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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 |
First Equity – Buy First Class Metals plc (FCM.L), valuation per share in the range of 24p to 30p
The next few months are likely to be a news-flow intensive period for First Class Metals plc (FCM), with exploration drilling likely on at least two high priority properties and work planned to move other prospects towards drill- ready status. In this updated research note we look at FCM’s exploration properties to understand the catalysts that could spark a share price uplift. We also analyse the additions made over the last 12-months to FCM’s expanding exploration portfolio of interests.
- Sunbeam is the most advanced asset that produced gold between 1898 and 1905, upon which it is estimated 50,000 to 70,000 tonnes of gold at a 13.0 g/t grade exist in old workings.
- Several exploration targets and trends at Sunbeam have been identified. Following channel sampling work, some of these are likely to be drilled within the next few months.
- The high-grade nickel drill results reported by JV partner Palladium One (PDM) at West Pickle Lake (WPL) provides clear evidence that a district- scale sulphide nickel play has emerged on the North Hemlo properties.
- The management believe similar high-grade mineralisation discoveries at WPL could also be present on their 100%-owned North Hemlo properties. One prospect targeted for near term drilling is ‘Dead Otter Lake’, where high grade gold samples have been recorded.
- FCM expanded its footprint at North Hemlo by 30% in area after securing a JV earn-in deal with OnGold in July 2023.
- The addition of the Zigzag earn-in JV provides investors with exposure to a property prospective for a vital battery metal, lithium, from which historic drilling has returned lithium grades of over 1.00% lithium.
First Class Metals has made notable advancements since listing on the LSE 12-months ago, by adding three new exploration properties (Sunbeam, Zigzag and OnGold), and through improving value to these and its existing projects. Despite this progress, the shares are now back to around their IPO placing price of 10p per share, after trading at between 15p and 17p for the last two months of 2022.
A drop in sector wide sentiment towards junior exploration companies may have impacted the share price in the last six-months, as investors have become more risk-adverse and aware of potential downside risks such as commodity price falls or exploration disappointment. Nevertheless, such an environment can create a good entry point for investors.
As explained in our last research note in January, we still believe the company should command a market cap valuation in the region of £20m, possibly as high as £25m, given the recent addition of new projects, coupled with its high quality and exciting exploration properties within a low risk and established mining jurisdiction. A market cap of around £20m to £25m would imply a value per share in the range of 24p to 30p, and thus leads us to a ‘Buy’ recommendation for the shares.
View the full broker note here First Class Meals – First Equity Broker Note 2nd August 2023
First Class Metals #FCM – Commencement of Field Operations
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK metals exploration company seeking large scale metal discoveries across its extensive Ontario land holding is pleased to provide an operations update on activities across the portfolio.
Highlights
- Canada field work has been initiated, with three exploration teams deployed.
- Channel Sampling of the Rare Earth Element (REE) Diatreme at McKellar underway.
- Sunbeam historic review widened to encompass detailed core review from historical drill holes. Grades up to 93.3g/t Gold (AU), see table 2.
- Field base set up and exploration soon to commence on the North Hemlo and Esa properties to follow up on the successes of 2022.
First Class Metals PLC through its 100% owned Canadian subsidiary controls nine properties in northwest Ontario, see figure 1. The properties cover collectively 230km² though three properties account for over 60% of the area under licence. The properties have assessment credits through 2023, regardless, FCM intends to undertake exploration of all the properties this field season, with the intention of drilling at least one.
Figure1-Northwest Ontario showing the locations of the FCM properties with Sunbeam in the West through to Zigzag and then the Schreiber-Hemlo Properties in the East.
Marc Sale CEO commented:
“FCM is pleased to announce that exploration has now started for the 2023 Field Season, we have a vigorous programme planned to follow up on last year’s stellar performance, specifically At North Hemlo and Esa with the intention to define drill targets. FCM will also undertake exploration at Sunbeam to define drill targets as well as prospecting the wider licence. Similar work is also intended at Zigzag. Other properties will be explored, further evaluated as time and priorities allow. The priority remains to drill at least one location this season.”
McKellar
Initial field work will focus on the McKellar Rare Earth Element (REE) diatreme, this work has commenced with a programme of sawn channel sampling being conducted, see figure 2.
Figure 2-the Emerald Geological Services (EGS) team cut channels being sampled at McKellar.
