Future Metals Share News (FME)

(Sharecast News) - Platinum group metals (PGM) focussed Future Metals reported further shallow, wide assay results from the historical drill hole sampling completed to date at its wholly-owned Panton project in northern Western Australia on Friday.

The AIM-traded firm said assay results had been received from a further 11 historical, previously-unsampled drill holes, confirming that the mineralisation width at Panton exceeded 50 metres along the drilled 3.5 kilometre strike.

Notable intercepts included 53.3 metres at 1.74 platinum equivalent grams per tonne, 12 metres at 1.41 grams per tonne, and 10 metres at 1.29 grams per tonne.

An updated JORC mineral resource estimate was on track for completion in the second quarter, once the assays were received for the remaining 33 drill holes, including 23 historical drill cores.

"Prior owners of Panton were solely focussed on the chromite reefs which meant large portions of the core went unsampled," explained chief executive officer Jardee Kininmonth.

"Given the company's focus on proving the bulk tonnage potential of the project, we made the decision to sample these historical drill holes to increase the data points to feed into the new resource.

"We're pleased that this decision has been proven worthwhile, with all holes providing further evidence of the mineralisation sitting outside the high-grade chromite reefs."

At 0801 BST, shares in Future Metals were down 2.7% at 12.16p.