Future Metals NL announced it has identified multiple exploration targets prospective for sulphide accumulations at its 100% owned Panton PGM Project ("Panton" or the "Project")). These targets have been identified from a geological prospectivity review where significant sulphide-rich (PGM, Cu, Au, Ni, Co) intercepts and electromagnetic conductors have been identified, supported by intrusion-scale geological analysis. Additionally, the Company reported shallow, wide PGM & base metals assay results from the exploration drill holes at the `Northern Anomaly'. The Northern Anomaly sits within the `Lower Zone' towards the basal contact of the Panton intrusion and further validates the prospectivity of the untested basal contact. Assay results have been received from four holes recently drilled into the Lower Zone. The Company has identified three exploration concepts it will focus on moving forward: the Keel Zone, the Basal Contact Zone, and the Southern Conductors. The Keel Zone coincides with the interpreted syncline axis in the Lower Zone. Such positions are commonly associated with more prospective positions in other mafic-ultramafic intrusions, because of proximity to a likely feeder position. The Basal Contact Zone is the relatively thick lowermost section of the ultramafic section of the Panton layered intrusion and encompasses what both Platinum Australia Limited and Future Metals have been calling the "Northern Anomaly" mineralisation. Drilling to date has demonstrated the bulk mineralisation potential of these rocks and this review has highlighted the potential for zones (or lenses) of sulphide rich mineralisation to exist within this extensive host unit. The Southern Conductors have been identified following the acquisition and analysis of airborne EM data over the tenement, which indicates there are several strong late time features suggesting they are relatively deep (~200-300m) and are possibly caused by sulphide rich mineralisation. Anomalous soil samples correlate well with the position of the Southern Conductors. Future Metal's current MRE relates solely to the `reef-style' mineralisation and the spatially associated disseminated bulk tonnage mineralisation which sits in the immediate hanging wall and foot wall of the high-grade reefs (Main Zone). Reef-style mineralisation is known to demonstrate strong continuity in thickness and grade. The Main Zone chromite reef mineralisation occurs in the middle of the stratigraphic sequence of the Panton layered intrusion, close to the contact between overlying gabbro and an underlying ultramafic sequence. The Lower Zone is hosted by this basal ultramafic which is comprised primarily of mesocumulate dunite. The Lower Zone mineralisation was first defined by surface geochemical sampling in the northern part of the outcropping Panton layered intrusion and has been referred to as the "Northern Anomaly". The following images show how the Lower Zone is exposed on the northern and eastern limbs of the main syncline that deforms the Panton layered intrusion. Although there are zones of reef mineralisation within the Lower Zone, these are less thick, continuous, and lower grade than the Main Zone reefs. Importantly, the Lower Zone is consistently mineralised throughout its entire width, with low grades of PGE, Ni, Cu and Co and demonstrates a higher proportion of base metals to PGE than the Main Zone, consistent with the `contact-style' of mineralisation. This is best exemplified by the 522m @ 0.94 g/t PdEq intercept in PS260. The Lower Zone is considered prospective for zones of increased sulphide-rich mineralisation with higher grades of base metals and gold. The sulphide-rich intercepts in PS158 (including 3m @ 0.81 g/t PGM3E2 & 1.16% Ni & 0.66% Cu & 0.053% Co) demonstrate the capacity of these Lower Zone ultramafics to host zones of high-grade base metals and gold. It is interpreted that at the time of emplacement of the Lower Series ultramafics of the Panton layered intrusion, local variations in the geometry of the base of the magma chamber, as seen in the change between the Platreef and Flat Reef within the Bushveld in South Africa, may have caused significant localised variation in the amount of sulphide mineralisation deposited. This can lead
to the formation of localised high-value deposits of PGE and base-metals. Importantly, these postulated higher-grade zones are
likely to host enhanced sulphide mineralisation that may be sufficient to allow electromagnetic survey methods to be employed in their detection. Figure 2 shows a generic model for mineral deposition within a layered mafic-ultramafic intrusion. When applied to the understanding of the Panton layered intrusion, only the `Reef Hosted' and `Disseminated Sulphide' zones have been tested by drilling to date. Given Panton is a relatively thin intrusion (1.5-2.0km) and it has been subject to relatively steep folding, it is highly prospective for the various zones of matrix, semi-massive and massive sulphides which form in these layered intrusions. Figure 3 illustrates the Company's current 3D geological model for the Panton Intrusion. The inferred Keel Zone and Feeder Conduit position are high-priority targets for local accumulation of contact style PGE-Ni-Cu mineralisation. Such positions are common sites of enhanced mineralisation in many other magmatic sulphide hosting intrusions. The Keel Zone at Panton is interpreted to be shallowing as it trends North-East given the deposit is interpreted to be shallowly plunging to the South-East.