Replacement: Company Update

JORC Code explanation

Commentary

Sampling techniques

§ Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

§ Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

§ Aspects of the determination of mineralisation that are Material to the Public Report. In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.

Details of drilling completed within the release are reported in Table 2. No historic details are reported as they have been previously reported in ASX release dated 3 February 2024: Multiple Drill Targets Identified Over an 18km Strike at the Recently Acquired Alice Downs Corridor.

§ No analytical results are being reported only visually logged sulphide percentages which includes sulphide type, percent and style of mineralisation (see Table 1).

Drilling techniques

§ Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).

§  Diamond drilling was completed by Top Drill with holes starting HQ3 and finishing in NQ2.  The depth HQ3 core was determined based on ground conditions.  A standard barrel was used.

§  All core was oriented using Axis Mining Technology's Champ Ori Tool.

§  HQ3 core diameter is 61.1mm and NQ2 core diameter is 50.6mm

Drill sample recovery

§ Method of recording and assessing core and chip sample recoveries and results assessed.

§ Measures taken to maximise sample recovery and ensure representative nature of the samples.

§ Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

§ Each core run is measured for RQD and checked against the drillers core blocks.  Any core loss is noted.  To date, core recoveries have been good with core loss only reported in structural zones.

§ All drilling is planned to be as close to orthogonal to mineralisation and geology as practicable to get representative samples of mineralisation.

§ No historic relationship between recovery and grade has been identified and there is not current analytical data being reported.

Logging

§ Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

§ Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.

§ The total length and percentage of the relevant intersections logged.

§ All drill holes are logged on site by geologists to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. 

§ Logging is qualitative and records lithology, grain size, texture, weathering, structure, alteration, veining and mineralisation.  Core is digitally photographed.

§ All drillholes are logged in full.

Sub-sampling techniques and sample preparation

§ If core, whether cut or sawn and whether quarter, half or all core taken.

§ If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

§ For all sample types, the nature, quality and appropriateness of the sample preparation technique.

§ Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

§ Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.

§ Whether sample sizes are appropriate to the grain size of the material being sampled.

§ No analytical data is being reported.

Quality of assay data and laboratory tests

§ The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

§ For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

§ Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.

§ No analytical data is being reported.

Verification of sampling and assaying

§ The verification of significant intersections by either independent or alternative company personnel.

§ The use of twinned holes.

§ Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

§ Discuss any adjustment to assay data.

§ No analytical data is being reported.

§ All primary data: drill hole data, geological logging, sample intervals, etc are all recorded digitally.

§ Data is stored in Future Metals' Datashed database.

Location of data points

§ Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

§ Specification of the grid system used.

§ Quality and adequacy of topographic control.

§ All drill holes were located with handheld GPS.

§ Downhole surveys are taken with Axis Mining Technology's north seeking gyroscope at 5 m intervals down hole

§ Future Metals' drilling is located using Map Grid of Australia 1994, Zone 52.

§ The topographic control is considered to be <3m and is considered to be adequate.

Data spacing and distribution

§ Data spacing for reporting of Exploration Results.

§ Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

§ Whether sample compositing has been applied.

§ Diamond drill holes were drilled to selectively target key geological targets that were untested.  One hole, EBDD002, was between two historic holes that were 30m away. 

§ The drill spacing is insufficient to estimate a mineral resource.

§

Orientation of data in relation to geological structure

§ Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

§ If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

§ No sampling data is being reported.

§ All drill holes were planned orthogonal to the geological contacts

§ Further work is underway to understand the key mineralised structures prior to sampling of core. 

Sample security

§ The measures taken to ensure sample security.

§ No sampling data is being reported.

Audits or reviews

§ The results of any audits or reviews of sampling techniques and data.

§ No sampling data is being reported.

§ No audits or reviews of data has been undertaken,

JORC Code explanation

Commentary

Mineral tenement and land tenure status

§ Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

§ The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

§ Future Metals Ltd acquired the Eileen Bore project within the Alice Downs Corridor as part of the acquisition of Osprey Minerals Pty Ltd (OSP).  The Eileen Bore project comprises, E80/4923 and E890/5056 which are granted tenements with HPA's signed for all tenements. 

§ The project is within the traditional lands of the Malarngowen with the necessary agreements in place with representatives of the Native Title Owners.

