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Future Metals build Panton Position

17 January 2023 10:13
ASX: FME

Future Metals has more than doubled its exploration position at its Panton project in Western Australia’s East Kimberley, having secured the right to a farm in and joint venture agreement on the highly prospective Panton North and Copernicus North Projects.

The company now hold the right to earn a 70 per cent interest in both tenements, lying directly adjacent to its wholly owned Panton flagship and its five-million-ounce palladium, platinum and gold and 238 kilotonne nickel JORC resource.

An extension of the prospective Panton keel position, historic drilling, soil and rock sampling has shown Panton North contains anomalous nickel, copper and PGE grades over widths of 28 to 80 metres, with an additional intrusion showing magnetic and electromagnetic anomalies with no prior drill testing.

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And Copernicus North is a highly anomalous Ni-Cu prospect located four kilometres along strike from the historic Copernicus mine which hosted a reserve of 784,000t @1.1% Ni, 0.67% Cu and 0.05% Co at the commencement of mining.

Future Metals said the joint venture farm-in arrangement significantly increases the scope of FME’s exploration position as the tenements have seen limited shallow drilling.

“There is a significant opportunity to apply modern geophysical techniques, such as those being applied at Future Metals’ Panton project to identify high-quality targets for economic accumulations of Ni-Cu-PGE sulphides at depth,” managing director Jardee Kininmonth said.

“The East Kimberley is a very under-explored part of Western Australia despite the Halls Creek Orogen being prospective for emplacement of Ni-Cu-PGE sulphide deposits. Securing prospective exploration ground enables us to apply our exploration model more widely, increasing the likelihood of making further economic Ni-Cu-PGE discoveries.”

Octava said it expected to benefit from its new partner’s expertise in Ni-Cu-PGM sulphide exploration and well-established infrastructure.

“The farm-in provides Future Metals with additional highly prospective ground immediately adjacent to their significant JORC Mineral Resource,” Octava managing director Bevan Wakelam stated.

FME’s Australian Stock Exchange-listed share price was trading at 9.7c today (10.02 am UTC+ 8 hours).

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