TIDMFME
RNS Number : 3437H
Future Metals NL
27 July 2023
27 July 2023
Future Metals NL
Quarterly Activities Report
for the period ended 30 June 2023
Highlights
-- Expected PGM 3E1 metallurgical recoveries improved from 78%
to 86% through successful flotation tailings leaching test work
-- Flotation reagent optimisation test work reduced reagent
consumption whilst maintaining PGM 3E recoveries with a concentrate
grade of >280g/t PGM 3E1
-- Chromite concentrate from flotation tails represents a
potentially high value by-product with chromite prices increasing
by 50% over the past 12 months
-- Mapping and sampling confirmed the prospectivity of the BC1
and Panton West prospects, followed by initial scout drilling
throughout the quarter
-- Secured Exploration Incentive Scheme ("EIS") co-funding
support from the Western Australian state government of A$147,000
for drilling at Panton West
-- The Company remains well funded to complete its Scoping Study
and follow up exploration activities across Panton, BC1 and Panton
West
Future Metals NL ("Future Metals" or the "Company", ASX | AIM:
FME) is pleased to announce its Quarterly Activities and Cashflow
Report for the Quarter ended 30 June 2023 ("Quarter").
Future Metals is the 100% owner of the Panton PGM-Ni Project
("Panton Project" or "Project"), located 60km north of the town of
Halls Creek in the eastern Kimberley region of Western Australia, a
tier one mining jurisdiction.
The Project is situated on three granted mining licences and
lies 1km off the Great North Highway which accesses the Port of
Wyndham (see Figure One) .
The Panton Project hosts an independent JORC Code (2012) Mineral
Resource Estimate ("MRE"), as announced on 21 June 2022, of 129Mt @
1.20g/t PGM 3E(1) , 0.19% Ni , 0.04% Cu and 154ppm Co (1.66g/t
PdEq) at a cut-off grade of 0.90g/t PdEq for contained metal of
5.0Moz PGM 3E(1) , 239kt Ni, 48kt Cu and 20kt Co (6.9Moz PdEq).
The MRE includes a high-grade reef of 25Mt @ 3.57g/t PGM 3E(1) ,
0.24% Ni , 0.07% Cu and 192ppm Co (3.86g/t PdEq) for contained
metal of 2.9Moz PGM 3E(1) , 60kt Ni , 18kt Cu and 5kt Co (3.2Moz
PdEq).
PGM-Ni mineralisation 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 mineralisation is hosted within a series of
stratiform chromite reefs as well as a surrounding zone of
mineralised dunite within the ultramafic package. The Panton
intrusive is also highly prospective for Ni- Cu-PGM sulphide
mineralisation from multiple magmatic events.
(1) PGM3E = Palladium (Pd) + Platinum (Pt) + Gold (Au)
Mr Jardee Kininmonth, Managing Director of Future Metals,
commented on the Quarter:
"Through the June quarter we continued to optimise the flowsheet
at Panton, creating a step-change in PGM recoveries, de-risking the
flowsheet and improving project economics through leaching of
flotation tails, and optimising the flotation regime. Following
these improvements, we can now expect to recover approximately 86%
of the PGMs from Panton's ore feed and expect to consistently
achieve very high concentrate grades of >280g/t PGM 3E1 .
With its high grade Resource, recoveries and concentrate grades,
Panton compares very favourably to analogous operations in the
primary PGM producing jurisdiction of South Africa.
Additionally, we progressed a number of prospective nickel
sulphide targets outside of the high-grade PGM reef where scout
drilling and follow up exploration activities continue."
Figure One | Panton PGM Project's Location
Operational Activities
Exploration Discussion
Ongoing exploration target generation identified a potential
embayment feature on the Panton North tenement (which is subject to
a farm-in agreement with Octava Minerals Ltd where the Company has
the right to earn a 70% interest) (see Figure Two) .
