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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
First Class Metals #FCM – Dead Otter Gold Trend
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.
This update follows on from the news release of 24 July 2024 in which FCM announced the ‘upgrade’ of the Dead Otter trend within its 100% owned North Hemlo Property to a high-profile target. The planned stripping and channel sampling at three locations along the 3.7 km strike identified, has now been successfully completed.
EXPLORATION PROGRAMME HIGHLIGHTS:
- Stripping and channel sampling have been completed at three locations along the Dead Otter trend
- Extensive channel sampling at the 19gramme location.
- 18 channels cut for 70 samples.
- Channel samples are currently being analysed at a laboratory in Thunder Bay.
- First assay results are expected within the month, with subsequent batches of additional results to be received over the coming weeks. Further market updates will be provided as results are received, analysed and interpreted and verified if required.
- Results of 25 total Fire assay of selected 2023 season pulps received
- In addition to the channel sampling in August, 127 coarse residues from the highly successful 2022/23 sampling programs were submitted for Photon assay.
Marc J. Sale CEO First Class Metals Commented:
“The exploration work on the Dead Otter trend continues to deliver positive results, visually the channels cut show that the 19 grammer is potentially not an isolated high-grade occurrence. The anticipated results from the stripping / sampling will allow a decision to drill specific locations and to expand the footprint of the mineralised structure with additional stripping along strike.”
FURTHER INFORMATION
Dead Otter Trend
- The Company has confirmed the presence of a discontinuous 3.7km long gold trend at Dead Otter (open along strike so potentially larger) in the south of the North Hemlo Property.
- North Hemlo property covers ~90km² and contiguous with the OnGold property, 35km² and contains the GT Resources JV over West Pickle Lake 7km².
- The Property is only 20km north of Barrick’s Hemlo 23 million ounce gold (“Au”) mine.
- The structure forming the Dead Otter trend is considered to be subparallel to a district scale structure identified in the magnetics that has similarities to the structure hosting the Barrick Hemlo gold mine, see Figure 1; furthermore, the Dead Otter showing contains significant molybdenum, also a characteristic of the Hemlo mineralisation.
- Visible gold has been observed in multiple grab samples from the Dead Otter trend, a grab sample reported 19.6g/t Au with a 13.6g/t Au sample in the near vicinity.
- Exploration Permit covering the North Hemlo block, including the 3.7km gold trend at Dead Otter was granted in November 2023 and is valid for three years. The permit allows mechanical stripping and diamond core drilling, and a drilling operator has successfully reviewed site logistics and access for a diamond drill rig.
- The Company believes that this work programme will be the last exploration step that should be required for delineation of actual drill hole locations.
Figure 1 showing the district setting with the vast Barrick Hemlo gold mine on the south limb and the Dead Otter trend on FCM’s 100% owned property containing the high grade ‘19gramme’ location.
North Hemlo Exploration Progress:
A field team, working from Manitouwadge spent five weeks supervising the clearing and then the channel sampling in three distinct locations on the Dead Otter trend.
An access trail was cleared to each area which was then stripped – the removal of the soil and vegetation (over burden). Then the bare rock was pressured washed before the geologist mapped and marked out the samples for diamond saw cutting.
At the 19 grammer, 10 separate channels were cut up to 3.1m for a total of 55 samples.
At the historic showing which reported 3.1 g/t gold (Au) and 0.59% molybdenum (Mo), three channels were cut for cumulative 5 samples.
At the 2.3g/t ‘showing’ 750m to the southeast a further 5 channels were cut for 10 samples. Trenches were cleared over the 2.3g/t location as well as 25m to the east and west.
See figure 2, below for relative locations of channels
Figure 2, showing the Dead Otter trend with details of the location of the channels and samples
Channel Sampling Process Detailed
Channels samples are taken by cutting two parallel diamond sawn ‘groves’ in the rock up to 4cm deep and 4cm wide. The rock between the cut grooves is then chipped out bagged, see figures 3 to 9 for a sequential account of the stripping / sampling process.
The programmes were extended at the 19 gramme location with a significant increase in the number of samples taken, in line with previous announcements of the expanded stripping programme.
Figure 3 initial stages of ‘stripping’: mechanical removal of overburden
Figure 4 overburden removed, bare rock – outcrop revealed
Figure 5 washing off the soil to clean outcrop
Figure 6 The cleaned outcrop is mapped and ‘marked-up’ for cutting samples
Figure 7 cutting samples with diamond saw.
Figure 8 showing two parallel cuts for sampling
Figure 9 collecting and bagging samples
The results from 25 ‘total pulp assay’ whereby up to 500g was assayed, as compared to the standard 50g Fire Assay, have been received. The results validate and, in some cases, have enhanced the original results. These pulps were submitted as FCM believes there is the potential for ‘coarse gold’ at Dead Otter.
Whilst the ‘total pulp’ assays confirm the previous assays the coarse gold situation is still not addressed. Hence over 100 samples from the 2022/23 programme were submitted for Photon Assay, these results are anticipated shortly.
The initial results from the completed stripping programme are expected within the month with further announcements as deemed appropriate. Depending on the findings of the Photon Assay results selected samples will be re assayed using this methodology.
