Future Metals NL (ASX:FME, AIM:FME) has reviewed historical drilling data highlighting the potential for large-scale, shallow platinum group metals (PGM)-nickel mineralisation at its 100%-owned Panton PGM Project in northern Western Australia.
The review shows broad, shallow PGM-nickel mineralisation of up to 20-40 metres in thickness, outside of the current mineral resource estimate (MRE).
Previous work on Panton has focused on the potential for a narrow, high-grade underground PGM operation, with none of the broad PGM-nickel mineralisation considered.
The current Panton JORC MRE of 14.32 million tonnes at 4.89 g/t PGM and 0.31 g/t gold for 2.4 million ounces of contained PGM and gold has been constrained to the upper chromitite reef and, to a minor extent, the middle chromitite reef, at a 2.0 g/t PGM lower cut-off.
Future Metals is in a strong financial position with cash of around $6.0 million as at November 30, 2021.
Substantial tonnage potential
Future Metals director Justin Tremain said: “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-nickel 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.”
Results
The results are supported by historical surface trenching across the strike of the outcropping chromite reef horizon with results of 50 metres at 1.33 g/t PGM plus 0.18% nickel and 34 metres at 1.71 g/t PGM plus 0.17% nickel.
Bulk PGM-nickel mineralisation is hosted in the footwall to the Upper Reef.
The company has drilled strike length of 3.5 kilometres within 12 kilometres of mapped strike, with highly consistent PGM-nickel mineralisation.
A total of 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 around 6,000 metres of drilling across 27 holes with assay results pending for 22 holes.
Northern Anomaly
Only five wide-spaced sections (400-800 metres apart) have been drilled at the Northern Anomaly to test for shallow PGM-nickel mineralisation.
None of the mineralisation at the Northern Anomaly is contained within the current MRE.
As part of the current drill program, the company has drilled an infill section and up-dip on a previously drilled section, to test for continuity of this bulk PGM-nickel mineralisation.
Current drilling program
The company began a diamond core drilling program in August 2021 and has completed 27 holes for about 6,000 metres.
Drilling has now concluded due to inclement weather conditions and will resume after the wet season.
In addition, drill core from 25 historical holes that have not previously been assayed has been identified and is 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 around 6,000 metres 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.