Future Metals makes progress at Australia's Panton project

Future Metals announced on Thursday that ground-based geophysical surveys were “well advanced” at its wholly-owned Panton platinum group metals-nickel project in northern Western Australia, with exploration drilling expected to start in October.

The AIM-traded firm said it had started ground geophysical surveys to improve the definition of known conductive bodies identified from airborne surveys; and to map the structure of the Panton intrusion at depth.

Data from the surveys would refine the planned drill programme targeting sulphide mineralisation, with a contractor secured to mobilise to site in early October.

The company said the exploration programme was being undertaken in parallel to the ongoing scoping study and metallurgical testwork programme on the existing 6.9 million ounce palladium-equivalent resource.

Future Metals also reported that it had retained the services of nickel-copper-platinum expert Dr Jon Hronsky as its senior exploration advisor.

It said Hronsky’s previous review of the Panton geological model highlighted the “significant” exploration potential there, outside of the existing resource area, particularly in the untested lower portion of the stratigraphy towards the basal contact.

A gravity survey was “well advanced”, and a ground electromagnetic survey was expected to begin shortly.

In addition to following up targets from previous airborne surveying, the ground survey would also cover the lower series ultramafics in the northern portion of the tenement, which were excluded from the prior airborne survey.

Future Metals said it expected the surveys would generate new anomalies that would warrant drill testing.

The company was being supported by Terra Resources and Southern Geoscience Consultants on its geophysical programmes.

“It's incredibly exciting to kick off our 2022 field season at Panton on the back of our exploration review,” said managing director and chief executive officer Jardee Kininmonth.

“The review highlighted that the Panton Project is highly prospective with respect to making a nickel-copper-platinum group elements sulphide discovery in the previously-untested lower portion of the stratigraphy of the ultramafic series.

“We are taking a measured approach to validating and generating drill targets by completing a ground-based geophysical programme ahead of commencing drilling in October.”

Kininmonth said the firm was targeting a discovery outside of the existing resource area, with different geological association, more akin to the Platreef or Gonneville deposits.

“The company is progressing multiple value drivers with this exploration programme, scoping study and metallurgical test work activities.

“I am also pleased to have Dr Jon Hronsky join our team on an ongoing basis as senior exploration advisor - Jon was instrumental in our exploration review and developing the Panton exploration model.

“He brings over 35 years of experience exploring layered intrusives such as ours, including as leader of generative exploration for WMC Resources and BHP.”

At 1253 BST, shares in Future Metals were down 6.5% at 6.32p.

Reporting by Josh White at Sharecast.com.