TIDMFME
RNS Number : 7326O
Future Metals NL
05 October 2023
5 October 2023
Future Metals NL
Future Metals Doubles Strategic Exploration Position Near
Panton
120m @ 0.73% Cu, 0.29% Ni & 0.86g/t PGM(3E) from 0m
96m @ 0.70% Cu, 0.29% Ni & 0.78g/t PGM(3E) from 24m
Highlights
-- Agreement to acquire 100km(2) of highly prospective
exploration tenure adjacent to the Panton Project, including the
drill ready Eileen Bore Cu-Ni-PGM prospect
-- Drilling at Eileen Bore has returned wide zones of shallow
copper, nickel and PGM mineralisation including:
o 120m @ 0.73% Cu, 0.29% Ni & 0.86g/t PGM(3E) (1) from 0m
(EoH) (EBRC 010)
-- Incl. 16m @ 1.0% Cu, 0.36% Ni & 0.99g/t PGM(3E) from
100m
o 96m @ 0.70% Cu, 0.29% Ni & 0.78g/t PGM(3E) from 24m (EoH)
(EBRC 003)
-- Incl. 10m @ 1.08% Cu, 0.34% Ni & 1.04g/t PGM(3E) from
56m
o 84m @ 0.54% Cu, 0.24% Ni & 0.75g/t PGM(3E) from 36m (EoH)
(EBRC 011)
-- No drilling since 2005 when near-surface mineralisation was
targeted. Mineralisation remains open at depth with many of the
best drill holes, including those listed above, ending in
mineralisation
-- Large scale potential with historical drilling proving
mineralisation across a 400m extent and geophysics demonstrating
potential for 2.2km of NE-SW strike and untested anomalism 1km to
the east
-- Eileen Bore is analogous to the Sakatti Ni-Cu-PGM deposit in
Finland (44.4Mt @ 1.9% Cu, 2.5% Ni & 1.5g/t PGM(3E) )(2) ;
potential for higher nickel grades at depth
-- Several additional targets including multiple untested
magnetic & gravity anomalies analogous to the nearby Savannah
Ni-Cu deposit
Future Metals NL ("Future Metals" or the "Company", ASX | AIM:
FME) is pleased to announce it has entered into an option agreement
to acquire 100% of Osprey Minerals Pty Ltd ("Osprey") which owns
100km(2) of highly prospective exploration tenements ("Osprey
Projects") in the East Kimberley region of Western Australia. The
Osprey Projects are located within a 20km radius of the Company's
100% owned Panton Project.
Upfront consideration to exercise the option is $625,000 in
Future Metals' shares (escrowed for 6 months) at the 5-day VWAP at
the time of exercise.
Mr Jardee Kininmonth, Managing Director of Future Metals,
commented:
"The acquisition of Eileen Bore will provide Future Metals
further significant exploration upside. Eileen Bore has expansive
strike potential and drilling to date shows it is open at depth and
potentially down plunge. Proving up another deposit of scale will
be highly complementary to our existing resource at the Panton
Project. The overall Osprey package substantially grows the
Company's land position in a highly prospective and underexplored
region."
Figure One: Future Metals tenements including Octava Joint
Venture, and Osprey Projects (Eileen Bore, Sally Downs and
Springvale).
Eileen Bore
The Eileen Bore Project is characterised by a series of
differentiated pyroxenite and gabbro intrusions emplaced along a
structural corridor, the Alice Downs Fault, which represents a
major north-northeast trending splay off the deep-seated mantle
tapping Halls Creek Fault.
Broad zones of disseminated and net-textured Cu and Ni sulphides
occur within the host intrusions and are comprised of chalcopyrite,
pyrrhotite, pentlandite and pyrite.
Much of the project area is under cover which has limited the
effectiveness of historical surface sampling. There is significant
potential for blind deposits with no surface anomalism.
There is an extensive exploration data set for the tenement area
including geophysical surveys; magnetics, gravity, Versatile Time
Domain Electromagnetic ("VTEM") and Induced Polarisation ("IP").
Surface sampling has also occurred selectively over the tenement
area. Drilling has focused primarily on the Eileen Bore
prospect.
Figure Two: Aeromagnetics with Ni-Cu-PGM prospects highlighted
at the Eileen Bore Project. The Copernicus Mine is excluded.
The Eileen Bore prospect is an advanced exploration target with
drilling confirming wide zones of consistent Cu-Ni-PGM
mineralisation from surface along a known strike of 400m.
Mineralisation remains open along a significant strike and at
depth, with an average hole depth of just 96m and a maximum drilled
vertical depth of 200m. Eileen Bore sits along the same structure
which hosts the historical Copernicus mine 15km to the
north-east.
A total of 60 holes have been drilled at Eileen Bore for 5,761m.
This historical drilling has demonstrated a disseminated Cu-Ni-PGM
magmatic sulphide body within a gabbro-pyroxenite host which
extends over 400m of strike, offset and bounded by faulting. There
are multiple holes which have ended in mineralisation.
Drilling results include (refer Appendix 2):
o 120m @ 0.73% Cu, 0.29% Ni & 0.86g/t PGM(3E) from 0m (EoH)(EBRC 010)
-- Incl. 16m @ 1.0% Cu, 0.36% Ni & 0.99g/t PGM(3E) from
100m
o 96m @ 0.70% Cu, 0.29% Ni & 0.78g/t PGM(3E) from 24m (EoH) (EBRC 003)
-- Incl. 10m @ 1.08% Cu, 0.34% Ni & 1.04g/t PGM(3E) from
56m
o 84m @ 0.54% Cu, 0.24% Ni & 0.75g/t PGM(3E) from 36m (EoH) (EBRC 011)
o 47m @ 0.62% Cu, 0.30% Ni & 0.60g/t PGM(3E) from 3m(AD07)
o 36m @ 0.53% Cu, 0.25% Ni & 0.59g/t PGM(3E) from 40m(EBRC 002)
o 64m @ 0.77% Cu, & 0.30% Ni from 32m (EoH) (EP09)
o 52m @ 0.74% Cu, & 0.29% Ni from 10m (EP08)
Figure Three: Cross section of drilling at Eileen Bore
demonstrating mineralisation open at depth.
