TIDMFME
RNS Number : 3846R
Future Metals NL
26 October 2023
26 October 2023
Future Metals NL
Panton Resource Upgrade Delivers Opportunity for High-Grade,
Long-Life Operation
Reef MRE of 10.8Mt @ 7.0g/t PdEq(2) for 2.4Moz PdEq(2)
Total MRE of 92.9Mt @ 2.0g/t PdEq(2) for 6.0Moz PdEq(2)
Highlights
-- Upgraded independent JORC 2012 Mineral Resource Estimate
("MRE") confirms Panton's status as the highest grade in Australia
and one of the highest grade undeveloped PGM projects globally
-- High grade Reef mineralisation remains open at depth, with
drilling indicating that mineralisation is thickening and grade is
increasing
-- Material increase in MRE confidence with the Indicated
category comprising 44% of the total MRE from 6% previously
Deposit Tonnage Grade Contained PdEq(2)
(Mt) (PdEq(2) g/t) (Moz)
=================== ==========================
Reef 10.8 7.0 2.4
=================== ========================== =============================
High-Grade Dunite (1.4g/t
PdEq cut-off) 26.4 1.8 1.5
=================== ========================== =============================
Reef + High-Grade Dunite 37.2 3.3 3.9
=================== ========================== =============================
Bulk Dunite (0.9g/t PdEq
cut-off) 55.7 1.2 2.1
=================== ========================== =============================
Total 92.9 2.0 6.0
=================== ========================== =============================
-- PdEq calculation currently excludes potentially value
accretive copper, cobalt, rhodium and iridium credits which will be
assessed for inclusion in follow up feasibility work
-- Conventional process flowsheet now well established for
producing high-grade Ni-PGM and chromite (Cr(2) O(3) ) concentrates
from the Reef and High-Grade Dunite
-- The Panton Scoping Study, to be finalised this quarter, will
assess development of a long life operation extracting Reef + High
Grade Dunite mineralisation
-- Further significant scale potential from Bulk Dunite MRE and
further discoveries within the Company's recently expanded
exploration position (3)
(1) Platinum-Group-Metals 3E refers to platinum, palladium and gold
(2) PdEq (Palladium Equivalent). Refer to page 13 for calculation details
(3) See announcement dated 5 October 2023 regarding Future Metals option over Osprey
Minerals
Pty Ltd
Future Metals NL ("Future Metals" or the "Company", ASX | AIM:
FME) is pleased to announce it has an updated independent JORC Code
(2012) MRE for its 100% owned Panton PGM-Ni-Cr Project. The
upgraded MRE further establishes the Panton project as the highest
grade PGM project in Australia and one of the highest grade
undeveloped PGM projects globally. The MRE also includes an
estimate for the Panton deposit's chromite content for the first
time, positioning it as one of the only chromite projects in
Australia, and one of the few in a top tier jurisdiction.
Figure 1: Australian PGM Project Comparison. See Appendix 3 for
source information.
Mr Jardee Kininmonth, Managing Director of Future Metals,
commented:
"Following recent drilling and interpretation, an improved
geological understanding of the Panton PGM deposit has now been
incorporated into an upgraded independent MRE. This new MRE clearly
highlights the impressive grade of the Reef at Panton. In addition,
the High Grade Dunite at the contact of the reef has also been
separately modelled for the purposes of more effective underground
mine design. Both the Reef and dunite remain open at depth where
drilling demonstrates a thickening in mineralisation and increasing
grades, providing significant growth potential.
The upgraded MRE also includes the chromite grade for the first
time following successful test work demonstrating the ability to
produce a saleable chromite concentrate subsequent to PGM
flotation. This high-grade chromite mineralisation greatly enhances
the overall value of Panton, with chromite being a highly sought
after product for use in the steel industry and its global supply
highly concentrated in Africa. Structural supply constraints have
caused a 60% price increase over the past 12 months, taking
chromite concentrate prices (South Africa, 40-42% CIF China) to
US$290/t.
We look forward to finalising the Scoping Study and
demonstrating our expectation that Panton can support a low
capital, long life and profitable operation. "
Figure 2: Breakdown of palladium equivalent and basket price per
PGM(3E) ounce. Assumptions used are those set out under Palladium
Equivalent calculations below.
Panton Mineral Resource Estimate Overview
The MRE at Panton has been substantially upgraded with
improvements in grade, JORC classification and the inclusion of a
chromite estimate. The total MRE at Panton is now 92.9Mt @ 1.5g/t
PGM(3E) (1) , 0.20% Ni, 3.1% Cr(2) O(3) (2.0g/t PdEq(2) ) for
contained metal of 4.5Moz PGM(3E) (1) , 185kt Ni, 2.8Mt Cr(2) O(3)
, (6.0Moz PdEq(2) ). The MRE has been reported across three
separate units; the Reef, the High-Grade Dunite and the Bulk
Dunite.
Table One | Panton Total Mineral Resource Estimate
Mass PGM(3E) (1) Ni Cr(2) O(3) PdEq (2)
(Mt) (g/t) (%) (%) (g/t)
============= ===== ============
92.9 Grade 1.5 0.20 3.1 2.0
================ ============= ===== ============ ==========
(Moz) (kt) (Mt) (Moz)
================ ============= ===== ============ ==========
Contained Metal 4.5 185 2.8 6.0
================ ============= ===== ============ ==========
The Reef component has an MRE of 10.8Mt @ 5.6g/t PGM(3E) (1) ,
0.27% Ni, 14.6% Cr(2) O(3) (7.0g/t PdEq(2) ) for contained metal of
2.0Moz PGM(3E) (1) , 29kt Ni, 1.6Mt Cr(2) O(3) (2.4Moz PdEq(2)
).
Table Two | Panton Mineral Resource Estimate - High Grade
Reef
Mass PGM(3E) (1) Ni Cr(2) O(3) PdEq (2)
(Mt) (g/t) (%) (%) (g/t)
============= ===== ============
10.8 Grade 5.6 0.27 14.6 7.0
================ ============= ===== ============ ==========
(Moz) (kt) (Mt) (Moz)
================ ============= ===== ============ ==========
Contained Metal 2.0 29 1.6 2.4
================ ============= ===== ============ ==========
The High-Grade Dunite component has an MRE of 26.4Mt @ 1.3g/t
PGM(3E) (1) , 0.21% Ni (1.8g/t PdEq(2) ) for contained metal of
1.1Moz PGM(3E) (1) , 54kt Ni (1.5Moz PdEq(2) ). The High-Grade
Dunite is the mineralisation which sits parallel to the reef
mineralisation at the footwall and hangingwall contacts.
Table Three | Panton Mineral Resource Estimate - High Grade
Dunite (1.4g/t PdEq cut-off)
Mass PGM(3E) (1) Ni PdEq (2)
(Mt) (g/t) (%) (g/t)
============= =====
26.4 Grade 1.3 0.21 1.8
================ ============= ===== ==========
(Moz) (kt) (Moz)
================ ============= ===== ==========
Contained Metal 1.1 54 1.5
================ ============= ===== ==========
The combined Reef and High-Grade Dunite mineralisation has an
MRE of 37.2Mt @ 2.6g/t PGM(3E) (1) , 0.22% Ni, 6.2% Cr(2) O(3)
(3.3g/t PdEq(2) ) for contained metal of 3.1Moz PGM(3E) (1) , 83kt
Ni, 2.2Mt Cr(2) O(3) (3.9Moz PdEq(2) ).
Table Four | Panton Mineral Resource Estimate - Reef &
High-Grade Dunite
Mass PGM(3E) (1) Ni Cr(2) O(3) PdEq (2)
(Mt) (g/t) (%) (%) (g/t)
============= ===== ============
37.2 Grade 2.6 0.22 6.2 3.3
================ ============= ===== ============ ==========
(Moz) (kt) (Mt) (Moz)
================ ============= ===== ============ ==========
Contained Metal 3.1 83 2.2 3.9
================ ============= ===== ============ ==========
The Bulk Dunite has been reported at a 0.9g/t PdEq cut-off for
an MRE of 55.7Mt @ 0.8g/t PGM(3E) (1) , 0.18% Ni (1.2g/t PdEq(2) )
for contained metal of 1.4Moz PGM(3E) (1) , 102kt Ni (2.1Moz
PdEq(2) ). A detailed table for the Panton MRE is provided in
Appendix One.
The primary change between the previously reported MRE
(announced 21 June 2022) and the upgraded MRE set out in this
announcement is enhanced geological modelling of the Reef
mineralisation and the surrounding dunite into separate geological
units. This detailed modelling was undertaken following
breakthroughs in the Company's metallurgical test work programmes
as announced on 13 February 2023. Ore sorting has been demonstrated
to be highly effective at separating the Reef from surrounding
dunite mineralisation and waste material, and flotation test work
has demonstrated the performance improvements of feeding separated
material to the concentrator. The new MRE enables the Company to
more accurately model the volume and grade of different
mineralisation types which can be mined and milled as part of the
forthcoming Scoping Study, which is focussed on the Reef and High
Grade Dunite mineralisation.
Another key change to the MRE is the inclusion of a chromite
(Cr(2) O(3) ) estimate. This follows numerous successful
metallurgical test work programmes demonstrating that a saleable
chromite concentrate can be produced from the tails of the PGM
flotation where the Ni-PGM concentrate is produced. Figure 2 shows
the composition of Panton's PdEq(2) grade and its basket price
where chromite provides a material contribution.
Figure 3: Isometric view of high-grade Panton with drill traces
and resource blocks coloured by Resource classification.
The proportion of mineralisation classified as Indicated has
also increased, now constituting approximately 44% of the total MRE
(and 41% of the Reef), compared to 6% in the previous MRE. This
follows the inclusion of a number of recently completed drill holes
which were not previously included, and improved metallurgical
understanding and performance of the dunite mineralisation.
