Future Metals (ASX:FME) - Non Executive Director, Justin Tremain
Non Executive Director, Justin Tremain
Source: Future Metals
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  • Based on a historical data review, Future Metals (FME) has highlighted Panton project’s potential for large-scale, shallow platinum group metal (PGM) and nickel mineralisation
  • Previous work at the WA project focused on the potential for a narrow, high-grade underground operation, with none of the broad PGM-nickel mineralisation considered
  • Further, just 3.5 kilometres of the mapped 12-kilometre strike has been drilled which Future says offer exploration upside potential
  • The company is waiting on some unassayed historical samples as well as assays from its own recent drilling, which will help to update Panton’s existing mineral resource estimate
  • Future Metals has been trading 3.23 per cent higher at 16 cents

Future Metals (FME) has highlighted the potential for large-scale, shallow platinum group metal (PGM) and nickel mineralisation at its Panton PGM project in Western Australia.

The materials stock reviewed historical data from almost 70,000 metres of drilling undertaken at the project.

The past focus of drilling and resource estimation has been on the chromitite reefs which reportedly host high-grade PGM mineralisation. However, there was never a focus on broad mineralisation potential.

Historical results drill results include 33 metres at 3.11g/t PGM and 0.23 per cent nickel from 69 metres, which are supported by historical surface trenching across the chromite reef horizon. Trench results include 50 metres at 1.33 grams per tonne (g/t) PGM and 0.18 per cent nickel, 34 metres at 1.71g/t PGM and 0.17 per cent nickel.

While the project has a mapped strike of 12 kilometres, only 3.5 kilometres have been drilled. Panton’s current 2.4 million ounce resource is contained within the 3.5-kilometre strike.

Non-Executive Director Justin Tremain said the tonnage potential of the project is “substantial”.

“The high-grade reefs at Panton have in the past been the project’s main focus and the bulk tonnage potential at surface was not considered,” he said.

“Whilst not all drill holes were assayed beyond the high-grade Upper Reef, a review of those holes that were drilled into the footwall demonstrates clear potential for Panton to be a shallow, bulk tonnage PGM-nickel deposit, complemented with high-grade PGM mineralisation at depth.”

The company is currently waiting on assays for 25 historical diamond holes drilled through the Footwall Zone at shallow depths.

Future also completed 6000 metres of drilling across 27 holes with assays pending for 22 of these.

The historical results as well as results from its recent drill program will be used for resource modelling and an updated resource estimate.

Future Metals was trading 3.23 per cent higher at 16 cents at 1:43 pm AEDT.

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