OCTAVA ENTERS EXPLORATION JV WITH FUTURE METALS OVER THE EAST KIMBERLEY NI-CU-PGM PROJECT
In January 2023, Octava announced that Octava Minerals Ltd and Future Metals NL have entered into an agreement providing Future Metals with a right to earn up to 70% interest in the Panton North and Copernicus North tenements, with Octava free-carried through to a decision to mine, by sole funding a minimum of A$2m of exploration and development over the next four years. Octava will also receive approximately $600,000 in Future Metals shares.
Future Metals are advancing their 100% owned flagship Panton Ni-Cu-PGM Project immediately to the south which has a current JORC Mineral Resource of 5.0Moz palladium, platinum and gold (“PGM3E“) and 238kt Ni.
Octava’s Managing Director Bevan Wakelam stated, “We are extremely pleased to have established this exploration joint venture with Future Metals which is a great outcome for both parties. Octava expects to benefit from Future Metals’ expertise in Ni-Cu-PGM sulphide exploration, together with its well-established infrastructure in the region, while the farm in provides Future Metals with additional highly prospective ground immediately adjacent to their significant JORC Mineral Resource.”
The East Kimberly Project comprises two tenements, the Panton North project and the Copernicus North project located in the Halls Creek Orogen, a Tier 1 nickel sulphide – PGM province. Both projects host ultramafic basal cumulates with strong nickel and copper geochemistry and with chonolith drill targets prospective for nickel sulphide and PGM mineralisation.
The Panton North project covers several nickel – copper and PGM prospective mafic-ultramafic
intrusions and is located immediately north of the Panton Sill PGM resource (5.0Moz PGM3E and 239kt Ni and 20kt Co) held by Future Metals Ltd (FME) and covers extensions of this same stratigraphy. In the western area of the tenement, a prospect called Panton West has been outlined with soil geochemistry with strongly anomalous values for palladium, nickel and copper. This geochemistry indicates a possible nickel sulphide environment and has not previously been drill tested.
The Copernicus North area is located to the north of the former Copernicus open cut nickel mine, and ~30km south of the operating Savannah nickel-copper-cobalt mine, held by Panoramic Resources (ASX:PAN). The Copernicus North area contains a gossanous and highly anomalous pyroxenite, with a strong nickel and copper geochemical anomaly and prospective for Copernicus style mineralisation. Geochemistry and aeromagnetic data show that there is a 2km potential strike of a pyroxenite / ultramafic unit within the Tickalara Metamorphics.