The Reef has been geologically constrained based on logging,
PGM(3E) and Cr grades. The Bulk Dunite is reported at a cut-off
grade of 0.9g/t PdEq(2) and estimated down to a vertical depth of
just 150m (300mRL). The High-Grade Dunite has been reported below
this depth, at a cut-off grade of 1.4g/t PdEq(2) . This
mineralisation occurs along the hangingwall and footwall contact
with the reefs and has been reported down to the same depth as the
Reef.
The new MRE was prepared independently by International Resource
Solutions Pty Ltd and reported in accordance with the JORC Code
(2012).
Exploration & Resource Upside
Panton's Reef and High-Grade Dunite are open at depth and
shallowing as they plunge to the south-west. Drill hole PS414
(shown in Figure 4) is on the largest step-out and demonstrates
increasing grade and a potential thickening in the deposit as it
flattens in its plunge. There is considerable potential to grow the
high-grade Reef and High-Grade Dunite MRE through further drilling
targeting down plunge extensions.
Figure 4: Isometric view of high-grade PGM reef looking north
with drill traces and resource blocks coloured by PdEq grade
There is also potential to discover localised zones of economic
mineralisation (such as more reefs) near the existing Reef modelled
in the MRE. Drill hole PS291 (shown in Figure 4) demonstrates
sulphide-rich mineralisation with significantly less chromite than
the majority of the reef intersections which inform the MRE. This
style of mineralisation is analogous to the Bushveld system in
South Africa, where the sulphide-rich Merensky reef sits higher up
in the stratigraphy than the chromite-rich UG2 reef.
The majority of the drill holes included in the MRE have only
been sampled close to the upper and lower reef contacts. There was
limited sampling of mineralisation above or below the reefs by
prior owners of Panton, with geological logging providing multiple
indications of chromite stringer reefs which have not been sampled
(a potential marker for PGM(3E) mineralisation). The Company is
currently completing a review of this historical logging to target
previously drilled holes of interest for follow up re-logging and
portable X-Ray Fluorescence ("pXRF") analysis, followed by sampling
and assaying.
There is a significant amount of mineralised dunite within
Panton which has not been included in the MRE. The area marked out
as the Bulk Dunite Extension Zone on Figure 6 has been drilled on
wide spaced lines across 250m, along a NE-SW strike of 2.5km with
all drill holes returning highly anomalous PGM(3E) , Ni and Cu
mineralisation. Infill drilling and establishment of a
metallurgical solution for this mineralisation could enable the
Company to significantly grow the near surface Bulk Dunite MRE.
The Company has not included copper or cobalt in its PdEq
calculations however continued optimisation of metallurgical
performance may warrant their inclusion in subsequent MRE updates.
Similarly, the Company's MRE does not include rhodium, iridium or
osmium due to paucity of assay data however flotation test work has
demonstrated the recovery of these valuable metals. The Company
will examine whether resampling of existing drill core for these
elements is warranted as it progresses the Project.
Figure 5: Panton PdEq (2) Grade-Tonnage Curve
Figure 6: Plan View of Panton including MRE area
Figure 7: Cross Section A Block Figure 8: Cross Section C Block
Summary of Mineral Resource Estimate and Reporting Criteria
Geology and mineralisation
The Panton Intrusion is a layered mafic-ultramafic intrusion
situated within the structurally complex Central Zone of the Halls
Creek Orogen ("HCO"), in the Kimberley region of Western Australia.
The HCO consists of three north-north-easterly trending, highly
deformed, medium to high-grade metamorphic zones comprising
sedimentary, volcanic and intrusive rock suites. The HCO separates
the Paleoproterozoic Kimberley Basin to the northwest, and the late
Archaean Granites-Tanami Region to the southeast.
In outcrop the Panton intrusion is approximately 9km long, 3km
wide and 1.7km thick, with a layered, differentiated
ultramafic-mafic body.
The Panton intrusion comprises a basal ultramafic zone of
chromite-rich olivine cumulate rocks; dunites, peridotites and
transitional rocks, with an overlying mafic zone of similar
thickness comprised of leucogabbro, gabbro, ferrogabbro,
gabbronorites, norites and pyroxenites with an overlying
anorthositic unit.
The Panton intrusion has undergone a number of structural
deformation events. These various events have resulted in large
scale folding , faulting and widespread shearing of the
ultramafic/mafic sequence. The intrusion is asymmetrically folded
into a tight syncline, which gently plunges to the southwest. The
fold is closed at the north-eastern end and faulted off at the
southwest end. Other dominant structural features include the
numerous small scale and lesser large-scale faulting. The main
orientation of faults strike north-south and nearly all have a
sinistral movement sense; with displacements from cm scale to in
the order of 1,000m for the large fault separating the C and D sub
Blocks. Faulting orthogonal to this set is present but less
pronounced.
The interpreted weathering profile for Panton is relatively
simple, showing a resemblance to the topographic profile. There is
a thin veneer of highly weathered material, consisting of
predominantly red-brown soil, alluvium and colluvium that covers
much of the project area. Its depth ranges from a few centimetres
up to 10m but is largely confined to less than 1m.
There are three mineralised horizons, the Upper group
chromitites (situated within the upper gabbroic sequence), the
Middle group chromitites (situated in the upper portion of the
ultramafic cumulate sequence) and the Lower group chromitites
(situated toward the base of the ultramafic cumulate sequence). The
primary PGM resource is contained within the upper portion of the
ultramafic sequence, which has been divided into multiple domains
including the upper and lower reefs and their associated footwall
and hangingwall dunite mineralisation, as well as a middle dunite
unit which sits between the reefs.
Drilling techniques and hole spacing
The drilling database for the Panton deposit includes data
collected by reverse circulation ("RC") and diamond core drilling
("DD"). The drilling database has been compiled from drill holes
completed since 1970 to present with a total of 79,872.5m of
drilling completed in 450 drill holes. Pancontinental Mining Ltd
("Pancontinental") and Minsarco Resources ("Minsarco") drill holes
(PS001 to PS058) were drilled from 1970 to 1991. The holes were HQ
to NQ/NQ2 in size with daughter DD holes drilled BQ/BQ3 in size.
Platinum Australia Limited ("PLA") drill holes, PS059 to PS379 were
drilled using RC and DD coring, either PQ3, HQ3 or NQ3 in size. RC
drilling employed a face sampling bit. Several drill holes had RC
pre-collars drilled in advance of a diamond core tail.
All of Future Metals drill holes were diamond core holes, either
PQ3, HQ3 or NQ3 in size. The top 50m (approximately) of the drill
holes were often drilled in PQ3 until competent rock was
encountered. The drill hole was then cased off and continued in HQ3
size core drilling. Where there was a need to case off the HQ3 core
drilling, the hole continued in NQ3 size core drilling. PQ3 core
diameter is 83.0mm, HQ3 core diameter is 61.1mm, NQ3 core diameter
is 45.0mm, BQ core diameter is 36.5m. RC drilling bits have a
diameter of 15.9cm.
The drilling is generally oriented orthogonal to the interpreted
dip and strike of the known chromite reef mineralisation. However,
several historical holes were drilled less than optimal to the
mineralisation due to structural complexity not being understood at
the time of historical drilling. Drill hole spacing varies between
25m to 100m between sections and 5m to 25m along section. The
spacing is restrictive in areas due to the topographic relief of
the Panton Sill.
Sampling and analysis methodology
Diamond drill core samples within the resource were
predominately by HQ3 and NQ2/NQ3 core with historical diamond
daughter holes by BQ/BQ3. Samples range from 0.06m to 2m with the
average sample interval being approximately 0.5m. All RC samples
are from a rig mounted riffle splitter in 1m or 0.5m intervals.
Individual recoveries of diamond core samples were quantitative
when recorded. Core recovery information was recorded for
approximately 60% of the diamond drill holes with recoveries
generally excellent. There is no known relationship between
recovery and grade identified.
Analysis for Au, Pt and Pd was by fire assay with an ICPMS
finish. A mixed acid, or more recently a 4-acid digest with an
ICPAES/ICPMS finish was completed for As, Co, Cr, Cu, Ni and S.
Various laboratories have been utilised including Bureau Veritas,
Genalysis Intertek and Ultratrace all based in Perth, WA.
Quality assurance and quality control (QA-QC)
PLA and Future Metals submitted standards (Certified Reference
Material and blanks) at an average rate of 1 in 30 samples.
Laboratory standards were recorded and included in the QA-QC
assessment at 1:8. Laboratory repeat analysis was completed 1:20
samples submitted for assay. Review of all data shows that the
results for Au, Pd, Pt, Ni, Cu and Co are within acceptable levels
for a Mineral Resource Estimation.
Estimation methodology
Geological and mineralisation constraints were generated on the
basis of logged chromitite reef lithology and the subdivided
stratigraphic units defined by the logged geology and
mineralization. Hangingwall and footwall units to each reef have
been defined and an additional dunite lithology mineralized halo.
The constraints were subsequently used in geostatistics,
variography, block model domain coding and grade interpolation.
Ordinary kriging was used for estimating Pd, Pt, Au, Cu, Ni, Cr and
Co.
The constraints were coded to the drillhole database and samples
were composited in two ways. In the chromite reefs a single
composite interval of varying length was generated which
encompassed the downhole thickness of the entire interpreted
interval. Outside the reefs, in the encompassing dunite material,
3m downhole length composites were generated.
A parent block size of 50mE by 50mN by 20mRL was selected with
sub-celling to 0.5mE by 0.5mN by 0.5mRL to account for the extreme
thickness variability of the chromite reefs. Comparison checks
between the block models and wireframes indicate an adequate volume
resolution at the selected level of sub celling.