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 Chairman | JamesK@Firstclassmetalsplc.com | 07488 362641 |
| Marc J Sale, CEO | MarcS@Firstclassmetalsplc.com | 07711 093532 |
Novum Securities Limited (Financial Adviser)
| David Coffman/ George Duxberry | www.novumsecurities.com | (0)20 7399 9400 |
Axis Capital Markets (Broker)
| Lewis Jones/ Ben Tadd | Axcap247.com | (0) 203 026 0449 |
NOTES TO EDITORS
Qualified Person
The technical disclosures contained in this announcement have been drafted in line with the Canadian Institute of Mining, Metallurgy and Petroleum standards and guidelines and approved by Marc J. Sale, who has more than 30years in the gold exploration industry and is considered a Qualified person owing to his status as a Fellow of the Australian Institute of Mining and Metallurgy.
First Class Metals PLC – Background
First Class Metals listed on the LSE in July 2022 and is focused on metals exploration in Ontario, Canada which has a robust and thriving junior mineral exploration sector. In particular, the Hemlo ‘camp’ near Marathon, Ontario is a proven world class address for gold exploration, featuring the Hemlo gold deposit operated by Barrick Gold (>23M oz gold produced), with the past producing Geco and Winston Lake base metal deposits also situated in the region.
FCM currently holds 100% ownership of seven claim blocks covering over 180km² along a 150km strike of the Hemlo-Schreiber-Dayohessarah greenstone belt, exploring for gold, base metals, and rare earth element mineralization. In addition, FCM is carrying out a joint venture with Palladium One on the West Pickle Lake Property in the region, a drill-proven ultra-high-grade Ni-Cu project.
The flagship property North Hemlo had a high-definition low level magnetic Heli-borne survey flown in April 2022, this was followed with ground prospecting which ultimately defined the ‘Dead Otter Trend’ which is a discontinuous 4.5km gold anomalous trend with a 19.6g/t Au peak grab sample. This sampling being the highest known assay ever recorded on the North Limb of Hemlo.
In October 2022 FCM completed the option to purchase the historical high-grade past-producing Sunbeam gold mine near Atikokan, Ontario, ~15 km southeast of Agnico Eagle’s Hammond Reef gold deposit (3.3 Moz of open pit probable gold reserves).
FCM acquired the Zigzag Project near Armstrong, Ontario in March 2023. The property features Li-Ta-bearing pegmatites in the same belt as Green Technology Metals’ Seymour Lake Project, which contains a Mineral Resource estimate of 9.9 Mt @ 1.04% Li2O. Zigzag was drilled prior to Christmas 2023 and results have now been released.
The significant potential of the properties for precious, base and battery metals relates to ‘nearology’, since all properties lie in the same districts as known deposits (Hemlo, Hammond Reef, Seymour Lake), and either contain known showings, geochemical or geophysical anomalies, or favourable structures along strike from known showings (e.g. the Esa project, with an inferred Hemlo-style shear along strike from known gold occurrences).
Forward Looking Statements
Certain statements in this announcement may contain forward-looking statements which are based on the Company’s expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts. Such forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as ‘aim’, ‘anticipate’, ‘target’, ‘expect’, ‘estimate’, ‘intend’, ‘plan’, ‘goal’, ‘believe’, or other words of similar meaning. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
First Class Metals #FCM – Accelerated Exploration at 3.7km Gold Trend in North Hemlo
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 strategic exploration footprint in Ontario, Canada is pleased to provide an exploration update.
Following a detailed technical review, the Company has upgraded the Dead Otter trend (“Dead Otter”) within its 100% owned North Hemlo Property to high profile target status and has immediately launched the next stage and a potentially significant impact exploration programme.
Historic Dead Otter Exploration Highlights included:
· The Company has confirmed the presence of a discontinuous 3.7km long gold trend at Dead Otter (open along strike so potentially larger) in the south of the North Hemlo Property which is located 23km north of Barrick’s Hemlo 123 million ounce gold (“Au”) mine (see Figure 1 below).
· The structure forming the Dead Otter trend is considered to be subparallel to a district scale structure identified in the magnetics that has similarities to the structure hosting the Barrick Hemlo gold mine.
· Visible gold has been observed in multiple grab samples from the Dead Otter trend, a grab sample reported 19.6g/t gold (Au) with a 13.6g/t gold sample in the near vicinity.
· Gold has been ‘panned’ from pulverised grabs taken from the structure.
· An Exploration Permit covering the 3.7km gold trend at Dead Otter was granted in November 2023 and is valid for three years. The permit allows mechanical stripping and diamond core drilling, and a drilling operator has successfully reviewed site logistics and access for a diamond drill rig.
Next Exploration Programme Highlights:
· As outlined above previous exploration results were considered by the Company’s technical team to be particularly significant due to the robust structure, tenure of gold reported and similarities to other mineralisation in the area. Therefore, the decision was taken to accelerate exploration work at Dead Otter which is further outlined below.
· Emerald Geological Services (‘EGS’), has been commissioned to conduct a stripping and channel sampling across several high priority targets along the Dead Otter Trend, which will provide crucial information to vector-in drilling at this key target zone.
· The EGS crew is now onsite, and access for stripping has started which will focus in particular on the area where previous exploration yielded gold sampling assay grades up to 19.6g/t.
· The Company believes that this work programme will be the last exploration step that should be required for delineation of drill targets. The entire field programme is expected to take approximately four weeks to complete and further information will be provided to the market as soon as practicable.
· In addition, selected samples from historical work demonstrating the potential for ‘coarse gold’ at Dead Otter, have been submitted to the laboratory for re-assay.
