Future Metals has enhanced the prospects of its Panton platinum group elements (PGE)-nickel project after an updated mineral resource estimate (MRE) positioned it as the second largest PGE deposit in Australia.
Conducted by International Resource Solutions, the independent MRE found Panton’s updated resource to be 129 million tonnes (Mt) at 1.2 grams per tonne (g/t) 3E (palladium, platinum and gold), 0.19 per cent nickel and 154 parts per million (ppm) cobalt.
Within this is five million ounces (Moz) 3E, approximately 239,000 tonnes (t) of nickel and 20,000t of cobalt.
This represents a 108 per cent increase in contained 3E and a 526 per cent increase in contained nickel from prior estimates, and Future Metals suggests it’s the second largest PGE deposit in Australia behind only Chalice Mining’s Gonneville deposit in WA.
“This updated JORC (Joint Ore Reserves Committee) resource estimate of 5Moz of 3E and 239,000t of nickel is a pivotal milestone for the company, demonstrating the potential for Panton to be a PGE-nickel project of global scale outside the primary supply jurisdictions of Russia and South Africa,” Future Metals managing director and chief executive officer Jardee Kininmonth said.
Kininmonth said Panton’s potential doesn’t stop there, with significant exploration upside and the potential to add tonnes and grade across numerous targets.
The company will follow up the success of the updated MRE with a drill program to test several exploration targets, including the Northern anomaly which is highly prospective for concentrated sulphide zones.
The updated MRE follows 6000m of drilling and 1500m of historical drill core assaying to add to more than 40,000m of historical drilling at the project.
Future Metals remains well funded, with approximately $3.6 million of cash on hand to advance further test-work and development studies. The company was trading at $0.15 at the time of writing, which was down eight per cent on the day (June 22).