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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 on the Coco East base / precious metal property is now underway.
Highlights
· Field work has commenced on the Coco East property, base metal potential
· The Earn-in deal with OnGold Invest Corp (“OnGold”) has been renegotiated, FCM has now acquired 100% of the property as a result the exploration work commitment has been removed.
Marc Sale First Class Metals CEO Commented:
“In true FCM fashion we are endeavouring to put as much of the available funds ‘into-the-ground’, though gold prices are soaring the Coco East property has real potential for base metals. However, the very anomalous gold in lake sediment samples on the OnGold property constitute a significant target which too demands follow-up when appropriate.’
Coco East
The Coco East block of 30 single cell claims covering ~6.3km² situated about 25km north of the town of Terrace Bay. Geologically the property is on the eastern sector of the Big Duck Lake Porphyry. The Big Duck Lake Porphyry contains a number of historic showings as well as the Coco Estelle gold deposit.
The one showing located within the Coco East property boundary, the Big Birch occurrence, where two pits are reported with a 5m spacing, striking east-west. The main pit exposes a 10cm-wide quartz and calcite vein and contains pyrite and possible chalcopyrite mineralisation; historic assay results have returned values of 0.56 g/t Au and 2.83 g/t Ag
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Figure 01 Showing the regional setting of the Coco East claim block with Ontario Mineral Index (OMI) showings.
During the 2022 field season, FCM collected 47 rock samples predominantly in the area of the Big Birch occurrence and historical drilling. Over the winter of 2022/23 six lake sediment samples were collected, Assays returned gold and silver grades that were generally in order of the historic samples,
Figure 02 Showing the main target areas, southern sector being gold and northern base metals.
The Coco East property not only has potential for precious metal targets but also base metals. The geophysical anomaly in the northern sector has been interpreted as a potential eastern continuation of the ‘zinc belt’ from the Winston Lake area.
The Winston Lake Mine closed at the end of the 1990s due to low zinc prices. The Winston deposit was mined between 1988 and 1998, producing approximately 3.3 million tonnes of 14 per cent zinc and one per cent copper.
Today, the critical mineral is hovering between US$2,500 and US$3,000 per tonne. Zinc is in demand for renewable energy technologies in wind, solar and battery storage, as well as for the galvanizing, construction and automotive sectors.
A mine feasibility study published in 2022 shows 2.35 million tonnes at 17.9 per cent zinc and 0.9 per cent copper. There are also some precious metals in the mix, including one million gold equivalent ounces at 13 grams per tonne. Source- Metallum Resources: NPV(8) increases to C$383M(1,2) with average EBITDA of C$102m pa(3) for Superior Lake Zinc Project – Junior Mining Network
The focus of the current field exploration programme will be the geophysical anomaly in the northern sector.
OnGold
The project is located roughly 21km southeast from the town of Manitouwadge, Ontario comprising of 163 single cell mining claims covering about 34km2. Limited previous exploration has been focussed to investigate several discreet magnetic anomalies thought to be associated with Ni-Cu-PGE mineralised mafic-ultramafic intrusions. Similar rock types comprise the Tyko, RJ, Smoke Lake and the recently discovered West Pickle massive sulphide discovery, see link below to the full report:
https://www.geologyontario.mndm.gov.on.ca/mndmfiles/afri/data/imaging/20000021101/20000021101_01.pdf
The 103ppb Au lake sediment sample collected by Emerald Geological Services ‘EGS’ in the winter of 2022/23 also now shows the gold potential of the area.
Figure 03 showing the extended North Hemlo claim block with the contiguous 100% owned OnGold claims.
FCM, as part of the due diligence process, conducted an extension lake sediment sampling campaign in April to March 2023 extending from the wider North Hemlo sampling programme. The initial results from this campaign have reported gold grades of up to 103ppb.
Bruce MacLachlan, Principle of EGS was quoted in a previous press release as saying, “To the best of our knowledge the 103ppb Au Lake sediment value is the highest lake sediment value collected in the Hemlo Belt outside of the deposit area”.