Embayment features can act as 'sulphide traps', providing a
confined localised volume in which sulphide rich magma can settle.
This untested embayment feature was identified along the northwest
intrusion contact in multiple datasets, including magnetics and
short wave infra-red imagery.
A geological review of this embayment area suggested a
thickening of the Panton Sill. Field reconnaissance in the area
confirmed an altered ultramafic product (magnesite) was present in
the area which also cross cuts the dunite on the northern contact.
Where the magnesite cross cuts the dunite, brecciated veins are
present with fragments of ultramafic and sediment. Rock chip
samples (see announcement 'Drilling to Commence at Nickel Sulphide
Targets' on 4 May 2023) further mapped out the prospective
embayment area and were coincident with historical anomalous stream
sediment samples (see announcement 'Large Ni-Cu-(PGE) Sulphide Zone
Identified at Panton' on 2 February 2023).
Figure Two | Panton and Panton North Exploration Target
Areas
Target generation, ground investigation and surface sampling
Geological mapping and sampling was completed along the northern
contact of the Panton Sill, including BC1, as well as the Panton
West area. The northern contact of the Panton Sill historically has
been erroneously mapped; due to topographic constraints and
historical tenure boundaries limiting the extent of
exploration.
New mapping of the contact confirmed the BC1 embayment feature
as well as a smaller, thickened portion to the east, near Panton
North. Within this extended basal contact area, averaged pXRF
analysis indicated a Ni-Cu anomalous association in the central and
eastern portion of the contact with the BC1 area showing a more
Ni-S anomalous association. An iron-rich gossan, on the north
central most contact of the weathered ultramafic with
metasediments, returned averaged X-Ray Fluorescence (" pXRF")
readings of 0.22% Co, 0.08% Cu, 0.08% S and 0.01% Ni. This is the
same area where weathered rock chips of ultramafic returned
multiple anomalous Ni-Cu samples.
At BC1, an ultramafic outcrop of pyroxenite returned pXRF
averages of 0.43% Ni, 0.22% S, 0.06% Cu and 0.05% Co.
South of BC1, ground mapping around drill holes PS053 and PS407
identified gossanous material that had been shifted to create
historical drilling pads, over a 50m x 40m area. Further
exploration of the area has identified weathered sulphides in two
ultramafic rock chips with average pXRF values of 1.95% Ni, 0.26%
Cu, 0.09% Co, 0.01% S 135m to the northwest of PS053 (BD23-056, see
Photo One) and 4.28% Ni, 0.13% Cu, 0.11% Co, 0.01% S that is 70m to
the northwest of PS053 all positioned along strike of a northwest
fault (BD23-055). BD23-055 was collected from rock which had been
disturbed from historical clearing. This is the same structure that
is interpreted to host the magmatic sulphide mineralisation in hole
PS053. To assist in target generation in key areas, the Company is
currently planning a further detailed mapping and rock chip
sampling programme to commence in Q3 CY2024.
Photo One | Mineralised dunite, 70m from hole PS053 drill collar
(BD23-056)
Drilling
During the Quarter, a c.2,000m RC scout drilling programme
commenced at the Panton North Project, starting at the BC1 Prospect
(see Figure Two) .
This first pass RC drilling programme was designed to test the
BC1 and Panton West Prospects for Ni-Cu-PGM mineralisation. The
prospectivity of these targets is supported by detailed analysis
performed on information across EM, magnetics, gravity, stream
sediments, soil samples, rock chip samples, and validation in the
field.
The BC1 Prospect drilling was designed to test the newly
interpreted basal contact for the Panton Sill, which is supported
by EM and magnetic anomalies. Drilling at the Panton West Prospect
targeting discrete magnetic features coincident with historical EM
anomalism at depth, with these features located on the contact of a
gravity high interpreted to be an ultramafic intrusion under cover.
Neither of these targets have been previously drilled.
The Company was successful in securing EIS co-funding of
A$147,000 from the Western Australian State Government to co-fund
drilling at the Panton West Prospect.