Variography was generated for the various A Block lodes to
enable estimation via ordinary kriging. Variography for the A Block
lodes generally demonstrated the best structure and were adopted
for the other lodes. Hard boundaries were used for the estimation
throughout.
Input composite counts for the estimates were variable and set
at a minimum of between 4 and a maximum of 6 and this was dependent
on domain sample numbers and geometry. A selective mining unit
("SMU") dimension of 10m E by 10m N by 5m RL was selected for the
estimation. Any blocks not estimated in the first estimation pass
were estimated in a second pass with an expanded search
neighbourhood and relaxed condition to allow the domains to be
fully estimated. Extrapolation of the drillhole composite data is
commonly approximately 200m to 300m beyond the edges of the
drillhole data, however, may be considered appropriate given the
overall style and occurrence of mineralisation in continuous
chromite reef structures and the classification of such extended
grade estimates as Inferred.
Density has been assigned to the block model via a combination
of ordinary kriging and in the case of the dunites, direct
assignment. Densities have been reduced within the dunites in the
top 25m to reflect the partially weathered nature of this horizon.
Prior to estimation, the reef intercepts without a directly
measured density value were assigned a value by regression against
Cr using the following formula:
-- density = 2.7 + (Cr% x 0.0508)
Mineral Resource classification and reporting
The MRE has been classified based on consideration of key
criteria outlined in Sections 1, 2 and 3 of the JORC Code Table 1.
The Mineral Resource has been classified as either Indicated or
Inferred. The classification is based on the relative confidence in
the mineralised domain continuity countered by variable drill
spacing. The classification of Indicated is only considered in
areas where the drill spacing is better than approximately 100m
strike by 100m down dip. The classification of Indicated applies to
the chromite reefs and surrounding stratigraphical units based on
the more complete degree of sampling and better knowledge of the
metallurgical parameters. Sampling in the dunite material was not
completed for every drillhole and the sample spacing is therefore
more irregular and incomplete. Metallurgical parameters are also so
far unknown as testing is not yet complete. The Resource
classification applies to the estimated block grade items of Pt,
Pd, Au, Ni, Cr, Cu and Co only.
Reasonable Prospects for Eventual Economic Extraction
("RPEEE")
The MRE is considered to have RPEEE based on the following:
-- Stable tenement status with no known impediments to land access
-- Positive metallurgical characteristics indicated by test work to date
-- The deposit geometry and size lend amenability to the
proposed underground and open pit mining methods.
Cut-off grades
A cut-off grade of 1.4g/t PdEq (2) has been applied to the
high-grade dunite estimate. A cutoff grade of 0.9g/t PdEq (2) has
been applied to the bulk dunite estimate. No differentiation
between oxide and fresh rock has been made. No cutoff grade has
been applied to the chromitite reefs.
Palladium metal equivalents
Based on metallurgical test work completed on Panton samples,
all quoted elements included in the metal equivalent calculation
(palladium, platinum, gold, nickel and chromite) have a reasonable
potential of being ultimately recovered and sold.
No metallurgical test work has been undertaken on recovering a
chromite concentrate from dunite and this has been excluded from
equivalent calculations for the High Grade Dunite and Bulk Dunite.
The Company has not included copper or cobalt in its PdEq
calculations however continued optimisation of metallurgical
performance may warrant their inclusion in subsequent MRE updates.
Similarly, the Company's MRE does not include rhodium, iridium or
osmium due to paucity of assay data however flotation test work has
demonstrated the recovery of these valuable metals. The Company
will examine whether resampling of existing drill core for these
elements is warranted as it progresses the Project.
Metal recoveries used in the palladium equivalent (PdEq)
calculations for each element are based on metallurgical test work
undertaken to date at Panton. It should be noted that palladium,
platinum and chromite 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 prices used are based on consensus forecasts of analysts
estimates. The chromite concentrate price used is a conservative
estimate based on historical pricing of South African chrome ore
(40-42%, CIF China).
Metal recoveries used in the palladium equivalent (PdEq)
calculations are shown below:
-- Reef: Palladium 80%, Platinum 80%, Gold 70%, Nickel 45% and
Chromite 70%
-- Dunite: Palladium 75%, Platinum 75%, Gold 85% and Nickel
40%
Assumed metal prices used are also shown below:
-- Palladium US$1,500/oz, Platinum US$1,250/oz, Gold
US$1,750/oz, Nickel US$20,000/t and US$175/t for chromite
concentrate (40-42% Cr(2) O(3) )
Metal equivalents were calculated according to the follow
formulae:
-- Reef: PdEq (Palladium Equivalent g/t) = Pd(g/t) + 0.833 x
Pt(g/t) + 1.02083 x Au(g/t) + 2.33276 x Ni(%) + 0.07560 x Cr(2)
O(3) (%)
-- Dunite: PdEq (Palladium Equivalent g/t) = Pd(g/t) + 0.833 x
Pt(g/t) + 1.322 x Au(g/t) + 2.2118 x Ni(%)
Metallurgical methods and parameters
As announced on 13 February 2023 'Mining and Processing
Breakthrough at Panton' and in the announcement on 11 July 2023
'Step Change in PGM Recovery - Improved to 86%' the Company has
successfully demonstrated the ability to produce a high-grade
Ni-PGM concentrate with consistent PGM(3E) flotation recovery of
80% to concentrate grades over 250g/t PGM(3E) . Recoveries for Ni
have ranged from 37 - 45%. Recent test work by the Company has
shown chromite recoveries of 70% to a concentrate grading between
40-42% Cr(2) O(3) through flotation and magnetic separation on a
composite of flotation tails. Flotation test work on dunite
mineralisation has demonstrated recoveries in line with those
stated in the Palladium metal equivalents section above.
The Company believes these results can be further optimised
however they do support the development of a scoping level flow
sheet. Further optimisation and variability test work will be
undertaken as the Company progresses the Project past a scoping
stage.
This announcement has been approved for release by the Board of
Future Metals NL.
Enquiries:
Future Metals NL
Jardee Kininmonth +61 8 9480 0414
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)
John Prior/Hugh Rich/Rauf Munir +44 (0)207 886 2500
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 is 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 in relation to the Panton PGM Project is based on and
fairly represents information and supporting documentation compiled
by Ms. Barbara Duggan (MSc), a Competent Person, who is a Member of
the Australian Institute of Geoscientists. Ms. Duggan is a
full-time employee of the Company and is entitled to participate in
the Future Metals Performance Rights Plan. Ms. Duggan has
sufficient experience that is relevant to the activity being
undertaken to qualify as a Competent Person as defined in the 2012
edition of the Australasian Code for the Reporting of Exploration
Results. The Qualified Person has verified the data disclosed in
this announcement, including sampling and analytical data
underlying the information contained in this announcement. Ms.
Duggan consents to the inclusion in this announcement of the
matters based on this 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 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 previous
exploration results for the Projects is extracted from the
following announcements:
-- 21 June 2022 | Independent Resource Estimate of 6.9Moz PdEq
-- 27 July 2022 | High Grade Ni-Cu-PGE sulphides confirmed at Panton
-- 13 February 2023 | Mining and Processing Breakthrough at Panton
-- 21 March 2023 | High Grade PGM Mineralisation from 350m Step Out Drilling
-- 4 May 2023 | Drilling to commence at Nickel Sulphide Targets
-- 24 May 2023 | RC drilling commences at Panton Ni-Cu-PGM Targets
The above announcements are available to view on the Company's
website at future-metals.com.au. The Company confirms that it is
not aware of any new information or data that materially affects
the information included in the relevant original market
announcements. The Company confirms that the information and
context in which the Competent Person's findings are presented have
not been materially modified from the original market
announcements.
