17 January 2023
Future Metals NL
Farm-In Agreement Over East Kimberley Ni-Cu-PGE Prospects
Highlights
§ Future Metals has more than doubled its exploration position at Panton by securing the right to farm-in to the adjoining and highly prospective Panton North exploration ground, along with the Copernicus North project
§ Right to earn a 70% interest in both tenements
§ Panton North contains an extension of the prospective Panton keel position with anomalous nickel, copper and PGE grades confirmed by historic drilling and soil & rock chip sampling
o Additional intrusion showing coincident Ni-Cu-PGE anomalism in soil samples, and magnetic and electromagnetic ("EM") anomalies with no prior drill testing
o Panton North ground also provides contiguous land holding to the 100% owned Panton PGM-Ni project, providing additional project development flexibility
§ Copernicus North is a highly anomalous Ni-Cu prospect along strike from the historic Copernicus Ni-Cu mine
§ The Company's latest cash position as at 31 December 2022 was $5.79m
Future Metals NL ("Future Metals" or the "Company", ASX | AIM: FME), is pleased to announce it has entered into a Farm-in and Joint Venture Agreement with Octava Minerals Limited's ("Octava") on its wholly owned Panton North and Copernicus North Ni-Cu-(PGE) projects in the East Kimberley region of Western Australia.
Mr Jardee Kininmonth, Managing Director of Future Metals, commented:
"This joint venture farm-in arrangement significantly increases Future Metals' exploration position in the East Kimberley thereby providing further scope, to explore what is highly prospective ground for Ni-Cu-PGE sulphide mineralisation. Panton North and Copernicus North have been subject to only limited, shallow drilling despite compelling geochemical and EM anomalies. There is a significant opportunity to apply modern geophysical techniques, such as those being applied at Future Metals' Panton project to identify high quality targets for economic accumulations of Ni-Cu-PGE sulphides at depth.
"The East Kimberley is a very under-explored part of Western Australia despite the Halls Creek Orogen being prospective for emplacement of Ni-Cu-PGE sulphide deposits. Securing prospective exploration ground enables us to apply our exploration model more widely, increasing the likelihood of making further economic Ni-Cu-PGE discoveries."
Figure 1 | East Kimberley Regional Map
Panton North
The Panton North project (EL5455) contains the Panton North prospect and Panton West prospect, both of which are mineralised ultramafic intrusions.
Rock chip and soil sampling at the Panton North prospect has demonstrated an anomalously mineralised (palladium-platinum-nickel-copper) area of 1.3km x 0.5km. There has been very little prior drilling with just eight (8) shallow holes drilled (~100m depth) at the Panton North prospect by Freeport (1984) and Thundelarra (2002). These holes returned anomalous intervals of PGM's, nickel and copper, over widths of 28-80m, as set out in Table 1 below.
The northern portion of the prospect shows highly anomalous copper geochemistry in soil sampling, which is coincident with strong remnant magnetism, an indicator of pyrrhotite and therefore sulphide mineralisation. This particular area is untested by drilling.
The Panton West prospect is a 1km x 0.3km ultramafic intrusion with surface geochemistry displaying strong palladium, nickel and copper anomalism. Airborne EM flown in 2006 identified a number of conductors along Panton West which are broadly coincident with remnant magnetism anomalies. There has been no historic drilling at Panton West.
