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#FCM First Class Metals PLC – Exploration Progress 2024 Season
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK listed company focused on the discovery of economic metal deposits across its exploration properties in Ontario, Canada is pleased to provide an exploration update for the work conducted in 2024 field season.
Exploration Programme Highlights
· Gold (Au) results from the stripping channel samples, combined with the completion of the soil sampling programme at North Hemlo, have increased the potential width of gold anomalism along the Dead Otter trend (DOT) to approximately 30m, reinforcing its significance along its >3km strike length. Notably, high-grade grab samples include 19.6 g/t Au and 13.6 g/t Au.
· A review of historical drill core from the Sunbeam property, including TerraX (former claim owner) core, supports the gold anomalism in the host porphyry theory as reported in the 1 February 2024 RNS. https://firstclassmetalsplc.com/announcements/6183576 The analysis highlights a significant 10m+ alteration halo surrounding high-grade intersections, expanding the target zone. Notable historical drill results include Hole 57751, which returned 19.4 g/t Au over 0.63m from 5.33m and 15.17 g/t Au over 1.37m from 21.44m.
· Patterson Grant Watson (PGW) has been commissioned to interpret the magnetic geophysical survey flown in late summer 2024 at the Kerrs Gold Project. The interpretation aims to develop drill targets for the potential expansion of the historical NI 43-101 resource, which currently stands at 7.04 Mt at 1.71 g/t Au for 386,467 oz Au (Inferred, using a 0.5 g/t cut-off grade).
· Building on the success of the 2024 exploration program, a winter work program announced on 23 December 2024 has commenced, featuring lake sediment sampling at the North Hemlo and the extended Sunbeam property, along with a Very Low Frequency (VLF) survey at North Hemlo, aimed at identifying / refining exploration targets and unlocking further potential.
· GT Resources (TSXV: GT1) has applied for exploration permits over their Tyko block, which includes the West Pickle Lake JV, a high-grade nickel sulphide discovery.
Marc J. Sale CEO First Class Metals commented: “The 2024 field season was very much a year of consolidation for FCM in which we advanced both North Hemlo and Sunbeam as well as acquiring the Kerrs gold project. The potential of both the former is still considered significant and work conducted forms a firm basis for further work. The advance of North Hemlo and Sunbeam will be the focus of this year’s field work. With assured funding secured from the Seventy Ninth Group and an enhanced understanding of the geology at our flagship properties, FCM is poised to launch a comprehensive and targeted exploration programme on these key assets in 2025. This robust foundation also enables us to advance satellite projects like Esa and Kerrs, driving our growth and unlocking their full potential”
North Hemlo Exploration geochemistry update:
· Soil sampling at North Hemlo has increased the potential width of the gold anomalism of the Dead Otter trend.
· Strong support from pathfinder elements, particularly molybdenum, similar to that found at the Barrick Hemlo Gold Mine, highlighting the expanding potential of the trend.
· Structural review of the Dead Otter trend planned.
· Winter field work – Lake sediment sampling and Very Low Frequency (VLF) survey over targets in North Hemlo initiated
· GT Resources (TSXV: GT1) has applied for exploration permits over their Tyko block, which includes the West Pickle Lake JV, a high-grade nickel sulphide discovery.
Exploration of the Dead Otter trend was the focus of activities in 2024 on the North Hemlo block of claims. Work included the stripping at three locations (one area subsequently extended) soil sampling in the vicinity of the three stripped areas as well a further prospecting around the 2.3ppm Au sample (a stripped locality).
Gold assay results from the channel samples, as well as the baswate metal values, including additional channels cut at the Dead Otter and 19 grammer showing, have all been received. It is encouraging that most samples are anomalous to highly anomalous in gold, though no values exceeded one ppm (1 g/t). Given the high grades in previous grab samples (see figure 1) and the fact that the Photon assay results validated those grabs it further emphasises the ‘spotty’ nature of the gold reporting and therefore the requirement to fully understand the geochemical distribution of the gold. From the stripping and other field work it is also now believed that a strong structural component exists controlling the gold emplacement, as such a firm structural understanding will greatly enhance the potential success of any drill programme targeting the Dead Otter trend.
Figure 1 shows the original grab samples and the locations of the stripped areas.
Subsequent to the initial stripping and trenching a further short extension and sampling programme was completed at two locations. These results further validate the robust gold anomalous characteristics of the trend. In conjunction with this follow-up programme and prior to the soils sampling orientation survey, prospecting was undertaken in the vicinity of the 2.3ppm sample / trenches. This resulted in further anomalous but sub 1ppm Au results. However, the pathfinder element molybdenum (characteristically associated with the gold at the Hemlo mine) reported high (2290ppb) in the grab samples to the north of the Dead Otter trench, where some of the higher gold in soils were also reported. Additionally, there were anomalous gold in soil samples from the end of the line to the south of the 19 grammer.