Marc J. Sale CEO First Class Metals Commented:
“The continued exploration work on the Dead Otter trend is potentially transformational insomuch that positive results have the ability to catapult the structure along the Dead Otter Trend into ‘new discovery’ status.
The North Hemlo property and its gold endowment forms the spearhead of our current exploration campaign.
Sawn channels, the work we are proposing, are comparable to horizontal drill holes and can be utilised in resource calculations. The work is exciting as it could significantly elevate the importance of this substantial gold bearing structure which is now one of the high-profile targets within the Company’s portfolio of strategic exploration interests.”
North Hemlo Exploration Progress:
A field team, working from Manitouwadge, is focussed on the Dead Otter Trend. Past exploration by FCM was focussed at the historic showing which reported 3.1 g/t gold (Au) and 0.59% molybdenum (Mo), reconnaissance subsequently identified the extension of the trend to the south east where, over 3km along strike a 19.6ppm Au sample was reported, this is thought to be the highest grab samples recorded in the north limb.
The structure forming the Dead Otter trend is considered to be subparallel to a district scale structure identified in the magnetics that has similarities to the structure hosting the Barrick Hemlo gold mine, see Figure 1. Furthermore, the Dead Otter showing contains significant molybdenum, also a characteristic of the Hemlo mineralisation.
Figure 1 showing the district setting with the vast Barrick Hemlo gold mine on the south limb and the Dead Otter trend on FCM’s 100% owned property containing the high grade ’19 grammer’ location.
Further exploration validated this high-grade sample as well as identifying other outcrop along strike that reported multi gramme gold values. Whilst the trend is not currently considered continuous as the outcrop is intermittent, the geological structure, based on the geophysics and topographic evidence is considered robust. The structure occupies the contact between the mafic volcanic succession and the Dotted Lake pluton. Pathfinder elements such as arsenic and antimony indicates the trend is anomalous along the known outcrop, giving further support to the robust nature of the structure and its potential to contain additional gold occurrences.
The current work: ‘stripping’ off of the vegetation to reveal the underlying outcrop will focus on the Dead Otter showing, the ’19 grammer’ then possibly two other locations along the strike, see Figure 2
Figure 2 showing the multiple multi-gramme gold assays as well as the historic Dead Otter showing. Also note the proposed areas for stripping.
The Company’s stated objective in the 2023 field season to advance the Dead Otter Trend to drill ready status the stripping now taking place at several points along the ‘trend’ will define actual drill locations.
There is compelling evidence to suggest that there is a coarse gold issue across predominantly the norther sector of the Dead Otter Trend. All grab samples collected specifically along the favourable ‘horizon’ in the area of the old showing were scrutinised for visible gold. A similar exercise was undertaken in the 19 gramme sector, see Figure 3
Figure 3 showing the location of the 19.6g/t sample in the southeast of the Dead Otter trend.
Gold has been sighted in several samples, see Figure 4. These samples subsequently did not report significant gold values in the Fire Assay, further suggesting a coarse gold issue.
Figure 4-Visible gold in a second sample in a photomicrograph of rock from the Dead Otter Trend
Furthermore, rock samples collected randomly from the areas of sampling were ‘dollied’ then panned-off. A number of gold flecks were seen in the ‘tail’ in the panning dish This is significant in not only proving the presence of gold in the Dead Otter Trend but also signifies that there is coarse gold in the system, the gold one would assume therefore is ‘free-milling’.
FCM has now submitted a selection of samples to the laboratory and the whole residue, up to 500g will be analysed.
FCM believes that the Dead Otter trend represents one of the most exciting recent discoveries in the Hemlo area. Not only is there a robust structure that has had little systematic exploration historically, but the work also completed to date by FCM continues to increase its potential. Whilst the coarse gold is an issue for evaluation, the basic scenario of a gold bearing structure of several kilometres strike extent is valid. Furthermore, it has never been drilled. The stripping currently underway and channel sampling to follow has the focus to define drill targets / coordinates as well and confirming the validity of the Dead Otter system.
1 Barrick Gold Corporation – Operations – Hemlo
For Further Information:
For further information, please contact:
|
James Knowles, Executive Chair |
07488 362641 |
|
|
Marc J Sale, CEO |
07711 093532 |
Novum Securities Limited (Financial Adviser)
|
David Coffman/ George Duxberry |
www.novumsecurities.com |
(0)20 7399 9400 |
First Class Metals #FCM – Initiation of Multiple Asset Sales Process with Seventy Ninth Resources
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK listed metals exploration company seeking economic metal discoveries across its extensive Canadian, north Ontario land holdings, is pleased to announce that it has entered into discussions with Seventy Ninth Resources Limited (“Seventy Ninth”) which may result in the disposal of certain FCM properties (“Potential Transaction”).
Highlights
· Discussions commenced regarding a number of FCM’s core and non-core assets with Seventy Ninth Resources Limited, a division of the Seventy Ninth Group, who are a leading UK asset management company.
· This negotiation validates FCM’s business model to acquire, value add and monetise its assets.
· In addition, the Company is also actively exploring further mutually beneficial synergies with Seventy Ninth Resources, to further expand on their existing portfolio of natural resources assets. Following the announcement of their intent to list on the Toronto Stock Exchange Venture in 2024, Seventy Ninth Resources is committed to exploring opportunities to enhance the relationship between both entities.