Initial scout drilling at BC1 and Panton West has been completed
with assay results expected to be announced in due course.
Photo Two | Drilling underway at the BC1 Prospect
Metallurgical Testwork and Scoping Study Activities
Processing and Project Delivery Strategy
The Company continues to methodically de-risk the development of
Panton and enhance project economics through ongoing metallurgical
testwork and optimisation.
A series of improvements are being incorporated into the Scoping
Study further demonstrating the viability of the Panton Project as
a low capital, high-grade and high recovery operation producing
PGMs, nickel and chromite concentrate.
The Scoping Study is evaluating multiple pathways (see Figure
Three) for progressing Panton, assessing both concentrate
production for sale into the smelting market, and downstream
integration to produce high payability, low emission upgraded metal
products for direct sale to end users.
These de-risking factors include:
-- Ore sorting testwork
Demonstrating the ability to separate high-grade PGM reef with a
97% recovery from the surrounding low grade bulk mineralisation and
waste. Enabling the use of more conventional mining methods to
extract the high-grade ore and ensure a high-grade feed for the
mill, thereby reducing capital and operating costs.
-- Flotation test work
Demonstrating the ability to consistently achieve flotation
PGM(3E) 1 recoveries averaging 78% at a very high average
concentrate grade of >280g/t PGM(3E) 1 utilising conventional
crushing, grinding and flotation techniques on high-grade PGM(3E) 1
reef ore.
-- Flotation tails leaching test work
Leaching of flotation tails improved overall PGM(3E) 1
recoveries to 93.1% Pd, 76.8% Pt and 94.2% Au (86% PGM(3E) 1 ),
requiring no additional grinding, at atmospheric pressure and
ambient temperature.
-- Magnetic Separation
Test work demonstrating the ability to produce a saleable
chromite concentrate from flotation tailings using magnetic
separation.
Figure Three | High-Level Flowsheet
Improved PGM Recoveries Through Leaching of Flotation Tails
The Company demonstrated that cyanide leaching of flotation
tails at an ambient temperature and atmospheric pressure can
achieve recoveries of 83.5% Pd and 92% Au as shown in Table 1.
The positive leaching results not only potentially improve
project economics, but also substantially de-risk the flow sheet by
providing an additional method of metal recovery following
flotation, thereby providing protection from any periods of
fluctuating flotation performance.
Table 1 | Flotation Tailings Leaching Recoveries
Pt (g/t) Pd (g/t) Au (g/t)
Head Grade 0.94 1.25 0.16
Recovery (%) 0.3 83.5 91.6
============= ================ ================
Applying previously reported concentrate flotation recoveries in
combination with this successful flotation tailings leaching test
work provides an overall net recovery of 86% PGM 3E1 as show below
in Table 2.
Table 2 | Panton Net Recovery
Pt Pd Au Pt, Pd &
Au
Head grade 1 g/t 4.35 5.20 0.44 9.99
-------------------- ---------- ----------- ----------- ----------- -------------
Ore sorting mass
recovery 1 % 87.3 87.3 87.3 87.3
Ore sorting metal
Recovery 2 % 96.7 96.7 96.7 96.7
Head grade post
ore sorting g/t 4.82 5.76 0.49 11.07
-------------------- ---------- ----------- ----------- ----------- -------------
Flotation recovery
3 % 79.4 77.2 69.3 77.8
Flotation recovered
grade g/t 3.83 4.45 0.34 8.61
-------------------- ---------- ----------- ----------- ----------- -------------
Tails grade g/t 0.99 1.31 0.15 2.46
Tails recovery
4 % 0.26 83.5 91.6 50.3
Tails recovered
grade g/t 0.00 1.10 0.14 1.24
-------------------- ---------- ----------- ----------- ----------- -------------
Net recovery % 76.8 93.1 94.2 86.0
========== =========== =========== =========== =============
1: As set out under Table 2: Optimisation and Variability
Flotation Test Programme - Concentrate Grades, Future Metals
Announcement 'Mining and Processing Breakthrough' on 13 February
2023
2: As set out under Table 1: Bulk Ore Sorting Test Results,
Future Metals Announcement 'Mining and Processing Breakthrough' on
13 February 2023
3: As set out under Table 2: Bulk Ore Sorting Test Results,
Future Metals Announcement 'Mining and Processing Breakthrough' on
13 February 2023
4: Refer to Table 1 of this announcement
Flotation Reagent Optimisation
The Company has continued to optimise its flotation test work
subsequent to demonstrating the ability to consistently achieve a
high-grade concentrate at high recoveries.
