Future Metals recorded standout 1.07 grammes per tonne of palladium over 140.8 metres from the broad platinum group and nickel deposits close to the surface at the Panton project near Halls Creek in northern Western Australia.
The results, including instances of gold and copper, lay outside the pending JORC compliant 2.4 million ounces contained resource.
The timely exploration unfolds as the metal, required in large quantities for catalytic converters in electric engines, hit an all-time high after Russian sanctions locked up 40 per cent of global supply.
The company said broad sulphide zones exist through much of the historical drill data.
“These results exceed expectations on the mineralised width of the Panton orebody, providing further evidence of mineralisation extending well beyond the footwall of the middle reef,” chief executive Jardee Kininmonth said.
The company will continue reviewing over 30 years’ worth of Panton data to identify trends for the next season’s follow-up drilling.
FME’s Australian Stock Exchange-listed price was trading at 23.5c today (10:51 am UTC+ 8 hours).