Glossary
Archaean earliest geological period in the earth's
history until 2,500 million years before present
Assay chemical determination of metal content in
a sample
-----------------------------------------------------
Au gold, one of the transition metals elements
-----------------------------------------------------
Chromite an oxide mineral and principal ore of chromium
-----------------------------------------------------
Co cobalt, one of the transition metals elements
-----------------------------------------------------
Competent Person International Resource Solutions Pty Ltd,
or CP the competent person responsible for the mineral
resource information contained within this
announcement
-----------------------------------------------------
Cr chromium, one of the transition metals elements
-----------------------------------------------------
Cu copper, one of the transition metals elements
-----------------------------------------------------
g/t grammes per tonne
-----------------------------------------------------
Gabbro a coarse grained mafic intrusive rock
-----------------------------------------------------
ha hectare
-----------------------------------------------------
Indicated that part of a Mineral Resource for which
quantity, grade and physical characteristics
are estimated with sufficient confidence to
allow the application of modifying factors
in sufficient detail to support mine planning
and evaluation of the economic viability of
the deposit
-----------------------------------------------------
Inferred that part of a Mineral Resource for which
quantity and grade are estimated on the basis
of limited geological evidence and sampling
-----------------------------------------------------
Ir irdium, one of the platinum group elements
-----------------------------------------------------
JORC Code (2012) Australasian Code for Reporting of Mineral
Resources and Ore Reserves 2012, published
by the Joint Ore Reserves Committee
-----------------------------------------------------
kt kilo tonnes
-----------------------------------------------------
Mafic igneous rocks that are low in silicon and
high in iron and magnesium
-----------------------------------------------------
MAGLAG a magnetic lag; a geochemistry method for
analysing surface samples for anomalous occurrences
of elements (metals)
-----------------------------------------------------
Mass Pull proportion of ore feed reporting to concentrate
-----------------------------------------------------
Mineral Resource a concentration or occurrence of solid material
of economic interest for which there is a
reasonable prospect of eventual economic extraction
-----------------------------------------------------
Moz million ounces
-----------------------------------------------------
MRE mineral resource estimate
-----------------------------------------------------
mRL metres relative level; i.e. metres above sea
level
-----------------------------------------------------
Mt million tonnes
-----------------------------------------------------
Ni nickel, one of the transition metals elements
-----------------------------------------------------
Ore Reserve the economically mineable part of a Measured
and/or Indicated Mineral Resource. It includes
diluting materials and allowances for losses,
which may occur when the material is mined
or extracted
-----------------------------------------------------
Os osmium, one of the platinum group elements
-----------------------------------------------------
oz ounces
-----------------------------------------------------
Paleoproterozoic a geological period of time 1,600 to 2,600
million years before
present
-----------------------------------------------------
Panton PGM-Ni-Cr Panton PGM-Nickel-Cromium Project
Project
-----------------------------------------------------
Pd palladium, one of the platinum group elements
-----------------------------------------------------
PdEq palladium Equivalent
-----------------------------------------------------
PGE or PGM platinum Group Elements or Metals. The collective
term for platinum, palladium, rhodium, ruthenium,
osmium and iridium
-----------------------------------------------------
ppb parts per billion
-----------------------------------------------------
ppm parts per million
-----------------------------------------------------
Pt platinum, one of the platinum group elements
-----------------------------------------------------
RC reverse circulation
-----------------------------------------------------
RC Drilling an exploration drilling method that uses a
dual walled drilling rod and compressed air
to obtain samples from the drill face
-----------------------------------------------------
Rh rhodium, one of the platinum group elements
-----------------------------------------------------
RL relative level or depth below a reference
point either the surface or sea-level
-----------------------------------------------------
RPEEE Reasonable Prospects for Eventual Economic
Extraction
-----------------------------------------------------
Ru ruthenium, one of the platinum group elements
-----------------------------------------------------
SMU selective mining unit
-----------------------------------------------------
Syncline a concave flexure of a geological layer
-----------------------------------------------------
Ultramafic relating to igneous rocks composed of mafic
mineral rich in magnesium and iron
-----------------------------------------------------
um a micron equivalent to one millionth of a
metre
-----------------------------------------------------
Appendix One | Panton Mineral Resource Estimate (JORC Code
2022)
Category Mass Grade Contained Metal
(Mt) Pd Pt Au PGM(3E) (g/t) Ni Cr(2) O(3) PdEq(1) Cu Co Pd Pt Au PGM(3E) (Koz) Ni Cr(2) O(3) PdEq(1) Cu Co
(g/t) (g/t) (g/t) (%) (%) (g/t) (%) (ppm) (Koz) (Koz) (Koz) (kt) (kt) (Koz) (kt) (kt)
====== ======= ======= ======= ======= =============== ====== ============ ========= ====== ======
Upper Reef
Indicated 3.0 3.3 2.8 0.5 6.5 0.29 15.5 7.9 0.08 217 318 272 46 635 9 472 771 2 0.7
Inferred 4.9 3.2 2.7 0.4 6.4 0.30 15.6 7.8 0.10 221 506 431 65 1,003 15 761 1,227 5 1.1
====== ======= ======= ======= =============== ===== ============ ========= ===== ======= ======= ======= ======= =============== ====== ============ ========= ====== ======
Subtotal 7.9 3.2 2.8 0.4 6.4 0.30 15.6 7.8 0.09 219 824 703 111 1,637 23 1,233 1,998 7 1.7
Lower Reef
Indicated 1.4 1.3 1.7 0.1 3.1 0.17 10.7 4.1 0.04 200 59 79 6 143 2 151 186 1 0.3
Inferred 1.4 1.6 2.1 0.1 3.8 0.19 13.0 4.9 0.05 215 73 95 5 173 3 185 223 1 0.3
====== ======= ======= ======= =============== ===== ============ ========= ===== ======= ======= ======= ======= =============== ====== ============ ========= ====== ======
Subtotal 2.8 1.4 1.9 0.1 3.5 0.18 11.8 4.5 0.04 208 132 174 11 316 5 337 409 1 0.6
Total Reef
Indicated 4.5 2.6 2.4 0.4 5.4 0.25 14.0 6.7 0.07 211 377 350 51 778 11 623 957 3 0.9
Inferred 6.3 2.9 2.6 0.3 5.8 0.28 15.0 7.2 0.09 220 579 526 70 1,175 17 946 1,450 5 1.4
====== ======= ======= ======= =============== ===== ============ ========= ===== ======= ======= ======= ======= =============== ====== ============ ========= ====== ======
Subtotal 10.8 2.8 2.5 0.4 5.6 0.27 14.6 7.0 0.08 216 956 876 122 1,954 29 1,569 2,407 8 2.3
====== ======= ======= ======= =============== ===== ============ ========= ===== ======= ======= ======= ======= =============== ====== ============ ========= ====== ======
High Grade Dunite (Underground, below 300mRL, 1.4g/t PdEq cut-off)
Indicated 5.9 0.6 0.6 0.2 1.4 0.20 2.2 1.7 0.04 151 120 109 30 259 12 132 334 2 0.9
Inferred 20.5 0.6 0.6 0.1 1.3 0.21 2.3 1.8 0.04 160 425 373 87 885 43 478 1,154 9 3.3
====== ======= ======= ======= =============== ===== ============ ========= ===== ======= ======= ======= ======= =============== ====== ============ ========= ====== ======
Subtotal 26.4 0.6 0.6 0.1 1.3 0.21 2.3 1.8 0.04 158 545 482 118 1,144 54 610 1,488 11 4.2
====== ======= ======= ======= =============== ===== ============ ========= ===== ======= ======= ======= ======= =============== ====== ============ ========= ====== ======
Reef + High Grade Dunite
Indicated 10.4 1.5 1.4 0.2 3.1 0.22 7.3 3.9 0.05 177 497 459 81 1,037 23 755 1,291 5 1.8
Inferred 26.8 1.2 1.0 0.2 2.4 0.22 5.3 3.0 0.05 174 1,004 899 158 2,061 60 1,424 2,604 14 4.7
====== ======= ======= ======= =============== ===== ============ ========= ===== ======= ======= ======= ======= =============== ====== ============ ========= ====== ======
Subtotal 37.2 1.3 1.1 0.2 2.6 0.22 5.9 3.3 0.05 175 1,501 1,358 239 3,098 83 2,179 3,895 19 6.5
====== ======= ======= ======= =============== ===== ============ ========= ===== ======= ======= ======= ======= =============== ====== ============ ========= ====== ======
Bulk Dunite (Near surface, above 300mRL, 0.9g/t PdEq cut-off)
Indicated 30.3 0.4 0.4 0.1 0.9 0.18 1.1 1.3 0.03 144 384 363 103 850 56 337 1,220 9 4.4
Inferred 25.3 0.3 0.3 0.1 0.7 0.18 1.3 1.1 0.03 140 273 230 61 564 46 329 873 8 3.5
====== ======= ======= ======= =============== ===== ============ ========= ===== ======= ======= ======= ======= =============== ====== ============ ========= ====== ======
Subtotal 55.7 0.4 0.3 0.1 0.8 0.18 1.2 1.2 0.03 142 657 593 164 1,414 102 666 2,094 17 7.9
====== ======= ======= ======= =============== ===== ============ ========= ===== ======= ======= ======= ======= =============== ====== ============
Total Resource
Indicated 40.7 0.7 0.6 0.1 1.4 0.19 2.7 1.9 0.04 153 881 822 184 1,887 79 1,092 2,511 15 6.2
Inferred 52.1 0.8 0.7 0.1 1.6 0.20 3.4 2.1 0.04 157 1,277 1,129 219 2,625 106 1,753 3,478 22 8.2
====== ======= ======= ======= =============== ===== ============ ========= ===== ======= ======= ======= ======= =============== ====== ============ ========= ====== ======
Total 92.9 0.7 0.7 0.1 1.5 0.20 3.1 2.0 0.04 155 2,158 1,951 403 4,512 185 2,846 5,989 37 14.4
====== ======= ======= ======= =============== ===== ============ ========= ===== ======= ======= ======= ======= =============== ====== ============ ========= ====== ======
(1) Refer page 12 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 Bulk Dunite
mineralisation and 1.4g/t PdEq cut-off to the High-Grade Dunite
mineralisation
Appendix Two | JORC Code (2012) Edition Table 1
Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary
============================================================
Sampling Holes PS001 to PS058 were completed by Pancontinental
techniques * Nature and quality of sampling (eg cut channels, Mining Ltd ("Pancon") and Minsarco
random chips, or specific specialised industry Resources NL ("Minsarco"). Details related to the nature
standard measurement tools appropriate to the and quality of the sampling have
minerals under investigation, such as down hole gamma not been recorded except for two holes which had samples
sondes, or handheld XRF instruments, etc). These that had quarter, half and full core
examples should not be taken as limiting the broad samples collected. All sampling was from diamond core.
meaning of sampling. Samples ranged from 0.06m to 2m in
length. Additionally, no information is recorded regarding
sample representativity. Sampling
* Include reference to measures taken to ensure sample intervals correlate to historical drill logs where
representivity and the appropriate calibration of any mineralisation was logged.
measurement tools or systems used.
