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#FCM First Class Metals PLC – Award of Exploration Permits-North Hemlo & Esa
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 the granting of two Exploration Permits for the Company’s North Hemlo & Esa Properties located in the Hemlo area of Ontario
First Class Metals’ stated aim was to bring four properties to drill ready status with the intention of drilling one property this field season. With the possible exception of Esa, the company is on track to achieve its aim. With the granting of the Permits, it clears the way for ‘stripping’ at both properties to further refine possible drill locations.
Highlights:
· The permits are effective for a period of three years until expiry October 2026.
· North Hemlo & Esa are now both fully permitted, allowing for a systematic programme of exploration activities, including drilling, stripping, and trenching.
Marc J. Sale First Class Metals CEO commented:
“With the granting of the Permits for these two key properties it allows FCM to advance the aim to bring its four core properties to drill ready status this year. This is a very positive move and one that would not be possible without the support of the Ontario Mines Department but importantly the First Nations for which I am personally grateful”.
North Hemlo
The granting of the Exploration permit will allow consolidation of the extensive work: prospecting, sampling, and mapping that has been undertaken along the Dead Otter trend. Stripping off of the overburden will allow a far more quantitative appraisal of the structure, specifically in the area of the historical showing (3.1ppm Au 0.59% Mo) and the extension along strike to the south east.
The area reporting 19.6ppm Au over three kilometres to the south east will also be the focus of stripping as well as drill pad construction in the anticipation of drilling.
Both locations have reported visible gold and gold being ‘panned’ from crushed rock. Furthermore, in the area of the 19.6ppm sample other samples have reported 13.6ppm and 4.6ppm Au.
The historic showing at Dead Otter zone is reporting very high values of pathfinder elements including molybdenum as well as telluride which is strongly associated with gold deposits especially in the Hemlo area, this could indicate high level in a gold system.
An additional area over 750m south east along trend from the historic showing an isolated outcrop returned 2.29ppm Au, confirming the presence of an auriferous trend. This is also a target for stripping.
Esa
The granting of the Exploration permit for the Esa property will allow stripping of the overburden in selective parts of the shear where soils samples have indicated strong gold and pathfinder element anomalism. This will potentially significantly advance the Esa property towards drill ready status.
To recap: to the end of the 2022 field season over 500 soil samples were collected predominantly along eleven lines on average 400m apart, orthogonal to an inferred 4km shear which transects the property roughly east to west. This structure was highlighted by the airborne magnetic survey. The results of the initial soil sampling were encouraging and defined an anomalous zone mimicking the inferred position of the shear. During the 2023 season ‘infill’ sampling lines were conducted in two programmes again totalling over 500 samples. The analysis results for the last programme, only recently completed, are not yet available.
Summary
First Class Metals is entering a period of significant news and progress across its four core properties. The company has made commendable strides towards achieving a “drill ready status.” Throughout the summer field campaign, extensive work has been conducted on each of these properties.
Additionally, plans are underway to initiate a drilling campaign on one of the properties before the end of the year. These developments highlight First Class Metals’ commitment to exploration and to bring ‘four projects to a drill ready status in 2023’.
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 /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 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.
#POW Power Metal Resources PLC – Athabasca Basin – Uranium Portfolio Update
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update in relation to its uranium property portfolio focused on the Athabasca Basin area in Saskatchewan, Canada.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented:
“There is significant competition for high quality uranium ground in and surrounding the Athabasca Basin in Saskatchewan, Canada. As outlined below, there were other uranium companies also lodging applications over the Haresign Bay Property which we announced on 2 February 2023 and which has reduced the amount of ground we were able to secure at that project.
The interest in the Athabasca Basin is noticeably increasing meaning we must accelerate the acquisition of additional ground. By moving quickly, the Power Metal technical team has already taken action by staking an additional two properties located within the Basin.
Given the recognition of uranium as a key commodity for future power generation we are also accelerating our efforts to secure projects in other regions as quickly as possible to build our exposure. The level of interest in uranium exploration extends across many high-profile regions globally and there is no time to waste on this.”
HIGHLIGHTS:
– All claims were acquired by direct mineral claim staking by the Power Metal technical team. They were acquired through the Mineral Administration Registry Saskatchewan (“MARS”) electronic registry system on 15 February 2023. The staking acquisitions represent significant additions to the Company’s uranium portfolio. Further information on the staking process can be found in the Further Information section below.
– The newly acquired Hawkrock East and Hawkrock West uranium properties (collectively the “Properties”) cover a total combined area of 4,280-hectares (42.80km2) within the prospective Snowbird Tectonic Zone (“STZ”) in the northeastern corner of the Athabasca Basin.
· Historical exploration completed covering the Hawkrock East property identified elevated radon, uranium and methane-in-groundwater coincident with largely untested electromagnetic (“EM”) geophysics conductors. Previous drilling completed by the Saskatchewan Mineral Development Corporation (“SMDC”) in 1981 identified major faulting and pelitic geology which is considered by the Company to be comparable to many Athabasca basin unconformity-related uranium deposits.
– The Hawkrock West property, located 12km to the west of Hawkrock East, is centred around multiple EM conductors which are coincident with elevated uranium pathfinder elements (incl. As, Co, Ni, Th and Pb) in lake sediment sample assays. Previous drilling completed by D.F Exploration Ltd in 1997 returned elevated uranium, thorium and radiation counts-per-second (“CPS”) readings of drill core in close proximity to the Athabasca sandstone and basement unconformity.
