REG - Future Metals NL - Bulk Tonnage from Surface at Panton PGM-Ni Deposit
08/12/2021 07:00
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RNS Number : 8941U Future Metals NL 08 December 2021
08 December 2021
Future Metals NL
("Future Metals" or the "Company")
Substantial Bulk Tonnage Identified from Surface at Panton PGM-Ni Deposit
Future Metals NL ("Future Metals" or the "Company", ASX|AIM: FME), a platinum
group metals ("PGM") company, is pleased to announce a review of historical
drilling data has highlighted the potential for large-scale, shallow PGM-Ni
mineralisation at its 100% owned Panton PGM Project ("Panton") in northern
Western Australia.
Highlights
§ The current Panton JORC Mineral Resource Estimate ("MRE") of 14.32Mt @
4.89g/t PGM and 0.31g/t gold for 2.4Moz of contained PGM and gold (refer to
Appendix One) has been constrained to the upper chromitite reef ("Upper Reef")
and, to a minor extent, the middle chromitite reef ("Middle Reef"), at a
2.0g/t PGM(3E) lower cut-off
§ Previous work on Panton has focussed on the potential for a narrow,
high-grade underground PGM operation, with none of the broad PGM-Ni
mineralisation considered
§ A review of historical drilling shows broad, shallow PGM-Ni mineralisation
of up to 20-40 metres in thickness, outside of the current MRE
§ Historical drill results(1,2) at 0.5g/t PGM3E cut-off grade (maximum 4m
dilution) include the following (refer to Table One and Appendix Two):
o 74m @ 1.32g/t PGM(3E) & 0.20% Ni (1.71g/t PdEq) from 111m (PS264)
o 45.5m @ 1.38g/t PGM(3E) & 0.22% Ni (1.81g/t PdEq) from 80.5m (PS177)
o 45.5m @ 1.07g/t PGM(()3E()) & 0.17% Ni (1.46g/t PdEq) from 51m (PS080)
o 33m @ 3.11g/t PGM(3E) & 0.23% Ni (3.36g/t PdEq) from 69m (PS050-D1)
o 43.5m @ 1.22g/t PGM(3E) & 0.21% Ni (1.60g/t PdEq) from115.4m (PS136)
o 40.02m @ 1.42g/t PGM(3E) & 0.20% Ni (1.82g/t PdEq) from 48m (PS075)
o 28.5m @ 2.62g/t PGM(3E) & 0.21% Ni (2.93g/t PdEq) from 21m (PS069)
o 46m @ 1.15g/t PGM(3E) & 0.16% Ni (1.49g/t PdEq) from 18.5m (PS175)
o 26.1m @ 2.56g/t PGM(3E) & 0.21% Ni (2.87g/t PdEq) from 14.5m (PS067)
o 41.5m @ 1.23g/t PGM(3E) & 0.18% Ni (1.61g/t PdEq) from 29.5m (PS209)
o 35.85m @ 1.55g/t PGM(3E) & 0.22% Ni (1.81g/t PdEq) from 138.5m (PS028)
o 35m @ 1.21g/t PGM(3E) & 0.16% Ni (1.50g/t PdEq) from 22m (PS109)
o 26m @ 2.13g/t PGM(3E) & 0.21% Ni (2.49g/t PdEq) from 19m (PS068)
o 20.05m @ 1.76g/t PGM(3E) & 0.18% Ni (2.09g/t PdEq) from 1.8m (PS081)
o 25m @ 2.05g/t PGM(3E) & 0.20% Ni (2.39g/t PdEq) from 26m (PS060)
o 37.5m @ 1.58g/t PGM(3E) & 0.20% Ni (1.96g/t PdEq) from 43m (PS107)
o 35.5m @ 1.19g/t PGM(3E) & 0.20% Ni (1.61g/t PdEq) from 38m (PS106)
o 26m @ 1.15g/t PGM(3E) & 0.17% Ni (1.50g/t PdEq) from 46m (PS086)
o 43.55m @ 1.20g/t PGM(3E) & 0.20% Ni (1.60g/t PdEq) from 146.45m (PS084)
o 45m @ 0.87g/t PGM(3E) & 0.17% Ni (1.29g/t PdEq) from 30m (PS079)
§ These results are supported by historical surface trenching across the
strike of the outcropping chromite reef horizon with results of 50m @ 1.33g/t
PGM(3E) plus 0.18% Ni and 34m @ 1.71g/t PGM(3E) plus 0.17% Ni
§ Bulk PGM-Ni mineralisation is hosted in the footwall to the Upper Reef
("Footwall Zone") (refer to Figures One, Two and Three)
§ Drilled strike length of 3.5 kilometres within 12 kilometres of mapped
strike, with highly consistent PGM-Ni mineralisation
§ 25 historical diamond core holes that drilled through the Footwall Zone at
shallow depths but which were not sampled for assay are currently being
prepared on site for assaying
§ Future Metals has completed a total of approximately 6,000 metres of
drilling across 27 holes with assay results pending for 22 holes
§ Several of Future Metal's holes have targeted shallow bulk PGM-Ni
mineralisation where historical drilling did not drill beyond the Upper Reef
through the prospective Footwall Zone (refer Figures Two and Three)
§ Strong financial position with cash of approximately A$6.0 million as at 30
November 2021
Mr Justin Tremain, a Director of the Company, commented:
"The high-grade reefs at Panton have in the past been the project's main focus
and the bulk tonnage potential at surface was not considered. The
mineralisation in the footwall to the high-grade chromite reef is very
consistent across individual samples. Whilst not all drill holes were assayed
beyond the high-grade Upper Reef, a review of those holes that were drilled
into the footwall demonstrates clear potential for Panton to be a shallow,
bulk tonnage PGM-Ni deposit, complemented with high-grade PGM mineralisation
at depth.