The McKellar diatreme occupies a topographic low and occurs within a north trending linear structure. The diatreme breccia may have been emplaced within a shear or fault zone, however, owing to vegetation cover geologic data to confirm this is vague.
Historically general prospecting, geological mapping and rock sampling of the diatreme was focused on discerning whether gold, platinum and palladium were associated with the diatreme structure and what REE the diatreme carried.
FCM has previously reported the historic assays from a prospecting programme in 2013 by R Renner, 5 bedrock grab samples were taken and assayed, results of which and other historic reported assayed samples from the diatreme area are included in the table below.
| Historical assay results for selected elements (including REE), McKellar Creek Diatreme: | Value |
| Gold Au | 25 ppb |
| Platinum Pt | 17 ppb |
| Neodymium Nd | 300 ppm |
| Lanthanum La | 400 ppm |
| Beryllium Be | 2.8 ppm |
| Cerium Ce | 513 ppm |
| Yttrium Y | 214 ppm |
| Strontium Sr | 1280 ppm |
| Thorium Th | 180 ppm |
| U308 | 38 ppm |
Table 1-Historic McKellar REE Diatreme grab sample assays.
During a brief campaign in 2022 the team collected ten rock samples, of which nine were grab samples of outcrop in the vicinity of an identified drill hole and the other a ‘float’ / boulder sample in a creek immediately to the southwest. The results were anomalous but did not replicate the historic grades. It is intended that the current sampling will verify and hopefully even expand the potential outlined by the historic assays.
Sunbeam Historic Drill Core Review
A second team is mobilising to review the historical drill core from the Sunbeam Property. This is in collaboration with and leads on from the detailed review of the historic data which is now complete.
Figure 3-EGS Team loading core for removal to a cutting facility for review.
Historical drilling at Sunbeam by Nuinsco:
In July 2021, Nuinsco reported grading up to 93.3g/t on a drill programme conducted within 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. Eight drill holes totalling 1,091 metres were collared. Significant results include:
| Historic-Drill Hole | Assay-Comments/Observations |
| NS-21-01 | 3.98g/t Gold (Au) over 0.6m (from 96.0m) within 3.39m of strongly gold anomalous deformation zone. |
| NS-21-02 | 13.8g/t Au over 0.15m (from 80.85m) within 2.83m of strongly gold anomalous deformation zone. |
| NS-21-03 | 93.3g/t Au over 0.44m (from 99.5m) within 3.19m of strongly anomalous deformation zone. |
| NS-21-05 | 2.94g/t Au over 0.5m (from 118.5m) within 7.50m of strongly anomalous deformation zone. |
Table 2-Selected historic Sunbeam drill assays.
Further, three holes were drilled within 100m of the Pettigrew shafts. Hole 57751 intersected 19.4 g/t Au over 0.63m and 15.17 g/t over 1.37m in two zones separated by 15m.
In 2008, the Rubble occurrence was discovered on the property. Assays of up to 1.42 oz per ton gold have been obtained from pyritized and iron carbonate altered rocks.
A reinterpretation of the geophysics survey conducted by previous owners, Nuinsco is under way with Paterson Grant Watson (PGW).
North Hemlo & Esa
A third team is mobilising next week to continue the exploration at Esa, focusing on the anomalous soil sample results as well as the 0.7ppm boulder identified in the central eastern sector as detailed in the recent news release.
The team currently working on the McKellar diatreme will relocate to the North Hemlo project later this month. In order to bring the prospect to drill ready status, the intention is to follow up the encouraging sampling on the Dead Otter trend which has been sampled along its 3km plus length, which includes numerous gold occurrences up to 19.6 g/t Au. Over the winter months ninety-six lake sediment samples as well as a number of rock samples were collected from North Hemlo, results are pending.
Discussions are ongoing with drill companies to undertake a maiden drilling programme at Esa and or North Hemlo. To this end the Application for an Exploration permit to allow drilling is currently being reviewed by the First Nation groups with traditional lands covering Esa and North Hemlo.
Recon visits-Zigzag, Sugar Cube and Sunbeam
Reconnaissance trips have also been made to the Zigzag, Sugar Cube and Sunbeam properties to assess access. The intention at the Zigzag prospect is to undertake a field programme of sawn channel sampling to better quantify the strike length, width and tenor of the lithium and tantalum potential. The aim is to sample along the exposed outcrop of the pegmatite with sawn channels like at McKellar – equivalent to a horizontal drill hole.
