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First Class Metals #FCM – Operations update
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK listed metals exploration company seeking economic metal discoveries across its extensive land holdings, remains focused in northern Ontario, Canada, is pleased to announce significant advancements in field activities and supporting technical developments.
Highlights
· Coco East property- field work completed, base metal potential.
· Sunbeam Project- 85 samples from Nuinsco diamond core drilling dispatched for assay.
· North Hemlo- 25 coarse rejects from Dead Otter trend to be re-assayed by Photon Assay
· Zigzag Lithium & Critical Metals Project- Award of an Exploration Permit for three years
Marc Sale First Class Metals CEO Commented:
“At FCM we persist in our aim of enhancing the value of the portfolio. The field work at Coco East ensures the property’s positive standing beyond 2024, furthermore we eagerly await the results from the prospecting in a new area of historic potential. The review of the historic drill core from the Sunbeam Property was our initial focus this year after EGS ‘found’ the TerraX core. The significance of the review is the revelation that from the stripping at Roy and Pettigrew the host porphyry was proved to be auriferous: successful resampling here could revolutionise the property’s potential.
Despite Dead Otter’s assays being the highest recorded from the North Limb of Hemlo, we suspect coarse gold might be skewing fire assay results, possibly misrepresenting the samples. Adopting Photon Assaying, a relatively new method, may resolve this issue.
Lastly the award of a further three years Exploration Permit at Zigzag, supported by the Whitesand First Nation is a welcome event. The permit opens up the new structure we delineated in the south and gives us more options on the core structure that we drilled last December.
It’s been a busy few months for FCM as we enter the summer period with a lot of activity still to look forward to.
As a follow up to my recent field trip to northwest Ontario we have populated additional information to the Data Room and received request from a further company to review specific properties.”
Coco East
The Coco East property not only has potential for precious metal targets but also base metals. The geophysical anomaly in the northern sector has been interpreted as a potential eastern continuation of the ‘zinc belt’ from the Winston Lake area.
Figure 01 Showing the recently re-discovered adit – mine working – in the norther area of the property.
FCM through Emerald Geological Services (‘EGS’) recently undertook a prospecting programme in the northern sector of the property. A previously unknown adit was encountered. Searches of the Ontario Mineral Index ‘OMI’ registrar is ongoing to ascertain if there is any historical information associated with the workings. A number of rock samples were collected from this area of the adit as well other locations and will be dispatched for analysis.
The exploration programme whilst brief has been successful and importantly the assessment credits the work generates will ensure the property remains in good standing into the ’25 field season.
North Hemlo, Dead Otter Trend
The Dead Otter Trend has discontinuous outcrop along the identified >3km strike. The structure mimicking the granite / mafic volcanic contact is sheared and contains significant quartz veining. Where outcrop allows sampling, the gold reported in assays has reached 19.6ppm Au, (19.6g/t). However, there are areas where, whilst gold has been visibly identified in rock samples, the assays have not reflected the apparent potential to report significant gold values. There is possibly a ‘coarse gold issue’ in the northern sector. Additionally, the presence of silver and gold telluride (calaverite) further suggests that the assays are not reflecting the true gold content of the quartz / shear.
Given the relatively small fraction of the overall samples that are used in a standard 50g Fire Assay method, FCM through EGS has selected 25 samples for Photon Assay which utilises a 500g sample in the assay. The sample is run through a high energy X-ray machine which excites the atomic nuclei in the rock, causing them to emit gamma rays at specific energy levels. These emitted gamma rays allow for the detection of gold and silver within the rock sample and, is a non-destructive methodology, as opposed to traditional fire assay, allowing the sample to be retained for further analysis.
The samples are from the original Dead Otter Showing (3.1ppm Au), the ’19 grammer’ as well as samples from Bobby’s Showing which reported 2.2ppm Au.
It is anticipated that this new method of analysis will enhance the potential of the Dead Otter trend and help focus stripping programme the planned this field season.
Sunbeam
After a review of the historic TerraX and Nunisco drill core a total of 83 half core samples (plus one standard and a blank) have been submitted to assay for gold by Fire Assay and a silver / multi element package.
The basis for the additional review and sampling of the core results from the stripping programmes at Roy and Pettigrew that identified that the hosting porphyry was anomalous in gold, with one grab sample reporting over 4ppm Au.
Zigzag
The Exploration Permit application to the Ontario Ministry has been approved for a further three years. The granting of the Permit allows for stripping and further drilling on the main zone identified by FCM’s prospecting, channel sampling and drilling in 2023. The zone remains open in all directions, including down dip.
Previously reported results from an MMI soil sampling programme indicated not only is the main zone open past FCM and historical drilling and channel sampling locations but that there exists the possibility of a subparallel or spur structure to the south (anomalous values reported included Li, up to: 2,600ppm; 4,290ppm Rubidium; 920ppm Cs. The granted permit will allow this to be stripped and if warranted drilled.
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).
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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
#FCM First Class Metals plc- Esa Property Geophysical (VTEM) Reinterpretation
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 and the Sunbeam Project, is pleased to provide an update on activities in respect to the Esa claim block.
HIGHLIGHTS
· VTEM reinterpretation by Paterson Grant Watson Limited “PGW” now completed.
· Reinterpretation further identifies potential east-west trending shear zone dissecting the central area of the property, the “Esa shear zone”.