"With only 3.5 kilometres of drilled strike to date within the approximate 12
kilometres of mapped strike at surface, the tonnage potential of Panton is
substantial. Given Panton that is located on granted mining leases and ideally
located for a potential future mining operation, we are incredibly excited
about what we are currently uncovering from surface."
(1) 3E= Palladium (Pd) + Platinum (Pt) + Gold (Au)
(2) PdEq (Palladium Equivalent g/t) = Pd(g/t) + 0.76471Pt(g/t) + 1.90394xNi(%)
+ 1.38936xCu(%) + 8.23xCo(%)
Shallow, Bulk PGM-Ni Mineralisation
The Company has undertaken a review of the historical drilling undertaken at
Panton which consists of 377 holes for 69,292 metres. The past focus of
drilling activity and resource estimation has been on the chromitite reefs,
which host high-grade PGM mineralisation.
The current 2.4Moz MRE is contained within 3.5 kilometres of strike
(sub-blocked into the A , B, C and D Blocks) (refer Figure Six) and
constrained to a +2.0g/t PGM3E wireframe. The current MRE is 14.32Mt with
10.09Mt contained within the Upper (Top) Reef and 4.23Mt within the Middle
Reef (refer to Appendix One).
A review of the assay results for those holes that were drilled and sampled
through the Upper Reef footwall demonstrates substantial bulk PGM-Ni
mineralisation, outside of the current MRE. There are widths of 20m-40m in the
mineralised footwall dunite that has not been considered in the MRE.
Reported at a 0.5g/t PGM3E cut-off, with maximum internal waste of 4m, results
in the top 150m include the following intervals (refer to Appendix Two):
Hole ID From To Width Pd Pt Au PGM(3E) Ni Cu Co Pd Eq.
m m m g/t g/t g/t g/t(1) % % ppm g/t(2)
PS175 18.5 64.5 46 0.54 0.48 0.13 1.15 0.16 0.03 146 1.49
PS177 80.5 126 45.5 0.65 0.60 0.13 1.38 0.22 0.03 161 1.81
PS081 1.8 21.85 20.05 0.83 0.79 0.14 1.76 0.18 0.04 161 2.09
26.5 42.5 16 0.42 0.41 0.10 0.93 0.16 0.03 149 1.28
PS060 26 51 25 0.99 0.89 0.18 2.05 0.20 0.04 149 2.39
PS107 43 80.5 37.5 0.67 0.70 0.21 1.58 0.20 0.05 153 1.96
PS106 38 73.5 35.5 0.57 0.50 0.13 1.19 0.20 0.03 154 1.61
PS086 46 72 26 0.60 0.52 0.04 1.15 0.17 0.02 147 1.50
PS084 51 69 18 0.47 0.37 0.06 0.90 0.20 0.01 155 1.33
106 137 31 0.41 0.39 0.12 0.92 0.15 0.05 160 1.30
146.45 190 43.55 0.59 0.52 0.10 1.20 0.20 0.02 156 1.60
PS050 36 43 7 2.40 1.87 0.98 5.23 0.21 0.13 NA 5.25
69 102 33 1.61 1.19 0.30 3.11 0.23 0.10 NA 3.36
PS264 111 185 74 0.63 0.62 0.07 1.32 0.20 0.19 158 1.71
PS136 115.4 158.9 43.5 0.57 0.45 0.20 1.22 0.21 0.06 144 1.60
PS069 21 49.5 28.5 1.27 1.14 0.21 2.62 0.21 0.05 167 2.93
PS067 14.5 40.6 26.1 1.19 1.13 0.24 2.56 0.21 0.05 165 2.87
PS075 48 88.02 40.02 0.62 0.55 0.25 1.42 0.20 0.04 153 1.82
PS068 19 45 26 1.05 0.92 0.16 2.13 0.21 0.04 162 2.49
PS079 30 75 45 0.38 0.37 0.12 0.87 0.17 0.04 156 1.29
PS080 51 96.5 45.5 0.49 0.46 0.11 1.07 0.17 0.04 156 1.46
PS209 29.5 71 41.5 0.62 0.53 0.08 1.23 0.18 0.03 154 1.61
PS028 138.5 174.35 35.85 0.79 0.71 0.08 1.55 0.22 0.02 NA 1.81
PS109 22 57 35 0.59 0.55 0.08 1.21 0.16 0.02 126 1.50
PS072 19 50.5 31.5 0.51 0.44 0.07 1.02 0.17 0.02 144 1.38
PS108 21 70 49 0.49 0.39 0.17 1.06 0.17 0.03 139 1.42
Table One | Shallow (<150m) Drilling Results
(1) 3E= Palladium (Pd) + Platinum (Pt) + Gold (Au)
(2) PdEq (Palladium Equivalent g/t) = Pd(g/t) + 0.76471Pt(g/t) + 1.90394xNi(%)
+ 1.38936xCu(%) + 8.23xCo(%)
Past drill holes were often terminated once the hole reached the 'Upper Reef'
or the 'Middle Reef' and were not drilled through the entire prospective
footwall horizon to the 'Lower Reef'. Furthermore, several drill holes only
had samples and assays taken within the visible chromitite in the Upper and
Middle Reef and were not sampled between or below in the host dunite rock. The
selection of historical drill holes reported above serves to demonstrate the
potential of the complete mineralised zone associated with the 'Upper',
'Middle' and 'Lower' reefs within the Panton deposit.
The Company is in the process of sampling the unassayed holes that were
drilled into the mineralised footwall dunite which, in conjunction with the
recent new drilling, will enable new JORC resource modelling and estimation.