· Seventy Ninth Resources and FCM are working towards establishing commercial Heads of Terms (“HOTs”)and further announcements will be made as these progress.
· The acquisition of additional properties recently announced by FCM adds positively to the business model adopted by FCM.
First Class Metals CEO, Marc. J Sale Commented:
“The initiation of these discussions is a significant milestone for FCM. The Potential Transaction validates the business model we at FCM have been expounding. The collaboration with a company of Seventy Ninth Resources’ impressive calibre supports our assertion of the value of our properties. The interest shown by Seventy Ninth Resources confirms FCM’s belief that the current market capitalisation of the Company does not fully reflect the value of the properties in our portfolio and their potential to deliver. This belief is further supported by the significant upside that our successful exploration activities have achieved since the IPO, for that I am indebted to Bruce at Emerald Geological Services ‘EGS’.
I look forward to working with Natalie Bellis, CEO, and the wider team at Seventy Ninth Resources, not only to progress the Potential Transaction but also in future collaboration. We will provide further updates as more details become available. This milestone marks a crucial moment for FCM, and our focus remains on maximising value for our shareholders throughout the entire process.”
Natalie Bellis CEO, Seventy Ninth Resources Commented:
“This is an incredibly exciting move for Seventy Ninth Resources and continues our strategic development of building out a successful pipeline of data-verified assets, as well as helping in preparation for our proposed IPO later this year. By partnering with companies such as FCM, we are continuing to create multiple value points for the business and deliver on its corporate vision”.
Seventy Ninth Resources Limited
Seventy Ninth Resources, a division of the Seventy Ninth Group, is an award-winning asset management company founded by entrepreneur Dave Webster and his two sons, Jake and Curtis Webster. Seventy Ninth Resources holds a unique and advantageous position in the natural resource sector, specialising in the acquisition, management, and development of desirable assets.
Seventy Ninth Resources has been unlocking the potential of the natural resources sector within the Republic of Guinea since 2011. With 15 employees in the operational in-country team, the company’s extensive presence in the Republic of Guinea has allowed them to cultivate trusted relationships with local communities. Through these relationships, they gain unique access to acquire land in areas with significant potential for gold and diamond mining. The company’s hands-on approach has enabled Seventy Ninth Resources to pair local knowledge with industry expertise.
The developed board and in-country team for Seventy Ninth Resources includes world-class experienced geologists, field consultants, and ESG specialists, working alongside our industry leading partners, SRK Exploration Services and The MSA Group, in executing specific and focused exploration on assets.
https://79thresources.com/ There can be no certainty that the Potential Transaction will be concluded, however, both parties are committed to proceeding to agree HOTs.
Ends
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 |
NOTES TO EDITORS
First Class Metals PLC – Background
First Class Metals listed on the LSE in July 2022 and is focused on metals exploration in Ontario, Canada which has a robust and thriving junior mineral exploration sector. In particular, the Hemlo ‘camp’ near Marathon, Ontario is a proven world class address for gold exploration, featuring the Hemlo gold deposit operated by Barrick Gold (>23M oz gold produced), with the past producing Geco and Winston Lake base metal deposits also situated in the region.
FCM currently holds 100% ownership of seven claim blocks covering over 180km² along a 150km strike of the Hemlo-Schreiber-Dayohessarah greenstone belt, exploring for gold, base metals, and rare earth element mineralization. In addition, FCM is carrying out a joint venture with Palladium One on the West Pickle Lake Property in the region, a drill-proven ultra-high-grade Ni-Cu project.
The flagship property North Hemlo had a high-definition low level magnetic Heli-borne survey flown in April 2022, this was followed with ground prospecting which ultimately defined the ‘Dead Otter Trend’ which is a discontinuous 4.5km gold anomalous trend with a 19.6g/t Au peak grab sample. This sampling being the highest known assay ever recorded on the North Limb of Hemlo.
In October 2022 FCM completed the option to purchase the historical high-grade past-producing Sunbeam gold mine near Atikokan, Ontario, ~15 km southeast of Agnico Eagle’s Hammond Reef gold deposit (3.3 Moz of open pit probable gold reserves).
FCM acquired the Zigzag Project near Armstrong, Ontario in March 2023. The property features Li-Ta-bearing pegmatites in the same belt as Green Technology Metals’ Seymour Lake Project, which contains a Mineral Resource estimate of 9.9 Mt @ 1.04% Li2O. Zigzag was drilled prior to Christmas 2023 and results have now been released.
The significant potential of the properties for precious, base and battery metals relates to ‘nearology’, since all properties lie in the same districts as known deposits (Hemlo, Hammond Reef, Seymour Lake), and either contain known showings, geochemical or geophysical anomalies, or favourable structures along strike from known showings (e.g. the Esa project, with an inferred Hemlo-style shear along strike from known gold occurrences).