Figure 2 | Panton North Project (EL5455)
Figure 3 | Panton West Prospect EM and Geochemical Anomalies
Table 1: Panton North prospect historic intercepts
| Hole ID | East | North | Hole Depth | Interval | Interval width | Au+Pt+Pd (3E) (g/t) | Ni (%) | Cu (%) | Co ppm |
| PTRC001 | 378093 | 8039517 | 0-88m | 0-52m | 52m | 0.282 | 0.20 | 0.03 | 125 |
| PTRC002 | 378160 | 8039452 | 0-100m | 0-60m | 60m | 0.267 | 0.20 | 0.03 | 127 |
| PTRC003 | 378163 | 8039405 | 0-106m | 0-68m | 68m | 0.317 | 0.20 | 0.03 | 122 |
| PTRC004 | 378204 | 8039379 | 0-106m | 12-92m | 80m | 0.303 | 0.22 | 0.03 | 134 |
| PTRC005 | 377859 | 8039418 | 0-46m | NSR | - | | | | |
| PTRC006 | 377885 | 8039384 | 0-64m | 0-28m | 28m | 0.206 | 0.18 | 0.02 | 118 |
| PTRC007 | 377897 | 8039327 | 0-88m | 0-52m | 52m | 0.233 | 0.21 | 0.03 | 129 |
| PTRC008 | 377919 | 8039260 | 0-112m | 0-72m | 72m | 0.319 | 0.22 | 0.03 | 192 |
|
Table 2: Panton West prospect rock sampling
| Rock sample | East | North | Au (g/t) | Pd (g/t) | Pt (g/t) | Au+Pt+Pd (3E) (g/t) | Cu (%) | Ni (%) |
| RX2201 | 374864 | 8038198 | 0.080 | 1.200 | 0.581 | 1.861 | 0.04 | 0.16 |
| RX1694 | 374880 | 8038158 | 0.117 | 0.998 | 0.318 | 1.433 | 0.09 | 0.21 |
| RX2204 | 374064 | 8038320 | 0.013 | 1.020 | 0.253 | 1.286 | - | 0.17 |
| RX1699 | 374784 | 8038128 | 0.011 | 0.684 | 0.268 | 0.963 | - | 0.06 |
| RX2214 | 375036 | 8038566 | 0.032 | 0.167 | 0.679 | 0.878 | 0.05 | 0.13 |
| RX2205 | 375195 | 8038450 | 0.110 | 0.163 | 0.518 | 0.791 | 0.04 | 0.11 |
| RX1700 | 374804 | 8038160 | 0.708 | 0.011 | 0.003 | 0.722 | 0.02 | 0.01 |
| RX2202 | 374976 | 8038294 | 0.042 | 0.008 | 0.016 | 0.066 | 0.17 | 0.30 |
|
Copernicus North
The Copernicus North project (EL5459) is located approximately 4km along strike from the Copernicus historical Ni-Cu mine, which hosted a reserve at the commencement of mining of 784,000t @ 1.1% Ni, 0.67% Cu and 0.05% Co1. This deposit was mined via open pit methods in 2007 to 2008, and again in 2014 to 2016 by Panoramic Resources Limited.
The southern end of the project area hosts the Palamino prospect, which is an 800m long surface Ni-Cu geochemical anomaly (with associated surface gossanous development), hosted by a 2km long ultramafic/pyroxenite intrusive. There has been only limited previous drilling at this prospect which confirmed the presence of pyroxenite-hosted magmatic sulphide mineralisation.
Importantly, the Copernicus mine sulphide mineralisation has been shown to have a shallow north plunge. This shallow northerly plunge to the mineralised system may be replicated at Palamino but has not been previously tested.
The historic information relating to Panton North and Copernicus North has been extracted directly from Octava's Prospectus and Supplementary Prospectus which is available on the ASX announcement platform dated 14 September 2022.
Future Metals will provide a detailed summary of the exploration activities completed on both projects and its targeting strategy in due course.
[1] Source: Copernicus Feasibility Study, Sally Malay Mining Limited, 29 June 2007
Figure 4 | Copernicus North Project (EL5459)
East Kimberley | Halls Creek Orogenic Zone
The Halls Creek Orogen is an orogenic belt which trends north - northeast over a distance of 120km at a width of approximately 45km. Mafic-ultramafic intrusions are confined to the central part of the Halls Creek Orogen and crystallised at depths of between 8-23km in a variety of forms including sheets, basinal forms, funnels, plugs and multi-chambered bodies. A total of 60 intrusions have been recognised. This central part of the Halls Creek Orogen is considered to be highly prospective for magmatic Ni-Cu and PGM mineralisation given it is one of the most extensively mineralised igneous associations in Australia.
Exploration in the region to date has been limited to shallow drilling and airborne geophysical surveys, which have limited ability to discover deeper accumulations of sulphide mineralisation. This is the primary reason behind the limited number of discoveries of economic significance despite its highly prospective geological setting, and large search space. The discoveries of significance are Future Metals' Panton PGM-Ni project, the Savannah Ni-Cu project and the Copernicus Ni-Cu project.
2 Source: Hoatson and Blake, 2000
Farm-in and Joint Venture Agreement Terms
Pursuant to the terms of the farm-in arrangement, Future Metals' may earn up to a 70% interest in both the Panton North and Copernicus Projects by sole funding exploration expenditure of $2.0 million over 4 years, with minimum annual cumulative expenditure of:
§ By end of Year 1 $250,000
§ By end of Year 2 $750,000
§ By end of Year 3 $1,250,000
§ By end of Year 4 $2,000,000
Future Metals may withdraw at any time subject to paying the deferred consideration.