Drilling to date has focused on near surface mineralization. The
Company's interpretation of drill hole data is that mineralisation
is controlled by a south-west plunging, chonolith-like body with
grades and thicknesses increasing towards the centre of the
intrusion. The down plunge extent of the body has not been
effectively drill tested. It is likely that the mineralisation has
been offset and displaced laterally or vertically by cross-faults
and no drilling to date has tested this potential either.
Eileen Bore's high Cu:Ni ratio and tubular, plunging geometry
are highly analogous to the Sakatti deposit in Finland. The Sakatti
deposit similarly shows high Cu:Ni ratios near surface with
increasing Ni and overall grade as it plunges at depth (see Figure
Four) . The Sakatti deposit hosts 44.4Mt @ 1.9% Cu, 2.5% Ni &
1.5g/t PGM(3E) .
Figure Four: Anglo American's Sakatti deposit in Finland.
Demonstrates increasing nickel grades down plunge (Anglo American
presentation).
An IP survey completed over the Eileen Bore prospect shows
strong anomalism along the known 400m extent of mineralisation.
This anomalism continues over a strike extent of 2.2km, potentially
mapping out a continuation of the large chonolith-like body. The
majority of this strike extent is untested by drilling. The IP
survey also shows anomalism 1km to the east which is completely
concealed under cover, and is also untested by drilling.
Gradient
Figure Five: Chargeability map over the Eileen Bore
Prospect.
Option Agreement Terms
Future Metal's will immediately pay A$25,000 in cash for a
30-day option period. During this period, upon completion of due
diligence to its satisfaction, Future Metal's may elect to offer to
acquire 100% of Osprey for upfront consideration of A$625,000 in
FME shares, priced at the 5-day Volume Weighted Average Price ("
VWAP ") on the day prior to delivering an option exercise notice.
These FME shares will be subject to a 6-month voluntary escrow
period. S hareholders representing 76.5% of the share capital in
Osprey have already undertaken to accept Future Metals' offer upon
exercise of the option.
Deferred consideration of A$325,000 in FME shares or cash (at
the Company's sole election) will be payable in 6 months from
completion of the acquisition. Once the Company drills 2,000m or
more on the Osprey Projects, an additional A$325,000 in FME shares
or cash will be payable (at the Company's sole election). In the
event of the Company electing to pay the deferred consideration in
FME shares, this will be priced at the 5-day VWAP at the time of
the milestone being met.
All other terms of the option agreement are customary for a
transaction of this nature.
This announcement has been approved for release by the Board of
Future Metals NL.
For further information, please contact:
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 is based on, and fairly represents, information compiled by
Ms Barbara Duggan, who is a Member of the Australasian Institute of
Mining and Metallurgy and the Australian Institute of
Geoscientists. Ms Duggan is the Company's Principal Geologist and
has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the
activity she is undertaking to qualify as a competent person as
defined in the 2012 Edition of the "Australasian Code for reporting
of Exploration Results, Exploration Targets, Mineral Resources and
Ore Reserves" (JORC Code). Ms Duggan consents to the inclusion in
this announcement of the matters based upon her information in the
form and context in which it appears.
Appendix 1: List of Eileen Bore Project drill holes, GDA94 Zone
52
HoleID Prospect Depth Hole Type Easting Northing RL Dip Azi
AD01 Eileen Bore 48.0 RAB 389697.0 8040111.9 350 -60 290
AD02 Eileen Bore 13.0 RAB 389679.4 8040118.0 350 -60 290
AD03 Eileen Bore 5.0 RAB 389675.5 8040119.5 350 -60 290
AD04 Eileen Bore 49.0 RAB 389661.8 8040124.0 350 -60 290
AD05 Eileen Bore 36.0 RAB 389641.2 8040130.4 350 -60 293
AD06 Eileen Bore 36.0 RAB 389616.2 8040041.8 350 -60 301
AD07 Eileen Bore 64.6 RAB 389588.8 8040058.7 350 -60 300
AD08 Eileen Bore 32.0 RAB 389576.0 8040067.0 350 -60 305
AD09 Eileen Bore 91.0 RAB 389574.6 8039945.1 350 -60 303
AD10 Eileen Bore 41.0 RAB 389560.4 8039953.0 350 -60 302
AD11 Eileen Bore 72.0 RAB 389543.8 8039964.1 350 -60 302
EBRC001 Eileen Bore 136.0 RC 389618.4 8039824.8 350 -60 120
EBRC002 Eileen Bore 120.0 RC 389594.4 8039840.8 350 -60 120
EBRC003 Eileen Bore 120.0 RC 389572.4 8039862.8 350 -60 120
EBRC004 Eileen Bore 120.0 RC 389546.4 8039876.8 350 -60 120