Holes PS059 to PS379 were drilled by Platinum Australia Ltd
("PLA") using RC and diamond
* Aspects of the determination of mineralisation that coring. Reverse circulation ("RC") sampling was a
are Material to the Public Report. In cases where combination of 4m composites produced by
'industry standard' work has been done this would be spearing 1m bulk samples and 1m split samples taken from
relatively simple (eg 'reverse circulation drilling the rig mounted sample splitter.
was used to obtain 1 m samples from which 3 kg was Sample intervals ranged from 1m to 4m. Diamond drill core
pulverised to produce a 30 g charge for fire assay'). was half or quarter cored with sampling
In other cases more explanation may be required, such intervals ranging from 0.15m to 3.0m. Details related to
as where there is coarse gold that has inherent the nature and quality of all drill
sampling problems. Unusual commodities or holes completed by PLA was not recorded in the database
mineralisation types (eg submarine nodules) may with approximately 10% of the sampling
warrant disclosure of detailed information. details not recorded. Sampling intervals correlate to
historical drill logs where mineralisation
was logged. Qualitative care was taken when sampling
diamond drill core to sample the same
half of the drill core with half core remaining in the
trays. All sampling was either supervised
by, or undertaken by, qualified geologists.
Holes PS380 to PS414 were completed by Future Metals NL
("FME"). All holes were diamond cored
with PQ3 from surface reducing to HQ3 and NQ2 where
appropriate. All samples are half or quarter
cored with sample intervals ranging from 0.06cm to 2.0m.
Qualitative care was taken when sampling
diamond drill core to sample the same half of the drill
core with the remaining half of core
left in the trays. All sampling was either supervised by,
or undertaken by, qualified geologists.
Across all drill holes, not all core or sections drilled
with RC (in particular pre-collars)
were sampled. In diamond drill core, the intervals of rock
that were not recognized as part
of the main reef zone from geological logging were not
always sampled. Additionally, not all
intervals between mineralised zones were historically
sampled.
============= ============================================================ ================================================================
Drilling From 1970 to 1991, drill holes PS001 to PS058 were completed by
techniques * Drill type (eg core, reverse circulation, open-hole Pancon and Minsarco. The holes
hammer, rotary air blast, auger, Bangka, sonic, etc) were HQ to NQ/NQ2 in size with daughter holes drilled to
and details (eg core diameter, triple or standard BQ/BQ3. 29 precollars were drilled
tube, depth of diamond tails, face-sampling bit or with 62 only diamond holes. Multiple holes had diamond
other type, whether core is oriented and if so, by wedges/daughter holes. Details regarding
what method, etc). core orientation is not recorded.
From 2000 to 2012, PLA completed holes PS059 to PS379 that are
a mix of RC and diamond drill
holes. From the holes drilled by PLA, 71 holes were diamond
cored, 137 were RC holes and 117
were RC precollars with diamond core tails. Details of core
orientation, where recorded, was
by the Reflex Orientation Tool.
From 2020, FME drilled diamond core holes PS380 to PS414. All
diamond core drill holes were
cored from surface by either PQ3 or HQ3 followed by NQ3 where
appropriate. Generally, the
top 50m (approximately) of rock were drilled in PQ3 until
competent rock was encountered.
The drill hole was then cased off and continued in HQ3 size
core drilling. Where there was
a need to case off the HQ3 core drilling, or due to depth
drilling, the hole was continued
in NQ3 core. Details of the orientation tool have only been
recorded for PS407 to PS414. The
core was orientated using a BLY TruCore UPIX Orientation Tool.
Diamond holes were triple tubed
in the weathered horizon (less than 10m) and standard tubes for
the remainder of the drill
hole.
============= ============================================================ ================================================================
Drill sample Holes PS001 to PS058 : Information regarding the method of core
recovery * Method of recording and assessing core and chip recovery and results assessed
sample recoveries and results assessed. is not recorded in the historical data.
Holes PS059 to PS379 : Sample recovery was assessed
* Measures taken to maximise sample recovery and ensure qualitatively with sample moisture, bulk
representative nature of the samples. recovery and quality recorded for each sample in 57% of the
drilling. The remaining drill
holes do not have any core recovery methods recorded in the
* Whether a relationship exists between sample recovery historical data. RC samples were
and grade and whether sample bias may have occurred collected off the rig mounted cyclone directly into calico
due to preferential loss/gain of fine/coarse sample bags. Where possible, samples
material. were collected dry. Composite samples were collected using a
spear from the center of the
drill spoil pile.
Holes PS380 to PS414: Sample recovery was recorded for 75% of
the drilling. No core recovery
or core loss was recorded for any of the drilling completed.
For all drill holes, there is no known relationship between
recovery and grade identified
and core is very competent upon recent review of available
drill core.
============= ============================================================ ================================================================
Logging
* Whether core and chip samples have been geologically * All drill holes were geologically logged for
and geotechnically logged to a level of detail to lithology, weathering, regolith, texture, grainsize
support appropriate Mineral Resource estimation, and mineralisation. Alteration was only logged in
mining studies and metallurgical studies. drill holes from PLA to present. All logging was at
an appropriate level of detail to support appropriate
Mineral Resource estimation, mining studies and
* Whether logging is qualitative or quantitative in metallurgical studies.
nature. Core (or costean, channel, etc) photography.
* Where logging was historically vague, relogging was
* The total length and percentage of the relevant completed using historic photos and geochemistry to
intersections logged. provide as much detail as possible.
* Core photography is present for more than 50% of all
drilling at the Panton PGM Project.
* All logging is qualitative in nature with all drill
holes logged in full.
============= ============================================================ ================================================================
Sub-sampling Holes PS001 to PS058 :
techniques * If core, whether cut or sawn and whether quarter, * The details of core sampling procedures and
and sample half or all core taken. representativity are not recorded in the historical
preparation data.
* If non-core, whether riffled, tube sampled, rotary
split, etc and whether sampled wet or dry. * No details on field duplicates are recorded in the
historical data.
* For all sample types, the nature, quality and
appropriateness of the sample preparation technique. Holes PS059 to PS379 :
* RC drilling by PLA was sampled from a rig mounted
riffle splitter in 1m, or half metre intervals. RC
* Quality control procedures adopted for all samples were mostly dry with a small percentage damp
sub-sampling stages to maximise representivity of or wet. Sections of drill holes logged as
samples. unmineralised were sampled as 4m composites using a
PVC spear.
* Measures taken to ensure that the sampling is
representative of the in-situ material collected, * All core that is sampled is cut using a diamond saw
including for instance results for field but only the type of sample was recorded in 55% of
duplicate/second-half sampling. the diamond sampling. Where PQ3 core was drilled for
metallurgical testing, the core is cut in half, and
then one half cut again into quarters. One quarter
* Whether sample sizes are appropriate to the grain core is kept as a reference, one quarter core is sent
size of the material being sampled. to the laboratory for assay and the remaining half
core was sent for metallurgical test work.
* RC drill holes had field duplicate samples taken at
the rate of 1 in 25 samples. In the case of 1m
samples, a second split was taken from the riffle
splitter or the bulk sample was passed through a
50/50 riffle splitter several times to produce a
sample of about 1kg in size. Composite samples were
duplicated by spearing the original bags twice.
* Limited duplicate core samples were collected by PLA
with occasional 1/4 core samples being assayed
against the original 1/2 core sample assayed (1:167
samples).
Holes PS380 to PS414:
* All diamond core was cut in half (HQ3 and NQ3) with
PQ3 core cut in half and then quartered for analysis.
Half core was left in the tray for record purposes.
Limited field duplicates were collected (1:119
samples).
* Sample preparation was completed by various
laboratories with sample sizes considered appropriate
for the material being sampled.
============= ============================================================ ================================================================
Quality of
assay data * The nature, quality and appropriateness of the * Details regarding the assaying and laboratory
and assaying and laboratory procedures used and whether procedures for holes PS001 to PS058 are not recorded
laboratory the technique is considered partial or total. in the database.
tests
* For geophysical tools, spectrometers, handheld XRF * Analysis by PLA for holes PS059 to PS379 was
instruments, etc, the parameters used in determining completed by fire assay with an ICPMS finish for Au,
the analysis including instrument make and model, Pd and Pt. As, Co, Cr, Cu, Ni and S were analysed by
reading times, calibrations factors applied and their a sodium peroxide fusion and hydrochloric digest with
derivation, etc. an ICPOES finish. Laboratory repeat analysis was
completed on 1:20 samples submitted for assay.
* Nature of quality control procedures adopted (eg
standards, blanks, duplicates, external laboratory * FME complete similar analysis to PLA for holes PS380
checks) and whether acceptable levels of accuracy (ie to PS406. Holes PS407 to PS414 were analysed by 50g
lack of bias) and precision have been established. fire assay with an ICPMS finish for Au, Pd and Pd
with a full multi-element analysis (4 acid digestion
with ICPMS finish).
* All analysis completed are appropriate for the type
and style of mineralisation.
* Details relating to the quality of assay data and
laboratory test are not recorded in the historical
data for PS001 to PS058. This includes any record of
CRM's and external laboratory checks.
* For holes PS059 to PS379, historical data records
indicate PLA submitted standards/blanks 1:36 samples
with lab standards recorded at 1:8. Review of all
standards for Pd, Pt, Ni, Cu, Co and Au indicate that
the results are within acceptable levels with any
outliers present a result of a data entry errors.
* For holes PS380 to PS414, FME submitted
standards/blanks at ratio of 1:30 with lab standards
recorded at 1:8. Review of all standards for Pd, Pt,
Ni, Cu, Co and Au indicate that the results are
within acceptable levels with any outliers present a
result of data entry errors.
* No geophysical tools, spectrometers or handheld XRF
instruments, etc were used.
============= ============================================================ ================================================================
Verification
of sampling * The verification of significant intersections by * No adjustments were made to the assay data.
and assaying either independent or alternative company personnel.
* PLA and FME twinned several drill holes.
* The use of twinned holes.
* Primary data including drill hole data, geological
* Documentation of primary data, data entry procedures, logging and sample intervals were recorded by paper
data verification, data storage (physical and and then translated digitally by PLA. The original
electronic) protocols. paper logs no longer exist. All FME drilling was
logged digitally. All logging and drill hole
information is stored in the company database which
* Discuss any adjustment to assay data. is a Datashed SQL database.
