Future Metals NL (ASX:FME, AIM:FME) has uncovered high levels of platinum group metals (PGM) from the first crop of drill holes in its ongoing field season at one of Australia’s largest and highest-grade PGM assets.
The Panton Project, in northern Western Australia, is currently the subject of a 10,000-metre diamond core drilling program, designed to provide samples for metallurgical test-work and test for continuity and depth extensions to the project’s mineral resource.
Results from the first five holes have since been received, returning as much as 10.1 metres at 9.00 g/t PGM from 92.5 metres and 7.8 metres at 6.46 g/t PGM from 39.4 metres, with gold to boot.
The broader Panton project is reported to host 14.32 million tonnes of ore, grading at 5.2 g/t for 2.4 million ounces of PGM and gold.
Last week, the materials stock secured its second listing and was admitted to trade on the London Stock Exchange's AIM market.
“Demonstrate project’s potential”
Commenting on the findings, Future Metals director Justin Tremain said: “These initial results from Panton continue to demonstrate the potential of the project with exceptional grades including several 10 g/t-plus PGM samples.
“When compared to past drilling, these results exceed expectations and also confirm the potential for shallow mineralisation over broader widths which has not previously been modelled in the current 2.4-million-ounce JORC mineral resource estimate.
“With several holes still to be assayed, and drilling ongoing with weekly sample dispatches, we look forward to reporting further results in the coming weeks.”
Shares have been as much as 11.2% higher this morning to A$0.20.
The results are in
In August, Future Metals embarked on a 10,000-metre drilling campaign over the Panton property.
The program aims to:
- Provide samples for further metallurgical test-work;
- Test for continuity and depth extensions to the mineral resource estimate (MRE);
- Test the potential for defining a much larger and shallower mineralised zone at lower cut-off grades;
- Test strike extensions to the MRE; and
- Test parallel zones of highly anomalous PGM soil geochemistry.
The company has completed 21 holes for roughly 4,550 metres to date and drilling is expected to continue until December 2021, weather conditions permitting.
Eight of the drill holes were designed to recover material for metallurgical test-work, with assays from five holes — drilled across the A, B and C blocks — reported today.
Some of the highlights include:
- 20.8 metres at 5.34 g/t PGM from 89.3 metres, including 10.1 metres at 9 g/t from 92.5 metres;
- 14.8 metres at 3.88 g/t from 38.4 metres, including 7.8 metres at 6.46 g/t from 39.4 metres;
- 11 metres at 3.94 g/t from 100 metres, including 4.35 metres at 5.72 g/t from 103 metres;
- 8 metres at 1.98 g/t from 25 metres, including 2 metres at 4.86 g/t from 25.5 metres.
The full suite of results is detailed below:
What’s next?
As it continues its diamond core campaign, Future Metals has trained its eye on a structure known as the Northern Anomaly, where only limited, wide-spaced drilling has taken place to date.
However, historical work has returned shallow, broad widths of lower grade mineralisation, meaning this mineralised structure is a prospective shallow drilling target.
Future Metals will report on further results as they become available.