EBRC005 Eileen Bore 94.0 RC 389646.4 8039810.8 350 -60 120
EBRC006 Eileen Bore 88.0 RC 389680.4 8039884.8 350 -60 120
EBRC007 Eileen Bore 94.0 RC 389654.4 8039897.8 350 -60 120
EBRC008 Eileen Bore 80.0 RC 389910.4 8040575.8 350 -60 30
EBRC009 Eileen Bore 120.0 RC 389803.4 8041058.8 350 -60 87
EBRC010 Eileen Bore 120.0 RC 389628.4 8039912.8 350 -60 120
EBRC011 Eileen Bore 120.0 RC 389605.4 8039925.8 350 -60 120
EBRC012 Eileen Bore 120.0 RC 389700.4 8040011.8 350 -60 120
EBRC013 Eileen Bore 120.0 RC 389843.4 8041058.8 350 -60 87
EBRC014 Eileen Bore 80.0 RC 389893.4 8041058.8 350 -60 87
EBRC015 Eileen Bore 120.0 RC 389675.4 8040022.8 350 -60 120
EBRC016 Eileen Bore 72.0 RC 389728.4 8039990.8 350 -60 120
EBRC017 Eileen Bore 106.0 RC 389633.4 8040043.8 350 -60 120
EBRC018 Eileen Bore 82.0 RC 389490.4 8039760.8 350 -60 120
EBRC019 Eileen Bore 82.0 RC 389058.4 8039215.8 350 -60 120
EBRC020 Eileen Bore 100.0 RC 389032.4 8039229.8 350 -60 120
EP_D12 Eileen Bore 126.9 PC/DD 389609.4 8040045.4 350 -84 110
EP_D14 Eileen Bore 91.0 PC/DD 389576.0 8039944.3 350 -60 290
EP_D15 Eileen Bore 88.8 PC/DD 389435.0 8039808.3 350 -60 290
EP_D19 Eileen Bore 50.4 PC/DD 389272.7 8039457.5 350 -60 290
EP_D20 Eileen Bore 48.2 PC/DD 389400.7 8039828.9 350 -60 110
EP_D21 Eileen Bore 55.0 PC/DD 389088.5 8039464.4 350 -60 110
EP01_D11 Eileen Bore 94.0 PC/DD 389670.9 8040120.8 350 -60 290
EP02 Eileen Bore 38.0 PC 389689.9 8040114.0 350 -60 290
EP03 Eileen Bore 38.0 PC 389772.9 8040103.1 350 -60 290
EP04 Eileen Bore 38.0 PC 389742.1 8040096.7 350 -60 290
EP05 Eileen Bore 38.0 PC 389651.9 8040126.9 350 -60 290
EP06 Eileen Bore 38.0 PC 389633.2 8040133.3 350 -60 290
EP07 Eileen Bore 43.7 PC 389684.4 8040115.9 350 -60 110
EP08 Eileen Bore 64.6 PC 389592.4 8040056.4 350 -60 290
EP09 Eileen Bore 96.0 PC 389609.4 8040045.4 350 -60 290
EP10 Eileen Bore 56.0 PC 389658.8 8040262.4 350 -60 290
EP13 Eileen Bore 72.0 PC 389545.3 8039963.0 350 -60 110
EP16 Eileen Bore 15.0 PC 389108.4 8039451.2 350 -90 360
EP17 Eileen Bore 15.0 PC 389104.5 8039453.9 350 -90 360
EP18 Eileen Bore 20.0 PC 389100.5 8039456.5 350 -90 360
LEKC0001 Eileen Bore 200.0 RC 390032.0 8040665.0 350 -60 270
LEKC0002 Eileen Bore 200.0 RC 390157.0 8040665.0 350 -60 270
LEKC0003 Eileen Bore 250.0 RC 389772.0 8039840.0 350 -60 294
LEKC0004 Eileen Bore 250.0 RC 389564.0 8039947.0 350 -60 114
LEKC0005 Eileen Bore 222.0 RC 389432.0 8039665.1 350 -60 90
LEKC0006 Eileen Bore 250.0 RC 389582.0 8039675.1 350 -60 270
LEKC0007 Eileen Bore 234.0 RC 389732.0 8040365.0 350 -60 90
LEKC0013 Eileen Bore 197.0 RC 390157.4 8040669.9 350 -60 90
LEKC0014 Eileen Bore 250.0 RC 389932.4 8040314.7 350 -60 270
SARC003 Salk 58.0 RC 392413.0 8046663.0 505 -60 124
SARC006 Salk 64.0 RC 392392.0 8046676.0 504 -60 124
========== ============= ====== ========== ========= ========== ==== ==== ====
Appendix 2: Summary of Eileen Bore Project drill
intersections
Hole ID Prospect From To Interval Cu Ni Pt Pd Au PGE + Au
(m) (m) (m) (%) (%) (g/t) (g/t) (g/t) (g/t)
AD02 Eileen Bore 3 13 10 0.4 0.2 NA NA NA NA
AD03 Eileen Bore 2 5 3 0.32 0.12 NA NA NA NA
AD04 Eileen Bore 2 27 25 0.45 0.19 NA NA NA NA
AD04 Eileen Bore 47 49 2 0.5 0.19 NA NA NA NA
AD05 Eileen Bore 6 15 9 0.53 0.36 0.16 0.12 0.16 0.44
AD05 Eileen Bore 21 22 1 0.02 0.33 0.64 NA NA NA
AD06 Eileen Bore 13 20 7 0.35 0.17 NA NA NA NA
AD06 Eileen Bore 35 36 1 0.25 0.15 NA NA NA NA
AD07 Eileen Bore 3 50 47 0.62 0.3 0.37 0.12 0.14 0.60
AD08 Eileen Bore 1 10 10 0.46 0.2 0.14 0.10 0.08 0.32
AD10 Eileen Bore 37 38 1 0.52 0.14 NA NA NA NA
EBRC002 Eileen Bore 0 18 18 0.66 0.26 0.37 0.15 0.18 0.7
EBRC002 Eileen Bore 40 76 36 0.53 0.25 0.32 0.11 0.16 0.59
EBRC003 Eileen Bore 24 120 96 0.7 0.29 0.42 0.14 0.22 0.78
incl Eileen Bore 56 66 10 1.08 0.34 0.58 0.19 0.27 1.04
EBRC004 Eileen Bore 92 120 28 0.38 0.22 0.20 0.07 0.10 0.37
EBRC007 Eileen Bore 16 24 8 0.41 0.2 0.37 0.12 0.2 0.69
EBRC010 Eileen Bore 0 120 120 0.73 0.29 0.47 0.17 0.22 0.86
incl Eileen Bore 100 116 16 1 0.36 0.51 0.23 0.25 0.99
EBRC011 Eileen Bore 36 120 84 0.54 0.24 0.41 0.15 0.19 0.75
incl Eileen Bore 105 120 15 0.88 0.39 0.76 0.28 0.3 1.34
EBRC015 Eileen Bore 48 60 12 0.4 0.17 0.21 0.07 0.10 0.38
EBRC015 Eileen Bore 72 80 8 0.32 0.2 0.20 0.06 0.10 0.35
EBRC015 Eileen Bore 96 104 8 0.38 0.17 0.24 0.08 0.13 0.45
EBRC019 Eileen Bore 28 36 8 0.29 0.09 0.11 0.04 0.01 0.16
EP_D12 Eileen Bore 10 12 2 0.37 0.14 NA NA NA NA
EP_D12 Eileen Bore 34 56 22 0.33 0.16 NA NA NA NA
EP_D12 Eileen Bore 100 102 2 0.27 0.15 NA NA NA NA
EP_D14 Eileen Bore 56 58 2 0.27 0.11 NA NA NA NA
