Future Metals expands territory with Osprey Minerals acquisition

Future Metals announced the expansion of its strategic exploration territory near its existing Panton Project on Thursday through the acquisition of Osprey Minerals, accessing 100 square kilometres of fertile exploration ground in the East Kimberley region of Western Australia.

The AIM-traded firm said the acquisition included the notably prospective Eileen Bore Cu-Ni-PGM prospect, paving the way for deeper penetration into copper, nickel, and platinum group metals (PGM) mineralisation exploration and extraction.

It said drilling data from Eileen Bore revealed a luring promise with broad zones of shallow mineralisation, including 120 metres at 0.73% copper, 0.29% nickel, and 0.86 grams of PGM per tonne at EBRC 010, and significant breakdowns, including 16 metres at 1% copper, 0.36% nickel, and 0.99 grams of PGM per tonne from 100 metres.

Further promising results were seen from EBRC 003 and EBRC 011, substantiating the mining prospect’s high value and large-scale potential.

Despite the absence of drilling since 2005, the historical drilling data proved the existence of mineralisation across a roughly 400-metre extent, combined with geophysics illustrating the potential for a substantial 2.2 kilometres of northeast-southwest strike and untested anomalism situated one kilometre to the east.

Making a comparison, Eileen Bore shared similarities with the Sakatti Ni-Cu-PGM deposit in Finland, which bolstered the possibility of uncovering higher nickel grades at deeper exploration depths.

Additional exploration targets were in sight for Future Metals, thanks to multiple untested magnetic and gravity anomalies analogous to the nearby Savannah Ni-Cu deposit, providing even further optimism for its mining trajectory.

The firm said it was paying an upfront consideration to exercise the option of $0.63m, payable in Future Metals shares, and escrowed for six months.

“The acquisition of Eileen Bore will provide Future Metals further significant exploration upside,” said managing director Jardee Kininmonth.

“Eileen Bore has expansive strike potential and drilling to date shows it is open at depth and potentially down plunge.”

Kininmonth said proving up another deposit of scale would complement the company’s existing resources at the Panton Project.

“The overall Osprey package substantially grows the company’s land position in a highly prospective and underexplored region.”

At 1129 BST, shares in Future Metals were down 1.79% at 1.87p.

Reporting by Josh White for Sharecast.com.