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Future Metals confirm a sulphide system at Panton

3 November 2022 09:29
ASX: FME
Making discoveries at Panton

Future Metals have confirmed a sulphide system at Panton, with early drilling intersecting broad zones of primary magmatic sulphides, demonstrating another mineralised system.

It provides significant evidence of a Ni-Cu-PGE system encircling the mineralisation which comprises its existing 6.9-million-ounce palladium equivalent estimate — the second largest of its kind in the nation.

With the possibility of a large resource encasing the existing estimate, the WA Government has awarded an EIS grant of $220,000 to co-fund a deep drill hole going directly into the untested bottom.

The company said drilling and geophysical modeling had already validated its exploration model.

“The gravity inversions clearly show a significant keel position underlying the entire Panton intrusion and provide multiple basal contact and potential feeder targets to be drilled,” chief executive and managing director Jardee Kininmonth said.

“The drilling of these sulphides are at the edge of the system where analogues would suggest mineralisation is at its weakest and it is considered likely that mineralisation will increase towards the keel position, which is yet to be tested.”

Future Metals will continue to systematically test a significant number of high-quality Panton targets, with a ground-based EM survey targeting gravity anomalies commencing this month.

FME’s Australian Stock Exchange-listed share price was trading at 12c today (9.23 am UTC+ 8 hours).

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