EP01_D11 Eileen Bore 3.05 7.62 4.57 0.31 0.16 NA NA NA NA
EP01_D11 Eileen Bore 21.34 30.48 9.14 0.48 0.19 NA NA NA NA
EP01_D11 Eileen Bore 44 46 2 0.29 0.19 NA NA NA NA
EP01_D11 Eileen Bore 54 64 10 0.54 0.19 NA NA NA NA
EP02 Eileen Bore 21 22.9 1.5 0.28 0.14 NA NA NA NA
EP02 Eileen Bore 28.96 32 3.04 0.5 0.21 NA NA NA NA
EP05 Eileen Bore 0 24.38 24.38 0.76 0.31 NA NA NA NA
incl Eileen Bore 16.76 24.38 7.62 1.35 0.41 NA NA NA NA
EP08 Eileen Bore 10 62 52 0.74 0.29 NA NA NA NA
EP09 Eileen Bore 32 96 64 0.77 0.3 NA NA NA NA
incl Eileen Bore 42 80 38 0.91 0.34 NA NA NA NA
EP17 Eileen Bore 0 15 15 0.27 0.12 NA NA NA NA
EP18 Eileen Bore 10 20 10 0.35 0.07 NA NA NA NA
LEKC0004 Eileen Bore 154 160 6 0.29 0.14 0.19 0.07 0.10 0.36
LEKC0014 Eileen Bore 98 100 2 0.5 0.17 0.02 0.01 0.03 0.06
SARC003 Salk 12 16 4 0.21 0.4 0.02 0.01 0.01 0.04
SARC003 Salk 24 34 10 0.17 0.27 0.04 0.02 0.01 0.07
SARC006 Salk 36 53 17 0.18 0.31 0.02 0.01 0.01 0.04
incl Salk 37 39 2 0.31 0.68 0.01 0.01 0.01 0.03
========== ============= ====== ====== ========= ===== ===== ======= ======= ======= =========
* NA denotes element not analysed
Appendix 2 | JORC Code (2012) Edition Table 1
Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary
============================================================
Sampling Details of drilling completed within the release are
techniques * Nature and quality of sampling (eg cut channels, reported. No surface sampling data is
random chips, or specific specialised industry being reported.
standard measurement tools appropriate to the
minerals under investigation, such as down hole gamma Australian Anglo American
sondes, or handheld XRF instruments, etc). These * 20 percussion holes were drilled with 7 diamond tails
examples should not be taken as limiting the broad totaling 1126.6m from 1977 to 1980. The first 8
meaning of sampling. percussion holes were sampled at 3ft intervals with
the remaining holes sampled at 2m intervals based on
measurements off hand drawn paper sections. Sample
* Include reference to measures taken to ensure sample weight, collection methods and geochemical analysis
representivity and the appropriate calibration of any techniques used are unknown as these details were not
measurement tools or systems used. documented in the historical reports. Measures taken
to ensure sample representivity and appropriate
calibration of measurement tools used are unknown as
* Aspects of the determination of mineralisation that these details were not recorded in the historical
are Material to the Public Report. In cases where reports.
'industry standard' work has been done this would be
relatively simple (eg 'reverse circulation drilling
was used to obtain 1 m samples from which 3 kg was
pulverised to produce a 30 g charge for fire assay'). WMC
In other cases more explanation may be required, such * WMC drilled 7 holes between 1975 and 1978 which are
as where there is coarse gold that has inherent in paper in form and not yet digitized into the drill
sampling problems. Unusual commodities or plan. No details of sampling are known and no assays
mineralisation types (eg submarine nodules) may have been included.
warrant disclosure of detailed information.
Dry Creek Mining
* A total of 11 rotary air blast holes were drilled in
1978 for 487.65m. The sample weight and collection
method were not recorded in the historical reports.
Samples were analysed by fire assay for Au, Pd and Pt
and by atomic absorption for Cu, Ni and Cr. Measures
taken to ensure sample representivity and appropriate
calibration of measurement tools used are unknown as
these details were not recorded in the historical
reports.
Thundelarra Exploration Ltd
* Between 2002 and 2004 two campaigns of drilling was
completed on the project. A total of 20 Reverse
circulation (RC) holes for 2094m was drilled at
Eileen Bore Prospect, two RC holes for 122m at Salk
Prospect, 246.7m in 2 RC holes with 1 diamond tail at
Jenner Prospect and two RC holes for 372m at Newton
Prospect. All RC samples were passed through a riffle
split for 4m composite except in prospective geology
where 2m riffle split samples were collected. In
diamond drilling samples were collected based on
prospective geology up to 3m. Analysis for Au, Pd and
Pt was completed by fire assay with an ICP-OES finish
and As, Co, Cr, Cu, Ni, Pb, Zn, Fe, Mg and S by mixed
acid digest with an ICP-MS finish. Measures taken to
ensure sample representivity and appropriate
calibration of measurement tools used are unknown as
these details were not recorded in the historical
reports.
