0.02 0.04 0.17 440.19 429 0.15 0.98
-------- -------- ---------------- ------ ----- ----- ----- -------- ------- ----- -----
PS414 829.00 831.00 2.00 99 0.02 0.20 0.22 43.45 57.6 0.45 0.20
-------- -------- ---------------- ------ ----- ----- ----- -------- ------- ----- -----
PS414 850.00 886.00 36.00 25.6 0.02 0.01 0.23 489.73 340.9 0.07 0.86
-------- -------- ---------------- ------ ----- ----- ----- -------- ------- ----- -----
PS414 891.00 892.00 1.00 20.9 0.02 0.02 0.26 350.53 227.7 0.13 0.60
-------- -------- ---------------- ------ ----- ----- ----- -------- ------- ----- -----
PS414 897.91 898.43 0.52 12 0.02 0.02 0.18 651.70 408.1 0.16 1.07
-------- -------- ---------------- ------ ----- ----- ----- -------- ------- ----- -----
PS414 904.00 906.35 2.35 42.6 0.02 0.04 0.12 569.86 303.9 0.41 0.92
-------- -------- ---------------- ------ ----- ----- ----- -------- ------- ----- -----
PS414 932.00 933.00 1.00 35 0.01 0.12 0.09 359.90 30.5 0.29 0.43
-------- -------- ---------------- ------ ----- ----- ----- -------- ------- ----- -----
PS414 1021.00 1022.00 1.00 28 0.01 0.13 0.13 5.30 5.8 0.37 0.04
-------- -------- ---------------- ------ ----- ----- ----- -------- ------- ----- -----
PS414 1031.00 1032.00 1.00 25 0.02 0.11 0.18 8.60 13.1 0.35 0.05
-------- -------- ---------------- ------ ----- ----- ----- -------- ------- ----- -----
PS414 1039.00 1040.00 1.00 36 0.02 0.11 0.18 6.00 10.0 0.31 0.05
-------- -------- ---------------- ------ ----- ----- ----- -------- ------- ----- -----
PS414 1053.00 1072.00 19.00 70.4 0.02 0.11 0.19 29.70 52 0.36 0.15
-------- -------- ---------------- ------ ----- ----- ----- -------- ------- ----- -----
PS414 1083.00 1084.00 1.00 50 0.01 0.11 0.12 61.50 113.9 0.38 0.23
-------- -------- ---------------- ------ ----- ----- ----- -------- ------- ----- -----
PS414 1094.70 1095.30 0.60 56 0.01 0.29 0.06 3.00 3.5 0.42 0.06
-------- -------- ---------------- ------ ----- ----- ----- -------- ------- ----- -----
PS414 1116.00 1120.00 4.00 24 0.02 0.10 0.14 4.15 5.5 0.29 0.03
-------- -------- ---------------- ------ ----- ----- ----- -------- ------- ----- -----
PS414 1148.00 1149.00 1.00 126 0.01 0.07 0.19 257.00 208.3 0.23 0.59
-------- -------- ---------------- ------ ----- ----- ----- -------- ------- ----- -----
PS414 1193.00 1194.00 1.00 136 0.01 0.21 0.18 33.20 35.2 0.32 0.20
-------- -------- ---------------- ------ ----- ----- ----- -------- ------- ----- -----
PS414 1216.00 1217.00 1.00 111 0.01 0.12 0.16 14.90 20.6 0.24 0.15
-------- -------- ---------------- ------ ----- ----- ----- -------- ------- ----- -----
(1) 3E= Palladium (Pd) + Platinum (Pt) + Gold (Au)
Appendix 3 | Panton Mineral Resource Estimate (JORC Code 2012)(2)
Resource Category Mass Grade Contained Metal
------
(Mt) Pd Pt Au PGM(3E) (g/t) Ni Cu Co PdEq(1) Pd Pt Au PGM(3E) (Koz) Ni Cu Co PdEq(1)
(g/t) (g/t) (g/t) (%) (%) (ppm) (g/t) (Koz) (Koz) (Koz) (kt) (kt) (kt) (Koz)
----------- ====== ------- ------- ------- =============== ====== ----- ------- ========= --------- ------- ------- =============== ======= ------ ------ =========
Reef Indicated 7.9 1.99 1.87 0.31 4.16 0.24 0.07 190 4.39 508 476 78 1,062 19.1 5.2 1.5 1,120
----------- ====== ------- ------- ------- =============== ====== ----- ------- ========= --------- ------- ------- =============== ======= ------ ------ =========
Inferred 17.6 1.59 1.49 0.22 3.30 0.23 0.07 193 3.63 895 842 123 1,859 41.1 13.1 3.4 2,046
---------------------- ====== ------- ------- ------- =============== ====== ----- ------- ========= --------- ------- ------- =============== ======= ------ ------ =========
Subtotal 25.4 1.71 1.61 0.24 3.57 0.24 0.07 192 3.86 1,403 1,318 201 2,922 60.3 18.2 4.9 3,166
---------------------- ====== ------- ------- ------- =============== ====== ----- ------- ========= --------- ------- ------- =============== ======= ------ ------ =========
