Future Metals (ASX:FME) rattles the beanstalk
November 3, 2022Future Metals modelling may have struck the tip of a potentially more extensive nickel-copper-sulphur system deeper underground at its Panton PGM Project near Halls Creek in the East Kimberley Region of Western Australia.
Drilling intersected up to 50m zones of primary magmatic sulphides, demonstrating another mineralised system in addition to the existing chromite and silicate-hosted reef, signifying the potential for larger sulphide accumulations at depths that have not previously been tested.
Gravity image with Geologic Structures
The Company said gravity modelling had provided a window into the makings of a hypothesised ‘Keel Zone’ – a potential gateway indicator for large nickel, copper and sulphur targets.
“The validation of the exploration model validated through the recent drilling, and geophysical modelling is an exciting development for the Company,” Managing Director and CEO Jardee Kininmonth said.
“The gravity inversions clearly show a significant keel position underlying the entire Panton intrusion and provide multiple basal contacts and potential feeder targets to be drilled.
“Early drilling has been very encouraging, with the identification of magmatically emplaced disseminated sulphides for the first time at Panton.
“This mineralisation provides significant evidence of a Ni-Cu-PGE sulphide system encasing and underlying the existing reef-style mineralisation that makes up the current 6.9Moz PdEq JORC MRE.
“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.”
Price Action
The Company’s ASX-listed shares are 11.5c at Market Open.
Next Steps
The Government Exploration Incentive Scheme (“EIS”) Grant of $220,000 was awarded to co-fund deeper drilling.
Ground-based EM survey expanded to target gravity anomalies, with downhole EM planned to commence in November 2022.
About Future Metals NL
Future Metals NL (ASX: FME) is an Australian-based exploration Company focused on advancing its Panton PGM Project in the eastern Kimberley region of Western Australia.
The 100% owned Panton PGM project is located 60 kilometres north of the town of Halls Creek in the east Kimberley region of Western Australia, a tier-one mining jurisdiction.
The Project is located on three granted mining licences and situated just 1 kilometre off the Great North Highway, which accesses the Port of Wyndham. The Project has a JORC Mineral Resource Estimate for its 100% owned Panton PGM-Nickel Project in northern Western Australia of 5.0Moz palladium, platinum and gold (“PGM3E “) and 238kt Ni, at a grade of 1.66g/t PdEq1(refer ASX announcement dated 21 June 2022). PGM-Ni mineralisation occurs within a layered, differentiated mafic-ultramafic intrusion referred to as the Panton intrusive, 12km long and 3km wide, south-west plunging synclinal intrusion. PGM mineralisation is hosted within a series of stratiform chromite reefs and a surrounding zone of mineralised dunite within the ultramafic package.
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