Previous workers have identified Li₂O and Ta₂O5 mineralization along the entire length of the showing from sampling at surface, grading up to 1.68% Li₂O (Lithium Oxide) over 7.9m and 0.168% Ta₂O5 (Tantalum Oxide) over 2.54m in separate channels samples. Several shallow historic drill holes along the occurrence have returned significant intersections, including, (in separate drill holes) an intersection grading 1.08% Li₂O over 6.1m and a separate intersection of 399.8ppm Ta₂O5 over 2.92m. Both intersections were less than 20m down hole.
The occurrence is open along strike and depth and remains to be fully evaluated. It is anticipated that the channel sampling will allow a focused drill programme to be executed later in the season.
Field work at Sugar Cube will be to investigate – ground-truth- the potentially mineralised structures highlighted by the recently completed high resolution magnetic / electromagnetic (EM) survey.
Once the spring access is sufficiently advanced two teams will be deployed to Sunbeam; one will prospect the peripheral claims whilst the second team will focus on the mineralised trends containing the Sunbeam, Roy and Pettigrew mine shafts with the intention of determining drill targets for later in the season.
FCM is committed to exploring the properties currently under its control in order to add value and bring where warranted to a drill point.
For Further Information:
| James Knowles, Executive Chairman | JamesK@Firstclassmetalsplc.com | 07488 362641 |
| Marc J Sale, CEO | MarcS@Firstclassmetalsplc.com | 07711 093532 |
| Ayub Bodi, Executive Director | AyubB@Firstclassmetalsplc.com | 07860 598086 |
First Equity Limited
(Financial Adviser & Broker)
| Jonathan Brown | 0207 3742212 | |
| Jason Robertson | 0207 3742212 |
First Class Metals PLC – Background
First Class Metals is focussed on exploration in Ontario, Canada which is considered a top global destination for explorationwith a robust and thriving junior mineral exploration sector. Specifically, the Hemlo ‘camp’ is a proven world class address for gold/VMS exploration. This geological terrane has significant production, both base / precious metals and a prolific number ofexploration 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.
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 – High Grade Nickel Sulphide Assays from West Pickle Lake
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 Project land holding is pleased to provide an update on activities in respect to the Pickle Lake Earn In/Joint Venture (JV) (“Pickle Lake JV” “West Pickle Lake”) with Palladium One Inc (TSXV:PDM) (“Palladium One”).
First Class Metals is delighted to report preliminary assay results form the new West Pickle massive sulphide discovery. The assays from the first hole reported TK-22-059 are of an exceptionally high grade at 4.8% Ni (“Nickel”), 3.7% Cu (“Copper”) (6.8% Nickel Equivalent) over 1.8m from Massive Nickle Copper Sulphides, see Table 1
A total of twelve holes have been drilled from which lab assays remain outstanding for eleven holes TK-22-058/TK-22-060 to TK-022-070, visual observations of the core are detailed in see Table 2.
Highlights Reported by Palladium One
- 4.8% Nickel, 3.7% Copper (6.8% Nickel Equivalent) over 1.8 meters from Massive Nickel Copper Sulphides .
- Massive to semi massive pentlandite-chalcopyrite-pyrrhotite sulphide discovered at the 600-meter long VTEMmax Electromagnetic (“EM”) anomaly known as the ‘West Pickle Zone’:
o 12 diamond drill holes completed to date
- Preliminary assay results return:
o 3.4% Nickel Equivalent (“Ni Eq”) over 3.7 meters (2.3% Ni, 1.8% Cu, 0.45 g/t Total Precious Metals (“TPM”) (Pt+Pd+Au)) in hole TK-22-059
o Including 6.8% Ni Eq over 1.8 metres (4.8% Ni, 3.7% Cu, 0.87 g/t TPM)
o And 9.4% Ni Eq over 0.6 metres (8.2% Ni, 1.6% Cu, 1.62 g/t TPM)
- Visual results for holes TK-22-070, which intersected 1.7 meters of massive sulphide mineralization from 165.4 to 167.1 meters down hole.
