Future Metals kicks off drilling programme at Panton North
Updated : 09:31
Future Metals announced the start of a significant reverse circulation (RC) drilling programme at the Panton North site on Wednesday, specifically targeting the BC1 and Panton West prospects.
The AIM-traded firm said the programme, spanning more than 2,000 metres, was aiming to explore and assess the potential of the nickel-copper-platinum group metals (Ni-Cu-PGM) anomalies detected through various survey methods.
It said the selection of the drilling targets was based on the convergence of valuable data obtained from multiple sources, including electromagnetics (EM), magnetics, gravity, stream sediments, soil samples, and rock chip samples.
Additionally, the drilling activities at Panton West were receiving co-funding from the Exploration Incentive Scheme (EIS), with the Western Australia state government providing support totalling AUD 0.15m (£0.08m).
“As previously announced, the company has secured all necessary approvals for drilling at BC1 and Panton West,” the board said in its statement.
“The company was also successfully approved for EIS funding of AUD 147,000 from the Western Australian State Government to co-fund drilling at the Panton West Prospect.”
At 0931 BST, shares in Future Metals were down 0.43% at 2.34p.
Reporting by Josh White for Sharecast.com.