The information contained within
this announcement is deemed to constitute inside information as
stipulated under the retained EU law version of the Market Abuse
Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law
by virtue of the European Union (Withdrawal) Act 2018. The
information is disclosed in accordance with the Company's
obligations under Article 17 of the UK MAR. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
FIRST CLASS METALS
PLC
3 July 2024
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:
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).
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.