- The new discovery closely resembles the Palladium One extremely high-grade Smoke Lake Zone located 20 kilometers to the east which has returned up to:
o 10.2% Ni Eq over 3.8 meters (8.1% Ni, 2.9% Cu, 0.1% Co, 0.61g/t Pd, 0.71g/t Pt, and 0.02g/t Au) in hole TK-20-023) (see news release January 19, 2021)
Table 1: Assay Results: Drill Results from the West Pickle Zone
| Hole | From (m) | To (m) | Width (m) | Ni_Eq % | Ni % | Cu % | Co % | TPM g/t (Pd+Pt+Au) | Pd g/t | Pt g/t | Au g/t | |
| TK-22-059 | 184.0 | 187.7 | 3.7 | 3.37 | 2.33 | 1.85 | – – – | 0.45 | 0.21 | 0.21 | 0.03 | |
| Inc. | 185.3 | 187.0 | 1.8 | 6.84 | 4.79 | 3.67 | – – – | 0.87 | 0.41 | 0.41 | 0.05 | |
| Inc. | 185.3 | 185.9 | 0.6 | 9.40 | 8.21 | 1.60 | – – – | 1.62 | 0.80 | 0.79 | 0.03 |
(1) Reported widths are “drilled widths” not true widths.
(2) Cobalt analysis have not yet been received
(3) * Ni_Equivalent is calculated for comparison purposes using recent spot prices, $8.5lb nickel, $4.25lb copper, $25/lb cobalt, $1,700/oz palladium, $1,100/oz platinum, $1,800/oz gold as per Palladium One’s May 2022 NI 43-101 report on the LK Project (see news release April 25, 2022)
Table 2: Visual Results: 2022 Drill Results from the West Pickle Zone
| Hole | From (m) | To (m) | Width (m) | Au g/t | |
| TK-22-058 | 213.0 | 221.7 | 8.7 | Minor Disseminated and Stringer Sulphide Zone | |
| TK-22-059 | 184.0 | 187.7 | 3.7 | Strong Disseminated and Stringer Sulphide Zone | |
| Including | 185.3 | 187 | 1.7 | Massive and Semi-Massive Sulphide Zone | |
| TK-22-060 | 184.3 | 188.5 | 4.7 | Strong Disseminated and Stringer Sulphide Zone | |
| Including | 186.6 | 188.5 | 1.9 | Semi-Massive, locally Massive Sulphide Zone | |
| TK-22-061 | 188.7 | 192.0 | 3.3 | Strong Disseminated and Stringer Sulphide Zone | |
| TK-22-062 | 207.5 | 215.9 | 8.4 | Moderate Disseminated and Stringer Sulphide Zone | |
| TK-22-063 | 149.5 | 151.0 | 1.5 | Moderate Disseminated and Stringer Sulphide Zone | |
| TK-22-064 | 219.8 | 246.6 | 26.8 | Minor Disseminated and Stringer Sulphide Zone | |
| TK-22-065 | 224.3 | 247.7 | 23.4 | Minor Disseminated and Stringer Sulphide Zone | |
| TK-22-066 | 156.5 | 164.3 | 7.8 | Moderate Disseminated and Stringer Sulphide Zone | |
| TK-22-067 | 197.0 | 212.0 | 15.0 | Minor Disseminated and Stringer Sulphide Zone | |
| TK-22-068 | 132.0 | 140.4 | 8.4 | Minor Disseminated and Stringer Sulphide Zone | |
| TK-22-069 | No Mineralization | ||||
| TK-22-070 | 164.0 | 107.1 | 6.1 | Strong Disseminated and Stringer Sulphide Zone | |
| Including | 165.4 | 167.1 | 1.7 | Massive and Semi-Massive Sulphide Zone |
Figure 2. Closeup of massive pentlandite-pyrrhotite-chalcopyrite in hole TK-22-070.
Figure 3. Long section looking south of the West Pickle Zone
Marc J Sale, First Class Metals CEO commented:
‘The reporting of the initial results from FCM’s West Pickle Lake prospect JV, add additional evidence that a new district scale nickel (copper) sulphide discovery is emerging on our North Hemlo property.
Furthermore, as indicated by Palladium One the prospectivity remains open to the west, ground held 100% by FCM.
Given only the results of the first of twelve holes have been reported and the visual estimation of other drill holes, particularly hole TK-22-70 are equally encouraging FCM anticipates continued support for the potential of the project.
We eagerly await further assay results and the results of the BHEM (Bore Hole Electro Magnetic) survey which should enable better definition of the conductor (sulphide) ‘plates’ and allow further drilling to focus on zones of potential mineralisation.
FCM continues to explore the North Hemlo block and currently efforts are focus in the target area between the West Pickle Lake prospect and the Dotted Lake prospect of Panther Metals, 10 km to the south west.’
