- Future Metals (FME) intersects high-grade mineralisation at its Panton Platinum Group Metal (PGM) Project in Western Australia
- In August, the company began a 10,000-metre diamond drilling program to provide samples for metallurgical testwork and test the strike of the mineral resource estimate
- Results have been received for an initial five holes with grades peaking at 9g/t platinum group metals
- Future Metals now plans to undertake shallow drilling at the Northern Anomaly where a large PGM anomaly lies
- Future Metals ends the day in the grey with shares trading at 18 cents
Future Metals (FME) has intersected high-grade mineralisation at its Panton Platinum Group Metal (PGM) project in Western Australia.
The Panton Project lies 60 kilometres north of Halls Creek and consists of three granted mining leases that cover an area of roughly 23 square kilometres.
It has a JORC mineral resource estimate (MRE) of 14.32 million tonnes at 4.89 grams of PGM per tonne (g/t), 0.31g/t gold and 0.27 per cent nickel.
In August, Future Metals began a 10,000-metre diamond core drilling program to provide samples for metallurgical testwork and test the potential for defining a larger and shallower mineralised zone.
The drilling also aimed to test the continuity and depth extensions to the MRE, test strike extensions to the MRE and test parallel zones of highly anomalous PGM soil geochemistry.
To date, 21 holes, for roughly 4550 metres, have been drilled with work expected to continue until December.
Results have been received for an initial five holes with a best result of 20.8 metres at 5.34g/t PGM from 89.3 metres including 10.1 metres at 9g/t PGM from 92.5 metres.
Other results include 14.8 metres at 3.88g/t PGM from 38.4 metres including 7.8 metres at 6.46g/t PGM from 39.4 metres, and 11 metres at 3.94g/t PGM from 100 metres including 4.35 metres at 5.72g/t PGM from 103 metres.
These results show considerably higher PGM grades and widths when compared to historical drilling and resource modelling.
Non-Executive Director Justin Tremain commented on the results.
“These initial results from Panton continue to demonstrate the potential of the project with exceptional grades including several plus 10g/t PGM samples,” Mr Tremain said.
“When compared to past drilling, these results exceed expectations and also confirm the potential for shallow mineralisation over broader widths which has not previously 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.”
Future Metals now plans to undertake shallow drilling at the Northern Anomaly where a large PGM anomaly lies.
Only limited drilling has been undertaken and returned shallow, broad widths of low-grade mineralisation.
Future Metals has ended the day in the grey with shares trading at 18 cents in a $62.73 million market cap.