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
| Cash (CAD$) | Ordinary FCM Shares (CAD$) | Annual Work Commitment (CAD$) | |
| On signing | 10,000 | 15,000* | 0.00 |
| Within one year anniversary | 5,000 | 10,000 | 50,000 |
| Within two-year anniversary | 10,000 | 5,000 | 50,000 |
| Within three-year anniversary | 15,000 | 10,000 | 150,000 |
| Within four-year anniversary | 100,000 | NIL | 150,000 |
| Total | 140,000 | 40,000 | 400,000 |
*- 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:
| James Knowles, Executive Chairman | JamesK@Firstclassmetalsplc.com | 07488 362641 |
| Marc J Sale, CEO | MarcS@Firstclassmetalsplc.com | 07711 093532 |
Novum Securities Limited (Financial Adviser)
| David Coffman/ George Duxberry | www.novumsecurities.com | (0)20 7399 9400 |
First Class Metals #FCM – Ontario Junior Exploration Programme-Grant Approval
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK listed metals exploration company seeking economic metal discoveries across its extensive Canadian, focused in north west Ontario land holdings, is delighted to announce that it has been approved a $200,000 CAD from the Ontario Junior Exploration Programme (“OJEP”) (the “Grant”)for work completed on the Zigzag lithium and critical metals Property in NW Ontario.
Highlights
· Maximum CAD$200,000 OJEP Grant approved for work completed on the Zigzag lithium & critical metals property, covering up to a maximum of 50% of the exploration expenditures from 1 April 2023, to 15 February 2024, subject to an approved report submitted to OJEP.
· Through OJEP, the Ontario Government is investing in early exploration to create meaningful opportunities for junior companies to find the mines of the future.
· First Class have been successful in receiving the full OJEP Grant in consecutive years and we are most grateful of this non-dilutive funding.
· FCM is the only UK company to have received the Grant.
Marc Sale CEO Commented: “I would like to thank the Ministry of Northern Development for the approval of the maximum amount which can be awarded of $200,000 relating to the OJEP. The work completed in 2023 on Zigzag was pivotal in advancing the property to its current stage, culminating in a successful drill programme. Furthermore, the work under the Grant last year identified a significant new discovery on our North Hemlo property. I personally see this award as a firm inditement of the successful exploration team formed by Emerald Geological Services and FCM. As the work has been conducted and the monies expended FCM is not restricted in the use of this Grant money going forward”.
About OJEP: Ontario Junior Exploration Programme ‘OJEP’ helps junior mining companies finance early stage exploration projects in Ontario. Incentivizing early exploration will help our province remain globally competitive, find new deposits of critical minerals, and create new economic development and job creation for northern and Indigenous communities. The 2023 OJEP intake four, totalled CAD $5m with a maximum allocation of $200,000 per applicant.
Ends
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 |
First Class Metals #FCM – McInnes Lake Property Exclusivity Signed
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 a sixty day exclusivity agreement with Emerald Geological Services Limited (“EGS”) in respect of an earn into the McInnes Lake Property (“McInnes Lake”) in NW Ontario.
HIGHLIGHTS
· Claims cover in part the interpreted deep-rooted extensional shear zones continuing north from the Red Lake Greenstone Belt along slivers of greenstone sandwiched between granitic plutons.
· Similar aged rocks to Balmer Assemblage in Red Lake which hosts major gold deposits.
· Underexplored greenstone belt in the North Caribou Terrane of the Superior Province.
· No previously known gold occurrences until 2021. Field programs in 2021 and 2023 identified 6 new gold occurrences >100 ppb up to 3.6 g/t Gold (“Au”) on the current claims.
· Anomalous lithium (“Li”) in volcanic host rocks up to 1200 ppm Li in boulders and 984 ppm Li in outcrop discovered in 2021 and 2023 field programs.
· Three pegmatite dykes previously identified by the Ontario Geological Survey (“OGS”), related to McInnes Lake Pluton, a fertile peraluminous granite body.
· 1The three pegmatite dykes were investigated and sampled in 2023. Lithium values up to 354 ppm from bulk samples of pegmatite; rubidium (“Rb”) and caesium (“Cs”) values up to 2750 ppm and 413 ppm respectively from samples of blocky k-feldspar. Up to 984 ppm Li, 649 ppm Rb and 216 ppm Cs from adjacent volcanic host rocks.
· Pegmatite exposures are up to approximately 40m wide with mapped strikes of up to 190m.
· 1Pegmatite and anomalous lithium (up to 501 ppm Li) in volcanics discovered further north of the previously identified pegmatites in 2023; system now has ~700-meter strike length and is open along strike.
1Review of data undertaken by Frederick Breaks, PhD, P. Geo. Comparisons made between McInnes Lake Pluton – exocontact pegmatite system and Separation Rapids pluton (Avalon Advanced Materials Lithium Mining | Avalon (avalonadvancedmaterials.com).
Marc Sale CEO commented: “This is an exciting development for FCM greenfield exploration opportunities on a property which potentially contains the same structure that is present at Red Lake. The lack of previous systematic or comprehensive exploration in a favourable geological setting presents realistic expectation for a significant discovery.”
Exclusivity Terms & Background
First Class Metals (FCM) is currently in the process of finalising the commercial terms for the McInnes Lake Property. As part of the negotiation process, FCM will make an exclusivity payment of $5,000 CAD, for a sixty-day exclusivity period. This payment ensures that FCM has the exclusive right to negotiate and finalise the terms of the project within the specified timeframe.
The $5,000 exclusivity payment will be deducted from the year one work program, which is proposed to have a total value of $50,000, with the payment credited towards FCM’s total commitment for the first year.
EGS will undertake the geological work on the property and no charge for their personnel’s time.
In the first year, apart from the work program of $50,000 which will give FCM a 40% interest in the property, FCM will not have any additional cash commitments for the project. This structure allows FCM to have a relatively low cost entry into what is considered to be a highly prospective greenfield project.
