Future Metals Share News (FME)

(Sharecast News) - Platinum group-focussed Future Metals updated the market on its September quarter on Friday, reporting that multiple new exploration targets had been identified for sulphide-rich zones outside of the already-significant 6.9 million ounce palladium-equivalent mineral resource estimate.

The AIM-traded company said the targets were identified following a detailed prospectivity review of the Panton Project's existing geological data, supported by a review by Dr Jon Hronsky of Western Mining Services.

It said detailed ground-based gravity and electromagnetic surveys had been launched, to assist in drill hole planning to test nickel-copper-platinum sulphide targets.

An approved programme of works and a drilling contractor had been secured for an initial 3,000 metre drill programme, which started this month.

The firm also said it had raised AUD 6m (£3.34m) before expenses from existing and new Australian and international institutional and sophisticated investors, via an AUD 5m placement and an AUD 1m share purchase plan.

After the quarter ended, a further £0.5m was raised before expenses via a placement to a number of UK-based high net worth investors.

"Activities during the September quarter have provided a solid foundation for Future Metals to end the 2022 calendar year on a very high note," said managing director and chief executive officer Jardee Kininmonth.

"Our prospectivity review undertaken at Panton during the period identified multiple new exploration targets and highlighted this project's prospectivity for nickel-copper-platinum group sulphide discoveries, and we are pleased that our new drill programme is now underway following completion of that review.

"Additional targets will be generated over the coming weeks on the back of the electromagnetic survey team covering the entire basal contact and the Keel Zone, as well as from the completion of the gravity and magnetics modelling."

Kininmonth said that in parallel to the exploration activities, Future had been progressing a scoping study on the existing mineral resource estimate, and completing test work in ore sorting, physical separation and flotation, as well as preliminary investigations into hydrometallurgical processing routes.

"During the reporting period we were pleased to have secured nearly AUD 7m in additional funding via two separate placements and an oversubscribed share purchase plan.

"We thank our investors for their support in Future Metals and we look forward to delivering positive results from this next phase of exploration at the Panton Project."

Reporting by Josh White for Sharecast.com.