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
5 September
2024
Dead Otter Gold
Trend
First Class Metals PLC ("First Class Metals" "FCM" or the
"Company") the UK listed company
focused on the discovery of economic metal deposits across its
exploration properties in Ontario, Canada is pleased to provide an
exploration update.
This update follows on from the news
release of 24 July 2024 in which FCM announced the 'upgrade' of the
Dead Otter trend within its 100% owned North Hemlo Property to a
high-profile target. The planned stripping and channel sampling at
three locations along the 3.7 km strike identified, has now been
successfully completed.
EXPLORATION PROGRAMME HIGHLIGHTS:
·
Stripping and channel sampling have been completed
at three locations along the Dead Otter trend
·
Extensive channel sampling at the 19gramme
location.
o 18
channels cut for 70 samples.
·
Channel samples are currently being analysed at a
laboratory in Thunder Bay.
·
First assay results are expected within the
month, with subsequent batches of additional results to be received
over the coming weeks. Further market updates will be
provided as results are received, analysed and interpreted and
verified if required.
·
Results of 25 total Fire assay of selected 2023
season pulps received
·
In addition to the channel sampling in August, 127
coarse residues from the highly successful 2022/23 sampling
programs were submitted for Photon assay.
Marc J. Sale CEO First Class Metals
Commented:
"The exploration work on the Dead Otter trend continues to
deliver positive results, visually the channels cut show that the
19 grammer is potentially not an isolated high-grade occurrence.
The anticipated results from the stripping / sampling will allow a
decision to drill specific locations and to expand the footprint of
the mineralised structure with additional stripping along
strike."
FURTHER INFORMATION
Dead Otter
Trend
· The
Company has confirmed the presence of a discontinuous 3.7km long
gold trend at Dead Otter (open along strike so potentially larger)
in the south of the North Hemlo Property.
·
North Hemlo property covers ~90km² and contiguous with the
OnGold property, 35km² and contains the GT Resources JV over West
Pickle Lake 7km².
· The
Property is only 20km north of Barrick's Hemlo 23 million ounce
gold ("Au") mine.
· The
structure forming the Dead Otter trend is considered to be
subparallel to a district scale structure identified in the
magnetics that has similarities to the structure hosting the
Barrick Hemlo gold mine, see Figure 1; furthermore, the Dead Otter
showing contains significant molybdenum, also a characteristic of
the Hemlo mineralisation.
·
Visible gold has been observed in multiple grab samples from
the Dead Otter trend, a grab sample reported 19.6g/t Au with a
13.6g/t Au sample in the near vicinity.
·
Exploration Permit covering the North Hemlo block, including
the 3.7km gold trend at Dead Otter was granted in November 2023 and
is valid for three years. The permit allows mechanical stripping
and diamond core drilling, and a drilling operator has successfully
reviewed site logistics and access for a diamond drill
rig.
· The
Company believes that this work programme will be the last
exploration step that should be required for delineation of actual
drill hole locations.
Figure 1 showing the district
setting with the vast Barrick Hemlo gold mine on the south limb and
the Dead Otter trend on FCM's 100% owned property containing the
high grade '19gramme' location.
North Hemlo Exploration Progress:
A field team, working from
Manitouwadge spent five weeks supervising the clearing and then the
channel sampling in three distinct locations on the Dead Otter
trend.
An access trail was cleared to each
area which was then stripped - the removal of the soil and
vegetation (over burden). Then the bare rock was pressured washed
before the geologist mapped and marked out the samples for diamond
saw cutting.
At the 19 grammer, 10 separate
channels were cut up to 3.1m for a total of 55 samples.
At the historic showing which
reported 3.1 g/t gold (Au) and 0.59% molybdenum (Mo), three
channels were cut for cumulative 5 samples.
At the 2.3g/t 'showing' 750m to the
southeast a further 5 channels were cut for 10 samples. Trenches
were cleared over the 2.3g/t location as well as 25m to the east
and west.
See figure 2, below for relative
locations of channels
Figure 2, showing the Dead
Otter trend with details of the location of the channels and
samples
Channel Sampling Process
Detailed
Channels samples are taken by
cutting two parallel diamond sawn 'groves' in the rock up to 4cm
deep and 4cm wide. The rock between the cut grooves is then chipped
out bagged, see figures 3 to
9 for a sequential account of the stripping / sampling
process.
The programmes were extended at the
19 gramme location with a significant increase in the number of
samples taken, in line with previous announcements of the expanded
stripping programme.
Figure 3 initial stages of
'stripping': mechanical removal of overburden
Figure 4 overburden removed,
bare rock - outcrop revealed
Figure 5 washing off the soil
to clean outcrop
Figure 6 The cleaned outcrop is
mapped and 'marked-up' for cutting samples
Figure 7 cutting samples with
diamond saw.
Figure 8 showing two parallel
cuts for sampling
Figure 9 collecting and bagging
samples
The results from 25 'total pulp
assay' whereby up to 500g was assayed, as compared to the standard
50g Fire Assay, have been received. The results validate and, in
some cases, have enhanced the original results. These pulps
were submitted as FCM believes there is the potential for 'coarse
gold' at Dead Otter.
Whilst the 'total pulp' assays
confirm the previous assays the coarse gold situation is still not
addressed. Hence over 100 samples from the 2022/23 programme were
submitted for Photon Assay, these results are anticipated
shortly.
The initial results from the
completed stripping programme are expected within the month with
further announcements as deemed appropriate. Depending on the
findings of the Photon Assay results selected samples will be re
assayed using this methodology.
For Further
Information:
Engage with us by asking questions, watching
video summaries and seeing what other shareholders have to say.
Navigate to our Interactive
Investor hub here:
https://fcm-l.investorhub.com/link/MP7o0P
For further information, please
contact:
Novum Securities Limited (Financial Adviser)
Axis Capital
Markets (Broker)
NOTES TO
EDITORS
Qualified
Person
The technical disclosures contained
in this announcement have been drafted in line with the
Canadian Institute of Mining, Metallurgy and Petroleum standards
and guidelines and approved by Marc J. Sale, who has more than
30years in the gold exploration industry and is considered a
Qualified person owing to his status as a Fellow of the Australian
Institute of Mining and Metallurgy.
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.