For further information, please contact:
First Class Metals PLC
| James Knowles, Executive Chairman | JamesK@Firstclassmetalsplc.com | 07488 362641 |
| Marc J Sale, CEO | MarcS@Firstclassmetalsplc.com | 07711 093532 |
| Ayub Bodi, Executive Director | AyubB@Firstclassmetalsplc.com | 07860 598086 |
First Equity Limited (Financial Adviser & Broker) 020 7374 2212
Jonathan Brown
Jason Robertson
First Class Metals PLC – Background
First Class Metals is focussed on exploration in Ontario, Canada which is considered a top global destination for exploration with a robust and thriving junior mineral exploration sector. Specifically, the Hemlo ‘camp’ is a proven world class address for gold /VMS exploration. This geological terrane has significant production, both base / precious metals and a prolific number of exploration projects and numerous prospector’s showings.
FCM has commenced exploration programmes based on the detailed historical data review of available information on and around its seven claim blocks which comprise over 180km².
Figure 4. The original claim blocks that formed the ‘North Hemlo Property’. Note Pezim II (33 claims) are now the renamed ‘West Pickle Lake’ Palladium One JV/earn in property.
FCM-PDM JOINT VENTURE/EARN IN BACKGROUND
In July 2021 FCM secured a JV with Palladium One over the Pickle Lake Project area (comprising 33 single cell mining claims and the “Project”) Palladium One have the option to earn-in to an 80% interest in the Project subject to a three-year work program commitment. The JV sits on the Eastern flank of FCM’s Flagship North Hemlo Project.
Palladium One has the option to earn up to an 80% undivided working interest and a royalty Buy-Back Right, in the Earn-In Properties, over a 3-year earn-in period by incurring Canadian Exploration Expenses as follows:
Year 1 – an amount of not less than C$25,000 on or before the 1st anniversary of the Effective Date:
Year 2 – an amount of not less than C$135,000 (for an aggregate amount of $160,000) on or before the second anniversary of the Effective Date to earn a 51% interest; and
Year 3 – an amount of not less than C$165,000 (for an aggregate amount of not less than $325,000) and by preparing a National Instrument 43-101 (“NI43-101”) Technical Report with respect to the Earn-In Properties on or before the third anniversary of the Effective Date to earn an additional 29% (for a total aggregate 80% interest).
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.
Links to External Sites
The document may contain links to other websites; these external websites are not under FCM’s control. FCM’s shall not be held responsible for such websites and do not make any warranties regarding the same. FCM’s do not endorse these websites in any manner.
*Nickel Equivalent (“NiEq”)
Nickel equivalent is calculated using US$1,700 per ounce for palladium, US$1,100 per ounce for platinum, US$1,800 per ounce for gold, US$4.25 per pound for copper, US$8.50 per pound for nickel and US$25 per pound for Cobalt. This calculation is consistent with the commodity prices used in the Palladium One 2022 NI 43-101 LK resource estimate (see their news releaseApril 25, 2022).
#FCM First Class Metals – Exploration Program Update
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 land holding is pleased to provide an update on activities during the first half of 2022 across its portfolio.
HIGHLIGHTS
– Ground exploration/reconnaissance work commenced across six of the seven properties.
– + 4000 line Km of helicopter borne low level VTEM magnetic survey flown over North Hemlo.
– Ontario Junior Exploration Program (OJEP) Grant award of $200,000CAD.
– Drilling commenced by earn in-JV partner Palladium One Inc at West Pickle Lake Nickel PGM target.
– Progression of key structural survey on the North Hemlo, Esa & Magical properties by Telluris Consulting.
-Full historical data review completed across all properties.
-Samples at the Laboratory assays pending for multiple rock-chip, soils/MMI sampling across six properties.
Properties
FCM 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.
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 soil / VTEM anomaly. 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 West Pickle Lake prospects is believed to be an extension of the RJ Zone on to FCM’s claims.
Furthermore, the properties have not been extensively explored either historically or more contemporaneously . This is predominantly attributable to the overall lack of outcrop. However, modern exploration techniques are better able to ‘see through’ the ground cover and to identify anomalies.
FCM has initiated a concerted and will sustain a continued exploration programme on its seven properties which includes not only ground reconnaissance: traditional, time proven geological sampling but also airborne geophysical surveys. The ground-based exploration is further focussed by a structural interpretation undertaken by Tony Starling of Telluris Consulting which will be reported separately.
