Future Metals identifies multiple drill targets at Alice Downs

13th Feb 2024 15:11

(Sharecast News) - Future Metals announced the identification of multiple drill targets on Tuesday, spanning an 18-kilometre stretch within the recently-acquired Alice Downs Corridor.

The AIM-traded firm said the corridor, situated about 12 kilometres northeast of Panton, encompassed highly-prospective areas within the company's predominantly wholly-owned exploration package.

Among the targets within the corridor were Eileen Bore, Palamino, and Salk, all of which were yet to undergo effective drill testing.

The board said the targets exhibited ultramafic host rocks with in situ mineralisation, bearing structural similarities to the nearby Copernicus nickel-copper mine.

Of particular interest was Eileen Bore, where the company said 3D modelling indicated an open down plunge of existing mineralisation.

Historical intersections reported by previous owners included significant findings such as 120 metres at 0.73% copper, 0.29% nickel, and 0.86 grams of platinum group metals (PGM) per tonne from surface, and 96 metres at 0.70% copper, 0.29% nickel, and 0.78 grams of PGM per tonne from 24 metres depth.

Additionally, adjacent to Eileen Bore, untested drill-ready targets had confirmed the presence of nickel-copper sulphides at the surface.

The company said it planned to start drilling early in the second quarter, with a focus on targeting extensions of known near-surface mineralisation.

"The company is planning a drilling campaign to test the down plunge extension of Eileen Bore and confirm adjacent near-surface economic mineralisation at drill targets two and three," the board said in its statement.

"This initial stage of drilling is planned to commence early in the second quarter of 2024."

Future Metals said follow-up stages would take place if initial drilling determined the potential for a material amount of economic mineralisation.

"In addition, field mapping and sampling will be undertaken along the Alice Springs Corridor, with a particular focus on Palamino and Salk to confirm the current geological model and refine these drill targets."

At 1021 GMT, shares in Future Metals were flat at 1.48p.

Reporting by Josh White for Sharecast.com.