Recent drilling and an improved geological understanding of the Panton PGM deposit has now been incorporated into an upgraded resource. Pic via Getty Images
Mining
FME’s upgraded 92.9Mt resource at 2 g/t palladium equivalent for 6Moz palladium includes an Indicated category which comprises 44% of the total resource, up from 6% previously.
Future Metals’ (ASX:FME) Panton project north of Halls Creek in Western Australia’s Kimberley region is Australia’s highest grade PGM project and one of the highest grade undeveloped PGM projects globally.
The advanced project offers a strategic source of PGM supply outside of prominent producers Russia and South Africa, which are not sought-after investment jurisdictions particularly compared to Western Australia.
Platinum group metals (PGMs) are a group of six precious metals including platinum, palladium, iridium, osmium, rhodium, and ruthenium, with similar physical and chemical properties in varying proportions in the same geological deposit.
They are used in auto-catalysts (pollution control devices for vehicles in electronics), jewellery, hydrogen production and purification and in hydrogen fuel cells.
FME is also nearing completion on its long-awaited scoping study at the project, targeted for November, detailing a long life and low capital high-grade PGM-nickel operation.
The resource at Panton has been substantially upgraded with improvements in grade, JORC classification and the inclusion of a chromite estimate for the first time, positioning it as one of the only chromite projects in Australia and one of the few in a top tier jurisdiction.
FME’s total Panton resource is now 92.9Mt at 1.5g/t PGM, 0.20% Ni, 3.1% Cr for contained metal of 4.5Moz PGM, 185kt Ni, 2.8Mt Cr, reported across three separate units including the Reef, the High-Grade Dunite and the Bulk Dunite.
The Reef component has an MRE of 10.8Mt at 5.6g/t PGM, 0.27% Ni, 14.6% Cr for contained metal of 2.0Moz PGM, 29kt Ni, 1.6Mt Cr.
“This new MRE clearly highlights the impressive grade of the Reef at Panton,” FME managing director Jardee Kininmonth says.
“In addition, the High Grade Dunite at the contact of the reef has also been separately modelled for the purposes of more effective underground mine design.
“Both the Reef and dunite remain open at depth where drilling demonstrates a thickening in mineralisation and increasing grades, providing significant growth potential,” he says.
“lt also includes the chromite grade for the first time following successful test work demonstrating the ability to produce a saleable chromite concentrate subsequent to PGM flotation.”
This high-grade chromite mineralisation enhances the overall value at Panton, Kininmonth says, with chromite being a highly sought after product for use in the steel industry and its global supply highly concentrated in Africa.
“We look forward to finalising the scoping study and demonstrating our expectation that Panton can support a low capital, long life and profitable operation.”
This article was developed in collaboration with Future Metals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