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Figure One | Panton Cross Section
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Figure Two | Panton Cross Section
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Figure Three | Panton Cross Section
The mineralised dunite in the footwall to the Upper Reef contains variable
amounts of disseminated fine grained chromite and sulphides occurring between
the coarser grained olivine crystals. The sulphides are dominantly pyrite,
with lesser chalcopyrite and pentlandite. Occasionally, narrow (<2cm) bands
of semi massive to massive chromite occur.
The weathering profile at Panton is shallow, with the top of fresh rock
generally being 20-30m from surface with minimal oxide material (2-3m) and
often transitional (partially weathered) from surface. The shallow weathering
profile is expected to be beneficial from a metallurgical perspective for bulk
mineralisation.
Northern Anomaly
A 2.5 kilometre long 'mag-lag' PGM-Ni surface anomaly is located parallel and
immediately north of the current MRE (refer to Figure Four).
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Figure Four | Anomalous PGM in Mag Lag Sampling
Only five wide spaced sections (400-800m apart) have been drilled at the
Northern Anomaly to test for shallow PGM-Ni mineralisation (refer to Figure
Five).
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Figure Five | Northern Anomaly Cross Section
None of the mineralisation at the Northern Anomaly is contained within the
current MRE. As part of the current drill programme, the Company has drilled
an infill section and up-dip on a previously drilled section, to test for
continuity of this bulk PGM-Ni mineralisation.
Current Drilling Programme
As previously reported, the Company commenced a diamond core drilling
programme in August 2021, which has been designed to:
§ provide samples for further metallurgical test work;
§ test continuity and depth extensions to the MRE;
§ test the potential for defining a much larger and shallower mineralised
zone at lower cut-off grades; and
§ test parallel zones of highly anomalous PGM at surface (i.e. the Northern
Anomaly)
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Figure Six | Panton Geology Showing A, B, C and D Blocks
The Company has completed 27 holes for approximately 6,000 metres of drilling.
Drilling has now concluded due to inclement weather conditions and will resume
after the wet season. Eight holes were drilled to provide metallurgical
samples. Five holes were drilled into the Northern Anomaly to test for
continuity of mineralisation between the existing wide spaced drilled
sections. Ten shallow holes were drilled to test for wide zones of
mineralisation between the Upper Reef and Lower Reef in areas that were
under-drilled, and four deeper holes were drilled to test for down dip
extensions of the high-grade reefs.
In addition, drill core from 25 historical holes that has not previously been
assayed has been identified and is currently being sampled on site to be
assayed.
Whilst the long assay turnaround time from the third party laboratories is
frustrating, the Company looks forward to reporting results from the
approximate 6,000m of drilling and the additional 25 historic holes to be
assayed over the coming months and incorporating the data into a new JORC
resource model and estimate.
Palladium Equivalent (PdEq)
Based on metallurgical test work completed on Panton samples, all quoted
elements included in the metal equivalent calculation (palladium, platinum,
gold, nickel, copper and cobalt) have a reasonable potential of being
ultimately recovered and sold.
Metal recoveries used in the palladium equivalent (PdEq) calculations are in
the midpoint of the range of recoveries for each element based on
metallurgical test work undertaken to date at Panton. It should be noted that
palladium and platinum grades reported in this announcement are lower that the
palladium and platinum grades of samples that were subject to metallurgical
test work (grades of other elements are similar).
Metal recoveries used in the palladium equivalent calculation are shown below:
§ Palladium 80%, Platinum 80%, Gold 70%, Nickel 45%, Copper 67.5% and Cobalt
60%
Metal prices used are shown below:
§ Palladium US$1,700/oz, Platinum US$1,300/oz, Gold US$1,700/oz, Nickel
US$18,500/t, Copper US$9,000/t and Cobalt US$60,000/t
Metal equivalents are calculated according to the follow formula:
§ PdEq (Palladium Equivalent g/t) = Pd(g/t) + 0.76471Pt(g/t) + 1.90394 x
Ni(%) + 1.38936 x Cu(%) + 8.23 x Co(%)
This announcement has been approved for release by the Board of Future Metals
NL.
For further information, please contact:
Future Metals NL +61 8 9480 0414
Justin Tremain info@future-metals.com.au (mailto:info@future-metals.com.au)
Strand Hanson Limited (Nominated Adviser) +44 (0) 20 7409 3494
James Harris
W H Ireland Limited (UK Broker) +44 (0) 207 220 1670
Harry Ansell/Katy Mitchell
Competent Person's Statement:
The information in this announcement that relates to Exploration Results is
based on, and fairly represents, information compiled by Mr Shane Hibbird, who
is a Member of the Australasian Institute of Mining and Metallurgy and the
Australian Institute of Geoscientists. Mr Hibbird is the Company's Exploration
Manager and has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the activity he
is undertaking to qualify as a competent person as defined in the 2012 Edition
of the "Australasian Code for reporting of Exploration Results, Exploration
Targets, Mineral Resources and Ore Reserves" (JORC Code). Mr Hibbird consents
to the inclusion in this announcement of the matters based upon his
information in the form and context in which it appears.
The information in this announcement which relates to Mineral Resources was
stated in the Company's ASX Prospectus dated 18 May 2021. The Company
confirms that is not aware of any new information or data that materially
affects the information included in the Prospectus relating to Mineral
Resources, and that all material assumptions and technical parameters
underpinning the Mineral Resource Estimate continue to apply and have not
materially changed.
The information in this announcement that relates to Metallurgical Results is
based on, and fairly represents, information compiled by Dr Evan Kirby, a
Competent Person who is a Member of the Australian Institute of Mining and
Metallurgy. Dr Kirby is a full-time employee of Metallurgical Management
Services (MMS) a specialist metallurgical consultancy and an independent
consultant of the Company. Dr Kirby has sufficient experience which is
relevant to the style of mineralisation and type of deposit under
consideration and to the activity he is undertaking to qualify as a competent
person as defined in the 2012 Edition of the "Australasian Code for reporting
of Exploration Results, Exploration Targets, Mineral Resources and Ore
Reserves" (JORC Code). Dr Kirby consents to the inclusion in this announcement
of the matters based upon his information in the form and context in which it
appears.