Figure 2 showing historic high-grade samples, location of two soil sample orientation areas, with results, indicating a far wider anomaly that originally defined.
Furthermore, the prospecting in the vicinity of the stripped area reported a 0.5ppm (0.5g/t) in a grab sample 30 metres north of the 2.3pppm showing / stripped area and also reported up to 0.43% copper, whilst a second sample anomalous in gold reported 7g/t Ag and 0.33% Cu.
This indicates that the Dead Otter trend as originally targeted could have a greater width or be comprised of more than one sub parallel structures. Irrespective there is mounting evidence that the (gold) anomalism is far wider than originally factored and the potential greater than previously anticipated. The variable locations of the reporting of the gold, copper and molybdenum also suggests metal zonation, again a common factor in mineral deposits.
In order to better understand the structural controls FCM will now finalise discussions with a leading structural geologist to undertake a detailed study of the geological exposure at the stripped areas with the aim of increasing the structural understanding of the mineralisation. This will preface the field work and will allow a focussed exploration of the trend once ground conditions allow access.
In parallel FCM is conducting an ‘in-house’ review of the LiDAR (Light Detection and Ranging) covering the Dead Otter trend to identify any prominent cross structure which might be loci for the gold mineralisation. Integrating the LiDAR with the hi-res. mag. previously flown, the geochemistry and the structural study is expected to help focus the exploration push in the spring.
The work planned will give a better understanding of the geology, structure and mineralisation and will optimise any proposed drilling. This focussed approach will overall save time and costs.
Winter work programme is now underway on the North Hemlo claim block. Emerald Geological Services (EGS) are undertaking a combined lake sediment sampling programme as a follow-up and expansion of a previous programme. In conjunction a Very Low Frequency (VLF) geophysics and magnetic survey will being conducted at up to seven location where anomalous gold in lake sediments returned values up to 103 ppb Au from sampling in 2022 and 2023.
VLF and Magnetic surveying are also planned along the Dead Otter Trend.
The Company, after consultation with Bruce MacLachlan of EGS decided to conduct a Very Low-Frequency (VLF) and magnetic survey, as this would be conducive to mapping out conductors related to faults, alteration and sulphide mineralisation in the area of the anomalous gold in Lake sediments and add important information relating to the structures at the Dead Otter trend.
As VLF surveying can be carried out during the winter on the ice, costs are significantly reduced.
Bruce, CEO of EGS commented: “We look forward to over laying the geophysical results on the anomalous lake sediments and the Dead Otter trend geochemistry to guide the next steps for follow up work”.
Sunbeam Property
· Results from the review of the TerraX core from the Sunbeam property support the gold anomalism in the host porphyry reported in the RNS 1 February 2024 https://firstclassmetalsplc.com/announcements/6183576
· Soil sampling orientation survey at the Roy and Pettigrew and other locations completed
· Winter work will commence next month, including lake sediment sampling on the original Sunbeam property and its extended areas, to refine targets and unlock potential.
Sunbeam property extending over 70km contains three historic development sites: Sunbeam, the most exploited, Roy and Pettigrew. However, along the three known mineralised structures a number of other significant gold bearing sites have been identified, such as Road zone and Rubble. The historic developments as well as the widespread occurrence of gold (along the structures) emphasise the gold endowment of the property and the potential for a major discovery.
Review of Nuinsco and TerraX core
In 2023 stripping and associated grab sampling in the areas of the Roy and Pettigrew developments on the Sunbeam property identified anomalous (4.98 g/t Au over 0.5m) in the ‘host’ / wall rock porphyry. This discovery was an important development in the exploration on the Sunbeam property. Whilst it is known that the quartz veining variously hosted by sheared mafic volcanics contains significant gold (one Nuinsco drillhole sample reported 93.3g/t over 0.44m), the gold bearing potential of the porphyry was not documented.
Through dedicated efforts, a majority of the modern core drilled by TerraX at the Sunbeam property from multiple sites was successfully located. All the core has now been (re)logged, photographed and is now securely stored under FCM control. This asset will be invaluable as we advance the property’s exploration.
During the review of the Nuinsco and TerraX core samples were collected from Nuinsco holes, as the TerraX holes were more thoroughly sampled in the past. Including standards and blanks 80 samples were collected of intervals deemed to be significantly altered and mineralized, or adjacent to intervals which returned anomalous historical gold results, (>50 ppb Au generally considered to be anomalous).
