Future Metals NL (ASX:FME, AIM:FME) has confirmed the potential of the Panton Project in Western Australia to host a large nickel-copper-PGE (platinum group elements) system.
This follows visual inspection of initial shallow diamond drill holes in the ‘Lower Zone’ of the Panton Intrusion that intersected broad zones of primary magmatic sulphides along with geophysical modelling.
Technical breakthrough
The presence of primary magmatic sulphides in shallow drilling is an important technical breakthrough confirming the potential for larger sulphide accumulations at depth which have not previously been tested.
Magnetics and gravity inversion modelling have demonstrated multiple potential basal contact and feeder conduit sulphide targets encasing and underlying the existing 6.9-million-ounce palladium-equivalent JORC mineral resource estimate (MRE).
The company has completed three diamond drill holes for about 800 metres, intercepting disseminated sulphides in each hole.
“Exciting development”
Managing director and chief executive officer Jardee Kininmonth said: “The validation of the exploration model validated through the recent drilling and geophysical modelling is an exciting development for the company.”
The gravity and EM surveys have highlighted the south of the project as containing significant targets, with multiple coincident bedrock conductors identified from ground-based EM surveys.
In particular, a large gravity anomaly has been identified to the south, starting near surface and extending down to about 2 kilometres in depth, with multiple shoot-like bedrock EM conductors identified in proximity to this anomaly.
“Significant keel position”
"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,” Kininmonth said.
“Early drilling has been very encouraging, with the identification of magmatically emplaced disseminated sulphides for the first time at Panton.
“This mineralisation provides significant evidence there is a nickel-copper-PGE sulphide system encasing and underlying the existing reef-style mineralisation that makes up the current 6.9-million-ounce palladium-equivalent JORC MRE.
“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.”
Reef cross section showing magnetic and gravity anomalies along the Keel Zone.
Deep hole planned
Future Metals has been awarded a WA State Government EIS Grant of up to $220,000 which will co-fund a deep drill hole into the keel position below the reef.
The company is arranging for a larger drill rig to be at site from December 1 to drill this deep hole through the northern gravity anomaly, underneath the chromite reef and into the interpreted basal contact or feeder conduit position.
Kininmonth added: “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.
“The team looks forward to continuing to systematically test the significant number of high-quality targets at Panton and keep the market updated on its progress.”
A ground-based EM survey expanded to target gravity anomalies with down hole EM is planned to begin later this month. These plans are subject to change based on ongoing results and weather conditions.