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
23 September
2024
Dead Otter Gold Trend
geochemical update
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 5 September 2024 in which FCM announced the successful
completion of the planned stripping and channel sampling at three
locations along the 3.7 km strike identified, as part of the
'upgrade' of the Dead Otter trend within its 100% owned North Hemlo
Property to a high-profile target (see Figure 1).
EXPLORATION PROGRAMME HIGHLIGHTS:
·
Results of the photon assays of previous FCM
samples along the trend have been received.
·
Partial results from the recent channel sampling
have been reported and will be released once all assay data
received and assimilated.
·
Future work will be strategically planned
dependent on final assay data.
Marc J. Sale CEO First Class Metals
Commented:
"While I want to emphasise that the samples submitted for
photon assay do not cover the entirety of the samples collected
along the trend-only those that were readily available-the results
we have obtained are significant. They not only validate the
findings from our fire assay results but also, and perhaps most
importantly, reveal a new area of gold anomalism within the trend.
This discovery reinforces the theory of the 'Dead Otter Gold Trend'
adding potential for further exploration"
Figure 1 showing the district
setting with the 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, on the north limb.
North Hemlo Exploration geochemistry update:
As reported, owing to the belief
that the distribution of gold in the mineralisation of the Dead
Otter trend might be 'a coarse gold issue', pulps from previous
samples were resubmitted for assay using the whole pulp - up to
500g whereas previous Fire assays ('FA') used the standard 50g of
pulp. The 'total pulp' results were in generally in line with and
validated previous assay values.
However, as values were generally
not in line with (visual) expectations (as gold had been identified
in samples where no gold was reported in assay), the available
coarse residues from samples along the trend were submitted for
photon assay. This method uses up to 500g of the unpulverised
residue, so represents a different 'population' to the fire assay
pulps.
The results have now been received
and are generally within 10-20% of the original assay data (note
that three different laboratories were used for the initial FA, the
total pulp and the photon assay analyses. The photon assay results
over 0.2ppm (0.2g/t) are shown in Figure 3 below. The results
validate and support previous FA analysis.
It is now postulated that
mineralisation represents a 'spotty gold distribution', rather than
a coarse gold issue. Accordingly, the pathfinder elements will be
instrumental, along with detailed structural interpretation, in
understanding the gold mineralisation at Dead Otter.
The photon assays have highlighted
an area between the original Dead Otter showing and the location of
the 2.3ppm channelling. This will be further
investigated.
It must be stressed that not all
previous samples along the trend were available for photon assay,
hence it is an incomplete picture of the geochemistry of the trend
and potentially further anomalous areas of interest await
identification. The distribution of anomalous pathfinder elements
also alludes to this.
Figure 2 showing the location
and value of the photon assay samples reporting greater than
0.2g/t
The partial results from the samples
collected from the recent stripping programme have been received
and once all values are reported they will be released in a further
news release, though it is probable that re-assay of selected
samples by photon assay will be conducted once all results are
available.
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:
www.firstclassmetalsplc.com
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.