Octava will be required to contribute to maintain its 30% interest from the point of a 'decision to mine' or dilute to a 1.5% net smelter royalty ("NSR"). Future will hold a pre-emptive right over the NSR.
Future Metals has the right to apply for a mining lease over a portion of exploration lease for use as part of the development of its adjoining 100% owned Panton PGM-Ni Project.
The joint venture agreement includes customary pre-emptive, drag along and tag along rights.
Future Metals is required to issue 3.5 million share to Octava ($400,000 at $0.114 cents) which will be escrowed for a period of 12 months from their date of issue. Future is then required to make a final payment to Octava of $200,000 in 12 months in cash or shares (at Future Metal's sole election).
The agreement is subject to the following conditions:
§ Completion of financial, legal and technical due diligence by Future Metals on the tenements, to the absolute satisfaction of Future Metals;
§ Future Metals obtaining all necessary shareholder and regulatory approvals required to lawfully complete the matters set out in the farm-in agreement;
§ Future Metals issuing Octava (or its nominee) the upfront consideration; and
§ Octava delivering to Future Metals an executed escrow agreement for the upfront consideration shares.
This announcement has been approved for release by the Board of Future Metals NL.
For further information, please contact:
| Enquiries:
Future Metals NL |
+61 8 9480 0414 |
| Jardee Kininmonth | |
| Strand Hanson Limited (Nominated Adviser) | +44 (0) 207 409 3494 |
| James Harris/James Bellman | |
| | |
| Panmure Gordon (UK) Limited (UK Broker) John Prior/Hugh Rich/Soman Thakran | +44 (0)207 886 2500 |
| White Noise Communications (Australian IR/PR) Fiona Marshall | +61 400 512 109 |
| FlowComms (UK IR/PR) | +44 (0) 789 167 7441 |
| Sasha Sethi | |
Competent Person's Statement
The information in this announcement that relates to Exploration Results is based on, and fairly represents, information compiled by Mr Shane Hibbird, who is a Member of the Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. Mr Hibbird is the Company's Exploration Manager and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity he 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). Mr Hibbird consents to the inclusion in this announcement of the matters based upon his information in the form and context in which it appears.
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.
Notes to Editors:
About the Panton PGM-Ni Project
The 100% owned Panton PGM-Ni Project is located 60kms north of the town of Halls Creek in the eastern Kimberly region of Western Australia, a tier one mining jurisdiction. The project is located on three granted mining licences and situated just 1km off the Great North Highway which accesses the Port of Wyndham (refer to Figure Five).
PGM-Ni mineralisation occurs within a layered, differentiated mafic-ultramafic intrusion referred to as the Panton intrusive which is a 12km long and 3km wide, south-west plunging synclinal intrusion. PGM mineralisation is hosted within a series of stratiform chromite reefs as well as a surrounding zone of mineralised dunite within the ultramafic package.
Figure Five | Panton PGM Project Location
About Platinum Group Metals (PGMs)
PGMs are a group of six precious metals being Platinum (Pt), palladium (Pd), iridium (Ir), osmium (Os), rhodium (Rh), and ruthenium (Ru).
Exceptionally rare, they have similar physical and chemical properties and tend to occur, in varying proportions, together in the same geological deposit. The usefulness of PGMs is determined by their unique and specific shared chemical and physical properties.
PGMs have many desirable properties and as such have a wide variety of applications. Most notably, they are used as autocatalysts (pollution control devices for ICE vehicles), but are also used in jewellery, electronics, hydrogen production / purification and in hydrogen fuel cells.
The unique properties of PGMs help convert harmful exhaust pollutant emissions to harmless compounds, improving air quality and thereby enhancing health and wellbeing.
