Future Metals NL (ASX:FME, AIM:FME) has unearthed further +100-metre shallow platinum group metal (PGM) results from resource definition drilling at the flagship Panton PGM Project in Western Australia.
Three resource definition holes were drilled, confirming mineralisation extends in widths of more 50 metres along a 3.5-kilometre strike.
One hole, PS402, returned a bulk unconstrained intersection of 150.8 metres at 1.18 g/t PGM from just 8 metres down hole, with notable intercepts including:
- 32.88 metres at 1.72 g/t palladium equivalent (palladium, platinum and gold combined as 3E (1.33 g/t PGM and 0.19% nickel) from 28.12 metres;
- 22.37 metres at 1.36 g/t palladium equivalent (1 g/t PGM and 0.16% nickel) from 66.76 metres; and
- 12.1 metres at 1.45 g/t palladium equivalent (1.05 g/t PGM and 0.20% nickel) from 130.9 metres.
Another hole, PS397, also returned broad and shallow intersections of PGM and nickel mineralisation, with an unconstrained bulk section of 119.78 metres at 1.06 g/t palladium equivalent from surface, including constrained intercepts of:
- 37.1 metres at 1.32 g/t palladium equivalent (0.95 g/t PGM and 0.16% nickel) from 8 metres
- 27.8 metres at 1.25 g/t palladium equivalent (0.80 g/t PGM and 0.21% nickel) from 59.2 metres
A third hole demonstrated similar constrained intersections of PGM and nickel, up to 21 metres at 1.48 g/t palladium equivalent (1.15 g/t PGM and 0.18% nickel).
Once all assays have been received (results from 44 holes are still outstanding) they will be incorporated into an updated mineral resource estimate (MRE) to be released in the second quarter of this year.
Mineralisation showing continuity
“Drill results continue to show the lateral extent of the mineralisation at Panton, with the reef system already known to show strong continuity along the 3.5 kilometres of strike,” Future Metals CEO Jardee Kininmonth said.
“The current MRE only includes the upper and middle reefs which represent approximately 0.1-4.0 metres of mineralised width, while our latest drilling, and historical assays, demonstrate that the mineralisation extends up to 50 metres, much wider than what is currently in the MRE."
Future Metals has appointed Andrew Shepherd as general manager of project development in preparation for study activities that will be initiated once the mineral resource estimate has been updated.
“We are also excited to have Andrew join to lead project development activities," Kininmonth said.
"He complements the team well with significant experience in managing mining operations, as well as having a strong study management and project evaluation background.”
The company is well-funded to pursue those activities, with A$4.3 million in cash on hand as of March 31, 2022.
Tests demonstrate high recovery
“We continue to progress the metallurgical test-work which confirms recoveries of over 70% and that a +100g/t PGM3E concentrate grade is attainable via single stage mill and rougher-scavenger flotation from the high-grade chromite reef that makes up the current 2.4-million-ounce MRE,” Kininmonth continued.
“Our intention is to remodel the MRE to include the bulk shallow PGM and nickel mineralisation thereby providing volume and scale to consider value-added alternatives for this lower grade mineralisation including bulk concentrate, separate concentrate, or further downstream processing in order to produce higher-value intermediate products.
“This forms the current focus of our ongoing metallurgical test-work.”
Future Metals has completed initial sighter work and a detailed review of metallurgic information from Panton’s previous owners.
The company will now adapt the testing regime to meet the anticipated ore feed of a bulk tonnage strategy. This will include both physical separation and flotation test work. A detailed review of hydrometallurgical information has also now begun.