The Red Lake Mining District is renowned for its rich gold mining history and impressive production. As of 2020, the Red Lake Mining District has collectively produced over 26 million ounces of gold. This significant production figure highlights the district’s status as a major Canadian contributor to the global gold supply.
The Campbell and Red Lake mines, operated by Evolution Mining, have collectively contributed to over 26 million ounces of gold production. Notably, both mines have maintained historic ore grades averaging about 22 grams per tonne of gold (g/t Au). Their consistent high-grade ore has been instrumental in their productivity, highlighting the district’s reputation for hosting quality gold deposits.
Ends
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 |
First Class Metals #FCM – West Pickle Lake: Nickel Drill Results
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK metals exploration company seeking large scale metal discoveries across its extensive Canadian Schreiber-Hemlo Sunbeam and Zigzag land holding is pleased to report that Palladium One continues to intersect potentially economic Ni-Cu mineralisation in and around the West Pickle Lake (“WPL”) Joint Venture area.
Highlights adapted from Palladium One release1
- In the West Pickle Lake area, chonolith / feeder dyke structures now extend over more than five kilometres of strike length.
- Drilling along the eastern margin of the West Pickle Zone targeted bore hole electromagnetic anomalies (“BHEM”) returned 1.8% Ni and 1.0% Cu over 1.5 metersin hole TK23-134 (Figure 1).
- A new nickel zone has been identified with intercepts returning up to 0.4% Ni and 0.2% Cu over 2.7 meters including 1.0% Ni and 0.4% Cu over 0.9 meters in hole TK23-128 in an area with soil anomalies as high as 0.15% Ni, 0.27% Cu and 86 parts per billion (“ppb”) Pd + Pt (Figure 1).
1Palladium One Drilling Confirms Mul | Palladium One Mining Inc. (palladiumoneinc.com)
Of significance are holes TK23-134, on the eastern extent of the WPL JV area and hole TK23-128, to the north-west of WPL and close to the 100% owned North Hemlo block of FCM.
Marc J. Sale CEO commented:
“I remain encouraged with the progress the Palladium One exploration is making in the WPL zone and the wider discovery area. Particularly the success near to the FCM claim boundary with the results from TK23-128.”
“FCM will continue to pursue third party interest in this sector of North Hemlo.”
Figure 1 extracted from Palladium One news release 01/02/24. Showing the position of drill hole TK23-134. In the JV area, as well as TK23-128 to the NW of WPL and close to the North Hemlo property boundary.
ENDS
For further information, please contact:
| James Knowles, Executive Chairman | JamesK@Firstclassmetalsplc.com | 07488 362641 |
| Marc J Sale, CEO | MarcS@Firstclassmetalsplc.com | 07711 093532 |
Novum Securities Limited
(Financial Adviser)
| David Coffman/ George Duxberry | www.novumsecurities.com | (0)20 7399 9400 |
#FCM First Class Metals – Sunbeam: Update of exploration activities
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK metals exploration company seeking large scale metal discoveries across its extensive Canadian Schreiber-Hemlo Sunbeam and Zigzag land holding is pleased to provide an update on the Sunbeam past producing high grade gold mine.
Highlights
· Initial results from the Roy prospect have been received, including 18.8 g/t Gold (Au) grade from a 0.3m channel sample
· An additional 119 contiguous claims staked, expanding the Sunbeam Property by 25km². The Sunbeam Property now covers 72km², encompassing district scale structures.
· Final ‘English Option’ payment has been agreed with the intention of transferring 100% of the claim ownership across to FCM
· Channel sampling results still from the Sunbeam Mine & Pettigrew Working still pending.
Marc J Sale Chief Executive Officer commented:
“The initial channel results from Roy are encouraging to the extent of justifying the expansion of the Sunbeam property to included inferred structural extensions emphasising the district scale potential of the area. The mineralised structures identified on the property, historically exploited at Sunbeam, Roy and Pettigrew continue to provide tangible encouragement to develop the property towards drilling”
Background & Update
Since the announcement of the Sunbeam acquisition in early October 2022, we have been working to advance the project to drill ready status.
The exploration phase commenced with a comprehensive historical review of all available data from the time historical production commenced in the early 1900’s through to the last drilling campaign and geophysical survey by the previous operators. This included a detailed review of the available core.
As part of our commitment to uphold key Environmental, Social, and Governance (ESG) objectives and in recognition of the local First Nation Peoples who have an interest in the area, a Stage 1, Archaeological Heritage Review (AHR) was conducted and submitted to the FN and the Provincial authorities.
Granting of an updated Exploration Permit was achieved in June 2023 and one aspect was the increased areas available for stripping, particularly in the vicinities of the three historical development areas.
The Sunbeam property is dominated by three mineralised structures all of which host significant gold anomalism as well as historic development, including the Sunbeam high grade gold mine which operated until 1905 and reportedly produced multi ounce material.
Figure 1-Sunbeam Property and the extent of the overall project including the Perry English Option area.
In July 2021, Nuinsco reported grades up to 93.3g/t from a drill programme of eight drill holes totalling 1,091 metres conducted predominantly in the vicinity of the Sunbeam Mine area. The drill programme was a follow up on a surface sampling programme which produced results up to 83.5g/t from underground waste rock from the Sunbeam Mine.
FCM has staked a further 119 claims, covering 25km² and contiguous to the northeast of the English option area.
The newly staked claims remain in good standing for two years before requiring assessment credits derived from field work. Additionally, as they are contiguous to the ‘English Option’ assessment credits can be spread across the new claims.
