Future Metals NL (ASX | AIM: FME) has obtained strong results from its deep drill hole at its wholly-owned Panton Project in Western Australia.
The company completed a 1,328.6m drill hole at Panton (PS414) in January 2023 which targeted the basal contact towards the bottom of the intrusion.
The drill hole was co-funded by the Western Australia Government’s Exploration Incentive Scheme (EIS). This was the first time that a hole has been drilled through the entire Panton intrusion and it has provided highly valuable information relating to the reef-style mineralization, and the company’s nickel sulphide exploration model targeting high-grade accumulations outside of the known 6.9Moz PdEq MRE.
Drill hole PS414 has demonstrated strong continuity of the high-grade PGM reef, providing a step out intersection of up to 350m from the nearest drill hole included in the current MRE. This provides significant growth potential for an updated MRE the company is completing on the high-grade reef, comprising 3Moz of the current 6.9Moz PdEq MRE.
Results from the deep drill hole provide further support that Panton may host a significant sulphide system. Critically, the deep drill hole shows that Panton comprises of at least two discrete phases of magma intrusions.
The upper zone (Unit B) hosts the previously defined reef-style PGM mineralization whereas the newly recognized lower zone (Unit A) hosts disseminated magmatic sulphide mineralization. This supports the company’s interpretation that the presence of a large untested embayment feature on the NW margin of the complex is a high-priority target. It also helps explain the local anomalous high-grade Ni-Cu sulphide intercepts in historical drilling and the recently drilled zones of broad disseminated magmatic sulphide mineralization in the NW area.
The company’s 2022/2023 drill programme has successfully redefined the Panton project as an intrusive complex with significant potential for a nickel sulphide discovery and enabled the company to focus in on the most prospective areas for drilling a potentially large accumulation of sulphide mineralization.
Drilling Results Discussion | High-Grade PGM Reef Step Out Intersection
The EIS co-funded drill hole, PS414, is an important drill hole which has served dual purposes for creating value at the Panton project. The hole was planned to drill into the basal contact at depth to inform the company’s nickel sulphide exploration model and provide a significant step out hole in confirming the continuity of the high-grade PGM reef.
Hole PS414 intersected the PGM reef at 786m, demonstrating high grade mineralization of 6.6 g/t PGM3E over 2.0m. This intersection represents a large step out from the drill hole results incorporated into the current 3Moz MRE relating to the high-grade reef. The step out distance for hole PS414 from the closest hole to the NNW is 350m, and 200m to the closest hole in the NE. Hole PS414 has also shown that the reef is flattening at depth.
The company is currently working on an updated JORC MRE to estimate the mineralization more appropriately in the high-grade reefs. This will enable improved mine and process design to underpin the scoping study on the high-grade PGM mineralization at the Panton project. The company expects that this updated MRE will be significantly enhanced by the results from hole PS414.
For further information please visit: https://future-metals.com.au/