Appendix 1 | JORC Code (2012) Edition Table 1
Section 1 Sampling Techniques and Data
| Criteria | JORC Code explanation | Commentary |
| Sampling techniques | Nature and quality of sampling (e.g. cut channels, random chips, on specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments etc). These examples should not be taken as limiting the broad meaning of sampling. | Surface Sampling. Historic geochemistry has included rock, soil and stream sampling. Companies and operators have reported this information in the WAMEX database which has been compiled into a database for GIS use. Rock geochemistry has been reconnaissance in nature, and it is not known if sampling has been representative. Soil sampling has been completed on local grid (e.g., WMC at Copernicus North) of variable spacing and appears to be of high quality. Drilling. Past drilling has included RC and diamond drilling (DD) methods as reported in the WAMEX database. This is incomplete in its nature in regards to the nature and quality of sampling. Work appears consistent with typical drilling methodology appropriate at the time of drilling and to have been undertaken using industry standard practices at the time.
|
| | Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. | Measures taken by the historical tenement operators to ensure sample representivity are not known. Work by more recent tenement holders has included location of sampling and drill hole collars using handheld GPS with an accuracy of +/- 3m. Grid datum was UTM GDA94/WGS84, Zone 52. |
| | Aspects of the determination of mineralisation that are | Drill samples from RC and DD were collected at |
| | Material to the Public Report. In cases where 'industry | between 1m and 4m intervals. Where data has |
| | standard' work has been done this would be relatively | been supplied to WAMEX the assay determination |
| | simple (e.g. 'reverse circulation drilling was used to obtain | was by recognised assay laboratories, although |
| | 1 m samples from which 3 kg was pulverised to produce a | information about assay procedures have not |
| | 30 g charge for fire assay'). In other cases more | commonly been provided. |
| | explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information. | Little or no information is available on the geochemical assay techniques used except in original laboratory reports lodged in the WAMEX system. |
| Drilling techniques | Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). | Drilling utilised standard RC and DDH drilling techniques, typical for the time of completion. RC drilling utilized face sampling hammers or, in older work would have used open hammers with up-hole crossover sample collection systems. Diamond core details are not established. |
| Drill sample recovery | Method of recording and assessing core and chip sample recoveries and results assessed. | The methodology of recording and assessing chip sample recoveries in past drilling is not known. |
| Measures taken to maximise sample recovery and ensure representative nature of the samples. | The measures undertaken to maximise sample recoveries in past drilling is not known. | |
| Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. | From the records assessed there does not appear to be a bias in grade due to due to sample recovery. | |
| Logging Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. | Geological logging of past drilling has been carried out to a standard appropriate with the exploration nature of the drilling activities. No resources have been outlined. Drill holes were not geotechnically logged. | |
| | Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. | Logging was qualitative with lithology, structure, alteration, mineralisation, regolith, and veining being recorded at variable intervals as appropriate. |
| The total length and percentage of the relevant intersections logged. | All past drill holes were geologically logged in their entirety to an acceptable industry standard for their time of completion. | |
| Sub-sampling If core, whether cut or sawn and whether quarter, half or techniques all core taken. and sample If non-core, whether riffled, tube sampled, rotary split, etc preparation and whether sampled wet or dry. | Variable information on sampling techniques have been provided to the WAMEX database by past explorers. Sampling techniques appears to be consistent with industry standard methods of the time. It is not known if samples were collected wet or dry. | |
| | For all sample types, the nature, quality and appropriateness of the sample preparation technique. | The sample preparation techniques used by past operators are not known. |
| Quality control procedures adopted for all sub-sampling stages to maximize representivity of samples. | The QA/QC measures utilised in past drilling are not documented. | |
| | Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. | It is not known if field duplicates or second half sampling has been undertaken. |
| Whether sample sizes are appropriate to the grain size of the material being sampled. | Assay sample sizes were generally 2.5 - 3kgs for RC drilling and are not typically dependent on the grain size of the material. . | |
| Quality of The nature, quality and appropriateness of the assaying assay data and laboratory procedures used and whether the and laboratory technique is considered partial or total. tests
| Where information has been provided in the WAMEX reports the laboratory, sample preparation and analytical techniques appear to have been appropriate for the level of exploration work being conducted and these met with industry guidelines. | |
| | For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. | Use of geophysical tools or pXRF is not recorded by past explorers. |
| Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. | No QA/QC reviews are documented | |
| Verification of sampling and assaying | The verification of significant intersections by either independent or alternative company personnel. | Where significant intersections have been reported these have been verified from the WAMEX reports. |
| | The use of twinned holes. | No twinning of drill holes has been reported. |
| | Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. | Drill hole logging was undertaken in the field either in digital or paper format. Historical drill information has been recorded on paper with results captured onto a GIS database. |
| Discuss any adjustment to assay data.
| No adjustment to assay data was reported.
