Tag Archives: Red Lake Greenstone Belt

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).

¹GoldON Provides Analytical Results from the Fieldwork at McInnes Lake Li-Pegmatite Prospect (goldonresources.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:

Novum Securities Limited (Financial Adviser)