Dunite Inferred 103.4 0.31 0.25 0.07 0.62 0.17 0.03 145 1.12 1,020 825 225 2,069 179.6 30.2 15.0 3,712
----------- ====== ------- ------- ------- =============== ====== ----- ------- ========= --------- ------- ------- =============== ======= ------ ------ =========
Subtotal 103.4 0.31 0.25 0.07 0.62 0.17 0.03 145 1.12 1,020 825 225 2,069 179.6 30.2 15.0 3,712
---------------------- ====== ------- ------- ------- =============== ====== ----- ------- ========= --------- ------- ------- =============== ======= ------ ------ =========
All Indicated 7.9 1.99 1.87 0.31 4.16 0.24 0.07 190 4.39 508 476 78 1,062 19.1 5.2 1.5 1,120
----------- ====== ------- ------- ------- =============== ====== ----- ------- ========= --------- ------- ------- =============== ======= ------ ------ =========
Inferred 121 0.49 0.43 0.09 1.01 0.18 0.04 152 1.48 1,915 1,667 347 3,929 219.7 43.2 18.4 5,758
---------------------- ====== ------- ------- ------- =============== ====== ----- ------- ========= --------- ------- ------- =============== ======= ------ ------ =========
Total 129 0.58 0.52 0.10 1.20 0.19 0.04 154 1.66 2,423 2,143 425 4,991 238.8 48.4 19.9 6,879
---------------------- ------ ------- ------- ------- --------------- ------ ----- ------- --------- --------- ------- ------- --------------- ------- ------ ------ ---------
(Notes)
(1) Please refer to the paragraph below for palladium equivalent (PdEq) calculation
(2) No cut-off grade has been applied to reef mineralisation and a cut-off of 0.9g/t PdEq has been applied to the dunite mineralisation
(1) PGM(3E) = Palladium (Pd) + Platinum (Pt) + Gold (Au)
(2) Metal equivalents were calculated according to the follow formulae:
-- Reef: 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(%)
-- Dunite: PdEq (Palladium Equivalent g/t) = Pd(g/t) + 0.76471 x Pt(g/t) + 0.933 x Au(g/t) +2.03087 x Ni(%) + 1.481990 x Cu(%) + 8.80 x Co(%)
Appendix 4 | 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, * PQ3/HQ3/NQ2 diamond core was submitted for analysis.
random chips, or specific specialised industry All samples were half core and cut using a core saw.
standard measurement tools appropriate to the PQ3 core was cut in half and then one half cut again
minerals under investigation, such as down hole gamma to produce 1/4 core samples using a core saw. The
sondes, or handheld XRF instruments, etc). These only exception is for regular duplicates downhole
examples should not be taken as limiting the broad that were cut into quarters so that half the core
meaning of sampling. remained in the tray. 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
measurement tools or systems used. * Core was cut into two equal halves, approximately 1
cm left of the orientation line where possible. The
left side was always sent to the laboratory to leave
* Aspects of the determination of mineralisation that the orientation line in the tray.
are Material to the Public Report. In cases where
'industry standard' work has been done this would be
relatively simple (eg 'reverse circulation drilling * Sample intervals are based on geological observations
was used to obtain 1 m samples from which 3 kg was (Lithological contacts, mineralization, alteration,
pulverised to produce a 30 g charge for fire assay'). etc). Minimum core sampled was 0.2m with two
In other cases more explanation may be required, such exceptions for chromitite intervals that were 0.15m
as where there is coarse gold that has inherent and 0.1m. A total of 1425 samples were sent to the
sampling problems. Unusual commodities or laboratory including 60 Certified Reference Materials
mineralisation types (eg submarine nodules) may ("CRM")/Blanks and duplicates.
warrant disclosure of detailed
information.
