Future Metals NL Reports Further Shallow, Wide PGM Assay Results from the Historical Drill Hole Sampling Completed to Date At Its 100% Owned Panton PGM Project in Northern Western Australia
Future Metals NL reported further shallow, wide PGM assay results from the historical drill hole sampling completed to date at its 100% owned Panton PGM Project ("Panton") in northern Western Australia. The Company has alsocommenced the resource estimation work stream, targeting release of a new JORC Mineral Resource Estimate ("MRE") in the coming weeks. An additional 9 drill hole assays have been received and continue to confirm much broader widths of shallow PGM mineralization than modelled in the current 2.4Moz MRE. Assays for the remaining holes submitted to the laboratory that remain outstanding are expected to be reported in the coming weeks. Based on metallurgical test work completed on Panton samples, all quoted elements included in the metal equivalent calculation (palladium, platinum, gold, nickel, copper and cobalt) have a reasonable potential of being ultimately recovered and sold. Metal recoveries used in the palladium equivalent (PdEq) calculations are the midpoint of the range of recoveries for each element based on metallurgical test work undertaken to date at Panton. It should be noted that palladium and platinum grades reported in this announcement are lower than the palladium and platinum grades of samples that were subject to metallurgical test work (grades of other elements are similar). Metal recoveries used in the palladium equivalent calculations are shown below: Palladium 80%, Platinum 80%, Gold 70%, Nickel 45%, Copper 67.5% and Cobalt 60% Metal prices used are also shown below: Palladium USD 1,700/oz, Platinum USD 1,300/oz, Gold USD 1,700/oz, Nickel US$18,500/t, Copper USD 9,000/t and Cobalt USD 60,000/t Metal equivalents were calculated according to the follow formula: PdEq (Palladium Equivalent g/t) = Pd(g/t) + 0.76471 x Pt(g/t) + 0.875 x Au(g/t) +1.90394 x Ni(%) + 1.38936 x Cu(%) + 8.23 x Co(%). The 100% owned Panton PGM project is located 60 kilometers north of the town of Halls Creek in the eastern Kimberly region of Western Australia, a tier one mining jurisdiction. The project is located on three granted mining licenses and situated just 1 kilometer off the Great North Highway which accesses the Port of Wyndham. The Panton PGM Project has a JORC Mineral Resource estimate of 14.32Mt @ 4.89g/t PGM, 0.31g/t Au and 0.27% Ni. The Panton mineralization occurs within a layered, differentiated mafic-ultramafic intrusion referred to as the Panton intrusive which is a 10km long and 3km wide, south-west plunging synclinal intrusion. PGM mineralization is hosted within two strati form chromite reefs, the Upper and Middle reefs, within the ultramafic sequence. PGMs are a group of six precious metals being Platinum (Pt), palladium (Pd), iridium (Ir), osmium (Os), rhodium (Rh), and ruthenium (Ru). Exceptionally rare, they have similar physical and chemical properties and tend to occur, in varying proportions, together in the same geological deposit. The usefulness of PGMs is determined by their unique and specific shared chemical and physical properties. PGMs have many desirable properties and as such have a wide variety of applications. Most notably, they are used as auto-catalysts (pollution control devices for ICE vehicles), but are also used in jewellery, electronics, hydrogen production /purification and in hydrogen fuel cells. The unique properties of PGMs help convert harmful exhaust pollutant emissions to harmless compounds, improving air quality and thereby enhancing health and wellbeing.