Dr Tony Starling is a world leading expert in the interpretation of structural targets identified by Remote Sensing with extensive experience in Archean settings similar to the ones we find in the Hemlo-Schreiber Greenstone Belt
FCM believes this study will identify potential structural trends in areas of overburden enabling exploration efforts to be more focussed and efficient.
North Hemlo-Flagship Property
The Flagship North Hemlo property was consolidated with the acquisition of the Hemlo North block from Power Metals Plc. and now contains 427 contiguous single cell mining claims covering approximately 90km², including the JV with Palladium One Inc over 33 claims covering the West Pickle Lake showing.
Two inferred shears have been identified crossing the property. There are several historical ‘showings’ considered to merit further exploration. Targets are not only base metals – nickel, but also several potential gold anomalies. Significantly the anomalous gold values are associated with molybdenum, highlighted at Dead Otter Lake where historic samples from a trench returned 3.10g/t Au and 0.59% molybdenum.
There are ongoing exploration activities on neighbouring blocks focussing on both gold and base metals, with those targets trending onto North Hemlo, including the West Pickle Lake (WPL) anomaly considered an extension of the RJ showing on Palladium One Inc.’s property, identified by a VTEM survey. WPL is under an earn in-JV with Palladium One who is currently drilling on the prospect.
FCM undertook a +4,000 line-km helicopter borne low level VTEM magnetic survey over the whole of the North Hemlo property, the data is currently being processed for interpretation.
FCM applied and have been successfully awarded an Ontario Junior Exploration Program (OJEP) Grant of $200,000CAD from the Minister of Northern Development, Mines, Natural Resources and Forestry Ontario in part contribution to the costs involved in this VTEM survey and exploration on the North Hemlo claim block.
FCM has had exploration teams on the ground at North Hemlo since May and over 350 rock and soil samples have been collected for analysis. Results pending.
Esa
The Esa property covers 20km² and is situated only 11km north of the Hemlo gold mine. A strong geophysical response dissecting the property has been in part ground-truthed and supports the interpreted presence of a shear, (also identified on adjacent properties to the west, trending on to Esa). The raw data from a previous VTEM survey has been acquired and will be reprocessed and interpreted This inferred shear across the property has formed the focus of field work to date with over 150 rock and soil samples collected for gold and base metal analysis, results pending.
Sugar Cube
Sugar Cube is the second largest property in the portfolio, covering 43km². the claim block is located immediately north west and contiguous to the extensive land package covering the Sugar Zone gold mine operated by Silver Lake Resources. Very little field work is reported to have been conducted over Sugar Cube area and the extensive ‘cover’ – gravels and muskeg, means that initial planned exploration method will involve an airborne geophysics survey in order to confirm the presence of greenstone style geology.
McKellar
The McKellar property is situated in prime geological location. As well as being adjacent to the Generation Mining’s Marathon Palladium Project, the property covering 11km² contains historical showings / samples for gold as well as silver as well as a diatreme with anomalous REE reported.
There are also a significant number of showings within the vicinity of McKellar, including the Prairie River West showing which returned 1.13g/t Au and 45g/t Ag, as well as the Marhill Prospect to the west with values up to 18.5g/t Ag. Importantly these showings are hosted in the mafic to intermediate metavolcanics which are identified in the western extension of the property: nearolgy and vector.
Historical exploration on the property includes not only the diatreme but a drill hole on the Gold Bar Lake prospect reporting over 1% Cu, 6% Zn as well as 0.5g/t Au and 60g/t Ag. Elsewhere on the property samples of 6,419ppm Mo (molybdenum) and 4,400 Zn are reported. Whilst the small scale historic Little Pic silver mine produced ‘ore’ containing variously 618g/t Ag and over 7% Pb and 32% Zn.
McKellar probably contains the most historic showings of the seven properties, however it is not consider ‘explored’ as the majority of the exploration conducted has been in the vicinity of these showings.
FCM has initiated exploration on the western sector of the property and to date has collected 89 rock samples, assays pending.
Magical
The Magical block of 14 claims, whilst only covering 3km² it is located northwest of the Hemlo gold mine and immediately east of the Hemlo Explorers Pic project recently optioned by Barrick the operators of Hemlo. There is a significant lack of historical exploration across the property, this is attributed to the overburden. Available geophysics indicates a mafic to intermediate volcanic unit strikes NE across the property and is constrained on both contacts by later plutons. Both to the south west and north east along the interpreted strike (off property) of the volcanic unit there are reported samples of 1.5g/t Au and 70g/t Ag as well as 10% Zn and almost 9% Pb. Importantly the ‘valley’ float sample of a mafic volcanic found only 600m north off property assayed 16.2g/t Au.
