Australian-based exploration company Future Metals (ASX:FME) has intersected ‘high-grade’ platinum group metals (PGM) mineralisation in a 350m step-out hole completed at the Panton Project in Western Australia.
The company completed drillhole PS414 to 1,328.6m at the project in January 2023, which targeted the basal contact towards the bottom of the intrusion. PS414 intersected 2m @ 6.6g/t PGM3E from 786m which represents a ‘large’ step-out from the drillhole results included in the current Mineral Resource Estimate (MRE).
This hole was co-funded by the Western Australia Government’s Exploration Incentive Scheme (EIS). It was the first hole drilled through the entire Panton intrusion, which has provided valuable information relating to the reef-style mineralisation, and the company’s nickel sulphide exploration model targeting ‘high-grade’ accumulations outside the known 6.9 million-ounce palladium equivalent (Pd-Eq) MRE.
“It was the first hole drilled through the entire Panton intrusion, which has provided valuable information relating to the reef-style mineralisation”
The company says this provides ‘significant’ growth potential for an updated MRE being completed on the ‘high-grade’ reef, comprising 3 million ounces of the current 6.9 million-ounce palladium equivalent MRE.
Results from the deep hole also provide further support that Panton may host a ‘significant’ sulphide system, and it demonstrates Panton comprises at least 2 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.
This supports the company’s interpretation that the presence of a ‘large’ untested embayment feature on the northwest margin of the complex is a ‘high-priority’ target. It also helps to explain the local anomalous ‘high-grade’ nickel-copper sulphide intercepts in historical drilling, and the recently drilled zones of broad disseminated magmatic sulphide mineralisation in the northwest area.
Future reports the 2022-2023 drill program has redefined the Panton project as an intrusive complex with ‘significant’ potential for a nickel sulphide discovery. The company also notes this has enabled it to focus on the most prospective areas for drilling a ‘large’ accumulation of sulphide mineralisation.
Evaluations and preparatory activities are also being undertaken across Panton, BC1, and the Panton West prospect for a follow-up drill program currently planned for Q2 2023. This drill program will likely involve shallow reverse circulation (RC) drilling as a first pass.
The company reports it will provide further details on these targets in Q2 2023.
Future Metals is an Australian-based exploration company focused on advancing its Panton PGM Project in the eastern Kimberley region of Western Australia.
Images: Future Metals NL