· Esa is located just 11km Northeast of the Barrick Hemlo 23M oz gold mine.
· Ground reconnaissance has identified outcrop of sheared metamorphic rocks
· Field campaign completing multiple soil lines across the “Esa shear zone” underway with results pending.
Esa
The Esa property covers 20km² and is situated just 11km north of the iconic Hemlo gold mine operated by Barrick Gold (>23M oz Au) which after over thirty years of continuous production remains one of Canada’s most prolific producing gold mines. Hemlo is a sheared-fractured-folded, disseminated-replacement-stockwork deposit, located at a felsic volcanic-sedimentary rock interface, with sulphides in a structural regime. Metamorphism has overprinted the system. Pluton emplacements as well as intrusions of variable age and composition may have played a role in metal deposition or reworking, see Figure 1.
Figure 1- Esa Property regional location with FCM North Hemlo to the north and the Barrick Williams 23m oz Au mine in the south
FCM recently engaged Paterson Grant and Watson Ltd. ‘PGW’ to undertake a re interpretation of the VETEM acquired over Esa. This report has now been finalised and it comments “Exploration at the Esa property focuses on shear-zone hosted, stratabound gold mineralization found within the metasedimentary unit. The genetic model is considered similar to the Hemlo gold deposit.” The report further comments: “Through the centre of the property, the proposed Hemlo-style shear zone trends roughly WNW-ESE and is associated with a magnetic anomaly of approximately 60 nT within the Esa/Soturi block magnetic data. The anomaly is approximately 350 m wide and is identifiable within the Hemlo survey data for approximately 5 km to the west and 4.5 km to the east of the Esa property as a regional arcuate structure…………and:
Mineralization within the property appears closely related to a series of N-S trending magnetic anomalies which may be related to the Marathon, Kapuskasing or Biscotasing dyke swarm. Numerous high geochemical Au assay values occur along these anomalies and at the intersection of these anomalies and WNW-ESE interpreted faults”, see Figure 2 and 2a”
Figure 2 and 2a-Reinterpretated PGW VTEM showing interpretated shear zone bisecting the Esa Property and 3D block model interpretation highlighting the deep seated N-S anomaly
PGW also indicated that whilst the magnetic component of the survey was instrumental in their (re)interpretation the VTEM added little. The strong geophysical response dissecting the property has been in part ‘ground-truthed’ and supports the interpreted presence of a shear. The inferred shear is also identified on adjacent properties: to the west, trending on to Esa, whilst its continuation east coincides with reported anomalous gold values. This inferred Esa shear crossing the property in an arcuate roughly east west orientation has formed the focus of field work to date. Rock samples of boulders were identified as sheared sulphitic mafic rocks. It is worth noting that owing to ground cover, both forestation and Quaternary gravels, there is a paucity of exposure generally across the property. However, significantly, the shear has now been identified in outcrop in the eastern sector of the property.
The following comment from Dr Tony Starling (Telluris Consulting Limited) reaffirms and supports the Esa shear interpretation being adopted by the Company. Dr Tony Starling is a world-renowned expert in structural geophysics. Previously Telluris had been contracted by FCM to carry out a structural geological review of the both the Esa & North Hemlo project areas and their wider environs.
“The PGW report interprets the arcuate near E-W linear anomaly as a shear zone (the Esa shear zone) as suggested by its slightly wider, more diffuse response in the geophysics, which makes sense.”
Telluris Consulting Ltd
Dr Tony Starling is founder and Managing Director of Telluris Consulting Ltd. Telluris Consulting is a geological consultancy established in 1993 that specialises in the application of structural and alteration studies with bespoke image processing with extensive experience in Archean settings.
More recently FCM is exploring the use of proprietary algorithms based on remote sensing (Aster imagery) to further explore the potential of the Esa (and North Hemlo) blocks.
FCM has a field team finalising a soil sampling programme along the inferred surface expressions of the shear, see Figure 3; whilst in parallel the team continued the systematic prospecting of the claim block. 8 soil lines orientated north – south and one oblique line across the property west to east over roughly 4km of strike are near completion.
Figure 3-Map of the soil sample lines.
The 5 western lines crossed the magnetic feature in the western portion of the property. The 4 eastern lines were in the vicinity of sheared pyritic boulders and the intersection with a major N-S feature; hence the last soil line being orientated oblique to both structures.
Across the Esa property in this season’s campaign over 450 soil samples and 10 rock samples will have been collected. Results will be reported when final assays for all elements are received.
Marc J. Sale CEO First Class Metals said: “I am delighted that for negligible cost to FCM to have gained and contracted a reinterpreted of the full set of geophysical including VTEM data. The PGW reinterpretation is significant due to its findings giving credence to the postulated theory an inferred ‘Hemlo style’ arcuate east west shear across the property. This reinforcement has led us to undertake very late into the season a soil sampling campaign that extended previous work and now covers the entire length of the shear. I am grateful to the field team for their efforts in indulging me during progressively worsening conditions. I look forward to receiving the assay results of the soils and interpreting the data it provides into our model”.
For further information, please contact:
First Class Metals PLC
|
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
Jason Robertson 02073742212
First Class Metals #FCM – Sunbeam: modernising a shining historical gold opportunity
First Class Metals #FCM – Sunbeam: modernising a shining historical gold opportunity.
Read the latest FCM report containing detailed analysis on the Sunbeam opportunity here FCM report V2