During an initial reconnaissance visit the FCM contracted geological team collected 12 rocks 56 MMI soils, final assays results pending
Enable
The Enable 41 claims block is also dissected by a geological feature striking north east which can be traced off property to historical showings. This geological contact between the Terrace Bay batholith ad mafic volcanics interspersed with concordant iron formations cut by quartz-feldspar porphyry dykes emanating from the batholith. Less than 2 kilometres off property, along this contact are the historic samples of Hays Lake with 9.64g/t Au and 20g/t Ag, probably from the Acker G vein contained in the north east trending (towards Enable) 3m wide shear zone. Also, to the south west is the ‘Joa Walton’ occurrence with 192.7g/t Au and 401g/t Ag. This trend where it crosses the property contains the historic Perch Lake West showing with a reported 1.85gh/t rock chip sample. During a brief reconnaissance a number of quartz veins were identified on the property and a total of 64 rock samples collected, assays pending.
Coco-East
The Coco East 30 claim block is the most western FCM property and is located about 10km east of the Metallum Resources recommissioned zinc mine. Importantly peripheral to the Coco property there are many historical showings, particularly in the western sector which contains the eastern extension of the Big Duck Lake porphyry, this geological unit has been and continues to be the focus of extensive exploration. Less than 3km to the west of the property the Coco Estelle deposit has a reported 53,700 tonnes grading 10.7g/t Au. The Big Birch showing which is on the property returned 0.56ppm Au and 2.8ppm Ag. An initial ground reconnaissance over part of the property in the area of the Big Birch showing collected 46 rock samples, final assay results pending.
Future Work Program
Continued exploration is planned across the seven properties. The basis of the autumn programmes will be not only follow up on the expected geochemical targets generated from the samples currently being analysed, but also on-going reconnaissance of the North Hemlo, Esa and possible McKellar blocks. This will be augmented with the interpretation of both the VTEM covering North Hemlo and Esa as well as a new survey on the Sugar Cube block of claims planned later in the year.
The company is currently in discussion with the First Nation groups with traditional land claims over the FCM properties with a view to submitting exploration permit applications to the Provincial Mining Authority. These permits, once approved will allow for ‘invasive’ exploration, including trenching and drilling. North Hemlo will be the primary focus.
Marc J. Sale CEO First Class Commented:
‘The recent successful listing of First Class Metals PLC in what are generally considered woeful market conditions is testimony to not only the management team but the quality of the assets: the claim portfolio created. We are as a team enthusiastic about the future given the historical data assimilation and encouraging exploration results (visual) to date.
We have hit the ground running hard, the activity in the first half of 2022 leading up to and past the IPO will set us off in a good state to deliver on our objective of developing the potential of these multiple highly prospective projects.
I look forward to reviewing and reporting on the number of programs and initiatives we have commenced which are currently ongoing in the coming weeks and months’.
ENDS
For further information, please contact:
First Class Metals PLC
James Knowles, Executive Chairman 07488 362641
Marc Sale, Chief Executive Officer 07711 093532
Ayub Bodi, Executive Director 07860 598086
First Equity Limited (Financial Adviser & Broker ) 020 7374 2212
Jonathan Brown
Jason Robertson
First Class Metals (FCM) – Exploration Permit Received for the Pickle Lake Area Earn in-Joint Venture Partner Palladium One Inc to Launch Drill Programme
First Class Metals PLC the UK metals exploration company seeking large scale metal discoveries across its extensive Canadian Schreiber-Hemlo land holding is pleased to provide an update to shareholders in respect of the Pickle Lake Project (“Pickle Lake” or the “Project”) Earn in-joint venture (the “Joint Venture” or “JV”) with TSX-V listed Palladium One Inc (“`Palladium One”) (TSXV: PDM).
HIGHLIGHTS
Exploration Permit
First Class Metals is pleased to announce the Company has received an Exploration Permit (the “Permit”) for the Pickle Lake property, located near White River, Ontario.
The adjacent contiguous Palladium One Tyko property hosts nickel (“Ni”), copper (“Cu”), and cobalt (“Co”), each of which has been designated a critical mineral in Canada, the United States and the European Union.