As part of this work, the Company demonstrated the ability to
achieve strong results with 79.4% PGM 3E1 recovery at a concentrate
grade of 309g/t PGM 3E1 without the need for nitrogen sparging,
thereby reducing the capital and operating costs and simplifying
the flow sheet.
A summary of the results from this reagent optimisation testwork
is shown in Table 3 below.
Table 3 | Summary of Reagent Optimisation Results
Test Concentrate Grade Head Grade
No.
Mass Pt Pd Au PGM(3E) Pt Pd Au PGM(3E)
Pull (1) (1)
====== =========== =========== ============ =========== ===== ===== ===== ========
% g/t Rec g/t Rec g/t Rec g/t Rec g/t
====== ==== ===== ==== ===== ===== ===== ==== ===== =============================
FT022 2.64 140 82.4 155 77.5 14.1 73.3 309 79.4 4.47 5.29 0.51 10.3
====== ==== ===== ==== ===== ===== ===== ==== ===== ===== ===== ===== ========
Chromite Concentrate as a Valuable By-Product
Test work has demonstrated the ability to produce a saleable
chromite concentrate from flotation tailings through a magnetic
separation circuit.
Chromite concentrate is a high-value bulk product primarily used
for the production of ferrochrome, a non-substitutable input into
the production of stainless steel. The major suppliers of chromite
concentrate include South Africa, Turkey, Zimbabwe & Albania.
Given its importance to the steel industry and the limited deposits
in Western jurisdictions it is listed as a critical mineral in the
United States, Australia, Japan and India.
The Company has commenced further optimisation test work and
will assess the inclusion of a chromite concentrate circuit as part
of the Project's flow sheet in the Scoping Study. Chromite
concentrate has the potential to be a valuable by-product and
reduce tailings at site.
June 2023 Quarter Activities
Ongoing Exploration Activities
The Company is progressing its nickel sulphide exploration model
including completing scout drilling of two priority targets being
BC1 and Panton West. The Company will provide an update on planned
forward activities once assays are received and interpreted through
Q3 CY2023.
Scoping Study Progress
The Company continues to methodically de-risk the development of
Panton and enhance project economics through ongoing metallurgical
test work and optimisation. This series of improvements to the
Scoping Study, targeted for completion in Q4 2023, will serve to
demonstrate a credible path towards developing a future low
capital, high grade PGM-Ni operation.
Corporate
In accordance with the terms of the Company's Performance Rights
Plan, 800,000 of Jardee Kininmonth's Performance Rights vested,
having achieved 12 months continuous service with the Company.
Refer to the Company's announcement dated 31 January 2022 for
further details of these Performance Rights.
Financial commentary
The Quarterly Cashflow Report (Appendix 5B) for the period
ending 30 June 2023 provides an overview of the Company's financial
activities.
The Quarterly Cashflow Report (Appendix 5B) is available at the
following link:
http://www.rns-pdf.londonstockexchange.com/rns/3437H_1-2023-7-26.pdfand
at the Company's website.
The Company held approximately A$2.7 million in cash at the end
of the Quarter.