While at a very early stage, these initial results are extremely encouraging and add to the potential for the prospectivity of the property.
Figure 04 Showing geophysical targets identified by OnGold as well as location of the lake sediment samples with the very anomalous 103ppb Au result.
The terms of the revised Agreement, which is now a Purchase Agreement, not Earn-In as the property is now 100% controlled by FCM and the annual work requirements are removed:
Structure of Deal
FCM has assumed 100% of the claim block constituting the ‘OnGold deal’, being the previous executed Agreement.
· The claims cells will be transferred to First Class Metals Canada Inc.
· The existing 2% NSR on southern block with 50% buy back for $500k, remain as is but the buy back is transferred to FCM.
· OnGold to be granted a 2% NSR on northern block with 50% buy back of $500k.
· OnGold to be granted £100k shares in FCM subject to the publication of an FCA approved prospectus.
The amendments made to the original deal are advantageous for FCM, as they grant the company 100% control over the property. This development, if further exploration success ensues, is expected to significantly bolster future value potential as complete ownership will be retained solely by FCM.
The original deal is detailed in the RNS published 14 June 2023 polaris.brighterir.com/public/first_class_metals/news/rns/story/xlkm7gw
Admission of Shares
The Company has become aware that 300 ordinary shares of 0.1p each (“Shares”) that were issued in connection of the exercise of warrants announced on 23 January 2023, were not admitted to trading.
Application is therefore being made for 300 Shares to be admitted to trading on the Main Market of the London Stock Exchange which is expected to be on or around 1 July 2024. These shares rank pari passu with the existing Shares of the Company.
Following the issue of the 300 new Shares, the Company’s issued ordinary share capital shall consist of 82,046,029 Shares. This figure of 82,046,029 represents the total voting rights in the Company and should be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure Guidance & Transparency Rules.
Ends
For further information, please contact:
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James Knowles, Executive Chairman |
07488 362641 |
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Marc J Sale, CEO |
07711 093532 |
Novum Securities Limited
(Financial Adviser)
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David Coffman/ George Duxberry |
www.novumsecurities.com |
(0)20 7399 9400 |
Kavango Resources plc (LSE:KAV), the Southern Africa-focused metals exploration company, is pleased to announce that it will today post a copy of a notice of general meeting (the “General Meeting Notice” or “Circular”) and form of proxy for the general meeting to shareholders. The general meeting is to be held at 11 a.m. on 25 October 2023 at the offices of the Company’s Solicitors, Druces LLP, Salisbury House, London Wall, London EC2M 5PS (the “General Meeting”). The Company will also make these documents available to download from the Company’s website (www.kavangoresources.com).
In accordance with Listing Rule 14.3.6 of the UK Financial Conduct Authority (“FCA”), a copy of the General Meeting Notice will be submitted to the FCA via the National Storage Mechanism and will shortly be available to the public for inspection at:
https://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism
Background
The General Meeting Notice will be published and posted to shareholders today, together with a form of proxy, providing notification of the General Meeting to consider the resolutions set out below.
Resolutions have been tabled to (i) seek approval from independent shareholders of a waiver in accordance with Rule 9 of the Takeover Code (Whitewash) in relation to the Stage 2 Subscription (as announced on 09 May 2023), (ii) issue and allot, or grant rights to subscribe for or convert any securities into the Stage 2 Subscription Shares, and to (iii) allot equity securities (as defined in section 560(1) of the Companies Act 2006) for cash in respect of the Stage 2 Subscription Shares on a non-premptive basis.
Further information in respect of Kavango and its business interests is provided on the Company’s website at www.kavangoresources.com and on X (formerly known as Twitter) at #KAV.
For further information please contact:
Kavango Resources plc
Ben Turney
+46 7697 406 06
First Equity (Broker)
+44 207 374 2212
Jason Robertson
Power Metal Resources plc (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an insider Non-executive Director options update.
