Home Electromagnetic Future Metals discovers “another mineralized system” at Panton

Future Metals discovers “another mineralized system” at Panton

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Metals of the future said Thursday that drilling at Panton had intersected 10 to 50 meter wide areas of primary magmatic sulphides, demonstrating another mineralized system in addition to the existing reef hosted by chromite and silicate.

The AIM-listed company said the presence of primary magmatic sulphides in the shallow boreholes was a “significant technical breakthrough”, confirming the potential for larger sulphide accumulations at depth that had not previously been tested.

Gravity modeling identified a possible basal contact and feeding position beneath the chromite reefs, as well as a larger anomaly to the south, coincident with electromagnetic conductors.

Magnetic reversal modeling, meanwhile, strongly supported the “keel zone” hypothesis and provided additional large targets coinciding with known nickel, copper and sulfur anomalies.

The company said a government Exploration Incentive Scheme (EIS) grant of $0.22 million was provided to co-fund deeper drilling, with an expanded ground electromagnetic survey to target gravity anomalies with downhole drilling. of hole planned to start in November.

“The validation of the exploration model validated by recent drilling and geophysical modeling is an exciting development for the company,” said Managing Director and CEO Jardee Kininmonth.

“Gravity inversions clearly show a significant keel position underlying the entire Panton intrusion and provide multiple basal contacts and potential feed targets to drill.

“Initial drilling has been very encouraging, with the identification of magmatically disseminated sulphides emplaced for the first time at Panton.”

Kininmonth said the mineralization provided “significant evidence” that there was a nickel-copper-platinum sulphide system enveloping and underlying the existing reef-style mineralization that made up the current mineral resource equivalent estimate. 6.9 million ounce palladium.

“Drilling of these sulphides is at the edge of the system where analogues would suggest the mineralization is weakest and it is likely that mineralization will increase towards the keel position, which remains to be tested.

“The company was successful in obtaining a government EIS grant to co-finance a deep borehole in the center of the northern part of the Panton intrusion.

“This hole will be drilled directly into the untested bottom of the basal contact and/or feed position.”

As of 10:57 GMT, shares of Future Metals were up 7.45% at 6.85p.

Reporting by Josh White for Sharecast.com.