A combination of new and historic results highlights the presence of relatively wide zones of low-grade gold.
Roy zone
· From 38m 0.71g/t Au over 13.8m
· From 41.0m 0.43g/t Au over12.3m
WN2 zone
· From 28.8m 0.33g/t Au over 11.8m
AL198 Zone
· From 63.3m 0.30g/t Au over 10.3m @63.3m.
Rubble Zone
· From 20.3m 0.61g/t Au over 12.3m.
Pettigrew
No new samples were taken from Pettigrew, (Nuinsco did not undertake any drilling there) however historic results by TerraX confirm that there are high grade intersections:
· Hole 57751: 19.4 g/t Au over 0.63m at 5.33m and 15.17 g/t Au over 1.37m at 21.44m
The ‘new’ and historic zones when considered with the known high grade gold intersections both in drill hole and in the stripping, combined with the robust nature of the three mineralised structures makes the Sunbeam property a significant district scale target.
Sunbeam Soil Sampling
Late in the 2024 season, a soil sample orientation programme was complete over several of the historic gold developments. The rationale was, based on the gold identified in the host porphyry, to see whether assaying soil samples in lines orthogonal to the trends would highlight wider areas of increased anomalism which could then be explored by ground prospecting and stripping where permitted, see Figure 3 for the location of the soil survey areas and results. Considering this was an orientation survey the results indicated areas of Au anomalism not previously identified as well as indicating that some of the classic pathfinder elements, such as arsenic (As) copper and lead (Pb) require further modelling.
Figure 3 showing the major mineralised structural trends, historic developments, as well as the locations of the mini grid orientation soil sample lines, note the cohesive anomaly at Roy.
A property / trend wide soil sampling programme is planned, this will increase the geochemical understanding, potentially identify further zones along the trends warranting invasive exploration, possibly drilling. Certainly, it will be a far more cost effective method of exploration than premature drilling.
However, the soil results from the area around the Roy development already support further drilling between the historic drill holes of the 80’s
Winter work programme:
FCM has commissioned EGS to undertake a lake sediment sampling programme this winter.
It is anticipated to commence next month and be completed with results returned for designing additional exploration work later this season.
The impetus of the exploration on the Sunbeam property will be the follow up of the soil survey, but the lake sediment programme will be the first sampling conducted by FCM on the extension claims on the property. To date data review has not revealed much if any historic work in this area. Figure 4 shows the proposed locations of the lake sediment samples. A number of ‘reference’ samples are also proposed around the historic developments in order to gauge the levels of anomalism from the new work.
Figure 4 showing the mineralised trends on the Sunbeam property and with the locations of the proposed lake sediment samples.
Advances on other properties
· FCM has contracted PGW of Toronto to undertake the interpretation of the recently flown low level hi-resolution geophysical data over Kerrs Gold Property. This work is anticipated to take several weeks.
· FCM is also in discussion with the owners of the Kerrs Gold drill database that would allow a review of the NI 43-101 resource.
· FCM understands that GT Resources, the owner of the vast Tyko property and 80% Joint Venture partner on West Pickle Lake is involved in ‘negotiations between themselves, the relevant First Nations and the Ontario government’. Meanwhile FCM understands that several Exploration permit applications across the block have also been lodged.
· The Esa soil anomaly will be further appraised with infill lines intended to identify sites for stripping. In the north around the ‘Hemlo look alike sample’ of 0.7ppm and extending further north it is proposed a ‘glacial till’ sampling programme is undertaken.
· FCM is also investigating metallurgical (benefaction) studiers on the core from the Zigzag hard rock lithium discovery.
· A significant development at the Quinlan Property has occurred, as four centrally located claims, previously held by a third party, have now lapsed and been successfully staked. As a result, these claims have been reintegrated into the terms of the existing option agreement. This development ensures that exploration activities can proceed without obstruction, as these claims are no longer under external ownership.
Other field work activities are currently in the planning stage and will be reported on as appropriate.
For Further Information:
Engage with us by asking questions, watching video summaries, and seeing what other shareholders have to say. Navigate to our Interactive Investor hub here:
https://fcm-l.investorhub.com/link/MP7o0P
For further information, please contact:
James Knowles, Executive Chair
Email: JamesK@Firstclassmetalsplc.com
Tel: 07488 362641
Marc J Sale, CEO
Email: MarcS@Firstclassmetalsplc.com
Tel: 07711 093532
Novum Securities Limited (Financial Adviser)
David Coffman / George Duxberry
Website: www.novumsecurities.com
Tel: (0)20 7399 9400
Axis Capital Markets (Broker)
Lewis Jones / Ben Tadd
Website: Axcap247.com
Tel: (0)203 026 0449
#FCM First Class Metals PLC – Operations Update – Field Work Commenced
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK listed metals exploration company seeking economic metal discoveries across its extensive land holdings, remains focused in northern Ontario, Canada, is pleased to announce that field work is now underway.