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as is forms part of United Kingdom domestic law pursuant to
the European Union (Withdrawal) Act 2018, as amended.
Notes to Editors:
About Panton PGM Project
The 100% owned Panton PGM project is located 60 kilometres north of the town
of Halls Creek in the eastern Kimberly 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 (refer to Figure Seven).
The Panton PGM Project has a JORC Mineral Resource estimate of 14.32Mt @
4.89g/t PGM, 0.31g/t Au and 0.27% Ni (refer to Appendix One).
The Panton mineralisation occurs within a layered, differentiated
mafic-ultramafic intrusion referred to as the Panton intrusive which is a 10km
long and 3km wide, south-west plunging synclinal intrusion. PGM mineralisation
is hosted within two stratiform chromite reefs, the Upper and Middle reefs,
within the ultramafic sequence.
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Figure Seven | Panton PGM Project Location
About Platinum Group Metals (PGMs)
PGMs are a group of six precious metals being Platinum (Pt), palladium (Pd),
iridium (Ir), osmium (Os), rhodium (Rh), and ruthenium (Ru). Exceptionally
rare, they have similar physical and chemical properties and tend to occur, in
varying proportions, together in the same geological deposit. The usefulness
of PGMs is determined by their unique and specific shared chemical and
physical properties.
PGMs have many desirable properties and as such have a wide variety of
applications. Most notably, they are used as auto-catalysts (pollution control
devices for ICE vehicles), but are also used in jewellery, electronics,
hydrogen production / purification and in hydrogen fuel cells. The unique
properties of PGMs help convert harmful exhaust pollutant emissions to
harmless compounds, improving air quality and thereby enhancing health and
wellbeing.
Appendix One
Panton JORC (2012) Mineral Resource Estimate
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Appendix Two
Drill Hole Details
Hole ID Hole Type Easting Northing RL Depth (m) Dip Azi
PS028 RCD 376019 8036527 445 191.4 -56 331
PS050-D1 DD 376358 8036850 470 102 -89 140
PS060 RC 376344 8036816 477 51 -70 315
PS067 RCD 376342 8036819 478 40.6 -70 324
PS068 RC 376343 8036818 478 45 -70 324
PS072 RC 376427 8036862 488 50.5 -59 328
PS075 RCD 376433 8036854 489 99.1 -70 324
PS079 RC 376614 8037087 489 75 -55 327
PS080 RCD 376616 8037078 489 110.1 -60 334
PS081 RCD 376604 8037107 486 44.5 -55 334
PS084 RCD 376757 8037246 497 197.6 -55 154
PS085 RCD 376765 8037231 496 146.9 -55 154
PS086 RCD 376772 8037215 494 101.9 -55 154
PS106 RCD 375899 8036515 448 73.5 -55 308
PS107 RCD 376125 8036641 466 80.5 -55 308
PS109 DD 375963 8036551 443 68 -55 324
PS136 RCD 377448 8036966 444 158.9 -55 65
PS175 RC 376616 8037100 487 69 -55 334
PS177 DD 376019 8036556 449 133.3 -55 324
PS209 DD 375730 8036484 446 77.7 -55 144
PS264 DD 375913 8036507 447 255.1 -61 287
PS108 DD 376118 8036646 466 80.9 -55 307
PS069 RCD 376343 8036817 477 50 -70 324
Appendix Three | JORC Code (2012) Edition Table 1
Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary
Sampling techniques § Nature and quality of sampling (eg cut channels, random chips, or specific § Sampling methods used for samples in this announcement were PQ3 Diamond
specialised industry standard measurement tools appropriate to the minerals Core (Future Metals NL) cut in half, and then one half cut again to produce
under investigation, such as down hole gamma sondes, or handheld XRF 1/4 core samples using a core saw. HQ3, NQ2 and BQ Diamond Core (Future
instruments, etc). These examples should not be taken as limiting the broad Metals, Platinum Australia, Pancontinental and Minsaco Resources) was cut in
meaning of sampling. half, one half retained in the core tray for reference, the other sent to the
laboratory for analysis. Reverse circulation sampling (Platinum Australia) was
§ Include reference to measures taken to ensure sample representivity and the by a combination of 4m composites produced by spearing one metre bulk samples
appropriate calibration of any measurement tools or systems used. and 1m split samples taken from the rig mounted sample splitter.
§ Aspects of the determination of mineralisation that are Material to the § All sampling was either supervised by, or undertaken by, qualified
Public Report. In cases where 'industry standard' work has been done this geologists.
would be relatively simple (eg 'reverse circulation drilling was used to
obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for § To ensure representative sampling, for each hole, the same quadrant of the
fire assay'). In other cases more explanation may be required, such as where original core was sent for assay, for example when looking at the core down
there is coarse gold that has inherent sampling problems. Unusual commodities hole, the left-hand side was sampled for metallurgical test work, the lower
or mineralisation types (eg submarine nodules) may warrant disclosure of right-hand quadrant was retained in the core tray as a reference sample, and
detailed information. the upper right-hand quadrant was always sent to the laboratory for assay. In
the case of other cored drill holes, the left-hand side of the core was always
sent for assay. At the laboratory the entire ¼ or ½ core sample was crushed,
a 300g split was pulverized to provide material for fire assay, ICP-MS and XRF
analysis.
§ Not all core or sections drilled with reverse circulation (in particular
pre-collars) were sampled. Intervals of rock that were not recognised as
potentially mineralised from the geological logging were not always sampled.
