Future Metals NL on Thursday said it has agreed to acquire a 100 square kilometre prospective exploration tenure adjacent to its Panton project in Western Australia.

The West Perth-based exploration company, focused on the Panton platinum group metals project said the tenure includes the Eileen Bore Cu-Ni-PGM prospect which is drill-ready. Cu-Ni-PGM refers to copper-nickel-platinum group metals.

It has acquired the tenure from Osprey Minerals Pty Ltd for $625,000, which will be paid via the issue of shares in Future Metals.

It noted that previous drilling has shown copper, nickel and platinum group metals mineralisation with results including 120 metres at 0.7% copper, 0.3% nickel and 0.86 grammes of PGM per tonne.

Other results included 96 metres at 0.7% copper, 0.3% nickel and 0.78 grammes of PGM, and 84 metres at 0.5% copper, 0.2% nickel and 0.75 grammes of PGM.

It said that the last drilling at the site took place in 2005, but said there is ‘large scale potential’ with historical drilling showing mineralisation of a 400 metres exent.

The firm said it has identified multiple untested magnetic and gravity anomalies analogous to the Savannah deposit nearby.

Managing Director Jardee Kininmonth 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 under-explored region.’

Future Metals shares fell 1.8% to 1.87 pence each on Thursday afternoon in London.

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