Future Metals Extend Pantons PGM Promise

21 March 2023 12:07

Future Metals are looking to grow the Panton Project’s already massive 6.9Moz PdEq JORC Mineral Resource Estimate, having hit further high-grade PGM mineralisation 350 metres beyond the current estimate as well as indicating Panton may host a significant sulphide system.

The step-out drilling program intersected over 22 metres of PGM mineralisation at an average grade of 1.50 g/t PGM3E, including 2 metres of the high-grade PGM upper reef which held assays of 6.6 g/t PMG3E, alongside sulphide mineralisation including nickel, cobalt and copper.

This intersection, situated 350 meters away from the closest drill hole included in the current MRE, has exhibited robust continuity of Panton’s PGM reef. As the Company is currently conducting an updated MRE over the reef, this intersection presents substantial growth opportunities for the Project. Notably, this hole is the first to have penetrated through the entire Panton intrusion.

Discovering a possible extension of PGM mineralisation at Panton just increases its already massive mining potential further, with Future Metals already demonstrating flotation repeatability with consistent metallurgical PGM recoveries averaging 78 per cent at an average grade of 286g/t PGM from metallurgical test work undertaken earlier this year.

Uncovering further nickel sulphides is particularly exciting for the Company, giving more credence to its belief that Panton could hold a second high-grade discovery alongside its massive palladium equivalent resource, which is believed to be the second largest of its kind in the country.

The intersection validates Panton’s current nickel sulphide exploration model which posits that there are two distinct mineralisation phases at Panton, with the first unit being a sulphur-rich magma highly prospective for Ni-Cu mineralisation and the second unit which hosts PGM mineralisation.

Assay from drilling also supports the prospectivity of a yet untested 1-kilometre-long embayment feature that holds a number of coincident Ni-Cu sulphide anomalies, with the Company now preparing another drilling campaign to target this shallow target amongst others at the Panton West Project.

Drilling is set to kick off next quarter, with further exploration activity now underway at a number of prospective nickel sulphide targets across the Project.

FME’s Australian Stock Exchange-listed share price is currently trading at 6.5c (12:04 pm UTC+ 8 hours).

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