* No significant intersections are reported.
============= ============================================================ ================================================================
Location of
data points * Accuracy and quality of surveys used to locate drill * Minsarco, Pancon and PLA drilling was initially
holes (collar and down-hole surveys), trenches, mine located on a local grid system which was re-installed
workings and other locations used in Mineral Resource by PLA using metal survey stakes by Whelan's
estimation. surveyors in Kununurra. The local grid had survived
in the field to be verified and converted to
Australian Map Grid 1966, Zone 52.
* Specification of the grid system used.
* FME has subsequently converted the location data to
* Quality and adequacy of topographic control. Map Grid of Australia 1994, Zone 52.
* Where historical collars remained in the field, DGPS
of the collar position was collected.
* All FME holes included in the Mineral Resource
Estimation were DGPS to an accuracy of
* Down hole survey methods by Minsarco involved a
combination of down hole cameras and acid bottle
methods. Pancon down hole surveying was completed by
down hole camera. All holes completed by PLA were
surveyed with a single shot Eastman down hole camera
with a number re-surveyed with a north seeking
gyroscope as a comparison and a check against
interference due to magnetism within the host
ultramafic rocks. PLA found that, in general, the
down hole camera surveys were acceptable. All FME
down hole surveys were taken with a north seeking
gyroscope at regular intervals down hole.
* The topographic control is considered better than
============= ============================================================ ================================================================
Data spacing
and * Data spacing for reporting of Exploration Results. * No Exploration Results are reported in this
distribution announcement.
* Whether the data spacing and distribution is
sufficient to establish the degree of geological and * Drill hole spacing varies between 25m to 100m between
grade continuity appropriate for the Mineral Resource sections and 5m to 25m along section. Drill spacing
and Ore Reserve estimation procedure(s) and is restrictive in areas due to the topographic relief
classifications applied. of the Panton Sill.
* Whether sample compositing has been applied. * Results from the drilling to date are considered
sufficient to assume geological or grade continuity
appropriate for Mineral Resource estimation
procedure(s) and classifications.
* No compositing undertaken for diamond drill core or
RC samples.
============= ============================================================ ================================================================
Orientation
of data in * Whether the orientation of sampling achieves unbiased * Drilling is generally oriented orthogonal to the
relation to sampling of possible structures and the extent to interpreted dip and strike of the known chromite reef
geological which this is known, considering the deposit type. mineralisation. However, several historical holes
structure were drilled less than optimal to the mineralisation
due to structural complexity not being understood at
* If the relationship between the drilling orientation the time of drilling.
and the orientation of key mineralised structures is
considered to have introduced a sampling bias, this
should be assessed and reported if material. * No intended sampling bias is present.
============= ============================================================ ================================================================
Sample
security * The measures taken to ensure sample security. * Details for drill samples collected prior to work
completed by FME are not recorded in the historical
documents or in the database.
* All sampling completed by FME was delivered to the
Company's transport contractor's yard in Halls Creek
directly by Company personnel in a securely sealed
bulka bag. The transport company delivered samples
directly to the assay laboratory.
============= ============================================================ ================================================================
Audits or
reviews * The results of any audits or reviews of sampling * No independent audits or reviews have been conducted.
techniques and data.
============= ============================================================ ================================================================
Section 2 Reporting of Exploration Results
Criteria JORC Code explanation Commentary
============================================================
Mineral
tenement and * Type, reference name/number, location and ownership * The Panton PGM-Ni-Cr Project comprises three granted
land tenure including agreements or material issues with third mining licenses M80/103, M80/104 and M80/105 ('MLs').
status parties such as joint ventures, partnerships, The MLs are held 100% by Panton Sill Pty Ltd which is
overriding royalties, native title interests, a 100% owned subsidiary of Future Metals NL. The MLs
historical sites, wilderness or national park and were granted on 17 March 1986 and are currently valid
environmental settings. until 16 March 2028. A 0.5% net smelter return
royalty is payable to Elemental Royalties Australia
Pty Ltd in respect of any future production of chrome,
* The security of the tenure held at the time of cobalt, copper, gold, iridium, palladium, platinum,
reporting along with any known impediments to nickel, rhodium and ruthenium. A 2.0% net smelter
obtaining a licence to operate in the area. return royalty is payable to Maverix Metals
(Australia) Pty Ltd on any PGMs produced from the
MLs.
* The Panton PGM-Ni-Cr Project is located within the
traditional lands of the Malarngowen with the
necessary agreements in place. The tenure is within
the Alice Downs Pastoral Station.
* There are no impediments to working in the area.
=============== ============================================================ ================================================================
Exploration
done by other * Acknowledgment and appraisal of exploration by other * The Panton deposit was discovered by the Geological
parties parties. Survey of Western Australia from surface sampling in
the mid-1960s. Pickland Mathers and Co drilled the
first holes to test the intrusives in 1970, followed
by Minsaco Resources Pty Ltd and completed a
prefeasibility study in 1987. In 1989, Pancontinental
Mining Limited and Degussa Exploration GMHB drilled
32 further holes to define a resource of 2.2 million
tonnes at a grade of 5.6 g/t PGM and Au containing
387,000 ounces. By 1991 a total of 59 primary diamond
core drill holes with an additional 30 daughter holes
were drilled into the Panton Sill Upper and Middle
Chromitite Reefs that were used to estimate the
resource. Between 1991 and 2000 there was no
exploration activity at Panton.
* Platinum Australia Limited (PLA) acquired the project
in 2000, mining a new adit for metallurgical testing
and further drilling for a new resource update. A
major drilling campaign was completed with a further
325 diamond and reverse circulation holes completed.
Twenty-one trenches were also completed. From the
adit, 650t of material from the Upper Reef was
shipped to South Africa for pilot plant test work.
* In March 2012, PLA announced the results of a review
of its 2003 Bankable Feasibility Study. The 2012 BFS
Review assumed the resources would be mined via a
combination of open and underground with annual
production of 600,000tpa for 83,000ozpa 3E
(Pt+Pd+Au).
* The 2004 JORC Measured, Indicated and Inferred
resources for the Panton Project were 14.32Mt at
5.20g/t PGM+Au (at 2.19 g/t Pd, 0.31g/t Au, 0.27% Ni,
0.07% Cu) was reported by PLA.
* In May 2012, Panton Sill Pty Ltd (a wholly owned
subsidiary of Panoramic Resources Ltd) then known as
Panoramic Precious Metals Pty Ltd, purchased the
Panton Project, which included M80/103, M80/104 and
M80/105, from PLA. In October 2012, Panoramic
Precious Metals Pty Ltd changed its name to Panton
Sill Pty Ltd.
* While Panoramic Resources held the project, further
metallurgical studies were completed but little
additional work was undertaken on site. In 2021,
Great Northern Palladium purchased the project from
Panoramic Resources. Red Emperor Resources Limited
acquired this project prior to Future Metals Limited
acquiring the project in 2022.
=============== ============================================================ ================================================================
Geology
* Deposit type , geological setting and style of * The Panton intrusive is a layered, differentiated
mineralisation . mafic to ultramafic body that has been intruded into
the sediments of the Proterozoic Lamboo Complex in
the Kimberley Region of Western Australia. The Panton
intrusion has undergone several folding and faulting
events that have resulted in a south westerly
plunging synclinal structure approximately 9km long,
3km wide and 1.5km depth
* PGM mineralisation is associated with several thin
cumulate Chromitite reefs within the ultramafic
sequence. There are three chromite horizons, the
Upper group Chromitite (situated within the upper
gabbroic sequence), the Middle group Chromitite
(situated in the upper portion of the ultramafic
cumulate sequence) and the Lower group Chromitite
(situated toward the base of the ultramafic cumulate
sequence).
=============== ============================================================ ================================================================
Drill hole
Information * A summary of all information material to the * No previously unreleased exploration results are
understanding of the exploration results including a included in this announcement.
tabulation of the following information for all
Material drill holes:
* No material information has been excluded in this
announcement.
o easting and northing of the drill hole collar
o elevation or RL (Reduced Level - elevation above sea
level in metres) of the drill hole
collar
o dip and azimuth of the hole
o down hole length and interception depth
o hole length.
* If the exclusion of this information is justified on
the basis that the information is not Material and
this exclusion does not detract from the
understanding of the report, the Competent Person
should clearly explain why this is the case.
--
=============== ============================================================ ================================================================
Data
aggregation * In reporting Exploration Results, weighting averaging * No Exploration Results are reported in this
methods techniques, maximum and/or minimum grade truncations announcement.
(eg cutting of high grades) and cut-off grades are
usually Material and should be stated.
* Metal price assumptions used in the metal equivalent
calculations are Palladium US$1,500/oz, Platinum
* Where aggregate intercepts incorporate short lengths US$1,250/oz, Gold US$1,750/oz, Nickel US$20,000/t an
of high-grade results and longer lengths of low-grade d
results, the procedure used for such aggregation Chromite US$175t for chromite concentrate (40-42%
should be stated and some typical examples of such Cr(2) O(3) )
aggregations should be shown in detail.
* Metallurgical recovery assumptions used in the metal
* The assumptions used for any reporting of metal equivalent calculation are:
equivalent values should be clearly stated.