LionOre Australia Pty Ltd
* From 2004-2005, a regional RC program was completed
with the drilling focused at Eileen Bore. A total of
nine holes for 2053m was drilled. One meter samples
were submitted to SGS Analabs for fire assay (Au, Pt,
Pd) and mixed acid digest with ICP-OES finish.
Details of sample collection methods were not
recorded in the historic report. Measures taken to
ensure sample representivity and appropriate
calibration of measurement tools used are unknown as
these details were not recorded in the historical
reports.
Breakaway Resources
* During 2006 to 2007 a total of 3 RC holes were
drilled at Newton totaling 340m. Samples were
collected from the rig splitter at 1m intervals.
Samples were sent to Genalysis for analysis with Au,
Pd, and Pt by fire assay and four acid digest with
ICP-OES finish for Al, As, Co, Cr, Cu, Fe, Mg, Mn, Ni,
S and Zn. Measures taken to ensure sample
representivity and appropriate calibration of
measurement tools used are unknown as these details
were not recorded in the historical reports.
============= ============================================================ =================================================================
Drilling
techniques * Drill type (eg core, reverse circulation, open-hole Australian Anglo American (AAA)
hammer, rotary air blast, auger, Bangka, sonic, etc) * 20 percussion holes were drilled with 7 holes diamond
and details (eg core diameter, triple or standard cored. It is unknown if the core was oriented.
tube, depth of diamond tails, face-sampling bit or
other type, whether core is oriented and if so, by
what method, etc).
WMC
* Drilling was by reverse circulation and diamond core
drilling. It is unknown if the core was oriented.
Dry Creek Mining
* Drilling was completed by Rotary Air Blast. No
details about the face sampling bit are known.
Thundelarra Exploration Ltd
* Drilling by Thunderlarra was by reverse circulation
and diamond core tails. It is unknown if the diamond
core was oriented and the face sampling bit for the
RC drilling was not in the historic reports.
LionOre Australia Pty Ltd
* All drill holes were completed by reverse
circulation. The face sampling bit size is not known
as it isn't reported in the historical reports.
Breakaway Resources
* All drill holes were completed by reverse
circulation. The face sampling bit size is not known
as it isn't reported in the historical reports .
============= ============================================================ =================================================================
Drill sample
recovery * Method of recording and assessing core and chip * For all companies, the sample recovery was not
sample recoveries and results assessed. documented in historic reports.
* Measures taken to maximise sample recovery and ensure
representative nature of the samples. * For AAA, WMC, Dry Creek Mining and LionOre the
measure to maximise sample recovery are not
documented in the historical reports. For Thundelarra
* Whether a relationship exists between sample recovery and Breakaway Resources, a riffle split off the drill
and grade and whether sample bias may have occurred rig was used to maximise sample recovery and
due to preferential loss/gain of fine/coarse representativity.
material.
* For all companies, no relationship or bias between
recovery and grade has been established as there is
no recorded recovery information.
============= ============================================================ =================================================================
Logging Australian Anglo American (AAA)
* Whether core and chip samples have been geologically * All drill holes are represented on scanned paper
and geotechnically logged to a level of detail to sections that have been put into digital form. The
support appropriate Mineral Resource estimation, level of detail is insufficient for mineral resource
mining studies and metallurgical studies. estimation, mining or metallurgical studies.
* Whether logging is qualitative or quantitative in
nature. Core (or costean, channel, etc) photography. WMC
* All drill holes are represented on scanned paper
sections that will be put into digital form. The
* The total length and percentage of the relevant level of detail is insufficient for mineral resource
intersections logged. estimation, mining or metallurgical studies.
Dry Creek Mining
* All drilling was recorded in paper logs that were
digitised. Logging was simplistic and completed at 1m
intervals that captured lithology and mineralisation
and only qualitative in nature.
Thundelarra Exploration Ltd
* Both RC and diamond drill logging are both
qualitative and quantitive in nature and captures
downhole depth, lithology, colour, texture, grain
size, alteration, weathering, mineralisation type and
percent. All logs were digital.
LionOre Australia Pty Ltd
* All logging was recorded digitally at 1m intervals
that captured lithology and mineralisation and only
qualitative in nature .
Breakaway Resources
* All logging was recorded digitally at the appropriate
lithological to mineralogically intervals that
capture lithology, mineralisation and main minerals
present. Logging is qualitative in nature.
============= ============================================================ =================================================================
Sub-sampling
techniques * If core, whether cut or sawn and whether quarter, Australian Anglo American (AAA)
and sample half or all core taken. * It is unknown whether the core was cut or sawn and if
preparation so whether quarter, half or all core was originally
taken. No documentation exists with respect to the
* If non-core, whether riffled, tube sampled, rotary preparation methods or analytical methods utilised.
split, etc and whether sampled wet or dry.
* For all sample types, the nature, quality and WMC
appropriateness of the sample preparation technique. * It is unknown whether the core was cut or sawn and if
so whether quarter, half or all core was originally
taken. Method of RC sampling is not known. No
* Quality control procedures adopted for all documentation exists with respect to the preparation
sub-sampling stages to maximise representivity of methods or analytical methods utilised.
samples.
* Measures taken to ensure that the sampling is Dry Creek Mining
representative of the in-situ material collected, * No documentation exists with respect to the sampling
including for instance results for field details or preparation methods utilised.
duplicate/second-half sampling.