Insider Option Update
Scott Richardson Brown (POW Chairman) and Ed Shaw (POW Non-executive Director) (together the “Directors”) previously received 5,000,000 options each to acquire new ordinary shares in the Company of 0.1p at an exercise price of 1.0p (“Director Options”). The Director Options had an original expiry date of 19 February 2023 (“Exercise Date”).
The Directors were unable to exercise the Director Options for an extended period of time and an exercise of the Director Options is precluded at this time due to a close period in respect of the planned release of the Company’s Financial Accounts for the year ended 30 September 2022 and due to information held in respect of various corporate and exploration work programmes which includes but is not limited to:
§ Exploration data and interpretation in respect of the:
– completed drill programme at the Molopo Farms Complex in Botswana,
– ongoing exploration at the Tati Gold Project in Botswana,
– ongoing drilling in the Victoria Goldfields;
§ Ongoing activities in respect of planned disposals including spin-out IPOs.
§ Other corporate activities.
Director Option Extension
Recognising the Directors are unable to exercise the Director Options, the Company has granted a six-month extension to the Director Options to a new Exercise Date of 19 August 2023 (the “Option Extension”).
Related Party Note
The extension of the exercise date for the Director Options held by Scott Richardson Brown, and Ed Shaw as outlined above, have been treated as a related party transaction pursuant to AIM Rule 13 of the AIM Rules for Companies.
Paul Johnson and Owain Morton, being the independent directors for the purposes of the Option Extension consider, having consulted with the Company’s nominated adviser, SP Angel, that the extension of the expiry date to 19 August 2023 of the Director Options held by Scott Richardson Brown and Ed Shaw, to be fair and reasonable insofar as the Shareholders are concerned.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
January 2023 Investment Review – Alan Green talks to Ken Baksh. Covering global markets, trends for 2023 and expected developments, the interview is published in conjunction with Ken’s investment report here
Ken’s outlook is best summarised with ‘Ken’s Tens’.
• Keep an overweight position in renewable/infrastructure, especially in investment trust (page 21).
• Favour value over growth generally-trade has further to run.
• Stay neutral/overweight in UK equities relative to your benchmark (page15).
• Overweight Far East,including China,Japan and other Asia (pages 16-19).
• Start switching large cap to small cap-valuation/performance.
• Start diversifying away from strong dollar.
• Overweight uranium relative to your commodity benchmark (page 21).
• Amongst UK sectors overweight telecom, health equipment, defence, tobacco and energy (pages 13-14),”not too ESG friendly,I am afraid”.
• Amongst UK sectors underweight luxury, motor related, most capital goods, consumer brands and food retail (pages 13-14).
• Within UK Fixed Interest prefer corporate bonds, preference shares, and zeroes to conventional gilts (page 21)-start rebuilding some fixed interest exposure,especially for cautious and balanced risk profiles.
Alan Green talks to Tertiary Minerals #TYM Chairman about the full year results and progress to date. Patrick looks at the group’s Zambia operations, including the Jacks Copper Project, and looks at the collaboration with multi billion dollar copper giant First Quantum Minerals #FQM in regard to Tertiary’s Mukai and Mushima North projects. We then look at Lubiula and Konkola West projects, before moving onto the group’s Brunton Pass Copper project in Nevada, USA. Patrick then looks at potential trigger points for the Tertiary share price and valuation ahead of a busy 2023.
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ising inflation and economic uncertainty after UK inflation hit 11.1% with milk and cheese costs and main element of the higher prices.
A scenario where UK inflation is rising and US inflation falling presenting an interesting set of trading possibilities, some of which we explore.
#SSE SSE are investing 4x their profits in improving their infrastructure after benefitting from higher energy costs. We run through SSE’s latest half year report.
#FIPP Frontier IP Group invest in cutting-edge technology companies including waste management, battery storage, foodtech, robotics and agritech. We look at their recent developments.
We finish the Podcast by looking at the sharp increase in #POLB Poolbeg Pharma shares.