§ MAGLAG (Magnetic fraction of the upper soil profile) were collected, using
a MAGSAM retractable rare-earth magnetic sampler on a 200m by 50m differential
GPS grid. The samples were collected by Pathfinder Exploration Pty Ltd on
behalf of Platinum Australia Limited. Samples were between 50 and 250gm.
Drilling techniques § Drill type (eg core, reverse circulation, open-hole hammer, rotary air § Pancontinental and Minsarco drill holes (PS001 to PS058) were drilled by
blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or diamond core drilling, either HQ or NQ2. A number of drill holes have daughter
standard tube, depth of diamond tails, face-sampling bit or other type, drill holes that were drilled BQ in size.
whether core is oriented and if so, by what method, etc.).
§ Platinum Australia Limited drill holes, PS059 to PS379 were drilled using
reverse circulation and diamond coring, either PQ3, HQ3 or NQ3 in size.
Reverse circulation drilling employed a face sampling bit. A number of drill
holes had reverse circulation pre-collars drilled in advance of a diamond core
tail, but a number of drill holes were drilled completely with reverse
circulation.
§ All Future Metals NL drill holes were diamond core holes, either PQ3, HQ3
or NQ3 in size. The top 50 metres (approximately) of the exploration drill
holes were often also drilled in PQ3 until competent rock is encountered. The
drill hole was then cased off and continued in HQ3 size core drilling. Where
there is a need to case off the HQ3 core drilling if the hole has
difficulties, then it is continued in NQ3 size core drilling.
§ PQ3 core diameter is 83.0mm, HQ3 core diameter is 61.1mm, NQ3 core diameter
is 45.0mm, BQ core diameter is 36.5m. Reverse circulation drilling bits have a
diameter of 15.9cm.
§ In Future Metals NL drill holes HQ3 and NQ3 core is orientated using a BLY
TruCore UPIX Orientation Tool.
§ In Platinum Australia Limited drill holes HQ3 and NQ3 core is orientated
using a Reflex Orientation Tool.
§ In Pan Continental drill holes HQ3, NQ3 and BQ core was not orientated.
§ Future Metals NL's drilling contractor was Terra Drilling. Triple tubes are
utilised in the weathered horizon (less than 10m) and standard tubes for the
remainder of the drill hole.
§ Platinum Australia Limited drilling contractor was Mt Magnet Drilling. The
drilling contractor used by Pan Continental and Minsarco was not recorded.
Drill sample recovery § Method of recording and assessing core and chip sample recoveries and § Each core run is measured and checked against the drillers core blocks. Any
results assessed. core loss is noted. To date core recoveries have been excellent with very
little core loss reported.
§ Measures taken to maximise sample recovery and ensure representative nature
of the samples. § All reverse circulation drill hole samples (Platinum Australia) were
weighed in the field as a method of recording sample quality and recovery.
§ Whether a relationship exists between sample recovery and grade and whether
sample bias may have occurred due to preferential loss/gain of fine/coarse § Exploration drilling is planned to be as close to orthogonal to the
material. mineralisation as practicable to get representative samples of the
mineralisation.
§ Metallurgical drill holes PS382 - PS389 that were drilled to collect sample
material for metallurgical test work were deliberately drilled at a low angle
to the chromitite reefs so as to maximise the amount of mineralised material
recovered in each drill hole. The drilled widths of mineralisation in these
drill holes are larger than the true widths.
§ No relationship between recovery and grade has been identified.
Logging § Whether core and chip samples have been geologically and geotechnically § All drill core and reverse circulation samples have been logged onsite by
logged to a level of detail to support appropriate Mineral Resource geologists to a level of detail to support appropriate Mineral Resource
estimation, mining studies and metallurgical studies. estimation, mining studies and metallurgical studies.
§ Whether logging is qualitative or quantitative in nature. Core (or costean, § Logging is qualitative and records lithology, grain size, texture,
channel, etc.) photography. weathering, structure, alteration, veining and sulphides. Core is digitally
photographed.
§ The total length and percentage of the relevant intersections logged.
§ All holes are logged in full.
Sub-sampling techniques and sample preparation § If core, whether cut or sawn and whether quarter, half or all core taken. § All core that is sampled is cut using a diamond saw. HQ3 , NQ2 and BQ core
is cut in half with one half submitted for assaying and the other retained for
§ If non-core, whether riffled, tube sampled, rotary split, etc and whether reference. PQ3 core is cut in half, and then one half cut again into quarters.
sampled wet or dry. One quarter core is kept as reference, one quarter core is sent to the
laboratory for assay, and in the case of the Future Metals NL metallurgical
§ For all sample types, the nature, quality and appropriateness of the sample drill holes the remaining half core is sent to ALS Metallurgy for
preparation technique. metallurgical test work.
§ Quality control procedures adopted for all sub-sampling stages to maximise § Reverse circulation drilling by Platinum Australia was sampled from a rig
representivity of samples. mounted riffle splitter in 1, or half metre intervals. Virtually all of the
reverse circulation samples were dry, a small percentage were damp or wet,
§ Measures taken to ensure that the sampling is representative of the in-situ this is recorded in the logs. All Reverse circulation samples were weighed on
material collected, including for instance results for field site to monitor sample recovery. Sections of drill holes logged as
duplicate/second-half sampling. unmineralised were samples of 4 metre composites using a PVC spear.
§ Whether sample sizes are appropriate to the grain size of the material § Generally, core samples are 1 metre in length, with a minimum sample length
being sampled. of 25 centimetres. Sample lengths are altered from the usual 1 metre due to
geological contacts, particularly around the chromitite reefs.
§ Reverse circulation drill holes had field duplicate samples taken at the
rate of 1 in 25 samples. In the case of one metre samples a second split was
taken from the riffle splitter or the bulk sample was passed through a 50/50
riffle splitter several times to produce a sample of about 1 kg in size.