§ There are no known impediments to working in the area.

Exploration done by other parties

§ Acknowledgment and appraisal of exploration by other parties.

Eileen Bore Prospect

§  Exploration has been recorded since the 1970s.  The most significant exploration was the discovery of the Cabernet (now Copernicus) and Shiraz prospects by WMC in 1975 and the Eileen Bore prospect by Australian Anglo American (Anglo) in 1975. 

§  In 1978, WMC drilled 3 holes at Eileen Bore (in paper, handwritten form) and entered a joint venture with Anglo which ended in 1983.  During this time, an additional 11 holes were drilled with up to 15% sulphide intersected and best grades being 19m @ 0.41% Ni, 1.06% Cu in EP5.  Graphitic zones were observed up to 4m in some drill holes.

§  In 1987, Dry Creek Mining completed 11 holes, stream sediment and rock chip sampling.  The drill program was based on the EM survey and follow up ground magnetics and soil geochemistry.  The drilling indicated a target that is fault bounded and inclined steeply to the south east. The ultramafic-mafic sequence has an apparent width of 75m.  Mineralisation is disseminated and comprised of pyrite, chalcopyrite and pyrrhotite. 

§  From 2001 to 2004, Thundelarra completed extensive exploration: 20 RC holes, Ground fixed loop EM-magnetics, petrography as well as rock, soil and stream sediment sampling.  The focus of this work was at Eileen Bore proper with additional targets identified along strike between Eileen Bore and Copernicus. Two main targets were identified from the EM survey with drilling identifying mineralisation associated with disseminated pyrrhotite, pyrite and chalcopyrite that remained open at depth. 

§  From 2004-2005, Lionore, in joint venture with Thundelarra, completed further surface sampling, RC drilling, surface and downhole geophysical surveys.  Ground IP was completed in the Eileen Bore area (50m stations on 200m line spacing) to cover known mineralisation as well as potential strike extensions to the north and south as well as over the Eileen Bore East pyroxenite.  The chargeability data over Eileen Bore defined a linear trend coincident and extending beyond the known disseminated mineralisation over a 2.2km strike length. 

§  From 2009-2011, Panoramic Resources and Thundelarra completed at VTEM survey over the entire Eileen Bore Project as well as Falcon Gravity and magnetics.  No drilling or further work was completed as it was determined that the source of the EM anomalies was due to the presence of graphitic shales within the Tickalarra Sediments.

§  From 2013-2014, Iron Ore Holdings completed a review and had SGC (geophysical consultants) completed a detailed review of the geophysical data including EM, gravity and magnetics. Based on the SGC review, Eileen Bore remained as a high-moderate priority target.

§  Since Osprey have held the tenure, an auger program has been completed covering a small area around and to the south of Eileen Bore.  No further drilling has been completed. 

Geology

§ Deposit type, geological setting and style of mineralisation.

§ The Project contains a series of differentiated pyroxenite and gabbro intrusions emplaced along a structural corridor, the Alice Downs Fault, which represents a major north-northeast trending splay off the deep-seated mantle tapping Halls Creek Fault.  Broad zones of disseminated and net-textured Cu and Ni sulphides occur within the host pyroxenite intrusions and are comprised of chalcopyrite, pyrrhotite, pentlandite and pyrite. The intrusions are emplaced into the Tickalarra metamorphics which include paragneiss (pelites, psammites), amphibolites and marble.

Data aggregation methods

§ In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.

§ Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

§ The assumptions used for any reporting of metal equivalent values should be clearly stated.

§ No analytical results are being reported.

Relationship between mineralisation widths and intercept lengths

§ These relationships are particularly important in the reporting of Exploration Results.

§ If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

§ If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known').

§ No analytical results are being reported.

Diagrams

§ Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

§ Relevant maps and diagrams have been included in the body of this report.

§ No cross section is presented as logging and geological interpretation is still ongoing at the time of release.

Balanced reporting

§ Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

§ All historic drill results have been previously reported in ASX release

Other substantive exploration data

§ Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

§ All relevant data has been included within this report.

Further work

§ The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).

§ Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

§ Detail geological logging of the structures is underway prior to sampling analysis.

§ Data interpretation including the processed results of the ground gravity survey are expected by the end of November.

§ All analytical results expected early December.