The rationale for staking the claims was following a recommendation by and discussions with Emerald Geological Services based on geological investigations and conceptualisation inferred from the geology and structures on the existing property.
The Sunbeam property contains three subparallel mineralised structures, each identified over 10km traversing the property; these are inferred to continue to the northeast into the new area where prospective structural features are inferred. FCM now commands a district scale land package of over 70km.
Figure 2 showing the extension of the property with the recent staking.
Roy Zone-Channel Sampling Results Summary
FCM has undertaken two stripping campaigns and the gold (Au) results from the Roy zone are now available. Most of the samples were 1m or less, with a minimum of 0.1m and a maximum of 1.4 m. The results have defined a broad zone of shearing, alteration and mineralization, peaking at 18.8 g/t (ppm) Au in one 0.3m channel sample (within interval of 6.2 ppm Au / 1.05 m).
There are a significant number of other results exceeding 1ppm Au that define the anomalous structure over a strike of 100m between the existing shafts and open along strike. These include: 6.27 ppm Au / 0.35 m in mafic schist with quartz veinlets (within broader interval of 0.94 ppm Au / 3.25 m); 4.98 ppm Au / 0.5 m in sheared porphyry (within broader interval of 3.7 ppm Au / 1.55m); and 5.58 ppm Au / 0.5 m within a quartz vein (See Figure 3)
The high-grade gold mineralisation is hosted in quartz veining in sheared ‘mafics’ within a sheared, folded felsic to intermediate porphyry which often exhibits quartz veining, silicification and ankerite alteration, and which also frequently contains anomalous gold concentrations as noted above.
Figure 3 showing plan of the geology, stripped areas as well as historic workings and gold anomalism from recent channel sampling.
Visible gold was identified in at least one sample at Roy during the sawn channel programme.
Bruce MacLachlan of Emerald Geological Services commented : “The 2023 mechanical stripping and channel sampling programs have enhanced our understanding of the geology and mineralization in these historical target areas, uncovering similar rocks to what past workers would have mined. The data we have obtained will help tremendously in the planning of a maiden drill program for the property.”
Photo 1 showing the area stripped at Roy (looking NE)
The results from the channel sampling at Roy, in conjunction with the encouraging geology encountered in the stripping at both Pettigrew and the Sunbeam mine area validate the Company’s efforts this season to bring the property to drill ready stage. Further results will be announced as they are received. It should be noted that there has been no significant drilling at Roy, furthermore the reported drilling at Pettigrew was encouraging, with Two holes returned significant gold assays:
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.
These results are comparable with the channel sample results from Roy.
Photo 2 showing close up of the channels where visible gold was encountered.
In December 2023 the final payment of $25,000 to exercise the Option over the Perry English claims is due. Currently, FCM intends to proceed with the payment and thereafter the claims will be transferred 100% to First Class Metals Canada Inc. The Company will then have 100% control of a potential district scale property block with multiple structures, hosting potentially high grade gold bearing system, extending over 72km²
ENDS
|
James Knowles, Executive Chairman |
07488 362641 |
|
|
Marc J Sale, CEO |
07711 093532 |
|
|
Ayub Bodi, Executive Director |
07860 598086 |
First Equity Limited
(Financial Adviser & Broker)
|
Jonathan Brown |
0207 3742212 |
|
|
Jason Robertson |
0207 3742212 |
First Class Metals #FCM – Zigzag Lithium-High Grade Grab Samples
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK listed metals exploration company seeking economic metal discoveries across its extensive Canadian Schreiber-Hemlo, Sunbeam and Zigzag land holdings is pleased to announce an update on the progress on the Zigzag property which is currently focussed on the lithium potential.
Highlights:
· Final results from the initial thirty-nine samples from the first phase of exploration received with significant number of results over 1% Lithium (Li2O). (see table 1).
· Grab samples identify a strike of over 350m with >1% Li2O and remains open in both directions.
· Channels sampling completed in central area of property, results pending from over 80 samples cut from almost 60m of channels over strike of 150m.
· Prospecting continues on the main trend and subparallel zones.
First Class Metals’ stated aim was to bring four properties to drill ready status with the intention of drilling one property this field season. The Zigzag property is maintaining this intention as it is advanced towards ‘drill ready’.
Marc J. Sale First Class Metals CEO commented: “I am buoyed by the progress we are making at Zigzag. The excellent results from these initial systematic grab samples have further supported our confidence in the property’s potential. We await with confident anticipation the results from the channel sampling. The grab samples have I feel ‘proved-up’ a core area of the known structure which remains open in both directions and has yet to be explored at depth.”
Figure 1 showing the Zigzag property with the recent work conducted, focussing on the central portion of the claim block.
The final results from the 39 grab samples from recent prospecting are considered very encouraging and the full results are now available: there are 19 samples reporting over 1% Li2O and a further 3 over 0.5% Li2O defining almost 400m of strike of >1% Li2O in the central portion of the property. The structure remains open along strike in both directions.
