Future Metals (ASX:FME) has delivered an updated mineral resource estimate (MRE) for its flagship Panton PGM Project in Western Australia’s Kimberley region.
The updated indicated and inferred MRE now stands at 82.3 million tonnes (Mt) at 1.6 grams per tonne platinum equivalent (PtEq) for 4.24 million ounces (Moz) of contained metal.
This includes 40Mt in the indicated category at 2.06Moz PtEq and 42.3Mt in inferred resources at 2.18Moz PtEq.
Future Metals says the updated estimate reflects a transition from palladium equivalent (PdEq) to PtEq, reporting to align Panton with conventional platinum group metals industry practice and more accurately recognise platinum as the primary value driver for the project.
The company adds that it also demonstrates one of the highest-grade platinum group elements (PGE3E) mineral resources in Australia.
Managing Director Keith Bowes says the updated MRE represents a meaningful step change in the maturity of the Panton Project.
“While the underlying geology and block model has not changed, the way we have evaluated it has evolved substantially,” Bowes says.
“For the first time, the Panton MRE is supported by an independently developed net smelter return framework that captures the full economic contribution of all five payable commodities — platinum, palladium, gold, nickel, and, with respect to the reef domains, chromite.”
The updated MRE is also now supported by open pit and underground optimisation, which Bowes says provides a ‘credible’ basis for advancing the project towards a new Scoping Study.
The open pit component of the MRE comprises 65.1Mt @ 1.2g/t PtEq for 2.58Moz, including indicated resources of 37.3Mt @ 1.5g/t PtEq for 1.74Moz.
Meanwhile, the underground component holds 17.2Mt @ 3.0g/t PtEq for 1.66Moz, including indicated resources of 2.7Mt @ 3.7g/t PtEq for 0.32Moz.
Independent mine optimisation was completed by Cube Consulting using net smelter return cut-offs of $42.60 per tonne for open pit material and $140 per tonne for underground material.
Future Metals says it is prioritising planning and approvals for a focused infill drilling program at the ABC Block targeting an increased proportion of its indicated resources.
It also intends to initiate a refreshed Scoping Study, advance environmental studies, and progress metallurgical testing.
Additionally, the company plans to engage with potential offtake partners and continue talks with Traditional Owners.
Future Metals is an explorer focused on its wholly owned Panton PGM Project, located 60km north of Halls Creek in the eastern Kimberley region of WA.
Write to Paula Fabe at Mining.com.au
Images: Future Metals
