A deep drill hole co-funded by the WA Government’s Exploration Incentive Scheme (EIS) at the Panton Project is yielding results for Future Metals NL (ASX:FME, AIM:FME).
The 1,328.6-metre-deep hole drilled in January targeted basal contact towards the bottom of the intrusion.
This was the first time that a hole has been drilled through the entire Panton intrusion and has given the company key insights into the reef-style mineralisation in the area.
Vital step
The company sees this as a vital step in validating its nickel sulphide exploration model, which targets high-grade accumulations outside the known 6.9-million-ounce palladium equivalent mineral resource estimate (MRE).
Indeed, the drilling points to growth, returning high-grade platinum group metals (PGM) mineralisation 350 metres beyond the existing MRE.
The numbers tell the story. Intersections demonstrate significant PGM and sulphide mineralisation including:
- 22.4 metres at 1.50 g/t PGM3E (palladium + platinum + gold), 0.21% nickel, 155 parts per million (ppm) cobalt and 0.04% copper from 786 metres, including an intersection of the high-grade PGM upper reef of 2 metres at 6.6 g/t PGM3E, 0.29% nickel, 153 ppm cobalt and 0.12% copper from 786 metres;
- 36 metres at 0.86 g/t PGM3E, 0.23% nickel, 151 ppm cobalt and 0.01% copper from 850 metres; and
- 19 metres at 0.15 g/t PGM3E, 0.19% nickel, 158 ppm cobalt and 0.11% copper from 1,053 metres.
Results from the deep drill hole provide further support that Panton may host a significant sulphide system.
The deep drill hole shows that Panton consists of at least two discrete phases of magma intrusions.
The upper zone (Unit B) hosts the previously defined reef-style PGM mineralisation whereas the newly recognised lower zone (Unit A) hosts disseminated magmatic sulphide mineralisation.
The evidence points to the prospectivity of a 1-kilometre-long untested embayment feature (BC1) with multiple coincident nickel-copper sulphide anomalies.
Next steps
Further evaluation of additional prospective nickel sulphide targets is underway, including at the Panton West and North prospects, and at Copernicus North.
More drilling is planned for the second quarter of the year to test the shallow BC1 target and other targets at Panton West.
The aim is to build upon the nickel sulphide exploration strategy and work towards the discovery of a large, high-grade accumulation of nickel-copper sulphides.
The 2022-2023 drill program has given the company an opportunity to validate the presence of a primary magmatic sulphide system within Panton, narrow down the search space for follow-up exploration and identify a discrete untested target in BC1, the embayment feature.
Evaluations and preparatory activities are being undertaken across Panton, BC1 and the Panton West prospect for a follow-up drill program, which is planned for Q2 2023.
The drill program will likely involve shallow reverse circulation (RC) drilling as a first pass.