Exploration and project development expenditure during the
Quarter amounted to approximately A$439k. During the Quarter, the
Company paid down its stamp duty liability in respect of the
acquisition of Panton. This was initially assessed to be A$895k
however it was reduced to A$447k. Payments for administration and
corporate costs amounted to approximately A$273k. This included
payments to related parties and their associates of A$122k,
comprising Director fees and remuneration (including
superannuation).
Statement of commitments
The Quarter is covered by the Statement of Commitments outlined
in the Company's ASX Prospectus dated 18 May 2021. A summary of
expenditure to date is outlined in the table below.
Proposed Use of Actual
Funds
13 June 2021 to (13 June 2021 to
13 June 2023
$ 30 June 2023)
$
Exploration & development expenditure
---------------- -----------------
Panton Option consideration 3,000,000 3,000,000
---------------- -----------------
Estimated duty liability 1,755,495 1,007,530
---------------- -----------------
Drilling of extensions 2,000,000 5,971,169
---------------- -----------------
Metallurgical testwork 500,000 429,471
---------------- -----------------
Process design, mining and development
studies 1,000,000 742,357
---------------- -----------------
Other technical studies 500,000 -
---------------- -----------------
Assessment of complementary
assets or projects 500,000 -
---------------- -----------------
Estimated cash expenses of the
Australian Offers 1,077,834 1,164,174
---------------- -----------------
Estimated cash costs for readmission
to AIM 1,124,334 910,800
---------------- -----------------
Administration costs 2,000,000 4,422,721
---------------- -----------------
Working Capital 768,200 85,964
---------------- -----------------
For additional information please refer to the ASX/AIM
announcements covered in this report:
-- 28 April 2023 | Quarterly Activities / Appendix 5B Cash Flow
Report
-- 4 May 2023 | Drilling to Commence at Nickel Sulphide
Targets
-- 24 May 2023 | RC Drilling Commences at Panton Ni-Cu-PGM
Targets
-- 7 June 2023 | Restricted Securities to be Released from
Escrow
-- 8 June 2023 | Investor Webinar
-- 13 June 2023 | Corporate Presentation
-- 22 June 2023 | Application for quotation of securities -
FME
-- 22 June 2023 | Notification regarding unquoted securities -
FME
-- 27 June 2023 | Notification of cessation of securities -
FME
-- 10 July 2023 | Change of Directors Interest Notice x3
-- 10 July 2023 | Notification regarding unquoted securities -
FME
-- 11 July 2023 | Step Change in PGM Recovery - Improved to
86%
For further information, please contact:
Future Metals NL +61 8 9480 0414
Jardee Kininmonth info@future-metals.com.au
Strand Hanson Limited (Nominated
Adviser) +44 (0) 207 409 3494
James Harris/James Bellman
Panmure Gordon (UK) Limited (UK
Broker) +44 (0)207 886 2500
John Prior/Hugh Rich/Rauf Munir
FlowComms (UK IR/PR) +44 (0) 789 167 7441
Sasha Sethi
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law pursuant to the European Union
(Withdrawal) Act 2018, as amended by virtue of the Market Abuse
(Amendment) (EU Exit) Regulations 2019.
Competent Person's Statement
The information in this announcement that relates to Exploration
Results is based on, and fairly represents, information compiled by
Ms Barbara Duggan, who is a Member of the Australasian Institute of
Mining and Metallurgy and the Australian Institute of
Geoscientists. Ms Duggan is the Company's Principal Geologist and
has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the
activity she is undertaking to qualify as a competent person as
defined in the 2012 Edition of the "Australasian Code for reporting
of Exploration Results, Exploration Targets, Mineral Resources and
Ore Reserves" (JORC Code). Ms Duggan consents to the inclusion in
this announcement of the matters based upon her information in the
form and context in which it appears.
