First Class Metals #FCM – Quinlan hard rock Lithium Property Earn-In

First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK listed metals exploration company seeking economic metal discoveries across its extensive North West Ontario land holdings is pleased to announce that is has signed an agreement with Broken Rock Resources Limited  (“BRR”) in respect of the Quinlan Lithium Property (“Quinlan”) in NW Ontario.

HIGHLIGHTS

• FCM to acquire, the right to earn 100% of the highly prospective Quinlan Lithium Property from BRR with low execution costs and year one field work commitment . 

• The property holds one of the highest lake sediment lithium values (966.3 ppm- constituting the ‘Nine-Sixty-Six lake sediment’ anomaly) recorded in the Province from an Ontario Geological Survey (OGS) survey.

• The property potential was highlighted by the annual Ontario Thunder Bay OGS Resident Geologist Program (Target 11) ‘Recommendations for Exploration’ publication to be a prime under explored potential new pegmatite corridor. 

• A total number of 98 claims are involved in the transaction with FCM staking 50 claims and 48 claims being optioned from BRR.

• Funding for the execution payment and the first year’s work commitment is currently in place.

Marc J. Sale CEO commented:

“Following the success of Zigzag, FCM has expanded its portfolio by adding a further lithium prospect in what is considered a ‘new’ but fertile area for pegmatite / lithium focussed exploration”.

The Company now holds a significant land package, providing a cost-effective entry into an area that is highly favoured by the Provincial OGS Resident Geologists for its lithium prospectivity.

In line with FCM’s future corporate plans and divestment strategies across the wider portfolio, it is crucial for the Company to maintain a continuous flow of high-quality prospects that can grow in value over time. The acquisition of additional property assets like Quinlan ensures that FCM is well-positioned for future growth and development.

FCM is optimistic about the potential of this new lithium prospect and is committed to actively progressing and exploring its value.”

Table1—Option costs for the Quinlan property

*- These shares are to be issued within 30 days of publishing an FCA approved prospectus.

Background

On August 30, 2023, Liane Boyer (Broken Rock Resources Limited) and Dorothy Campbell (Regional Resident Geologist) visited the Nine-Sixty-Six site, by helicopter. Descriptions of these sites are given below. All UTM co-ordinates reported in this article are in NAD83, Zone 16.

The Nine-Sixty-Six lake sediment anomaly (OGS sample site 1109, Jackson and Dyer 2000b; 287642E 5527869N) was collected from a small lake north of Kashishibog Lake. The sample returned 966.3 ppm Li, 38.57 ppm Rb and 9.53 ppm Cs. The area surrounding site Nine-Sixty-Six is covered by thick till and a few granitic pegmatite boulders were noted and sampled. Most of these pegmatitic boulders are rounded, ranging in size from 0.5 to 2 m, and composed mainly of quartz and feldspar with local minor biotite.

Although no outcrop was found in this area, large outcrops of granitic pegmatite were observed and sampled in an area 2 km to the northwest. These quartz-feldspar pegmatites are buff to white, massive, and mostly coarse-grained to pegmatitic with minor finer grained phases. Coarse-grained magnetite was noted in one outcrop. Historically, the Kashishibog Lake area has seen very little exploration and geological mapping.

According to the Ontario Geological Survey in 1964, vast areas of granite pegmatite dike sheets occur in the vicinity of Sparkling and Mountairy lakes, 12 to 30 km west of Kashishibog Lake, respectively.  The pegmatites are situated near the Western Wabigoon–Winnipeg River terrane boundary and along the northeast-trending regional-scale faults that extend for more than 30 km in the Kashishibog and Awkward lakes area.

Ends

For further information, please contact:

Novum Securities Limited (Financial Adviser)