=============== ================================================================== ==============================================================
Drilling
techniques * Drill type (eg core, reverse circulation, open-hole * All drill holes were diamond cored, with either PQ3
hammer, rotary air blast, auger, Bangka, sonic, etc) or HQ3 collars. Once the hole was stable the hole was
and details (eg core diameter, triple or standard cased off and drilled with NQ2.
tube, depth of diamond tails, face-sampling bit or
other type, whether core is oriented and if so, by
what method, etc). * PQ3 core diameter is 83.0mm, HQ3 core diameter is
61.1mm and NQ2 core is 50.6mm.
* Future Metals NL drill holes HQ3 core is orientated
using a BLY TruCore UPIX Orientation Tool.
* Future Metal NLs drilling contractor is 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 * Method of recording and assessing core and chip * Each core run is measured and checked against the
recovery 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.
* Exploration drilling is planned to be as close to
orthogonal to the mineralisation as practicable to
* Whether a relationship exists between sample recovery get representative samples of the mineralisation.
and grade and whether sample bias may have occurred
due to preferential loss/gain of fine/coarse
material. * No relationship between recovery and grade has been
identified.
=============== ================================================================== ==============================================================
Logging
* Whether core and chip samples have been geologically * All drill holes were logged qualitatively for
and geotechnically logged to a level of detail to lithology, alteration, mineralisation and weathering
support appropriate Mineral Resource estimation, by a geologist. Data is then captured in a database
mining studies and metallurgical studies. appropriate for mineral resource estimation.
* Whether logging is qualitative or quantitative in * All drill holes are digitally photographed and logged
nature. Core (or costean, channel, etc) photography. in full.
* The total length and percentage of the relevant
intersections logged.
=============== ================================================================== ==============================================================
Sub- sampling
techniques * If core, whether cut or sawn and whether quarter, * Diamond drill core was cut in half. Half the core was
and sample half or all core taken. submitted for analysis and the remaining half was
preparation stored securely for future reference and potential
further analysis.
* If non-core, whether riffled, tube sampled, rotary
split, etc and whether sampled wet or dry.
* Only diamond core drilling was completed.
* For all sample types, the nature, quality and
appropriateness of the sample preparation * Sample preparation was completed by Intertek
Genalysis in Maddington, WA.
technique.
=============== ================================================================== ==============================================================
* Quality control procedures adopted for all sub- * CRM's including blanks were used in each drill hole
sampling stages to maximise representivity of with CRM's being comparable to the material analysed
samples. and ore grade CRM inserted in mineralised intervals.
* Measures taken to ensure that the sampling is * Duplicates were completed every 50 samples to ensure
representative of the in-situ material collected, that the sampling is representative of the material
including for instance results for field collected.
duplicate/second-half sampling.
* Samples ranged from a minimum of 0.2m to 1.6m to
* Whether sample sizes are appropriate to the grain follow lithological, mineralisation and/or alteration
size of the material being sampled. contacts where possible.
=============== ================================================================== ==============================================================
Quality
of assay * The nature, quality and appropriateness of the * All samples were sent to Intertek Genalysis in
data and assaying and laboratory procedures used and whether Maddington for multi-element analysis (4 acid
laboratory the technique is considered partial or total. digestion with ICP-MS finish and Au, Pd, and Pt
tests analysis (50g lead fire assay with ICP-AES finish).
This method is appropriate for lithogeochemistry and
* For geophysical tools, spectrometers, handheld XRF determination of mineralisation. All samples that
instruments, etc, the parameters used in determining exceeded the upper limit of detection were analysed
the analysis including instrument make and model, for the appropriate ore grade values.
reading times, calibrations factors applied and their
derivation, etc.
* All analytical results listed are from an accredited
laboratory.
* Nature of quality control procedures adopted (eg
standards, blanks, duplicates, external laboratory
checks) and whether acceptable levels of accuracy (ie * For all sampling, CRM's were utilised every 20-30
lack of bias) and precision have been established. samples with duplicates collected every 50 samples,
approximately. CRM's also included blanks used every
third sample. In addition, the QAQC data from the lab
will be collected and stored in the database.
=============== ================================================================== ==============================================================
Verification
of sampling * The verification of significant intersections by * Results were reviewed by the principal geologist with
and assaying either independent or alternative company personnel. the laboratory repeating selected intervals.
Significant results are a mix or combination of the
following: >0.5 g/t 3E (Au+Pt+Pd), 0.25% Ni and 0.1%
* The use of twinned holes. Cu
* Documentation of primary data, data entry procedures, * No twinned holes were completed.
data verification, data storage (physical and
electronic) protocols.
* Data was captured into digital spreadsheets. Data was
checked and verified. Digital files are imported into
* Discuss any adjustment to assay data. the electronic database. All physical sampling sheets
are filed on site.
