Future Metals to start drilling at BC1 this month

Future Metals announced on Thursday that drilling would begin in mid-May at the untested embayment feature ‘BC1’, based on electromagnetic data that indicated a significant area of anomalism.

The AIM-traded firm said mapping and rock sampling also supported the anomaly.

Rock chip sampling at BC1 identified anomalous nickel-sulphide mineralisation on the margin of the electromagnetic anomaly, along with multiple occurrences of mineralised ultramafic rock throughout the BC1 area.

Portable x-ray fluorescence (pXRF) analysis returned an average of 0.43% nickel, 0.06% copper, 0.05% cobalt, and 0.22% sulphur from a BC1 contact rock sample.

Further near-surface nickel-rich mineralisation was identified up-dip of drill hole PS053 from a gossanous rock chip sample, with pXRF analysis averaging 1.95% nickel, 0.26% copper, and 0.09% cobalt.

Reverse circulation drilling was scheduled to start in mid-Mayat BC1.

Future Metals said it had also secured exploration incentive scheme (EIS) funding of $0.15m for drilling to test nickel-copper-platinum group metals targets at the Panton West target area in June.

“FME continues to build upon its nickel sulphide exploration model and work towards the discovery of a large, high-grade accumulation of nickel-copper sulphides,” said managing director Jardee Kininmonth.

“Following our detailed geological mapping and sampling at Panton and Panton North, the team is looking forward to kicking off the 2023 field season.

“BC1 was initially identified through a desktop review, with the area having previously been overlooked, partially because it was not part of the Panton tenements.”

Kininmonth said the firm’s ground investigations had now “all but confirmed” that BC1 was a true basal contact position for the highly-mineralised Panton Complex, with all indications suggesting that it had the potential to be a rich nickel-copper sulphide hosting environment.

“While BC1 and Panton West are the near-term targets for initial drilling in May and June, we have made further exciting observations throughout the Panton project area, including the identification of a nickel and copper rich gossan which graded 1.95% nickel, 0.26% copper, and 0.09% cobalt by pXRF analysis.

“This is potentially a surface continuation of the magmatic sulphide mineralisation drilled in hole PS053, and a systematic ground mapping and sampling exercise is being undertaken to further delineate areas of interest.

“Any further discovery of economic mineralisation within the Panton Complex will be highly complementary to our existing 6.9 million ounce palladium-equivalent JORC resource, which is the focus of our ongoing scoping study.”

At 1216 BST, shares in Future Metals were down 2.73% at 3.21p.

Reporting by Josh White for Sharecast.com.