Highlights
- Sunbeam property, porphyry focus:
o review and sampling of the Nuinsco core.
o review of historic TerraX core approximately 1,500m.
- Instructed Prospectair to commence a High-resolution magnetic survey of the Kerrs Gold property block.
- Zigzag Critical Metals Property-Exploration Permit application submitted.
- Ontario Junior Exploration Programme, (OJEP), application submitted for work on the North Hemlo Property.
.
- Reconnaissance trip to the Quinlan lithium property.
- Planning for stripping programme at the Dead Otter trend, North Hemlo.
- Prospecting at Coco East
Marc Sale First Class Metals CEO Commented:
“I am, as ever, enthusiastic with the speed at which FCM has started the field season, all thanks to EGS support. The review of the Sunbeam Property core, the geophysics survey over Kerrs and the preparation for work at Dead Otter herald an exciting field season for First Class.”
Sunbeam Property historic core review
Whilst a review of the Nuinsco core was previously conducted by FCM through Emerald Geological Services (EGS), the identification of reportable gold values in the host rock – a felsic porphyry, has significant upside for a radicle re-rate of the potential for additional mineralisation on the Property. Accordingly, after exhaustive searching EGS located the TerraX core. TerraX undertook several short drill campaigns over many of the prospects on the Sunbeam property.
Background:
In 2010, TerraX drilled five diamond drill holes (SP10-01 to SP10-05) totalling 661.5m in the Pettigrew area. The first four holes targeted chargeability highs from an IP/Resistivity survey, results were anomalous but not ‘high grade’. The main structure was not drilled.
In 2011, TerraX drilled three holes (SP11-06 to SP11-08) spaced 50 m apart along the trend of quartz vein system and the mineralised zone encountered by Nahanni, the ‘Road Zone’. (In 1982, Nahanni Mines drilled an intersection at the Road zone of 4.8 g/t over 8.5m, including 15.8 g/t Au over 1.8m). The alteration zone in TerraX hole SP11-06 returned an intersection 1.11 g/t Au over 13.90 m.
At the WN12 occurrence, early 2012, three holes (SP12-14 to SP12-16) were drilled. The first two holes tested the 65m intermittently mineralised stripped outcrop with hole SP12-15 intersecting 18.0 g/t Au over 0.95m in the footwall zone.
At Roy, two holes, SP11-12 intersected 4.01 g/t Au over 1.85m. SP11-13 intersected 1.05 g/t Au over 3.78m, see figure 01.
Figures 01, TerraX core from the Roy zone showing gold grade in the porphyry ‘wall rock’.
The stripping at the Roy zone reported high grade gold intersections as well as gold in the porphyry, highlights previously reported:
- Results from the stripping at Roy have confirmed high grade gold assays up to 18.8 g/t gold (Au) / 0.3m channel sample at Roy.
Other highlights include:
- 6.27 g/t Au channel / 0.35m in mafic schist with quartz veinlets;
- 4.98 g/t Au channel / 0.5m in sheared porphyry; and
- 5.58g/t Au channel / 0.5m within a quartz vein.
The total number of samples for assay (with blanks and standards) will be in the order of 90+ samples, over 80 being new half core samples
Kerrs Gold property
Prospectair have been commissioned to undertake a low level hi-resolution magnetic survey over the property in late June / July.
The survey will be carried out with 50m traverse lines oriented in order to properly map the dominant magnetic/geological strike. Control lines will be flown perpendicular to traverse lines and at a 500 m line spacing. This gives a total survey distance of 736 l-km.
The road accessible Kerrs Gold Deposit consists of 36 units totalling approximately 665 hectares and lies 90 kilometres east-northeast of Timmins, in the Larder Lake Mining Division.
Geologically the Project is located in the Abitibi Greenstone Gold Belt. Initially drilled in the 1980’s, with further drilling in the early to late-2000’s and early 2011. The drilling database was used to calculate the 2011 historic resource estimate, with further drilling completed after the release of the estimate, see figure 02.
Figure 02 at property scale showing the significant historical sampling as well as the drill grid.
The Kerrs Gold deposit is considered a stratabound deposit, occurring at the contact of a thick, mafic pillow flow sequence overlying an ultramafic, magnetite-rich flow sequence. Drilling has traced the main zone eight hundred metres and remains open in both directions and at depth.
