TIDMFCM
RNS Number : 1511Q
First Class Metals PLC
16 October 2023
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
16(th) October 2023
Operations:- 'Big Four' Exploration 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 Canadian
Schreiber-Hemlo, Sunbeam and Zigzag land holdings is pleased to
announce the launch of systematic exploration campaign at the
Zigzag lithium project in the Province of Ontario Canada. ("Zigzag"
or the "Project") alongside a general portfolio exploration
update.
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 exception of Esa, the company will achieve
its aim. Once the soil sampling results are available from Esa this
property too will be close to being 'drill ready.' It is still the
Company's intention to drill one of the 'Big Four' this season.
FCM-Report-The-Big-Four-How-we're-moving-towards-drilling.pdf
(squarespace.com)
Highlights:
-- Noth Hemlo -Dead Otter Trend, further gold occurrences
reported from grab samples return values up to 13.6ppm (13.6 g/t)
gold (Au) giving further confidence to the project, supporting
priority drill targets.
-- Sunbeam- Further stripping underway at the sites of the
historical Sunbeam Mine, Roy & Pettigrew workings. Visual
similarities noted to the reported economic mineralisation that was
historically mined. Channel sampling undertaken with results
pending which will help define drill targets.
-- Zigzag- Preliminary results from thirty-nine samples received
with numerous results over 1% Li(2) O ( full results pending).
Extensive channel sampling campaign now completed with assays
awaited, visual observations of coarse spodumene evidenced across
many of samples taken.
-- Esa- an extensive infill soil sampling program now completed;
500 samples taken and awaiting analysis. Purpose of the work is to
'infill' the successful definition of the Esa Shear in 2022.
Property moves closer to a drill ready status.
Marc J. Sale First Class Metals CEO commented:
"I am pleased with the progress that First Class metals has made
this field season, and despite the advance of Autumn there are
still two teams out on the ground. I feel we are well on track to
achieve the Company's intentions. Both Sunbeam and Zigzag
properties are permitted for drilling and with the support of the
First Nations either of these properties or indeed North Hemlo
(permit notwithstanding) are veritable maiden drill targets for
FCM. Furthermore, the preliminary results from Zigzag have added
significantly to our confidence in the property."
North Hemlo
During the season extensive work: prospecting, sampling, and
mapping has been undertaken along the Dead Otter trend, the focus
has been around the historical showing (3.1ppm Au 0.59% Mo) and the
area reporting 19.6ppm Au over three kilometres to the south east.
There are still assays to be reported, however whilst sampling to
date has not replicated the historic value there is limited outcrop
exposed. The presence of visible gold and gold being 'panned' from
crushed rock may indicate that there is potentially an issue with
'coarse gold' in the area of the historic showing. Other assays
methods are being investigated.
Furthermore, the 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. Additionally, over 750m SE along trend from the historic
showing an isolated outcrop returned 2.29ppm Au. This confirms the
trend is auriferous. Furthermore, in the area of the 19.6ppm sample
other samples have reported 13.6ppm and 4.6ppm Au. Future work will
include detailed prospecting along the trend to prove the
continuity of the structure along strike from the known gold
occurrences, leading to stripping and drilling once permitting
allows.
Photo 1 -showing the sampling in the area of the 19.6ppm
result.
Sunbeam
An initial stripping and channel sampling programme at the
historic production sites of Pettigrew and Roy has been completed
and provisional results received. Some of the higher values have
been resubmitted for check assay. The results from Roy indicate a
semi continuous zone across strike of multi-gramme material.
However, further stripping and sampling is currently underway in
order to better define the potential drill targets. Exposed
structure evidencing numerous visible sheared mafic volcanic
horizons with sulphide rich quartz veining, within broader envelope
of sheared, altered, and mineralized felsic intrusive. A similar
situation exists at Pettigrew. The additional stripping has
revealed some very 'interesting', prospective rocks including
sheared mafic volcanics with sulphide rich quartz veining with
visible gold reported. Sampling is currently being undertaken.
Stripping and channel sampling at Sunbeam is also now under way
in the area of the historic shaft.
Photo 2- showing one of the 'quartz blowouts' in the new area
stripped., the second photo show a close up with 'VG' (visible
gold).
Photo 3- VG in the channel at Roy.
Zigzag
The preliminary results from the 39 grab samples from recent
prospecting are considered very encouraging and full results will
be available soon, there are a number of the samples reporting over
1% Li(2) O.
In parallel to the prospecting a channel sampling programme was
undertaken, and nine channels completed with two in excess of 10m
in length with over 250m of strike being covered. Over 80 samples
have been submitted for analysis. The samples contain significant
spodumene and are considered visually encouraging with multiple
zones of spodumene across the channels, see photos 4 and 5.
Photo 4 - channel at Zigzag with the sample next to tape.
Sampling entered the host of the pegmatite in order to check the
selvages for possible mineralisation.
Photo 5 - close up of sample from sawn channel. Note coarse
spodumene crystals.
Esa
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.
This 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.
It is anticipated that the results of the infill lines will
'tighten-up' the potential target location to enable a more
focussed stripping / trenching programme once the permit is
granted. Drilling the most encouraging sectors would then be the
next exploration phase.
Map showing the historical as well as '23 season infill soil
lines.
Summary
First Class Metals is entering a period of significant news and
progress across its four core properties. The company has made
significant strides towards achieving a "drill ready status."
Throughout the summer field campaign, extensive work has been
conducted on each of these properties, which is expected to pay off
in the next phase of exploration.
One property that has particularly excited First Class Metals is
Zigzag, which has produced promising early-stage results. Further
results from the prospecting and the channel sampling are still
awaited. The property is strategically located in a corridor of
established and expanding pegmatite lithium discoveries. This has
garnered significant interest from the global lithium industry,
positioning this region in North West Ontario as a new focus for
battery metal discovery and development.
Moving forward, the company aims to assess and report on
multiple assays that are still pending across all four 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:
James Knowles, Executive
Chairman JamesK@Firstclassmetalsplc.com 07488 362641
Marc J Sale, CEO MarcS@Firstclassmetalsplc.com 07711 093532
-------------------------------- -------------
Ayub Bodi, Executive Director AyubB@Firstclassmetalsplc.com 07860 598086
-------------------------------- -------------
First Equity Limited
(Financial Adviser & Broker)
Jonathan Brown 0207 3742212
Jason Robertson 0207 3742212
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, t he 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 180km(2) 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',
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and are subject to known and unknown risks, uncertainties and other
factors that could cause actual results to differ materially from
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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,
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