Future Metals Nl (DI) (FME)

Sector:

Alternative Investment Instruments

Index:

FTSE AIM All-Share

 0.95p
   
  • Change Today:
      0.000p
  • 52 Week High: 3.35p
  • 52 Week Low: 0.83p
  • Currency: UK Pounds
  • Shares Issued: 575.04m
  • Volume: 0
  • Market Cap: £5.46m
  • Beta: 0.74

Future Metals expands territory with Osprey Minerals acquisition

By Josh White

Date: Thursday 05 Oct 2023

LONDON (ShareCast) - (Sharecast News) - Future Metals announced the expansion of its strategic exploration territory near its existing Panton Project on Thursday through the acquisition of Osprey Minerals, accessing 100 square kilometres of fertile exploration ground in the East Kimberley region of Western Australia.
The AIM-traded firm said the acquisition included the notably prospective Eileen Bore Cu-Ni-PGM prospect, paving the way for deeper penetration into copper, nickel, and platinum group metals (PGM) mineralisation exploration and extraction.

It said drilling data from Eileen Bore revealed a luring promise with broad zones of shallow mineralisation, including 120 metres at 0.73% copper, 0.29% nickel, and 0.86 grams of PGM per tonne at EBRC 010, and significant breakdowns, including 16 metres at 1% copper, 0.36% nickel, and 0.99 grams of PGM per tonne from 100 metres.

Further promising results were seen from EBRC 003 and EBRC 011, substantiating the mining prospect's high value and large-scale potential.

Despite the absence of drilling since 2005, the historical drilling data proved the existence of mineralisation across a roughly 400-metre extent, combined with geophysics illustrating the potential for a substantial 2.2 kilometres of northeast-southwest strike and untested anomalism situated one kilometre to the east.

Making a comparison, Eileen Bore shared similarities with the Sakatti Ni-Cu-PGM deposit in Finland, which bolstered the possibility of uncovering higher nickel grades at deeper exploration depths.

Additional exploration targets were in sight for Future Metals, thanks to multiple untested magnetic and gravity anomalies analogous to the nearby Savannah Ni-Cu deposit, providing even further optimism for its mining trajectory.

The firm said it was paying an upfront consideration to exercise the option of $0.63m, payable in Future Metals shares, and escrowed for six months.

"The acquisition of Eileen Bore will provide Future Metals further significant exploration upside," said managing director Jardee Kininmonth.

"Eileen Bore has expansive strike potential and drilling to date shows it is open at depth and potentially down plunge."

Kininmonth said proving up another deposit of scale would complement the company's existing resources at the Panton Project.

"The overall Osprey package substantially grows the company's land position in a highly prospective and underexplored region."

At 1129 BST, shares in Future Metals were down 1.79% at 1.87p.

Reporting by Josh White for Sharecast.com.

Email this article to a friend

or share it with one of these popular networks:


Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

FME Market Data

Currency UK Pounds
Share Price 0.95p
Change Today 0.000p
% Change 0.00 %
52 Week High 3.35p
52 Week Low 0.83p
Volume 0
Shares Issued 575.04m
Market Cap £5.46m
Beta 0.74

FME Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
61.22% above the market average61.22% above the market average61.22% above the market average61.22% above the market average61.22% above the market average
68.89% above the sector average68.89% above the sector average68.89% above the sector average68.89% above the sector average68.89% above the sector average
Price Trend
85.06% below the market average85.06% below the market average85.06% below the market average85.06% below the market average85.06% below the market average
69.49% below the sector average69.49% below the sector average69.49% below the sector average69.49% below the sector average69.49% below the sector average
Income Not Available
Growth
18.54% above the market average18.54% above the market average18.54% above the market average18.54% above the market average18.54% above the market average
17.65% below the sector average17.65% below the sector average17.65% below the sector average17.65% below the sector average17.65% below the sector average

FME Dividends

No dividends found

Trades for --2024

Time Volume / Share Price
0 @ 0.000p

Top of Page