Gold mineralisation occurs as pyritized quartz vein replacement breccias enveloped by quartz fuchsite carbonate vein breccias averaging approximately 10m and alteration envelopes varying up to 40 m in thickness.
The Kerrs Gold historical resources estimate of 386,467 Oz Au was disclosed in “NI 43-101 Resource Estimation on the Kerr’s Gold Deposit, Matheson, Ontario” prepared for Sheltered Oak Resources Inc. by Garth Kirkham, P. Geo of Kirkham Geosystems Ltd. And dated June 10, 2011.
The Kerrs historic estimate is an inferred resource as defined in National Instrument 43-101. The table below shows the potential ounces with differing cut of grades. FCM would look at remodelling the resource in order to identify higher grade envelopes for targeting in any proposed future drilling.
| Kerrs Resources
Estimate Cut-Off Grade |
TONNES | GOLD (g/t) | Metal
(OZ.) |
| 0.5 | 7,041,460 | 1.71 | 386,467 |
| 1 | 5,237,213 | 2.04 | 342,856 |
| 1.5 | 3,375,361 | 2.47 | 268,468 |
| 2 | 1,936,189 | 3.04 | 188,972 |
| 2.5 | 1,165,664 | 3.57 | 133,778 |
| 3 | 818,171 | 3.94 | 103,622 |
Zigzag Exploration Permit
The updated exploration permit (“Permit”) for the Zigzag property has been submitted to the Ontario Ministry of Mines with the full support of Whitesand First Nation community.
The new Permit will allow further stripping and drilling along the main trend both to the easy and west of the ‘core 400m zone’. Importantly it will also allow initial stripping and if warranted allows for drilling on the southern, possibly subparallel trend.
Highlights from the pre-Christmas drilling included:
- Assay results from the recent drill programme are in line with and exceed the channel sample results.
- Selected highlights include:
- ZIG-23-01 4.3m @ 1.65% Lithium (Li20) including 1m at 2.93%
- ZIG-23-02 5.0m @ 1.5% Li20 including 0.2m @ 5.19% and 5.75m @ 0.21% Rb20
- ZIG-23-07 6.5m @ 1.09% Li20 including 0.5m @ 2.76%
- Elevated grades of several key technology critical metals present including: gallium (Ga), rubidium (Rb20), caesium (Ca) and tantalum (Ta).
- Significant upside for the expansion of the geochemical envelope along strike in both directions and down dip.
Ontario Junior Exploration Program (OJEP) 2024 Intake
The recently opened (8 May 2024) intake for OJEP closed on 5 June 2024. FCM has successfully submitted an application for the grant with the focus being the auriferous Dead Otter trend on the flagship North Hemlo property. FCM has twice been awarded the maximum OJEP grant of CAD$200,000.
Quinlan lithium prospect
The Quinlan property, containing ninety-eight claims covering about 20km2 is the subject of an earn in Option to Purchase agreement with Broken Rock Resources. The property contains an extremely anomalous lithium value from a lake sediment sampled collected during a government sampling programme. EGS recently undertook a reconnaissance exercise in order to ascertain the possibility of ground access rather than a helicopter supported field campaign.
Dead Otter trend, North Hemlo
The Dead Otter trend on the North Hemlo claim block extends for 3km from the historic showing in the northwest (3.1ppm Au and 0.59% Mo) to the ’19 grammer’ in the southeast. Other gold occurrences as well as anomalous ‘pathfinder’ elements are reported along thee 3km strike. The structure is discontinuous as outcrop is intermittent.
Figure 03, the Dead Otter trend at North Hemlo with the significantly anomalous geochemistry along 3km of strike.
FCM plans to undertake a stripping programme in the area of the Dead Otter showing, the ’19 grammer’ as well as one or two locations along strike.
Given the potential for ‘coarse gold’ in the Dead Otter sector of the structure FCM is identifying up to thirty samples for photon assay for gold with ALS Thunder Bay.
Other activities
McInnes Lake
EGS has elected not to continue with the Earn in Option over McInnes lake. After discussions FCM has agreed to cease negotiations.
Coco East
FCM also intends to undertake a reconnaissance / prospecting programme in the northern sector of the Coco Este property where we interpret the metalliferous belts extends from the west on to the property.
For further information, please contact:
|
James Knowles, Executive Chairman |
07488 362641 |
|
|
Marc J Sale, CEO |
07711 093532 |
Novum Securities Limited
(Financial Adviser)
|
David Coffman/ George Duxberry |
www.novumsecurities.com |
(0)20 7399 9400 |