Future Metals NL (ASX: FME) has obtained further shallow, wide PGM assay results from the historical drill hole sampling completed to date at its 100% owned Panton PGM Project in northern Western Australia.
The company has also commenced the resource estimation workstream, targeting release of a new JORC Mineral Resource Estimate (MRE) in the coming weeks.
Highlights
▪ Assay results received from a further nine historical, previously unsampled drill holes continue to confirm broad mineralised widths at Panton along the drilled 3.5km strike. Notable intercepts include (at a 0.5g/t PGM(3E) cut-off, maximum 4m internal dilution) (refer to Table One)
- 60.5m @ 1.24 g/t PdEq3 (0.86 g/t PGM3E2 & 0.18% Ni) from 0m (PS342)
- 14m @ 1.60 g/t PdEq3 (1.17 g/t PGM3E2 & 0.21% Ni) from 234m (PS235)
- 12m @ 1.64 g/t PdEq3 (1.40 g/t PGM3E2 & 0.15% Ni) from 254m (PS257)
- 9.2m @ 1.70 g/t PdEq3 (1.41 g/t PGM3E2 & 0.19% Ni) from 175.8m (PS264)
- 14m @ 1.48 g/t PdEq3 (1.07 g/t PGM3E2 & 0.19% Ni) from 67.05m (PS316)
▪ All holes returned significant intercepts of mineralisation when applying an unconstrained PdEq cut-off grade of 0.5 g/t, intercepts included:
- 84m @ 1.10 g/t PdEq3 (0.68 g/t PGM3E2 & 0.19% Ni) from 226m (PS235)
- 55.1m @ 1.26 g/t PdEq3 (0.87 g/t PGM3E2 & 0.18% Ni) from 41m (PS341)
- 57.85m @ 1.02 g/t PdEq3 (0.67 g/t PGM3E2 & 0.15% Ni) from 244.95m (PS257)
- 50.95m @ 1.00 g/t PdEq3 (0.62 g/t PGM3E2 & 0.16% Ni) from 41.55m (PS316)
▪ Preparation of an independent updated JORC Mineral Resource Estimate (MRE) is underway and remains on track for completion in the quarter ending June 2022.
“All drill hole results returned to date have confirmed significant intercepts of mineralisation, demonstrating the strong continuity of the Panton orebody along its current 3.5km strike, and the lateral extent of mineralisation sitting outside of the chromite reef,” Managing Director and CEO, Jardee Kininmonth, said.
“With the majority of the assay results now received, work has begun on the new bulk-tonnage Mineral Resource Estimate and we remain on target for its release in the coming weeks.
“This new MRE will include both the mineralisation in the high-grade chromite reefs and the significant dunite mineralisation which envelopes the reefs, across the A, B, C and D blocks.”
Exploration Drillhole Assay Results
An additional 9 drill hole assays have been received and continue to confirm much broader widths of shallow PGM mineralisation than modelled in the current 2.4Moz MRE.
Assays for the remaining holes submitted to the laboratory that remain outstanding are expected to be reported in the coming weeks.
Palladium Equivalent (PdEq)
Based on metallurgical test work completed on Panton samples, all quoted elements included in the metal equivalent calculation (palladium, platinum, gold, nickel, copper and cobalt) have a reasonable potential of being ultimately recovered and sold.
Metal recoveries used in the palladium equivalent (PdEq) calculations are the midpoint of the range of recoveries for each element based on metallurgical test work undertaken to date at Panton.
It should be noted that palladium and platinum grades reported in this announcement are lower than the palladium and platinum grades of samples that were subject to metallurgical test work (grades of other elements are similar).
Metal recoveries used in the palladium equivalent calculations are shown below:
- Palladium 80%, Platinum 80%, Gold 70%, Nickel 45%, Copper 67.5% and Cobalt 60% Metal prices used are also shown below:
- Palladium US$1,700/oz, Platinum US$1,300/oz, Gold US$1,700/oz, Nickel US$18,500/t, Copper US$9,000/t and Cobalt US$60,000/t Metal equivalents were calculated according to the follow formula:
- PdEq (Palladium Equivalent g/t) = Pd(g/t) + 0.76471 x Pt(g/t) + 0.875 x Au(g/t) +1.90394 x Ni(%) + 1.38936 x Cu(%) + 8.23 x Co(%),