Composite samples were duplicated by spearing the original bags twice.
Platinum Australia took occasional ¼ core samples and assayed them as a check
against the original ½ core sample assayed.
§ The sample size is considered appropriate for the material being sampled.
Quality of assay data and laboratory tests § The nature, quality and appropriateness of the assaying and laboratory § For Future Metals NL metallurgical drill holes ¼ and ½ core samples were
procedures used and whether the technique is considered partial or total. sent to ALS Metallurgy in Balcatta, Perth, Western Australia. ½ core samples
are reserved for metallurgical test work and the ¼ core samples were assayed
§ For geophysical tools, spectrometers, handheld XRF instruments, etc, the at ALS Minerals in Malaga, Perth, Western Australia.
parameters used in determining the analysis including instrument make and
model, reading times, calibrations factors applied and their derivation, etc. § Future Metal NL analysis of metallurgical drill hole samples had Pt, Pd and
Au determined by either a 10 or 25 gram charge with ICP-OES finish providing a
§ Nature of quality control procedures adopted (e.g. standards, blanks, lower detection limit of 0.02ppm. XRF has been used to determine Cr, Cu, Ni
duplicates, external laboratory checks) and whether acceptable levels of and S to a lower detection of 0.01% . Both XRF and fire assay analytical
accuracy (ie lack of bias) and precision have been established. methods are total.
§ Future Metals NL sent assays for all the exploration drill holes in the
current programme to Bureau Veritas in Perth for Au, Pt and Pd analysis by
lead collection fire assay (FA003) and As, Co, Cr, Cu, Ni and S by Mixed Acid
Digest ICP-AES (MA101)
§ Platinum Australia Limited had samples outside of the upper reef assayed by
Ultratrace, with Au, Pt and Pd determined by lead collection fire assay with
ICPMS (method code FA003) and Co, Cr, Cu, Ni and S determined by Peroxide
Fusion with (ICPAES).
§ Platinum Australia Limited send mineralised reef samples to Genalysis
Laboratory Services in Perth and submitted them for Nickel sulphide collection
fire assay with ICPMS finish. As, Co, Cr, Cu, Ni and S were analysed by method
code DX/OES, a sodium peroxide fusion and hydrochloric digest (nickel
cruicibles) with ICPOES.
§ Platinum Australia Limited and Future Metals NL submitted standards
(Certified Reference Material) at a rate of 1 in 25 samples, and blanks were
inserted at a similar rate. Blanks and standards were placed in the sample run
to fall within the mineralised material as it was analysed at the laboratory.
§ All analytical methods employed are considered total.
§ No geophysical tools were used.
§ Laboratory repeat analysis is completed on 10% of the samples submitted for
assay.
§ MAGLAG samples collected by Platinum Australia Limited were submitted to
Ultra Trace Laboratories and assayed for Au, Pt, Pd, As, Bi, Ca, Co, Cr, Fe,
Ir, Mg, Ni, Os, Pb, S, Se, Te, V and Zn using Method PAR003, a partial
digest designed for magnetic lag samples with ICPMS finish.
Verification of sampling and assaying § The verification of significant intersections by either independent or § Significant intercepts are calculated as composites and reported using
alternative company personnel. 0.50g/t PGM(3E) (Pt + Pd + Au) cut-off grade. A maximum of 4m consecutive
internal waste is allowed in composites.
§ The use of twinned holes.
§ Primary data: drill hole data, geological logging, sample intervals etc are
§ Documentation of primary data, data entry procedures, data verification, all recorded initially on hard copy in the field and then entered digitally.
data storage (physical and electronic) protocols. Maps and cross sections are produced and the digital data verified.
§ Discuss any adjustment to assay data. § Platinum Australia Limited employed Maxwell's Datashed to manage and store
drilling data. Future Metals NL is in the process of establishing a Datashed
database and appropriate protocals, presently the digital data is stored in
Excel spreadsheets and Access database and managed by the Exploration Manager.
§ For the metallurgical holes, significant intercepts are calculated as
composites and reported using 0.70g/t PGM(3E) (Pt + Pd + Au) cut-off grade. A
maximum of 2m consecutive internal waste is allowed in composites.
§ All significant intercepts are calculated by the Company's Exploration
Manager and checked by management.
§ Platinum Australia Limited and Future Metals NL twinned several drill
holes.
Location of data points § Accuracy and quality of surveys used to locate drill holes (collar and § At present Future Metals NL drill hole collars are located using a
down-hole surveys), trenches, mine workings and other locations used in hand-held GPS.
Mineral Resource estimation.
§ Platinum Australia Limited, Pan Continental and Minsaco Resources drill
§ Specification of the grid system used. holes were located initially with hand held GPS but then re-surveyed with a
differential GPS system to get locational accuracies to <0.1m by Whelans,
§ Quality and adequacy of topographic control. surveyors in Kununurra.
§ Down hole surveys are taken with a north seeking gyroscope at regular
intervals of 30m down hole in Future Metals NL's drill holes. All Platinum
Australia Limited's drill holes were surveyed with a single shot Eastman down
hole camera with a number re-surveyed with a north seeking gyroscope as a
comparison and a check against interference of the down hole camera surveys
against the local magnetism within the host ultramafic rocks. Platinum
Australia found that in general the down hole camera surveys were acceptable,
with the rare individual surveys required to be rejected due to obvious
spurious readings from local bands of magnetite within the ultra mafic host
rocks. The survey methods for the Pan Continental drill holes was by down hole
camera, and the Minsarco Resources drill holes were surveyed with a
combination of down hole cameras and acid bottle methods.
