Future Metals NL (ASX:FME) has reported the discovery of significant mineralised intercepts at its WA 100% owned Panton PGM project as the company launches an update resource estimation.
Assay results from 9 historical previously unsampled drill holes at Panton turned up 60.5m @ 1.25 grams per tonne of Palladium equivalent, or PdEq.
Future Metals' updated JORC mineral resource estimate is to be released in the coming weeks.
The company currently sits on a JORC estimate of 14.32 million tonnes @ 4.89 g/t platinum group metals, and 0.31g/t gold with a 0.27% nickel composition.
The company's project is located some 1km from the Great North Highway which provides access to the Port of Wyndham.
Company management notes the company's upcoming estimate upgrade will include the mineralisation in high grade reefs on-site, as well as further mineralisation struck across the A, B, C and D blocks of the Panton project.
The price of Palladium per tonne has dipped to USD$2,025 this week, with some $200 being written off the price at the start of May.
In March, the price of Palladium per tonne hit over $3,000 per tonne.
Russia is the world's largest producer of Palladium and supply disruption fears drove that surge which saw the price hit $3,160 - the highest on record.
The further introduction of sanctions on Russian imports by the UK has been attributed to a recent climb back to $2,100, but subdued demand from Chinese automakers on the back of lockdowns have kept traders cautious on palladium contracts.
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