* Whether sample sizes are appropriate to the grain Thundelarra Exploration Ltd
size of the material being sampled. * All RC samples were passed through a riffle split for
4m composite except in prospective geology where 2m
riffle split samples were collected. In diamond
drilling samples were collected based on prospective
geology up to 3m. Analysis for Au, Pd and Pt was
completed by fire assay with an ICP-OES finish and As
,
Co, Cr, Cu, Ni, Pb, Zn, Fe, Mg and S by mixed acid
digest with an ICP-MS finish. Sampling and sample
preparation are industry standard and appropriate for
the style of mineralisation. No information on the
quality control protocols are documented.
LionOre Australia Pty Ltd
* One-meter samples were submitted to SGS Analabs for
fire assay (Au, Pt, Pd) and mixed acid digest with
ICP-OES finish. Details of sample collection methods
and quality control protocols were not documented in
the historical reports.
Breakaway Resources
Samples were collected from the rig splitter at 1m
intervals. Samples were sent to Genalysis
for analysis with Au, Pd, and Pt by fire assay and four
acid digest with ICP-OES finish for
Al, As, Co, Cr, Cu, Fe, Mg, Mn, Ni, S and Zn. Details of
quality control protocols were not
documented in the historical reports.
============= ============================================================ =================================================================
Quality of Australian Anglo American
assay data * The nature, quality and appropriateness of the * Information regarding laboratory techniques is
and assaying and laboratory procedures used and whether unknown as these details were not recorded in the
laboratory the technique is considered partial or total. historical reports.
tests
* For geophysical tools, spectrometers, handheld XRF
instruments, etc, the parameters used in determining WMC
the analysis including instrument make and model, * Information regarding laboratory techniques is
reading times, calibrations factors applied and their unknown as these details were not recorded in the
derivation, etc. historical reports.
* Nature of quality control procedures adopted (eg
standards, blanks, duplicates, external laboratory Dry Creek Mining
checks) and whether acceptable levels of accuracy (ie * Samples were analysed by fire assay for Au, Pd and Pt
lack of bias) and precision have been established. and by atomic absorption for Cu, Ni and Cr. No
details on quality control procedures were
documented.
Thundelarra Exploration Ltd
* Analysis for Au, Pd and Pt was completed by fire
assay with an ICP-OES finish and As, Co, Cr, Cu, Ni,
Pb, Zn, Fe, Mg and S by mixed acid digest with an
ICP-MS finish. The analysis techniques are considered
appropriate for elements being analysed. Quality
control procedures were not documented.
LionOre Australia Pty Ltd
* One-meter samples were submitted to SGS Analabs for
fire assay (Au, Pt, Pd) and mixed acid digest with
ICP-OES finish. The analysis techniques are
considered appropriate for elements being analysed.
Quality control procedures were not documented.
* A ground IP was completed at the Eileen Bore Prospect
over 4 areas staggered to cover the known
mineralisation and possible extensions. Data was
acquired using a Scintrex IPR-12 receiver, with 50m
dipoles and 25m spaced readings along-line. The
initial line spacing was 200m, with in-fill over
selected areas at 100m line spacing.
Breakaway Resources
* Samples were sent to Genalysis for analysis with Au,
Pd, and Pt by fire assay and four acid digest with
ICP-OES finish for Al, As, Co, Cr, Cu, Fe, Mg, Mn, Ni,
S and Zn. The analysis techniques are considered
appropriate for elements being analysed. Quality
control procedures were not documented.
============= ============================================================ =================================================================
Verification
of sampling * The verification of significant intersections by * No verification records exist.
and assaying either independent or alternative company personnel.
* The historic data review suggests that Thundelarra
* The use of twinned holes. twinned two holes drilled by Australian Anglo
American - AD11 was twinned with EP13 and AD09 was
twinned by EP_D14.
* Documentation of primary data, data entry procedures,
data verification, data storage (physical and
electronic) protocols. * Data by Australian Anglo American, WMC and Dry Creek
Mining were handwritten and subsequently digitised.
Data by Thundelarra, LionOre and Breakaway Resources
* Discuss any adjustment to assay data. was originally collected and stored digitally. All
data has been compiled into one dataset for database
entry.
* No adjustments to any of the assay data has been
undertaken.
============= ============================================================ =================================================================
Location of Australian Anglo American
data points * Accuracy and quality of surveys used to locate drill * Original geological plans showing the location of the
holes (collar and down-hole surveys), trenches, mine drill hole collar positions were scanned and
workings and other locations used in Mineral Resource geo-referenced via ArcMap to determine MGA
estimation. coordinates for each drill hole collar.
* Specification of the grid system used.
WMC
* Data points have not been digitised yet.
* Quality and adequacy of topographic control.
Dry Creek Mining
* Geological plans showing the location of the drill
hole collar positions were scanned and geo-referenced
via ArcMap to determine MGA coordinates for each
drill hole collar.
Thundelarra Exploration Ltd
* Details for hole locations were recorded in digital
files available from DMIRS and note that the holes
were DGPS . No details on the DGPS method or level of
accuracy are recorded. No field verification has been
completed.
LionOre Australia Pty Ltd
* Details for hole locations were recorded in digital
files available from DMIRS . No field verification
has been completed.
Breakaway Resources
* Details for hole locations were recorded in digital
files available from DMIRS . No field verification
has been completed.
============= ============================================================ =================================================================
Data spacing
and * Data spacing for reporting of Exploration Results. * The data spacing for all historic drilling has been
distribution reconnaissance in nature even though some holes are
within 10m of each other. The line spacing is roughly
* Whether the data spacing and distribution is 100m over a 400m strike in the main zone of
sufficient to establish the degree of geological and mineralisation.
grade continuity appropriate for the Mineral Resource
and Ore Reserve estimation procedure(s) and
classifications applied. * Sampling reported is of a reconnaissance nature and
not for the purposes of the delineation of a mineral
resource.