* Reef: Palladium 80%, Platinum 80%, Gold 70%, Nickel
45% and Chromite 70%
* Dunite: Palladium 75%, Platinum 75%, Gold 85% and
Nickel 40%
* Pd equivalence is calculated by:
* Reef: PdEq (Palladium Equivalent g/t) = Pd(g/t) +
0.833 x Pt(g/t) + 1.02083 x Au(g/t) +2.33276 x Ni(%)
+ 0.07560 x Cr(2) O(3) (%)
* Dunite: PdEq (Palladium Equivalent g/t) = Pd(g/t) +
0.833 x Pt(g/t) + 1.32222 x Au(g/t) +2.2118 x Ni(%)
=============== ============================================================ ================================================================
Relationship
between * These relationships are particularly important in the * No new Exploration Results are reported in this
mineralisation reporting of Exploration Results. announcement.
widths and
intercept
lengths * If the geometry of the mineralisation with respect to * Drilling is generally oriented orthogonal to the
the drill hole angle is known, its nature should be interpreted dip and strike of the known
reported. mineralisation. However, several historical holes
were drilled less than optimal to the mineralisation
due to structural complexity not being understood at
* If it is not known and only the down hole lengths are the time of drilling.
reported, there should be a clear statement to this
effect (eg 'down hole length, true width not known').
=============== ============================================================ ================================================================
Diagrams
* Appropriate maps and sections (with scales) and * Relevant maps and diagrams have been included in the
tabulations of intercepts should be included for any body of this announcement.
significant discovery being reported These should
include, but not be limited to a plan view of drill
hole collar locations and appropriate sectional
views.
=============== ============================================================ ================================================================
Balanced
reporting * Where comprehensive reporting of all Exploration * All holes drilled at the Panton PGM-Ni-Cr project
Results is not practicable, representative reporting included in this resource envelope have been
of both low and high grades and/or widths should be previously reported.
practiced to avoid misleading reporting of
Exploration Results.
=============== ============================================================ ================================================================
Other
substantive * Other exploration data, if meaningful and material, * All meaningful and relevant data relating to the
exploration should be reported including (but not limited to): Mineral Resource has been included.
data geological observations; geophysical survey results;
geochemical survey results; bulk samples - size and
method of treatment; metallurgical test results; bulk
density, groundwater, geotechnical and rock
characteristics; potential deleterious or
contaminating substances.
=============== ============================================================ ================================================================
Further work
* The nature and scale of planned further work (eg * Scoping study work is near completion.
tests for lateral extensions or depth extensions or
large-scale step-out drilling).
* Any potential extensions to mineralisation are shown
in the figures in the body of the text.
* Diagrams clearly highlighting the areas of possible
extensions, including the main geological
interpretations and future drilling areas, provided * Infill sampling from available historical drill core
this information is not commercially sensitive. as well as additional infill drilling is being
reviewed to improve confidence in the MRE.
=============== ============================================================ ================================================================
Section 3 Estimation and Reporting of Mineral Resources
Criteria JORC Code explanation Commentary
============================================================
Database
integrity * Measures taken to ensure that data has not been * All data is stored in a Datashed SQL database. Future
corrupted by, for example, transcription or keying Metals employs a Database Manager who is responsible
errors, between its initial collection and its use for the integrity and efficient use of the system.
for Mineral Resource estimation purposes. Only the Database Manager has permission to modify
the data. It has been thoroughly checked for
consistency. For example, sampling and geological
* Data validation procedures used. logging data is initially collected in the field on
hard copy logs then entered digitally by the
Geologist into Microsoft Excel. The data is checked
by plotting sections and maps in MapInfo Discover GIS
software and once verified by the Geologist it is
uploaded digitally into Datashed by the Database
Manager. The software utilises lookup tables, fixed
formatting and validation routines to ensure data
integrity prior to upload to the central database.
Sampling data is sent to, and received from, the
assay laboratory in digital format. Drill hole
collars are picked up by differential GPS (DGPS) and
delivered to the database in digital format. Down
hole surveys are delivered to the database in digital
format.
* DataShed software has validation procedures that
include constraints, library tables, triggers and
stored procedures. Data that does not pass validation
tests must be corrected before upload. Geological
logging data is checked visually in three dimensions
against the existing data and geological
interpretation. Assay data must pass laboratory QAQC
before database upload. Sample grades are checked
visually in three dimensions against the logged
geology and geological interpretation. Drill hole
collar pickups are checked against planned and/or
actual collar locations. A hierarchical system is
used to identify the most reliable down hole survey
data. Drill hole traces are checked visually in three
dimensions. The Exploration Manager is responsible
for interpreting the down hole surveys to produce
accurate drill hole traces.
* The historical PLA data was uploaded from a Microsoft
Access relational database into the current version
of Maxwell Geoservices Datashed. Most of the sample
assay data was re-loaded from the original assay
files supplied form the various laboratories to
ensure OAQC protocols were honoured.
============== ============================================================ ===============================================================
Site visits
* Comment on any site visits undertaken by the * The CP has not yet conducted a site visit and has
Competent Person and the outcome of those visits. relied on information provided by Future Metals'
technical personnel, some of whom have been involved
with the project since 2001. A site visit will be
* If no site visits have been undertaken indicate why undertaken at the earliest possible opportunity.
this is the case.
============== ============================================================ ===============================================================
Geological
interpretation * Confidence in (or conversely, the uncertainty of) the * The confidence in the interpretation is high as a
geological interpretation of the mineral deposit. result of the predominance of core logging and
underground mapping information from surface sampling,
drilling and exploration mining activity.
* Nature of the data used and of any assumptions made.
* Wireframe models of the mineralised volumes have been
* The effect, if any, of alternative interpretations on made by independent consultants ABGM group and
Mineral Resource estimation. provided to the CP.
* The use of geology in guiding and controlling Mineral * The current geological interpretation is based on the
Resource estimation. logged geology and assayed chromite content within
the host dunite sequence. Significant sulphide
percentage was also used in the criteria to identify
* The factors affecting continuity both of grade and reef hangingwall and footwall stratigraphic
geology. mineralisation defined by a 3E (Pd + Pt + Au) cut off
of 0.75g/t.
* Alternative interpretations have not been considered
for the purpose of Mineral Resource Estimation as the
current interpretation is thought to represent the
best fit based on the current level of data.
* The mineralised dunite is interpreted to be a south
plunging synclinal feature, this geological
interpretation is based on geological logging of
drill hole data. A series of four major shears are
interpreted to cut-off or offset the mineralisation
and separate the mineralisation into a series of
discrete blocks.
* In the CP's opinion there is sufficient information
available from drilling to build a plausible
geological interpretation that is of appropriate
confidence for the classification of the Mineral
Resource Estimate.
============== ============================================================ ===============================================================
Dimensions
* The extent and variability of the Mineral Resource * The Mineral Resource Estimate area has overall
expressed as length (along strike or otherwise), plan dimensions of approximately 5,100m of strike length
width, and depth below surface to the upper and lower and has been intercepted in drillholes to 800m depth
limits of the Mineral Resource below surface.
============== ============================================================ ===============================================================
Estimation and
modelling * The nature and appropriateness of the estimation * Geological and mineralisation constraints were
techniques technique(s) applied and key assumptions, including generated on the above basis by ABGM Group. The
treatment of extreme grade values, domaining, constraints were subsequently used in geostatistics,
interpolation parameters and maximum distance of variography, block model domain coding and grade
extrapolation from data points. If a computer interpolation. Ordinary kriging was used for
assisted estimation method was chosen include a estimating Pd, Pt, Au, Cu, Ni, Cr and Co.
description of computer software and parameters used.
* Based on the OK estimates for the above elements, a
series of regression formulae have been used to
assign grades for the rare PGE's Os, Ir, Rh and Ru.
The regression formulae themselves have been
historically developed based on work completed by PLA
prior to 2003 and have not been checked by the CP.
The assigned grade values for the above rare PGE's
are an indication of the expected grades and should
not be used in any economic evaluation.
* The constraints were coded to the drillhole database
and samples were composited in two ways. In the
chromite reefs a single composite interval of varying
length was generated which encompassed the downhole
thickness of the entire interpreted interval. Outside
the reefs, in the encompassing hangingwall, footwall
and dunite material, 3m downhole length composites
were generated.
* A parent block size of 50mE by 50mN by 20mRL was
selected with sub-celling to 0.5mE by 0.5mN by 0.5mRL
to account for the extreme thickness variability of
the chromite reefs. Comparison checks between the
block models and wireframes indicate an adequate
volume resolution at the selected level of sub
celling.
* Variography was generated for the various A Block
lodes to enable estimation via ordinary kriging.
Variography for the A Block lodes generally
demonstrated the best structure and were adopted for
the other lodes. Hard boundaries were used for the
estimation throughout.
* Input composite counts for the estimates were
variable and set at a minimum of between 4 and a
maximum of 6 and this was dependent on domain sample
numbers and geometry. Any blocks not estimated in the
first estimation pass were estimated in a second pass
with an expanded search neighbourhood and relaxed
condition to allow the domains to be fully estimated.
Extrapolation of the drillhole composite data is
commonly approximately 200m to 300m beyond the edges
of the drillhole data, however, may be considered
appropriate given the overall style and occurrence of
mineralisation in continuous chromite reef structures
and the classification of such extended grade
estimates as Inferred.
============== ============================================================ ===============================================================
* The availability of check estimates, previous * Previous Resource estimates are >20 years old and
estimates and/or mine production records and whether were re-stated in 2015 under JORC 2012. Current
the Mineral Resource estimate takes appropriate estimated grades and tonnages are approximately in
account of such data. line with the historical resource estimates for the
chromite reefs only. Resource estimates for the
mineralised dunite were not estimated at this time.
============== ============================================================ ===============================================================
* No by-products are currently assumed.
* The assumptions made regarding recovery of
by-products.
============== ============================================================ ===============================================================
* No other elements have been assayed.
* Estimation of deleterious elements or other non-grade
variables of economic significance (e.g. sulphur for
acid mine drainage characterisation).