The Permit allows for twenty diamond drill Holes, line cutting and mechanised stripping.
The West Pickle Lake Target
Within Pickle Lake is the West Pickle Lake Target.
The West Pickle Lake anomaly likely represents a continuation of the Palladium One RJ and Tyko Zones which have returned 1.04% Ni and 0.23% Cu over 16.2 meters in hole TK-16-002 and 0.93% Ni, 0.50% Cu over 15.9 meters, in hole TK-16-006 respectively in blebby to locally net-textured sulphides.
The West Pickle Lake anomaly has a much stronger VTEMmax response (over 6 lines), whereas the RJ showing had only a weak single line VTEMmax response, suggesting semi-massive to massive sulphide occurs at West Pickle Lake. Soil samples collected at West Pickle Lake have returned up to 153ppm Cu and 116ppm Ni.
Planned Drill Programme
Palladium One the Company’s JV partner is to commence a planned 15,000-metre diamond drill programme which will include the West Pickle Lake Target. The drill programme is scheduled to begin this month, subject to securing a suitable drilling rig.
At West Pickle Lake twenty drill holes have been planned. The announcement released by Palladium One in respect of drilling plans may be viewed in the following link:
https://palladiumoneinc.com/news/2022/palladium-one-announces-drilling-of-the-award-winning-tyko-nickel-copper-cobalt-project-canada
Further Information
Palladium One had significant success recently at Smoke Lake (part of their wholly owned Tyko Project) to the east of Pickle Lake JV area returning ultra-high-grade nickel equivalent grades. The Palladium One announcement covering this may be viewed through the following link:
https://www.palladiumoneinc.com/news/2021/palladium-one-drills-74-ni_eq-164-
lbstonne-over-45-meters-including-102-ni_eq-224-lbstonne-over-17-meters-at-tyko-nickel- Copper-project-in-ontario-canada
EARN-IN JOINT VENTURE BACKGROUND
In July 2021 First Class Metalssecured a Joint Venture with Palladium One over the Pickle Lake Project area (comprising 33 single cell mining claims).
Palladium One have the option to earn-in to an 80% interest in the Project subject to a three- year work program commitment.
The Joint Venture sits on the Eastern flank of FCM’s Flagship North Hemlo Project. First Class Metals is currently the operator.
COMPETENT PERSON STATEMENT
This release has been approved by Marc Sale, who is a Competent Person as described in the CIM and JORC Reporting Codes.
CONTACTS:
Marc Sale, CEO, First Class Metals, 07711093532,
James Knowles Executive Chairman, First Class Metals, 07488 362641
jamesk@FirstClassMetalsPlc.com
Ayub Bodi, Executive Director, First Class Metals, 07860 598086
NOTES TO EDITORS
About
First Class Metals Plc. is a minerals exploration company focused on proving and developing the significant potential of their flagship property North Hemlo which includes the Pickle Lake Palladium One JV area as well as systematic exploration of the Esa, Sugar Cube, McKellar, Magical, Enable and Coco East projects, in total 180km2 in the Hemlo – Harte gold mines region in the Western portion of the Wawa-Abitibi Gold Belt of Ontario, Canada.
Geologically the claim blocks are located within the Schreiber-Hemlo Greenstone Belt with target minerals gold, silver, base and battery metals in typical Archaean / Hemlo style mineralised settings. First Class is seeking a London Listing prior to end Q2 2022.
About Palladium One Palladium One Mining Inc. is an exploration company targeting district scale, platinum-group-element (PGE)-copper nickel deposits in Finland and Canada. Its flagship project is the Läntinen Koillismaa or LK Project, a palladium dominant platinum group element-copper-nickel project in north-central Finland, ranked by the Fraser Institute as one of the world’s top countries for mineral exploration and development. Exploration at LK is focused on targeting disseminated sulfides along 38 kilometers of favorable basal contact and building on an established NI 43-101 open pit resource.
GLOSSARY
“VTEMmax system” is the latest and the most powerful VTEM (versatile time-domain electromagnetic helicopter borne) system developed by Geotech Ltd
Alan Green presents a Hemlo special on his weekly Stockbox Media Research talk
Alan Green presents a Hemlo special research talk, discussing the Schreiber Hemlo mining belt on the North Coast of Lake Superior, N Ontario, Canada. Alan looks at the activities of incumbent miners operating in the area, and also that of recent entrants Panther Metals #PALM and Power Metal Resources #POW.