The information in this announcement that relates to Mineral
Resources is based on, and fairly represents, information compiled
by Mr Brian Wolfe, who is a Member of the Australian Institute of
Geoscientists. Mr Wolfe is an external consultant to the Company
and is a full time employee of International Resource Solutions Pty
Ltd, a specialist geoscience consultancy. Mr Wolfe has sufficient
experience which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity he is
undertaking to qualify as a competent person as defined in the 2012
Edition of the "Australasian Code for reporting of Exploration
Results, Exploration Targets, Mineral Resources and Ore Reserves"
(JORC Code). Mr Wolfe consents to the inclusion in this
announcement of the matters based upon his information in the form
and context in which it appears.
The information in this announcement that relates to
metallurgical test work managed by Independent Metallurgical
Operations Pty Ltd ("IMO") is based on, and fairly represents,
information and supporting documentation reviewed by Mr Peter
Adamini, BSc (Mineral Science and Chemistry), who is a Member of
The Australasian Institute of Mining and Metallurgy (AusIMM). Mr
Adamini is a full-time employee of IMO, who has been engaged by
Future Metals NL to provide metallurgical consulting services. Mr
Adamini has approved and consented to the inclusion in this
announcement of the matters based on his information in the form
and context in which it appears.
Notes to Editors:
About the Panton PGM-Ni Project
The 100% owned Panton PGM-Ni Project is located 60kms 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 licences and situated just 1km off the
Great North Highway which accesses the Port of Wyndham (refer to
Figure Four).
The Project hosts an independent JORC Code (2012) MRE of 129Mt @
1.20g/t PGM 3E , 0.19% Ni, 0.04% Cu and 154ppm Co (1.66g/t PdEq 2 )
at a cut-off grade of 0.90g/t PdEq for contained metal of 5.0Moz
PGM 3E(1) , 239kt Ni, 48kt Cu and 20kt Co (6.9Moz PdEq). The MRE
includes a high-grade reef of 25Mt @ 3.57g/t PGM 3E(1) , 0.24% Ni,
0.07% Cu and 192ppm Co (3.86g/t PdEq) for contained metal of 2.9Moz
PGM 3E(1) , 60kt Ni, 18kt Cu and 5kt Co (3.2Moz PdEq) (refer to the
Company's announcement of 21 June 2022 for further details) .
PGM-Ni mineralisation 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 mineralisation is hosted within a series of
stratiform chromite reefs as well as a surrounding zone of
mineralised dunite within the ultramafic package.
The Company confirms that it is not aware of any new information
or data that materially affects the information included in the
announcement referenced above.
Figure Four | Panton PGM Project's Location
About Platinum Group Metals (PGMs)
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.
Appendix One | Exploration and Mining Permits
Exploration & Mining Permits changes during the Quarter
Interest at beginning Interest at
Project Location Tenement of Quarter end of Quarter
No changes during the Quarter
Farm-In / Farm Out Agreement changes during the Quarter ^
Interest Interest
Joint Venture Project Location Tenement at beginning at end of
of Quarter Quarter
Octava Minerals Panton North Western Australia E80/5455 - -
Ltd
Octava Minerals Copernicus Western Australia E80/5459 - -
Ltd North
================ ============== ======================= ==================== ================== ===============
^ In January 2023, the Company executed a farm-in and joint
venture agreement with Octava Minerals Ltd over two tenements, one
of which adjoins the Panton Project to the north. Future Metals may
earn up to 70% in the two tenements. Details of the transaction can
be found in the announcement 'Farm-In Agreement Over East Kimberley
Ni-Cu-PGE Prospects' released on 17 January 2023.