============== ============================================================ ===============================================================
* In the case of block model interpolation, the block * The parent block estimation was selected to be 10mN
size in relation to the average sample spacing and x10mE x 5mRL throughout, with sub-celling for domain
the search employed. volume resolution. The parent block size was chosen
based on mineralised bodies dimension and orientation,
estimation methodology and relates to a highly
variable drill section spacing and likely method of a
mixture of future underground production. The search
ellipse was oriented in line with the interpreted
mineralised bodies. Search ellipse dimensions were
chosen to encompass adjacent drillholes on sections
and adjacent lines of drilling along strike and
designed to fully estimate the mineralised domains.
Overall, the estimation parent block dimension may be
considered small, however coupled with the low
numbers of input samples, it is considered unlikely
that this will have resulted in significant
distortion of the grade tonnage curve.
============== ============================================================ ===============================================================
* Any assumptions behind modelling of selective mining * Selective mining assumptions of a 10m by 10m by 5m RL
units. SMU for open pit mining were made. For underground
mining, it has been assumed that full seam width
mining will be undertaken
============== ============================================================ ===============================================================
* Any assumptions about correlation between variables. * The following variables are strongly correlated
within the chromite reefs only- Pd, Pt and Cr.
============== ============================================================ ===============================================================
* Description of how the geological interpretation was * The geological and mineralization model domained the
used to control the Resource estimates. mineralized lode material and were used as hard
boundaries for the estimation.
============== ============================================================ ===============================================================
* Discussion of basis for using or not using grade * To limit the effects of extreme grades the following
cutting or capping. high-grade limits were applied to the composited
grade values prior to the OK estimations; in the case
of the reefs gold was cut to 1.5g/t; copper 0.3%. For
the remainder of the domains, Au was cut to 1ppm, Co
was cut to 0.2%, Cr was cut to 5%, Cu was cut to 0.2%,
Pd was cut to 2g/t and Pd to 1.5g/t.
============== ============================================================ ===============================================================
* The process of validation, the checking process used, * The block model estimates were validated by visual
the comparison of model data to drillhole data, and comparison of block grades to drillhole composites,
use of reconciliation data if available. comparison of composite and block model statistics
and swath plots of composite versus whole block model
grades.
============== ============================================================ ===============================================================
Moisture * The tonnages are estimated on a dry basis.
* Whether the tonnages are estimated on a dry basis or
with natural moisture, and the method of
determination of the moisture content.
============== ============================================================ ===============================================================
Cutoff
parameters * The basis of the adopted cutoff grade(s) or quality * A 0.9g/t Pd Eq cutoff grade was used to report the
parameters applied Mineral Resources in the Dunite domains. No cutoff
was applied to the reporting of the chromite reefs.
This cutoff grade is estimated to be the minimum
grade required for economic extraction.
============== ============================================================ ===============================================================
Mining factors
or assumptions * Assumptions made regarding possible mining methods, * A mixture of open pit and underground mining is
minimum mining dimensions and internal (or, if assumed however no rigorous application has been made
applicable, external) mining dilution. It is always of minimum mining width, internal or external
necessary as part of the process of determining dilution.
reasonable prospects for eventual economic extraction
to consider potential mining methods, but the
assumptions made regarding mining methods and
parameters when estimating Mineral Resources may not
always be rigorous. Where this is the case, this
should be reported with an explanation of the basis
of the mining assumptions made.
============== ============================================================ ===============================================================
Metallurgical
factors or * The basis for assumptions or predictions regarding * Metallurgical testwork is considered to be at an
assumptions metallurgical amenability. It is always necessary as early stage. Bench scale flotation testwork has
part of the process of determining reasonable demonstrated the following:
prospects for eventual economic extraction to
consider potential metallurgical methods, but the
assumptions regarding metallurgical treatment o As announced on 13 February 2023 'Mining and
processes and parameters made when reporting Mineral Processing Breakthrough at Panton' and in the
Resources may not always be rigorous. Where this is announcement on 11 July 2023 'Step Change in PGM
the case, this should be reported with an explanation Recovery - Improved to 86%' the Company has
of the basis of the metallurgical assumptions made. successfully demonstrated the ability to produce a
high-grade Ni-PGM concentrate with consistent
PGM(3E) flotation recovery of 80% to concentrate
grades over 250g/t PGM(3E) . Recoveries
for Ni have ranged from 37 - 45%. Recent test work by
the Company has shown chromite recoveries
of 70% to a concentrate grading between 40-42% Cr2O3
through flotation and magnetic separation
on a composite of flotation tails. Flotation test work
on dunite mineralisation has demonstrated
recoveries in line with those stated in the Palladium
metal equivalents section.
o The Company believes these results can be further
optimised however they do support the
development of a scoping level flow sheet. Further
optimisation and variability test work
will be undertaken as the Company progresses the
Project past a scoping stage.
============== ============================================================ ===============================================================
Environmental
factors or * Assumptions made regarding possible waste and process * No consideration has yet been given to environmental
assumptions residue disposal options. It is always necessary as matters such as waste and process residue disposal
part of the process of determining reasonable options or the environmental impacts of a mining and
prospects for eventual economic extraction to processing operation. The Resource estimate assumes
consider the potential environmental impacts of the that the Company will be able to obtain all required
mining and processing operation. While at this stage environmental permitting in a manner that does not
the determination of potential environmental impacts, adversely affect the Resource estimate.
particularly for a greenfields project, may not
always be well advanced, the status of early
consideration of these potential environmental
impacts should be reported. Where these aspects have
not been considered this should be reported with an
explanation of the environmental assumptions made
============== ============================================================ ===============================================================
Bulk density
* Whether assumed or determined. If assumed, the basis * Direct measurements of Dry Bulk Densities have been
for the assumptions. If determined, the method used, taken for all domains. Typically, a 10cm billet has
whether wet or dry, the frequency of the measurements been determined on a representative basis in the
, mineralised portion. A total of 689 measurements were
the nature, size and representativeness of the available for estimation.
samples.
* Density measurements were undertaken using a core
* The bulk density for bulk material must have been cylinder measurement technique, with 10% being
measured by methods that adequately account for void determined by water immersion methods. Given the
spaces (vugs, porosity, etc.), moisture and shallow weathering profile of the project area these
differences between rock and alteration zones within density measurements on competent core are considered
the deposit, representative of the mineralised material.
* Discuss assumptions for bulk density estimates used * Densities have been estimated into blocks within the
in the evaluation process of the different materials. reef domains using identical parameters as the Pd OK
estimates and this is appropriate given the high
degree of correlation between the two variables.
* In the case of the mineralised domains where there is
no evidence for a strong correlation between
densities and degree of mineralisation, densities
have been applied as a single value of 2.9 t/m(3) and
this has been reduced to 2.5 t/m(3) for the upper
weathered 25m below the surface.
============== ============================================================ ===============================================================
Classification
* The basis for the classification of the Mineral * The Mineral Resource has been classified as Indicated
Resources into varying confidence categories and Inferred. The classification is based on the
relative confidence in the mineralised domain
continuity countered by variable drill spacing. The
* Whether appropriate account has been taken of all classification of Indicated is only considered in
relevant factors (i.e. relative confidence in areas where the drill spacing is better than
tonnage/grade estimations, reliability of input data, approximately 100m strike by 100m down dip. The
confidence in continuity of geology and metal values, classification of Indicated applies to the chromite
quality, quantity and distribution of the data). reefs and their associated hangingwall and footwall
domains only based on the more complete degree of
sampling and better knowledge of the metallurgical
* Whether the result appropriately reflects the parameters. Sampling in the dunite material was not
Competent Person's view of the deposit. completed for every drillhole and the sample spacing
is therefore more irregular and incomplete.
Metallurgical parameters are also so far unknown as
testing is not yet complete.
* Additionally, the Resource classification applies to
the estimated block grade items of Pt, Pd, Au, Ni, Cr,
Cu and Co only. The regressed grades for rare PGE's
Os, Ir, Rh and Ru are only an indication of the grade
as they are based on relatively few assayed samples
in comparison to the block grade items estimated via
OK. The regressed grades for rare PGE's should not be
used in definitive economic analysis.
* The validation of the block model shows moderately
good correlation of the input data to the estimated
grades.
* The Mineral Resource Estimate appropriately reflects
the view of the Competent Persons.
============== ============================================================ ===============================================================
Audits or
reviews * The results of any audits or reviews of Mineral * No external audits or reviews have been undertaken
Resource estimates.
* The relative accuracy of the Mineral Resource
* Where appropriate a statement of the relative Estimate is reflected in the reporting of the Mineral
accuracy and confidence level in the Mineral Resource Resource as per the guidelines of the 2012 JORC Code.
estimate using an approach or procedure deemed
appropriate by the Competent Person. For example, the
application of statistical or geostatistical * The statement relates to global estimates of tonnes
procedures to quantify the relative accuracy of the and grade.
Resource within stated confidence limits, or, if such
an approach is not deemed appropriate, a qualitative
discussion of the factors that could affect the * Mining activity has not taken place apart from minor
relative accuracy and confidence of the estimate underground activity by PLA which was intended to
bulk sample the reefs at depth only
* The statement should specify whether it relates to
global or local estimates, and, if local, state the
relevant tonnages, which should be relevant to
technical and economic evaluation. Documentation
should include assumptions made and the procedures
used.
* These statements of relative accuracy and confidence
of the estimate should be compared with production
data, where available
============== ============================================================ ===============================================================
Appendix Three | Peer Benchmarking References
Company Reference link
CHN Gonneville Project Mineral Resource Estimate (JORC Code 2012), 28 March 2023
=============================================================================
POD Parks Reef Resource Doubles to 6Moz 5E PGM
=============================================================================
GAL Maiden Mineral Resource at Callisto Marks New Province
=============================================================================
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