Future Metals NL (ASX:FME, AIM:FME) has identified multiple exploration targets prospective for sulphide accumulations at its 100%-owned Panton PGM Project in northeast Western Australia.
The company now has multiple new exploration targets in its sights for sulphide-rich – nickel, copper, gold, cobalt and platinum group metals (PGM) – zones.
These new finds are beyond the area containing Future Metal’s 6.9-million-ounce palladium equivalent mineral resource estimate.
Review supports new targets
The targets were pinpointed in a geological prospectivity review of Panton’s existing geological data, supported by a review by nickel-copper-platinum group expert Jon Hronsky of Western Mining Services.
The review uncovered evidence of an increased concentration of sulphides including:
Lower Zone
- 19 metres at 0.51 g/t PGM3E1 (palladium, platinum and gold) and 0.49% nickel and 0.28% copper and 0.022% cobalt from 88 metres including 3 metres at 0.81 g/t PGM3E1 and 1.16% nickel and 0.66% copper and 0.053% cobalt from 88 metres;
- 1-metre at 0.67 g/t PGM3E1 and 0.46% nickel and 1.57% copper and 0.022% cobalt from 95 metres; and
- 2 metres at 1.09 g/t PGM3E1 and 1.01% nickel and 0.22% copper and 0.044% cobalt 104 metres.
Main Zone
- 4 metres at 2.18 g/t gold and 1.18% nickel and 1.05% copper from 242.5 metres including 1-metre at 6.80 g/t gold and 0.62% nickel and 2.05% copper from 242.5 metres;
- 2 metres at 0.92 g/t gold and 1.93% nickel and 0.76% copper from 243.5 metres;
- 1-metre at 23.04 g/t gold and 0.20% nickel and 0.03% copper from 35 metres;
- 1-metre at 1.78 g/t gold and 0.19% nickel and 1.42% copper from 5 metres;
- 2 metres at 0.14 g/t PGM3E1 and 0.09% nickel and 0.73% copper and 0.012% cobalt from 28 metres; and
- 1-metre at 0.72 g/t PGM3E1 and 0.16% nickel and 1.02% copper and 0.023% cobalt from 20 metres.
The company has also fielded shallow, wide PGM and base metals assay results from the exploration drill holes at the Northern Anomaly, which sits within the Lower Zone towards the basal contact of the Panton intrusion.
The Lower Zone is considered to be highly prospective for large accumulations of sulphide-rich mineralisation, a hypothesis supported by high-grade base metal and gold intercepts uncovered in historical drilling, associated with local sulphide-rich lenses and anomalous base metals and gold throughout the entire zone, numerous late time airborne electromagnetic conductors and intrusion-scale geological analysis.
"Contact-style mineralisation"
Managing director and CEO Jardee Kininmonth had much to say about the find: “Panton’s 6.9-million-ounce palladium equivalent MRE relates solely to our Main Zone, being the ‘reef-style’ mineralisation and the enveloping bulk mineralisation.
“While this style of mineralisation is known for its continuity, the Lower Zone, which sits at a lower section in the stratigraphy is considered to be ‘contact-style’ mineralisation. Contact-style deposits often exhibit more short-range variation in mineralisation thickness and grade.
“The Lower Zone is considered highly prospective for hosting zones of matrix, semi-massive and massive sulphide mineralisation.
“The prospectivity review has highlighted the exciting exploration potential at Panton, with possible high-grade zones of base metal and gold sulphides outside of the Main Zone associated with one or multiple feeder (or conduit) zones to the intrusion."
Limited exploration to date
He continued: “To date exploration at Panton beyond the PGM’s in the chromite reefs has been limited and this review shows that there is more at play at Panton than our already significant PGM deposit.
“Given these excellent base metal and gold intercepts were intersected purely by chance in drilling which was targeting the chromite reefs, it is very exciting what we might uncover when specifically targeting zones identified to be the most prospective for increased sulphide mineralisation.
“The company is currently planning a follow-up ground-based electromagnetic and gravity survey to provide better granularity on targets, as well as covering the northern portion of the tenements where the Lower Zone outcrops.
"Significant upside"
“Following these surveys, the company intends to test each respective target with diamond drilling and down-hole electromagnetics. These exploration activities offer significant upside to what is an already compelling high-grade, large PGM project.
“Scoping study activities have commenced to assess the different development pathways that may be progressed on Panton’s significant MRE.
“Exploration activities will be run in parallel to the study, with any further discoveries of highly mineralised zones clearly being complementary to the existing orebody.”