* Whether sample compositing has been applied.
* Historic intervals reported have been composited
where 4m samples are identified. Results reported are
length weighted averages.
============= ============================================================ =================================================================
Orientation
of data in * Whether the orientation of sampling achieves unbiased * T he aim of each companies drill program is listed
relation to sampling of possible structures and the extent to below with Salk, Newton (Kelpler) and Jenner targets
geological which this is known, considering the deposit type. all reconnaissance in nature. Drilling at Eileen Bore
structure Prospect was reconnaissance at first with subsequent
companies using various forms of geophysics to target
* If the relationship between the drilling orientation massive sulphide.
and the orientation of key mineralised structures is
considered to have introduced a sampling bias, this
should be assessed and reported if material. * No orientation bias has been identified due to the
reconnaissance nature of the drilling and the lack of
structural understanding.
Australian Anglo American
* Initial drilling was completed to test soil anomalies
on a grid.
Dry Creek Mining
* Drill program at Eileen Bore was based on a GeoTEM
survey and follow-up ground magnetics and soil
geochemistry. A plunge to the SE was proposed but no
follow up drilling completed.
Thundelarra Exploration Ltd
* At Eileen Bore targets were drilled based on EM
survey with drilling aimed at following
mineralisation to the north and south. At Salk
drilling was following up on EM target.
LionOre Australia Pty Ltd
* Drilling was completed based on EM and IP targets
identified at Eileen Bore .
Breakaway Resources
* Drilling was completed at the Kepler testing the
extension of the Copernicus Deposit and at Newton
testing an EM target.
============= ============================================================ =================================================================
Sample
security * The measures taken to ensure sample security. * The security of samples is unknown and not documented
in the historical reports.
============= ============================================================ =================================================================
Audits or
reviews * The results of any audits or reviews of sampling * Apart from desktop review of drill date, no audits
techniques and data. have been undertaken.
============= ============================================================ =================================================================
Section 2 Reporting of Exploration Results
Criteria JORC Code explanation Commentary
============================================================
Mineral
tenement and * Type, reference name/number, location and ownership * Future Metals Ltd has entered into an exclusive
land tenure including agreements or material issues with third option agreement with Osprey Minerals Pty Ltd (OSP)
status parties such as joint ventures, partnerships, to acquire 100% of the tenure associated with OSP's
overriding royalties, native title interests, three projects: Eileen Bore, Sally Down and
historical sites, wilderness or national park and Springvale. The Eileen Bore project comprises:
environmental settings. E80/4922, E80/4923 and E890/5056 which are granted
tenements with HPA's signed for all tenements. The
Sally Downs project comprises E80/4951 (granted) and
* The security of the tenure held at the time of E80/5911 (pending). An HPA is signed for E80/4951.
reporting along with any known impediments to The Springvale project comprises E80/4753 which is a
obtaining a licence to operate in the area. granted tenement and has an HPA.
* There are no known impediments to working in the
area.
=============== ============================================================ ===================================================================
Exploration Eileen Bore Project
done by other * Acknowledgment and appraisal of exploration by other * Exploration across the Project has been recorded
parties parties. since the 1970s. The most significant exploration was
the discovery of the Cabernet (now Copernicus) and
Shiraz prospects by WMC in 1975 and the Eileen Bore
prospect by Australian Angle American (Anglo) in
1975.
* In 1978, WMC drilled 3 holes at Eileen Bore (in paper,
handwritten form) and entered into a joint venture
with Anglo which ended in 1983. During this time, an
additional 11 holes were drilled with up to 15%
sulphide intersected and best grades being 19m @
0.41% Ni, 1.06% Cu in EP5. Graphitic zones were
observed up to 4m in some drill holes.
* In 1987, Dry Creek Mining completed 11 holes, stream
sediment and rock chip sampling. The drill program
was based on the EM survey and follow up ground
magnetics and soil geochemistry. The drilling
indicated a target that is fault bounded and inclined
steeply to the south east. The ultramafic-mafic
sequence has an apparent width of 75m. Mineralisation
is disseminated and comprised of pyrite, chalcopyrite
and pyrrhotite.
* From 2001 to 2004, Thundelarra completed extensive
exploration: 20 RC holes, Ground fixed loop
EM-magnetics, petrography as well as rock, soil and
stream sediment sampling. The focus of this work was
at Eileen Bore proper with additional targets
identified along strike between Eileen Bore and
Copernicus. Two main targets were identified from the
EM survey with drilling identifying mineralisation
associated with disseminated pyrrhotite, pyrite and
chalcopyrite that remained open at depth.
* From 2004-2005, Lionore, in joint venture with
Thundelarra, completed further surface sampling, RC
drilling, surface and downhole geophysical surveys.
Ground IP was completed in the Eileen Bore area (50m
stations on 200m line spacing) to cover known
mineralisation as well as potential strike extensions
to the north and south as well as over the Eileen
Bore East pyroxenite. The chargeability data over
Eileen Bore defined a linear trend coincident and
extending beyond the known disseminated
mineralisation over a 2.2km strike length.
* During 2006-2007, Breakaway Resources completed
drilling on the Kepler Project (now Newton), the
interpreted northern extension of the Copernicus
Deposit and 100m north of the Kepler gossan. The
drilling intersected a gabbro-pyroxenite up to 75m
thick that was barren of sulphides. No additional
work was completed within the Eileen Bore Project
area.
* From 2009-2011, Panoramic Resources and Thundelarra
completed at VTEM survey over the entire Eileen Bore
Project as well as Falcon Gravity (which is
unavailable) and magnetics. No drilling or further
work was completed as it was determined that the
source of the EM anomalies was due to the presence of
graphitic shales within the Tickalarra Sediments.
* From 2013-2014, Iron Ore Holdings completed a review
and had SGC (geophysical consultants) completed a
detailed review of the geophysical data including EM,
gravity and magnetics. A total of 7 targets were
identified, 3 high priority and 4 moderate priority.