* No adjustments were made to the assay data but
dilution was included up to 3m.
=============== ================================================================== ==============================================================
Location
of data * Accuracy and quality of surveys used to locate drill * Hole PS414 was located with a handheld GPS which is
points holes (collar and down-hole surveys), trenches, mine accurate to +/-5m. The drill hole will be
workings and other locations used in Mineral Resource Differential GPS later in 2023.
estimation.
* Down hole surveys are taken with a north seeking
* Specification of the grid system used. gyroscope at regular intervals of 30m down hole.
* Quality and adequacy of topographic control. * Future Metal NLs 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. * Hole PS414 was drilled as part of the EIS programme
distribution and was testing the Panton Sill stratigraphy in the
keel position where a gravity anomaly was present.
* Whether the data spacing and distribution is
sufficient to establish the degree of geological and
grade continuity appropriate for the Mineral Resource * The drill spacing of this program was reconnaissance
and Ore Reserve estimation procedure(s) and in nature. However, hole PS414 intersected the
classifications applied. mineralised reef at a depth deeper than expected and
will be added to the next MRE update.
* Whether sample compositing has been applied.
* Sampling compositing has been applied. Results
reported are length weighted averages.
=============== ================================================================== ==============================================================
Orientation Exploration and resource drilling
of data * Whether the orientation of sampling achieves is designed to be as close
in relation to orthogonal as practicable
to geological to the dip and strike of the
structure * unbiased sampling of possible structures and the mineralized chromitite reefs
extent to which this is known, considering the within the Panton Intrusion.
deposit type. * No sampling bias is present.
* If the relationship between the drilling orientation
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 drill core was logged and sampled on site. It was
transported in secure bulka bags from Halls Creek to
Intertek Genalysis in Maddington.
============= ==================================================================== ==============================================================
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 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. 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.
====================== ================================================================== ==================================================================
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.
====================== ================================================================== ==================================================================
* Exploration drilling described in this announcement
is targeting more conceptual features, particularly
an inferred feeder or conduit system to the layered
intrusion and the lowermost ultramafic stratigraphy
proximal to such a structure. These areas, by analogy
to other similar intrusions prospective for sulphide
hosted nickel, copper, cobalt and PGE mineralisation.
Such bodies of mineralisation can be semi massive to
massive and hence excellent electromagnetic targets.
Drill hole
Information * A summary of all information material to the * Details of the drill hole reported in this
understanding of the exploration results including a announcement are provided in Appendix O1.
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
methods * In reporting Exploration Results, weighting averaging * Significant intercepts are reported as down-hole
techniques, maximum and/or minimum grade truncations length weighted averages of grades above 0.50g/t
(eg cutting of high grades) and cut-off grades are PGM3E (Pt/Pd/Au) and/or Ni>0.25% and/or Cu>0.1%. No
usually Material and should be stated. top cuts have been applied to the reporting of the
assay
* Where aggregate intercepts incorporate short lengths
of high-grade results and longer lengths of low-grade results.
results, the procedure used for such aggregation * Up to 3 metres of internal dilution is allowed in the
should be stated and some typical examples of such reported intervals.
aggregations should be shown in detail.
* Higher grade intervals are included in the reported
* The assumptions used for any reporting of metal grade intervals; and have also been split out on a
case-by-case basis where relevant.
equivalent values should be
clearly stated.
==================== ==================================================================== ==================================================================
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 and the mineralised chromitite reefs within the Panton
intercept Intrusion.
lengths * If the geometry of the mineralisation with respect to
the drill hole angle is known, its nature should be
reported. * Refer to the Figure in this announcement showing the
drill cross section.
* 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 * 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 * All results related to hole PS414 are being reported.
Results is not practicable, representative reporting
of both low and high grades and/or widths should be
practiced to avoid misleading reporting of
Exploration Results.
==================== ==================================================================== ==================================================================
Other substantive
exploration * Other exploration data, if meaningful and material, * No other exploration data is relevant.
data should be reported including (but not limited to):
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). potential.
* Diagrams clearly highlighting the areas of possible * Further work applying the learnings from PS414 to the
extensions, including the main geological Panton complex.
interpretations and future drilling areas, provided
this information is not commercially sensitive.
* Core to be submitted to DMIRS for core scanning prior
to the completion of any petrology.
* Exploration and resource definition drilling will
continue in and around the current resource area.
* Mining, environmental and economic studies are
underway.
==================== ==================================================================== ==================================================================
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