– Due to a correction following concurrent competing applications within the MARS electronic claim registry, Power Metal’s previously staked Haresign Bay Property has been reduced in size from 3,189-hectares (31.89km2) to 165-hectares (1.65km2) with two other uranium focused companies securing the balance. The Kernaghan Property was unaffected and remains as previously announced. This reduced the staking cost of Haresign Bay Property to CAD$300 from CAD$1,913.51. Both Haresign Bay and Kernaghan properties come with a two-year term with no minimum spend requirement and which can then be extended for subsequent years by spending an aggregated minimum of CAD$72,623 per annum.
– With the addition of the Properties, as well as the reduction of the Haresign Bay Property, the Power Metal Athabasca uranium portfolio now consists of sixteen properties, including two conditional disposals1,2, with a combined total area of 965.73km2.
FURTHER INFORMATION
Geology
The Properties are located in the northeastern corner of the prolific Athabasca Basin and within the STZ. The STZ is a 200km wide structural zone which crosses the Athabasca Basin in a northeast-southwest orientation. On the other side of the basin, the STZ is host to the Centennial unconformity related uranium deposit owned by a joint venture between Orano SA and Cameco Corp., where drilled intersections include up to 34m @ 8.8% U3O8.3
Mineral Claim Staking Process
The mineral claims constituting the Properties were acquired directly through the Mineral Administration Registry Saskatchewan (“MARS”) electronic claim registry system.
Where a previous claim owner is unable to satisfy the claim maintenance requirements, that ground is reopened to third party staking. The total cost of staking the Properties was a combined CAD$3,340.75. The newly staked licences come with a two-year term with no minimum spend requirement and which can then be extended for subsequent years by spending an aggregated minimum of CAD$83,519 per annum.
The Properties staked are pending licence grant which is expected shortly.
Next Steps
The Company is preparing fact sheets which will include further information and maps for newly acquired staking. These will be released to the market once ready. Furthermore, detailed data rooms are being prepared.
URANIUM PROPERTIES – HOLDING STRUCTURE
Power Metal has a 100% subsidiary Power Metal Canada Inc (“Power Canada”), which acts as the holding Company for certain Canadian project operations. Power Canada has a wholly-owned subsidiary, 102134984 Saskatchewan Ltd, which is the holder of the Company’s Athabasca uranium portfolio.
Table 1: 102134984 Saskatchewan Ltd., Athabasca Basin Property Holdings
Project
Licence ID
Area
(Hectare)
Area
(km2)
Clearwater Uranium Property
MC00015079
1,110
11.1
MC00015083
563
5.63
MC00015082
3,191
31.91
MC00015151
760
7.6
MC00015646
761
7.61
MC00015658
1,541
15.41
Tait Hill Uranium Property
MC00015078
1,576
15.76
MC00015081
968
9.68
MC00015153
1,530
15.3
MC00015152
1,886
18.86
MC00015647
725
7.25
MC00015648
1,129
11.29
MC00016158
3,242
32.42
Thibault Lake Uranium Property
MC00015077
2,206
22.06
MC00015659
2,195
21.95
AC00018709
1,982
19.82
Soaring Bay Uranium Property
MC00015080
1,255
12.55
MC00015155
3,375
33.75
MC00015874
748
7.48
MC00015875
2,529
25.29
Cook Lake Uranium Property
MC00015212
984
9.84
E-12 Uranium Property1
MC00015213
1,323
13.23
Reitenbach Uranium Property2
MC00015214
2,135
21.35
MC00015474
1,235
12.35
MC00015655
4,570
45.7
MC00015656
5,322
53.22
MC00015657
886
8.86
MC00015824
528
5.28
MC00016155
1,333
13.33
Reindeer Lake
MC00015522
3,336
33.36
Porter Lake
MC00015561
5,657
56.56
MC00015562
5,199
51.98
Old Woman Rapids
MC00015563
4,851
48.51
MC00015564
5,063
50.63
MC00015565
3,044
30.44
Durrant Lake
MC00016142
5,866
58.66
Badger Lake
MC00016253
1,671
16.71
Haresign Bay
MC00016910
100*
1.00*
MC00016911
33*
0.33*
MC00016912
33*
0.33*
Kernaghan
MC00016760
4,566
45.66
Hawkrock East
MC00016968
2,345
23.45
Hawkrock West
MC00016967
3,220
32.20
Total Licence Holding Area
96,573
965.73km2
*Resulting licence area after reduction
NOTES AND REFERENCES
1: The E-12 Property, currently included as one of the 16 uranium portfolio properties, is subject to a conditional disposal to Teathers Financial PLC for a consideration of £250,000. Work is ongoing to complete that transaction. See Company announcement released on 4 November 2022.
2: The Reitenbach Property, currently included as one of the 16 uranium portfolio properties, is subject to a conditional disposal to Teathers Financial PLC for a consideration of £360,000. Work is ongoing to complete that transaction. See Company announcement released on 8 August 2022.
3: Jiricka, D.E., and Witt, G., 2008, The Centennial deposit-an atypical unconformity-associated uranium deposit: Calgary, Mining Forum, April 2008.
Glossary:
Electromagnetic Conductors: In the Athabasca Basin area, uranium mineralisation is often associated with graphitic fault conductors within the crystalline basement. Graphite and faults are more conductive than the surrounding rocks, and thus offer a proven geophysical target for future exploration.
COMPETENT PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
Power Metal Resources plc
Paul Johnson (Chief Executive Officer)
+44 (0) 7766 465 617
SP Angel Corporate Finance (Nomad and Joint Broker)
Ewan Leggat/Charlie Bouverat
+44 (0) 20 3470 0470
SI Capital Limited (Joint Broker)
Nick Emerson
+44 (0) 1483 413 500
First Equity Limited (Joint Broker)
David Cockbill/Jason Robertson
+44 (0) 20 7330 1883