§ Minsaco Resources, Pan Continental and Platinum Australia Limited drilling
was initially located on a local grid system which was re-installed by
Platinum Australia Limited using metal survey stakes by Whelans surveyors in
Kununurra. The local grid has survived and is in good condition in the field
today. Location data was then converted to the Australian Map Grid 1966, Zone
52. Future Metals NL has then converted this location data to Map Grid of
Australia 1994, Zone 52
§ Future Metals drilling is located using Map Grid of Australia 1994, Zone
52.
§ The topographic control is considered better than <3m and is considered
adequate.
Data spacing and distribution § Data spacing for reporting of Exploration Results. § Data spacing of exploration results down hole is considered appropriate at
between 0.25 and 1m intervals.
§ Whether the data spacing and distribution is sufficient to establish the
degree of geological and grade continuity appropriate for the Mineral Resource § The metallurgical drill holes reported in this announcement are designed to
and Ore Reserve estimation procedure(s) and classifications applied. recover material for metallurgical test work.
§ Whether sample compositing has been applied. § The historical drill holes completed by Platinum Australia and others is
considered sufficient to establish the degree of geological and grade
continuity appropriate for the Mineral Resource and Ore Reserve estimation
procedure(s) and classifications applied.
§ Samples have not been composited.
Orientation of data in relation to geological structure § Whether the orientation of sampling achieves unbiased sampling of possible § Exploration drilling is designed to be as close to orthogonal as
structures and the extent to which this is known, considering the deposit practicable to the dip and strike of the mineralised chromitite reefs within
type. the Panton Intrusion.
§ If the relationship between the drilling orientation and the orientation of § Metallurgical drill holes have been deliberately orientated at a low angle
key mineralised structures is considered to have introduced a sampling bias, to the dip of the mineralised chromitite reefs to maximise the amount of
this should be assessed and reported if material. material recovered for metallurgical test work. The drilled thickness is
considerably greater than the true thickness in these drill holes as a result.
Sample security § The measures taken to ensure sample security. § Samples are delivered to the Company's transport contractor's yard in Halls
Creek directly by Company personnel. Samples are then delivered to the
laboratory by the Company's transport contractor.
Audits or reviews § The results of any audits or reviews of sampling techniques and data. § The Company employed industry-standard protocols. No independent audit
has been conducted.
Section 2 Reporting of Exploration Results
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status § Type, reference name/number, location and ownership including agreements or § The Panton PGM Project is located on three granted mining licenses M80/103,
material issues with third parties such as joint ventures, partnerships, M80/104 and M80/105 ('MLs'). The MLs are held 100% by Panton Sill Pty Ltd
overriding royalties, native title interests, historical sites, wilderness or which is a 100% owned subsidiary of Future Metals NL.
national park and environmental settings.
§ The MLs were granted on 17 March 1986 and are currently valid until 16
§ The security of the tenure held at the time of reporting along with any March 2028.
known impediments to obtaining a licence to operate in the area.
§ A 0.5% net smelter return royalty is payable to Elemental Royalties
Australia Pty Ltd in respect of any future production of chrome, cobalt,
copper, gold, iridium, palladium, platinum, nickel, rhodium and ruthenium.
§ A 2.0% net smelter return royalty is payable to Maverix Metals (Australia)
Pty Ltd on any PGMs produced from the MLs.
§ There are no impediments to working in the area.
Exploration done by other parties § Acknowledgment and appraisal of exploration by other parties. § The Panton deposit was discovered by the Geological Survey of Western
Australia from surface mapping conducted in the early 1960s.
§ Pickland Mather and Co. drilled the first hole to test the mafic-ultramafic
complex in 1970, followed by Minsaco Resources which drilled 30 diamond holes
between 1976 and 1987.
§ In 1989, Pancontinental Mining Limited and Degussa Exploration drilled a
further 32 drill holes and defined a non-JORC compliant resource.
§ Platinum Australia Ltd acquired the project in 2000 and conducted the
majority of the drilling, comprising 166 holes for 34,410 metres, leading to
the delineation of a maiden JORC Mineral Resource Estimate.
§ Panoramic Resources Ltd subsequently purchased the Panton PGM Project from
Platinum Australia Ltd in May 2012 and conducted a wide range of metallurgical
test work programmes on the Panton ore.
Geology § Deposit type, geological setting and style of mineralisation. § The Panton intrusive is a layered, differentiated mafic to ultramafic body
that has been intruded into the sediments of the Proterozoic Lamboo Complex in
the Kimberley Region of Western Australia. The Panton intrusion has
undergone several folding and faulting events that have resulted in a south
westerly plunging synclinal structure some 10km long and 3km wide.
§ PGM mineralisation is associated with several thin cumulate Chromitite
reefs within the ultramafic sequence. In all there are three chromite
horizons, the Upper group Chromitite (situated within the upper gabbroic
sequence), the Middle group Chromitite (situated in the upper portion of the
ultramafic cumulate sequence) and the Lower group Chromitite (situated toward
the base of the ultramafic cumulate sequence). The top reef mineralised zone
has been mapped over approximately 12km.
Drill hole Information § A summary of all information material to the understanding of the § Details of all drill holes reported in this announcement are provided in
exploration results including a tabulation of the following information for Appendix One.
all Material drill holes:
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level elevation above sea level in metres) of the
drill hole collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
§ If the exclusion of this information is justified on the basis that the
information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why
this is the case.
Data aggregation methods § In reporting Exploration Results, weighting averaging techniques, maximum § Significant intercepts are reported as down-hole length weighted averages
and/or minimum grade truncations (e.g. cutting of high grades) and cut-off of grades above 0.50g/t PGM(3E) (Pt/Pd/Au). No top cuts have been applied to
grades are usually Material and should be stated. the reporting of the assay results.
