Future Metals Maps 15Mt Copper-Nickel-Gold Target at Eileen Bore Prospect
Key Takeaways
- Future Metals has defined a maiden Exploration Target at Eileen Bore Main (EB-Main) of 12Mt–15Mt grading 0.62%–0.86% CuEq, containing an estimated 74,900–128,300 tonnes of contained copper equivalent metal.
- The target is underpinned by four diamond drill holes completed in 2024 totalling 1,195m, with the best intercept returning 30.0m at 1.06% Cu, 0.45% Ni and 1.14 g/t PGM3E from 88.9m in hole EBDD002.
- The interpreted UM1A mafic-ultramafic intrusion spans approximately 500m of strike length, ~130m in plan width and ~166m down-dip, with only ~300m of that strike currently drill-tested.
- RC step-out and down-dip drilling at EB-Main is targeted for CY2027, with step-out holes proposed approximately 100m north and south of current drill limits.
- Eileen Bore is additive portfolio upside — the flagship Panton PGM Project retains strategic primacy, carrying an updated 82.3Mt at 1.6 g/t PtEq resource containing 4.24Moz PtEq as of July 2026.
Eileen Bore Main exploration target takes shape with up to 15Mt of copper-nickel-gold potential
Future Metals NL (ASX: FME) has defined a maiden Exploration Target for the central portion of its Eileen Bore prospect (EB-Main) in Western Australia’s East Kimberley region, quantifying a conceptual range of approximately 12Mt to 15Mt grading 0.35%–0.45% Cu, 0.15%–0.22% Ni and 0.10–0.15 g/t Au, equivalent to 0.62%–0.86% CuEq. The target is conceptual in nature, a Mineral Resource has not been estimated at EB-Main, and there is no certainty that further exploration will result in the estimation of a Mineral Resource.
Managing Director Keith Bowes
“This result adds meaningful copper, nickel and gold exposure to the Company’s exploration portfolio and highlights the broader potential of the Alice Downs Corridor. This gives additional commodity and exploration optionality over time, while our primary focus remains on advancing the Panton PGM Project towards development…”
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Breaking down the Eileen Bore Main exploration target
The Exploration Target was built from the ground up, starting with what drilling has already confirmed and extending into what geology suggests could lie beyond. Here is how the numbers were derived:
- Four diamond drill holes completed in 2024 (1,195m total) confirmed mineralisation continuity at EB-Main, with the best 2024 intercept returning 30.0m grading 1.06% Cu, 0.45% Ni and 1.14 g/t PGM3E from 88.9m in hole EBDD002.
- Three-dimensional geological modelling integrated the 2024 drilling with historical drilling, a 2024 ground gravity survey and lithogeochemical data to define the interpreted prospective UM1A mafic-ultramafic intrusion.
- The interpreted intrusion geometry spans approximately 500m of strike length, ~130m in plan width and ~166m down-dip.
- An indicative drill-tested mineralised envelope of approximately 4.60Mt (constrained by drilling over ~300m of strike) provided the grade basis required under the JORC Code to support the broader target range.
- A bulk density of 3.0 t/m³, derived from measured specific gravity determinations on the 2024 drillcore, was applied to convert the interpreted prospective volume into the 12Mt–15Mt tonnage range.
The full Exploration Target is summarised in the table below.
| Parameter | Minimum | Maximum |
|---|---|---|
| Tonnage | 12Mt | 15Mt |
| Copper | 0.35% Cu | 0.45% Cu |
| Nickel | 0.15% Ni | 0.22% Ni |
| Gold | 0.10 g/t Au | 0.15 g/t Au |
| CuEq* | 0.62% CuEq | 0.86% CuEq |
| Contained CuEq metal (tonnes) | ~74,900 | ~128,300 |
CuEq calculated using indicative spot prices of approximately US$14,511/t copper, US$16,939/t nickel and US$4,473/oz gold (3 September 2026). Assumes 100% recovery and payability for all three metals. No metallurgical test work has been completed. CuEq figures are not indicative of recoverable metal.
Across the Exploration Target range, copper contributes approximately 53%–56% of the CuEq value, nickel approximately 28%–30%, and gold approximately 16%–17%. The potential quantity and grade remain conceptual, and the grades observed in the drill-tested portion should not be interpreted as implying that mineralisation of similar grade extends uniformly throughout the entire target volume.
Understanding magmatic copper-nickel deposits — why geology matters here
Magmatic Cu-Ni sulphide deposits form when metal-rich sulphide liquids separate from magma within mafic and ultramafic (iron- and magnesium-rich) rock intrusions deep in the Earth. These intrusions are the host rocks, and where they carry the right chemistry and structural plumbing, they can concentrate copper, nickel, and gold into economic deposits.
The Alice Downs Corridor fits this geological recipe. It extends approximately 18km within the Halls Creek Orogen, a well-known mineral belt in Western Australia’s East Kimberley, and sits adjacent to the Alice Downs Fault, a crustal-scale structure interpreted to have controlled the emplacement of these intrusions. The source announcement notes that this is the same structural and geological setting that hosts the Copernicus Ni-Cu deposit, and a geological analogue to the settings of the Savannah, Succoth, and Nova-Bollinger Ni-Cu deposits elsewhere in Western Australia. These are referenced as geological analogues only and are not intended as valuation comparisons.
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What’s next for Eileen Bore and the Alice Downs Corridor
Future Metals has outlined a staged exploration programme for EB-Main and the broader corridor. Key planned activities include:
- RC step-out and down-dip drilling at EB-Main, with step-out holes proposed approximately 100m north and south of current drill limits, targeted for CY2027
- All drillholes planned to be PVC-cased to enable downhole electromagnetic (DHEM) surveying, providing an additional means of identifying off-hole conductive responses
- External targeting expertise to be engaged for an integrated review of the full ~18km Alice Downs Corridor, combining geological, geochemical, geophysical and drilling datasets
- An Exploration Incentive Scheme (EIS) co-funding application planned for the drilling programme
- Results to be reported as they are received, validated and assessed
The scope and timing of the programme remain subject to final drill design, drill rig availability and scheduling, land access, heritage clearances, and regulatory approvals. Resource allocation will also reflect the primacy of the Panton PGM Project as the Company’s priority asset.
Panton PGM Project remains the flagship
Eileen Bore represents additive portfolio upside rather than a change in strategic direction. The Panton PGM Project, located 60km north of Halls Creek and 1km from the Great North Highway, remains Future Metals’ core development focus.
In July 2026, Future Metals announced an updated Mineral Resource Estimate (MRE) for Panton of 82.3Mt at 1.6 g/t PtEq, containing 4.24Moz PtEq. The MRE includes 40.0Mt of Indicated Resources at 1.6 g/t PtEq for 2.06Moz PtEq and 42.3Mt of Inferred Resources at 1.6 g/t PtEq for 2.18Moz PtEq. The open pit component comprises 65.1Mt at 1.2 g/t PtEq for 2.58Moz PtEq, while the underground component comprises 17.2Mt at 3.0 g/t PtEq for 1.66Moz PtEq.
With a quantified Exploration Target now in place at EB-Main, Future Metals has a formal framework to guide the next phase of drilling — while keeping the flagship Panton project squarely at the centre of the company’s development plans.
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