Future Metals has lifted its mineral resource estimate (MRE) for its fully-owned Panton Platinum Group Metals-Nickel Project in northern Western Australia, to five million ounces of palladium, platinum and gold (PGM3E) and 238 kilotonnes nickel, at a grade of 1.66 grams per tonne palladium equivalent.
The figure represents a 108 per cent increase in contained PGM3E, while the contained nickel resource has increased by 526 per cent during the company’s 12 months of ownership of the Panton Project.
The company claims Panton now has the second largest PGM deposit in Australia, only surpassed by Chalice Mining’s Gonneville discovery, which has an MRE of 10moz at 1.6g/t PdEq.
The updated MRE follows 6000 metres of new drilling and 1500m of historical drill core assaying to add to more than 40,000m of historical drilling.
Future Metals managing director Jardee Kininmonth said the MRE showed the Panton Project to be a highly strategic, large-scale PGM-Ni project in the Tier 1 jurisdiction of Western Australia on granted mining leases.
“It demonstrates the potential for Panton to be a PGM-Ni project of global scale outside the primary supply jurisdictions of Russia and South Africa,” he said.
“The inclusion of the mineralised envelope surrounding the chromite reefs has significantly increased Panton’s resource and scale potential, growing contained ounces of PGMs by more than 100 per cent and increasing the contained nickel by over 500 per cent.”
The project is located on three granted mining licences and situated just off the Great North Highway which accesses the Port of Wyndham.