Furthermore, there were, (some in coincident samples) 6 samples >250ppm tantalum (Ta) . Nine samples reported >1000ppm rubidium (Rb) with the highest reported valuer being 3800ppm Rb. Several samples were also anomalous in caesium (Cs). See table of the more significant values. Note some samples were of iron formations not pegmatite and are not included.
|
Sample_No. |
Caesium Cs_ppm |
Gallium Ga_ppm |
Lithium Li_ppm |
Rubidium Rb_ppm |
Tantalum Ta_ppm |
|
F006543 |
92.6 |
107 |
17000 |
820 |
75.2 |
|
F006544 |
109 |
105 |
16300 |
1200 |
235 |
|
F006545 |
128 |
101 |
16500 |
1190 |
115 |
|
F006547 |
48.3 |
92.2 |
11500 |
695 |
162 |
|
F006548 |
100 |
87 |
12300 |
1110 |
50.3 |
|
F006549 |
77 |
118 |
21200 |
302 |
80.6 |
|
F006550 |
128 |
69.9 |
13200 |
795 |
90.9 |
|
F006572 |
146 |
81.6 |
12600 |
1630 |
84.3 |
|
F006573 |
85 |
112 |
17800 |
536 |
179 |
|
F006574 |
102 |
152 |
29700 |
404 |
57.3 |
|
F006575 |
256 |
133 |
469 |
3810 |
136 |
|
F006576 |
81.7 |
124 |
22300 |
514 |
467 |
|
F006579 |
96.8 |
95.9 |
236 |
1390 |
104 |
|
F006580 |
70 |
113 |
18500 |
650 |
145 |
|
F006581 |
82.3 |
99 |
10900 |
2000 |
51.3 |
|
F006582 |
19.4 |
87.1 |
16200 |
277 |
79.6 |
|
F006583 |
36.5 |
108 |
20100 |
255 |
235 |
|
F006584 |
89.6 |
100 |
8250 |
1510 |
5220 |
|
F006585 |
54.3 |
84 |
13200 |
938 |
67.4 |
|
F006586 |
44.5 |
117 |
18300 |
846 |
724 |
|
F006592 |
66.9 |
153 |
27500 |
587 |
54.3 |
|
F006593 |
65 |
77.4 |
7240 |
736 |
246 |
|
F006594 |
46.4 |
60.8 |
5820 |
748 |
69.3 |
|
F006596 |
34.5 |
78 |
10200 |
458 |
126 |
Table 1, showing the higher Li2O, results reported. All samples are of pegmatite with varying amounts of visible spodumene. Highlighted samples are those of selected spodumene crystals.
Two of the grab samples submitted (F006574 & F006592) were ‘benefaction’ samples constituting almost entirely of spodumene crystals. They returned 2.97% and 2.75% Li2O, (maximum for spodumene is about 8% Li2O). One ‘ordinary’ pegmatite sample retuned 2.23% Li2O by comparison. Other potential lithium minerals have not yet been positively identified.
Photo 1 showing sample F006576 an ‘ordinary pegmatite which reported 2.23% Li2O.
Further Exploration
Following the successful completion of the systematic grab sampling, we are pleased to confirm that our channel sampling program has also concluded. A total of over 80 samples, obtained from nearly 60m of channels, are currently undergoing analysis at the laboratory. We anticipate receiving the results of the analysis next month.
Visually, we have observed significant encouragement during the channel sampling process, most notably due to the presence of spodumene, which was previously reported. This adds further to our enthusiasm for the project’s potential.
Hand stripping and channel sampling does not allow continuous sampling of the structure as it is obscured by soil, moss and other vegetation. It is believed that once mechanical stripping is undertaken the continuity of outcrops will be further enhanced.
Photo 2- showing outcrop of the main pegmatite after removal of the moss cover. Note the scale of the large spodumene crystals, (pale grey / green).
There is currently a prospecting team still onsite which is undertaking ground reconnaissance to the north and south of the main trend with >50 grab samples taken to date during this programme, some of which are from a sulphitic iron formation subparallel to the pegmatite. The programme also included 6 lines of soil samples covering both strike extensions of the main zone as well as an inferred subparallel structure to the south.
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 |
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Ayub Bodi, Executive Director |
07860 598086 |
First Equity Limited
(Financial Adviser & Broker)
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Jonathan Brown |
0207 3742212 |
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Jason Robertson |
0207 3742212 |
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First Class Metals PLC – Background
First Class Metals is focussed on exploration in Ontario, Canada which has a robust and thriving junior mineral exploration sector. Specifically, the Hemlo ‘camp’ is a proven world class address for gold /VMSexploration. This geological terrane has significant production, both base / precious metals and a prolificnumber of exploration projects and numerous prospector’s ‘showings’.
FCM currently holds 100% ownership of seven claim blocks covering over 180km² along a 150km strike of the Hemlo-Schreiber-Dayohessarah greenstone belt which also contains the >23M oz shear hosted Hemlo gold mine operated by Barrick Gold. Late last year FCM completed the option to purchase the historical high grade (gold) Sunbeam past producing mine
The significant potential of the properties for precious, base and battery metals relate to: ‘nearology’ insomuch that all properties lie close to identified mineral anomalism, for example Palladium One’s RJ and Smoke Lake nickel projects are close to the FCM’s West Pickle Lake drill proven Ni-Cu project. This also demonstrates the second critical asset the properties hold: vector, anomalies, be they geological, geochemical, or geophysical that have demonstrated mineral potential extend on to FCM’s properties.
The inferred shear on the Esa property is being explored by neighbours both to the west and east where it crosses into their properties. Furthermore, the properties have not been extensively explored either historically or more contemporaneously. This is attributable to the overall lack of outcrop. However, modern exploration techniques are better able to ‘see through’ the ground cover and to identify anomalies.