Future Metals starts diamond drilling programme at Eileen Bore

9th Oct 2024 09:59

(Sharecast News) - Future Metals announced the start of a diamond drilling programme at its wholly-owned Eileen Bore Prospect on Wednesday, aiming to extend known zones of copper and nickel mineralisation.

The AIM-traded firm said the initial programme would cover about 1,200 metres, and was designed to follow up on historical drilling results that identified significant mineralisation.

Previous drilling at Eileen Bore revealed wide intersections, including 120 metres at 0.73% copper, 0.29% nickel, and 0.86 grams of platinum group metals per tonne from surface, and 96 metres at 0.70% copper, 0.29% nickel, and 0.78 grams of platinum group metals per tonne from 24 metres depth.

The programme would focus on expanding these known zones, which remained open at depth, and would also test an undrilled anomaly located about one kilometre to the east.

Future Metals said it marked the first drilling activity at Eileen Bore in over 20 years, with the new campaign aiming to confirm and expand the prospect's potential, particularly with nickel-copper sulphides identified at surface adjacent to the bore.

"First drilling by Future Metals at our Eileen Bore Prospect is an exciting step forward for the company and follows a thorough process to secure the requisite heritage clearance approvals," said chairman Patrick Walta.

"Topdrill have now mobilised to site and drilling is underway."

Walta added that the initial programme was targeting confirmation and the potential extension of historical copper-nickel-platinum group metals mineralisation at Eileen Bore, located within the Alice Downs Corridor.

"Eileen Bore is located less than 15 kilometres northeast to the company's existing flagship Panton PGM Project and provides significant scope for secondary ore feed to potential future operations."

At 0837 BST, shares in Future Metals were up 5.95% at 0.98p.

Reporting by Josh White for Sharecast.com.