Future Metals finds 'another mineralised system' at Panton

3rd Nov 2022 12:27

(Sharecast News) - Future Metals said on Thursday that drilling at Panton had intersected broad zones of 10 to 50 metres of primary magmatic sulphides, demonstrating another mineralised system in addition to the existing chromite and silicate-hosted reef.

The AIM-traded firm said the presence of primary magmatic sulphides in shallow drilling was a "significant technical breakthrough", confirming the potential for larger sulphide accumulations at depth which had not previously been tested.

Gravity modelling identified a prospective basal contact and feeder position under chromite reefs, and a larger anomaly in the south, coincident with electromagnetic conductors.

Magnetic inversion modelling, meanwhile, strongly supported the 'keel zone' hypothesis and provided additional large targets coincident with known anomalous nickel, copper and sulphur.

The company said a government Exploration Incentive Scheme (EIS) grant of $0.22m had been awarded to co-fund deeper drilling, with a ground-based electromagnetic survey expanded to target gravity anomalies with down-hole drilling planned to start in November.

"The validation of the exploration model validated through the recent drilling and geophysical modelling is an exciting development for the company," said managing director and chief executive officer Jardee Kininmonth.

"The gravity inversions clearly show a significant keel position underlying the entire Panton intrusion and provide multiple basal contact and potential feeder targets to be drilled.

"Early drilling has been very encouraging, with the identification of magmatically emplaced disseminated sulphides for the first time at Panton."

Kininmonth said the mineralisation provided "significant evidence" there was a nickel-copper-platinum sulphide system encasing and underlying the existing reef-style mineralisation that made up the current 6.9 million ounce palladium-equivalent mineral resource estimate.

"The drilling of these sulphides are at the edge of the system where analogues would suggest mineralisation is at its weakest and it is considered likely that mineralisation will increase towards the keel position, which is yet to be tested.

"The company has been successful in being awarded a government EIS grant to co-fund a deep drill hole into the centre of the northern part of the Panton intrusion.

"This hole will be drilled directly into the untested bottom of the basal contact and/or feeder position."

At 1057 GMT, shares in Future Metals were up 7.45% at 6.85p.

Reporting by Josh White for Sharecast.com.