Future Metals NL (ASX:FME) Hits Significant Copper-Nickel Discovery at Eileen Bore

Highlights:

• Drilling at Eileen Bore has confirmed significant Cu-Ni mineralisation, including:
  o 30m @1.06% Cu, 0.45%Ni & 1.14g/t PGM(3E) from 88.9m (EBDD002)
• Drilling results, combined with recent ground gravity, confirm the Eileen Bore mineralisation to be a faulted section (offset 300m north) of a newly defined 4.5km NE trending intrusion
• Holes EBDD003 and EBDD004 were drilled in the northern end of the 4.5km intrusion, representing the first ever drilling of this target area. The results have confirmed the intrusion to be mineralised, with 127m of anomalous magmatic sulphides intersected including:
  o 7.4m @ 0.46% Cu, 0.51% Ni and 0.3g/t PGM(3E) (EBDD003)
• The newly defined 4.5km intrusion represents a significant advancement in the potential of the Eileen Bore Prospect, and Future Metals believes that there is significant scope for expansion in the size and grade of mineralisation within the 4.5km intrusion via future exploration activity

Overview:

Future Metals NL has announced that recent drilling and ground gravity undertaken at the Eileen Bore Prospect (“Eileen Bore”) and the adjacent previously undrilled ‘Target 2’, within the Alice Downs Corridor, has returned a significant mineralised intrusive extending over a strike of 4.5km.

A total of four diamond holes were drilled for, in aggregate, 1,195m, co-funded by a recent EIS grant. Two diamond holes (EBDD001 and EBDD002) were drilled at Eileen Bore to test for extensions and confirm the continuity of wide zones of copper & nickel mineralisation encountered in historical drilling. A further two diamond holes (EBDD003 and EBDD004) were drilled at Target 2 as a first pass test of surface mineralisation (see Figure 1). Drilling commenced at the historical Eileen Bore prospect to confirm and test for extensions to Cu-Ni mineralisation. Hole EBDD002 intersected a 30m zone at 1.06% Cu, 0.45% Ni and 1.14g/t PGM(3E) which confirmed historical grades and mineralisation (see Figure 2).

The ground gravity survey, which was completed at the same time as the drilling, indicates that mineralisation at Eileen Bore has been faulted approximately 300m north from the main intrusion. The gravity data indicates a 4.5km long intrusion with internal density variations and north-south faulting. There has been no prior drilling into this main intrusive target (see Figure 1).

The prospectivity of this 4.5km intrusion was confirmed by hole EBDD003, which intersected 7.4m at 0.46% Cu, 0.51% Ni and 0.3g/t PGM(3E) within a magmatic sulphide fertile pyroxenite. The fertile ultramafic extends over 127.25m with anomalous associated Ni-Cu-Pd-Pt-S throughout. The significant intersection occurs within a mineralised finger of magma (an apophyses) within the larger ultramafic.

Holes EBDD003 and EBDD04 were drilled in what was previously interpreted to be a fold hinge with confirmed surface soil anomalism and pentlandite, chalcopyrite and pyrrhotite confirmed in historical petrography. The recent ground gravity survey indicates that this interpretation was incorrect, and that the folding is all pre-emplacement of the original mafic-ultramafic, thereby opening up the 4.5km of prospective strike of the intrusion.

The Target 3 area, which is now interpreted as the southeastern extent of the 4.5km intrusion, is yet to be drilled. Thisarea also has a coincident soil anomaly and density anomaly larger than that drilled in hole EBDD003 (see Figure 3). Additionally, the Target 3 area has had no ground targeting geophysics (namely EM) or a complete soil survey.

Further work to advance the area will include ground EM to focus follow up drilling within the main 4.5km Eileen Bore Intrusion.

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