REG - Future Metals NL - Heritage Surveys Completed & Testing Eileen Bore

Future Metals NLAnnouncement

16/09/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240916:nRSP2987Ea&default-theme=true

RNS Number : 2987E  Future Metals NL  16 September 2024

Future Metals NL

Heritage Surveys Completed to Allow Drill Testing of Eileen
Bore Mineralisation

Highlights:

·        Heritage clearance surveys completed across the Alice Downs
Corridor and Panton North tenures clearing the way for commencement of
drilling

·        Diamond drilling set to get underway at Eileen Bore in the
coming weeks

·        Ground Gravity surveys to commence next week

·        Exploration programmes to be co-funded up to A$295,000 under
the WA Government's merit-based Exploration Incentive Scheme ("EIS")

·        Drilling programme to be the first drill testing of Eileen
Bore mineralisation in over 20 years

Future Metals NL ("Future Metals" or the "Company", ASX | AIM: FME) is pleased
to announce heritage clearance surveys have been completed across the Alice
Downs Corridor and Panton North tenures.

The completion of these surveys marks a key step forward in advancing the
exploration strategy within the Alice Downs Corridor.

Figure One | Regional Plan showing main targets along Alice Downs Corridor's
18km strike.  Note the location of the Eileen Bore inset map for Figure Two.

EIS co-funding of up to A$115,000 will be utilised to complete ground gravity
surveys across the Alice Downs Corridor and Panton North tenures.  This
survey will assist with the targeting of additional potential mineralised
bodies across the 18km mineralised horizon within the Alice Downs Corridor
(Refer to Company's announcement on 13 February 2024 Multiple Drill Targets
Identified Along 18km Corridor
(https://www.investi.com.au/api/announcements/fme/89ff852b-060.pdf) ).

At Panton North, recent field work indicates that the Panton Complex dips
towards the north, not south as historically modelled.  The gravity data will
complement previous data collected, allowing for updated modelling of the
Panton Complex and assisting with mapping the depth of the intrusion, as well
as this structural complexity.

EIS co-funding of up to $180,000 will be utilised for diamond drilling at
Eileen Bore. Updated geological modelling indicates that the existing
mineralisation at Eileen Bore is structurally complex with a similar
orientation to the Copernicus Deposit. Drilling at Eileen Bore will target
this previously untested position. Drilling contractor has been secured and is
scheduled to mobilise to site in the coming weeks, dependent on availability
of cultural monitors and completion of access works.

Eileen Bore Prospect

The Eileen Bore Prospect is an advanced exploration target with historical
drilling work completed, identifying a wide zone of Cu-Ni-PGM mineralisation
from surface along a known strike of approximately 300m (Drill Target 1).
 Mineralisation occurs within a gabbro-pyroxenite host and is comprised of
chalcopyrite, pentlandite and pyrrhotite.  Mineralisation remains open down
plunge and at depth with drill testing only to 96m.

To the north, Drill Target 2 is based on coincident magmatic
chalcopyrite-pyrrhotite mineralisation identified in peridotite rock chips by
petrology and is associated with Ni-Cu, PGE and Au soil anomalism.  There has
been no historical drill testing in the area to date. To the south, Drill
Target 3 is associated with the same coincident soil anomalism identified at
Eileen Bore and Drill Target 2, which has also not been drill tested.  Drill
Targets are outlined in Figure Two below.

Figure Two | Eileen Bore Prospect show 3 main drill areas: down plunge
mineralisation from section A-A' and Drill Targets 2 and 3.

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
 Patrick Walta                                            info@future-metals.com.au (mailto:info@future-metals.com.au)
 Strand Hanson Limited (Nominated Adviser and UK broker)  +44 (0) 207 409 3494
 James Bellman/Rob Patrick

 

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 by virtue of the Market
Abuse (Amendment) (EU Exit) Regulations 2019.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DRLFIFSEASIRLIS