Interests in Mining & Exploration Permits & Joint
Ventures at 30 June 2023
Project Location Tenement Area Interest at
end of
Quarter
Panton PGM-Ni Project Western Australia M80/103 M80/104 8.6km 2 100%
5.7km 2 100%
M80/105 8.3km 2 100%
Panton North Western Australia E80/5455 8 BL -
Copernicus North Western Australia E80/5459 2 BL -
======================= =============================== ==================== ====================== ================
Appendix Two | Panton Mineral Resource Estimate (JORC Code
2012)(2)
Resource Category Mass Grade Contained Metal
------- ------------------------------------------------------------------------------- -----------------------------------------------------------------------------------
(Mt) Pd Pt Au Ni Cu Co PdEq Pd Pt Au PGM Ni Cu Co PdEq
(g/t) (g/t) (g/t) PGM (%) (%) (ppm) 2 (Koz) (Koz) (Koz) 3E (kt) (kt) (kt) 2 (Koz)
1 3E (g/t) (Koz)
(g/t)
----------- ======= --------- --------- -------- ========= ======= ------- -------- ======== -------- --------- --------- ======== ======== -------- -------- ===========
Reef Indicated 7.9 1.99 1.87 0.31 4.16 0.24 0.07 190 4.39 508 476 78 1,062 19.1 5.2 1.5 1,120
----------- ======= --------- --------- -------- ========= ======= ------- -------- ======== -------- --------- --------- ======== ======== -------- -------- ===========
Inferred 17.6 1.59 1.49 0.22 3.30 0.23 0.07 193 3.63 895 842 123 1,859 41.1 13.1 3.4 2,046
---------------------- ======= --------- --------- -------- ========= ======= ------- -------- ======== -------- --------- --------- ======== ======== -------- -------- ===========
Subtotal 25.4 1.71 1.61 0.24 3.57 0.24 0.07 192 3.86 1,403 1,318 201 2,922 60.3 18.2 4.9 3,166
---------------------- ======= --------- --------- -------- ========= ======= ------- -------- ======== -------- --------- --------- ======== ======== -------- -------- ===========
Dunite Inferred 103.4 0.31 0.25 0.07 0.62 0.17 0.03 145 1.12 1,020 825 225 2,069 179.6 30.2 15.0 3,712
----------- ======= --------- --------- -------- ========= ======= ------- -------- ======== -------- --------- --------- ======== ======== -------- -------- ===========
Subtotal 103.4 0.31 0.25 0.07 0.62 0.17 0.03 145 1.12 1,020 825 225 2,069 179.6 30.2 15.0 3,712
---------------------- ======= --------- --------- -------- ========= ======= ------- -------- ======== -------- --------- --------- ======== ======== -------- -------- ===========
All Indicated 7.9 1.99 1.87 0.31 4.16 0.24 0.07 190 4.39 508 476 78 1,062 19.1 5.2 1.5 1,120
----------- ======= --------- --------- -------- ========= ======= ------- -------- ======== -------- --------- --------- ======== ======== -------- -------- ===========
Inferred 121 0.49 0.43 0.09 1.01 0.18 0.04 152 1.48 1,915 1,667 347 3,929 219.7 43.2 18.4 5,758
---------------------- ======= --------- --------- -------- ========= ======= ------- -------- ======== -------- --------- --------- ======== ======== -------- -------- ===========
Total 129 0.58 0.52 0.10 1.20 0.19 0.04 154 1.66 2,423 2,143 425 4,991 238.8 48.4 19.9 6,879
---------------------- ------- --------- --------- -------- --------- ------- ------- -------- -------- -------- --------- --------- -------- -------- -------- -------- -----------
Notes
1 Please refer to the paragraph below for palladium equivalent
(PdEq) calculation
2 No cut-off grade has been applied to reef mineralisation and a
cut-off of 0.9g/t PdEq has been applied to the dunite
mineralisation
1 PGM 3E = Palladium (Pd) + Platinum (Pt) + Gold (Au)
2 Metal equivalents were calculated according to the follow
formulae:
-- Reef: 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(%)
-- Dunite: PdEq (Palladium Equivalent g/t) = Pd(g/t) + 0.76471 x
Pt(g/t) + 0.933 x Au(g/t) +2.03087 x Ni(%) + 1.481990 x Cu(%) +
8.80 x Co(%)
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