§ Where aggregate intercepts incorporate short lengths of high grade results § 4 metres of internal dilution is allowed in the reported intervals.
and longer lengths of low grade results, the procedure used for such
aggregation should be stated and some typical examples of such aggregations § Higher grade intervals are included in the reported grade intervals; and
should be shown in detail. have also been split out on a case-by-case basis where relevant.
§ The assumptions used for any reporting of metal equivalent values should be § Where palladium equivalents are reported, these values are based on the
clearly stated. following assumptions
§ Prices in USD
$/(t or oz)
Cu % 9,000
Pt ppm 1,300
Au ppm 1,700
Pd ppm 1,700
Ni % 18,500
Co ppm 60,000
§ Metal recoveries are based on past metallurgical test work.
Recovery
%
Cu 67.5%
Pt 80.0%
Au 70.0%
Pd 80.0%
Ni 45.0%
Co 60.0%
Relationship between mineralisation widths and intercept lengths § These relationships are particularly important in the reporting of § Usually, drilling is designed to be as close to orthogonal as practicable
Exploration Results. to the dip and strike of the mineralised chromitite reefs within the Panton
Intrusion.
§ If the geometry of the mineralisation with respect to the drill hole angle
is known, its nature should be reported. § Metallurgical drill holes have been deliberately orientated at a low angle
to the dip of the mineralised chromitite reefs to maximize the amount of
§ If it is not known and only the down hole lengths are reported, there material recovered for metallurgical test work. The drilled thickness is
should be a clear statement to this effect (e.g. 'down hole length, true width considerably greater than the true thickness in these drill holes as a result.
not known').
§ Refer to the Figures in this announcement showing drill cross sections.
Diagrams § Appropriate maps and sections (with scales) and tabulations of intercepts § Appropriate sections included in the body of this announcement.
should be included for any significant discovery being reported These should
include, but not be limited to a plan view of drill hole collar locations and
appropriate sectional views.
Balanced reporting § Where comprehensive reporting of all Exploration Results is not § Historical drill holes not reported include those that failed to intersect
practicable, representative reporting of both low and high grades and/or any significant width of the mineralisation in the foot wall to the Upper Reef
widths should be practiced to avoid misleading reporting of Exploration or were incompletely sampled, and others intersected the mineralisation at
Results. depths that are considered unlikely to be economic for open pit extraction. A
number of drill holes recently completed by Future Metals were designed to
intersect the complete mineralised zone associated with the upper and lower
reef and when assay results are received will greatly assist in the appraisal
of this lower grade mineralisation. At this time, Future Metals NL will be
able to ascertain the potential limits of this bulk mineralisation.
Other substantive exploration data § Other exploration data, if meaningful and material, should be reported § No other exploration data is relevant.
including (but not limited to): geological observations; geophysical survey
results; geochemical survey results; bulk samples size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances.
Further work § The nature and scale of planned further work (eg tests for lateral § Next stage of work will consist of additional mineralogical and
extensions or depth extensions or large-scale step-out drilling). metallurgical test work. The Company plans to undertake a new JORC Mineral
Resource model and estimate once all assays from recently completed drilling
§ Diagrams clearly highlighting the areas of possible extensions, including are received.
the main geological interpretations and future drilling areas, provided this
information is not commercially sensitive.
§ Metal recoveries are based on past metallurgical test work.
Recovery
%
Cu 67.5%
Pt 80.0%
Au 70.0%
Pd 80.0%
Ni 45.0%
Co 60.0%
Relationship between mineralisation widths and intercept lengths
§ These relationships are particularly important in the reporting of
Exploration Results.
§ If the geometry of the mineralisation with respect to the drill hole angle
is known, its nature should be reported.
§ If it is not known and only the down hole lengths are reported, there
should be a clear statement to this effect (e.g. 'down hole length, true width
not known').
§ Usually, drilling is designed to be as close to orthogonal as practicable
to the dip and strike of the mineralised chromitite reefs within the Panton
Intrusion.
§ Metallurgical drill holes have been deliberately orientated at a low angle
to the dip of the mineralised chromitite reefs to maximize the amount of
material recovered for metallurgical test work. The drilled thickness is
considerably greater than the true thickness in these drill holes as a result.
§ Refer to the Figures in this announcement showing drill cross sections.
Diagrams
§ Appropriate maps and sections (with scales) and tabulations of intercepts
should be included for any significant discovery being reported These should
include, but not be limited to a plan view of drill hole collar locations and
appropriate sectional views.
§ Appropriate sections included in the body of this announcement.
Balanced reporting
§ Where comprehensive reporting of all Exploration Results is not
practicable, representative reporting of both low and high grades and/or
widths should be practiced to avoid misleading reporting of Exploration
Results.
§ Historical drill holes not reported include those that failed to intersect
any significant width of the mineralisation in the foot wall to the Upper Reef
or were incompletely sampled, and others intersected the mineralisation at
depths that are considered unlikely to be economic for open pit extraction. A
number of drill holes recently completed by Future Metals were designed to
intersect the complete mineralised zone associated with the upper and lower
reef and when assay results are received will greatly assist in the appraisal
of this lower grade mineralisation. At this time, Future Metals NL will be
able to ascertain the potential limits of this bulk mineralisation.
Other substantive exploration data
§ Other exploration data, if meaningful and material, should be reported
including (but not limited to): geological observations; geophysical survey
results; geochemical survey results; bulk samples size and method of
treatment; metallurgical test results; bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances.
§ No other exploration data is relevant.
Further work
§ The nature and scale of planned further work (eg tests for lateral
extensions or depth extensions or large-scale step-out drilling).
§ Diagrams clearly highlighting the areas of possible extensions, including
the main geological interpretations and future drilling areas, provided this
information is not commercially sensitive.
§ Next stage of work will consist of additional mineralogical and
metallurgical test work. The Company plans to undertake a new JORC Mineral
Resource model and estimate once all assays from recently completed drilling
are received.
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