| |
| Location of | Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. | Historic drilling has often been completed using a local grid. This information has been converted to GDA94 MGA zone 52. Conversion of historic local grids has been undertaken using topographic control in maps as supplied to the WAMEX system. Later collar information has been recorded using handheld GPS with an accuracy of +/- 3m. No down- hole surveying is reported. |
| data points | ||
| | Specification of the grid system used. | The East Kimberley Project uses the GDA94 MGA zone 52 grid system. This is used for all co-ordinates and the base grid for all diagrams |
| Quality and adequacy of topographic control. | For initial exploratory drilling and sampling local topographic and GPS control is adequate. Differential GPS surveying is required for resource estimation. | |
| Data spacing and | Data spacing for reporting of Exploration Results. | The spacing of data collection appears adequate for the exploratory nature of the work carried out. |
| distribution | Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. | The drilling undertaken has not demonstrated either geological or mineralisation continuity to a stage where a Mineral Estimate can be undertaken |
| | Whether sample compositing has been applied. | No sample compositing has been applied or recorded. |
| Orientation | Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. | Drilling has been undertaken generally perpendicular to the strike of the geology or structure. It is not known if drill orientation has resulted in unbiased sampling. |
| of data in | ||
| relation to | ||
| geological | ||
| structure | If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. | No sampling bias has been inferred. |
| Sample security | The measures taken to ensure sample security. | The chain of custody and the security of samples by past explorers is not known. |
| Audits or reviews | The results of any audits or reviews of sampling techniques and data. | There has been no auditing or reviews completed on the sampling techniques and data other than that carried out during database compilation into digital GIS format. |
Section 2 Reporting of Exploration Results
| Criteria | JORC Code explanation | Commentary |
| Mineral tenement and land tenure status | Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. | The East Kimberley projects comprises two project areas - Panton North with one tenement E80/5455 covering 25.4km2 and Copernicus North with one tenement E45/5459 covering 6.4km2. Both tenements have been granted. There does not appear to be any material issues relating to the environmental settings or historical site in the area. |
| | The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. | All tenements have been granted following an agreement with representatives of the Native Title holders, the Kimberley Land Council. |
| Exploration done by other parties | Acknowledgment and appraisal of exploration by other parties. | Previous exploration has been outlined in Octava Mineral Limited's prospectus and referenced above. A detailed summary of relevant exploration activities will be included in subsequent releases once the acquisition is complete. |
| Geology | Deposit type, geological setting and style of mineralisation. | The East Kimberley projects cover areas of the Halls Creek Orogeny where mafic/ultramafic intrusives are present. These have a potential to host nickel sulphide and PGM mineralisation. Further geological information is provided in the main body of this report. |
| Drill hole Information | A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: easting and northing of the drill hole collar elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar dip and azimuth of the hole down hole length and interception depth hole length. | Drill hole information is described in the main body of this report. There are no documented, reported or estimated mineral resources attributed within the East Kimberley project tenement area. All drilling has been exploratory in nature and neither the drill spacing nor the continuity of mineralisation has been adequately established to provide sufficient data to estimate a mineral resource. |
| | 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. | The existing drill hole data is indicative only and therefore not material. No exclusion of information has been carried out. |
| Data aggregation methods | In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. | No averaging techniques have been used. |
| | Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. | No aggregating of data is recorded as being undertaken |
| | The assumptions used for any reporting of metal equivalent values should be clearly stated. | There has been no reporting of metal equivalence. |
| Relationship between | These relationships are particularly important in the reporting of Exploration Results. | The only results reported from the drilling data are down hole intercepts. |
| mineralisation widths and intercept | If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. | For all prospect areas the geometry of mineralisation remains undefined |
| lengths | If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known'). | True width is not known. |
| Diagrams | Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. | Projects are at an exploration stage and no significant discovery has been outlined. Appropriate maps are contained within the main bulk of this report to reflect this early stage of exploration activity. |
| Balanced reporting | Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. | All relevant and significant exploration results have been reported. |
| Other substantive exploration data | Other exploration data, if meaningful and material, should be reported including (but not limited to): 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. | Exploration data within the East Kimberley project areas has been reported within the main body of this report. The projects are still in the early stage of exploration and a number of prospects have been identified and their mineralisation potential remains unresolved. |
| Further work | The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step- out drilling). | The past company exploration results indicate an unresolved potential at prospect areas which will be reassessed using modern exploration methods in the exploration programs proposed by Future Metals NL. It is anticipated work by Future Metals NL will identify additional areas that warrant exploration evaluation. The scope of future exploration has been outlined in the main body of this report. |
| | Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. | Diagrams are included in the main body of this report to highlight exploration prospectivity within the project areas. |
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