Based on the SGC review, Eileen Bore and Jenner
remained as high-moderate priority targets.
* Since Osprey have held the tenure, an auger program
has been completed covering a small area around and
to the south of Eileen Bore. No further drilling has
been completed.
Sally Downs Project
* Exploration over the project area is sporadic with
Falcon gravity and magnetics completed in 2009 as
part of the East Kimberley JV with Panoramic
Resources and Thundalarra. There are no
electromagnetic surveys and no historic drilling
within the project area. Historic stream sampling was
completed by WMC but it has not yet been reviewed.
Springvale Project
* Previous exploration completed by Inco and Freeport
in the early 1980's tested chromite horizons and a
gossan zone with disappointing results (1.5ppb Pt and
2 ppb Pd). In the late 1980's Geopeko's completed
drilling. Clutha Minerals looked at dimensional stone
due to the presence of cordierite. A joint venture
between Australian Gemstone Mining and BHP comprised
of airborne EM, ground EM follow up of conductors and
two percussion holes to test the strongest
conductors. The drill holes intersected a highly
fractioned mafic sill with significant barren
pyrrhotite mineralisation (10-25% sulphide).
* In 2009, the area was covered with a Falcon Gravity
survey as part of a larger East Kimberley JV with
Panoramic Resources and Thundalara. Subsequent VTEM
surveys were completed in 2010 with follow-up ground
FLEM.
=============== ============================================================ ===================================================================
Geology Eileen Bore Project
* Deposit type , geological setting and style of * The Project contains a series of differentiated
mineralisation . pyroxenite and gabbro intrusions emplaced along a
structural corridor, the Alice Downs Fault, which
represents a major north-northeast trending splay off
the deep-seated mantle tapping Halls Creek Fault.
Broad zones of disseminated and net-textured Cu and
Ni sulphides occur within the host intrusions and are
comprised of chalcopyrite, pyrrhotite, pentlandite
and pyrite. The intrusions were emplaced into the
Tickalarra metamorphics which include paragneiss
(pelites, psammites), amphibolites and marble.
Sally Downs Project
* The eastern portion of the project includes the
Dougall Bore, Dougall Bore South and Bullseye Gabbro
prospects. The area is dominated by amphibolite and
dioritic to gabbroic granulites of the Tickalara
Metamorphics. Several small intrusive bodies composed
of olivine gabbro and gabbronorite outcrop in the
area, in particular Dougall Bore South and Bullseye
Gabbro. These intrusions have been identified to have
affinities to the Group 5 Sally Malay suite which
hosts the Savannah Nickel Deposit.
Springvale Project
* The project consists of the western side of intrusion
that has stratabound layers of mineralisation
associated with chromite. It is interpreted to be
similar in age to the McIntosh Intrusion and the
Panton Sill. The intrusion is crosscut by numerous
felsic magmas associated with the Paperbark
Supersuite.
=============== ============================================================ ===================================================================
Drill hole
Information * A summary of all information material to the * Details of all drill holes reported in this
understanding of the exploration results including a announcement are provided in the appendices, in the
tabulation of the following information for all body of the text and on related figures.
Material drill holes:
* No information material to the understanding of the
o easting and northing of the drill hole collar exploration results has been excluded.
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 * Significant intercepts are reported as down-hole
methods techniques, maximum and/or minimum grade truncations length weighted averages of grades above 0.25% Ni
(eg cutting of high grades) and cut-off grades are and/or 0.25% Cu. No top cuts have been applied to the
usually Material and should be stated. reporting of the assay results.
* Where aggregate intercepts incorporate short lengths * Up to 8m of internal dilution was allowed, where
of high-grade results and longer lengths of low-grade needed, in the reported intervals. Except in EBRC011
results, the procedure used for such aggregation where a 12m interval of dilution was included.
should be stated and some typical examples of such
aggregations should be shown in detail.
* Higher grade intervals are included in the reported
grade intervals and have also been split out on a
* The assumptions used for any reporting of metal case-by-case basis where relevant.
equivalent values should be clearly stated.
* Length weighted intercepts are calculated as follows:
Reported grade for a downhole interval = (the sum of
all individual sample grades x individual sample
length) / (total interval length).
* No metal equivalents are being reported.
=============== ============================================================ ===================================================================
Relationship
between * These relationships are particularly important in the * Assay intersections are reported as downhole lengths.
mineralisation reporting of Exploration Results. Due to the reconnaissance nature of the historical
widths and drilling, true widths of mineralisation have not been
intercept calculated by Future Metals staff.
lengths * If the geometry of the mineralisation with respect to
the drill hole angle is known, its nature should be
reported. * The geometry of the mineralisation below surface is
not fully understood at this time.
* If it is not known and only the down hole lengths are
reported, there should be a clear statement to this * All intervals are reported as down hole length, true
effect (eg 'down hole length, true width not known'). width of mineralisation is not yet 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 report.
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 historic drill results with grades above 0.25% Ni
Results is not practicable, representative reporting and/or 0.25% Cu have been reported for the Eileen
of both low and high grades and/or widths should be Bore Project.
practiced to avoid misleading reporting of
Exploration Results.
=============== ============================================================ ===================================================================
Other
substantive * Other exploration data, if meaningful and material, * All relevant data has been included within this
exploration should be reported including (but not limited to): report.
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 * During the due diligence period, data compilation
tests for lateral extensions or depth extensions or including detailed geophysical review and structural
large-scale step-out drilling). modelling will be completed to identify further
targets across all projects and to plan drilling at
Eileen Bore Prospect.
* Diagrams clearly highlighting the areas of possible
extensions, including the main geological
interpretations and future drilling areas, provided
this information is not commercially sensitive.
=============== ============================================================ ===================================================================
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