(Kitco News) - Future Metals (ASX | AIM: FME) yesterday announced an updated independent JORC Code (2012) mineral resource estimate for its 100% owned Panton platinum group metals and nickel project in Western Australia.
According to the company's statement, the project's updated mineral resources amounted to 5.0Moz palladium, platinum and gold ("PGM3E") and 238kt nickel, at a grade of 1.66g/t PdEq.
The company said that this represents a 108% increase in contained PGM3E whilst the contained nickel resource has increased by 526% during the company's 12 months of ownership of the Panton PGM-Ni project.
Future Metals added that Panton is second largest PGM deposit in Australia, only surpassed by Chalice Mining Ltd's Gonneville discovery which has mineral resources of 10Moz PGM3E, 530kt Ni, 330kt Cu, 53kt Co at 1.60g/t PdEq.
Importantly, the company noted that the project has a significant further growth potential with the Panton deposit remaining ‘open' at depth and along strike.
"Updated mineral resource estimate demonstrates the Panton PGM-Ni project to be a highly strategic, large-scale PGM-Ni project in the Tier One jurisdiction of Western Australia on granted mining leases," the company said in its press-release.
Managing Director and CEO Jardee Kininmonth commented, "This updated JORC resource estimate of 5.0Moz of PGM3E and 239kt of nickel is a pivotal milestone for the company, demonstrating the potential for Panton to be a PGM-Ni project of global scale outside the primary supply jurisdictions of Russia and South Africa."
The company also pointed out that the project's scoping development studies to commence, assessing optimal development pathways for Panton assessing both high-grade and bulk tonnage scenarios and a combination of both, leading into a planned pre-feasibility study, in parallel with further exploration and metallurgical work.
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