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
20 January
2025
Exploration Progress 2024
Season
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 for the
work conducted in 2024 field season.
Exploration Programme
Highlights
·
Gold (Au) results from the stripping channel samples,
combined with the completion of the soil sampling programme at
North Hemlo, have increased the potential width of gold anomalism
along the Dead Otter trend (DOT)
to approximately 30m, reinforcing its significance along its
>3km strike length.
Notably, high-grade grab samples include 19.6 g/t Au and 13.6 g/t Au.
· A
review of historical drill core from the Sunbeam property,
including TerraX (former claim owner) core, supports the gold anomalism in the host
porphyry theory as reported in the 1 February 2024 RNS.
https://firstclassmetalsplc.com/announcements/6183576
The analysis highlights a significant 10m+ alteration halo
surrounding high-grade intersections, expanding the target zone.
Notable historical drill results include Hole 57751, which returned 19.4 g/t Au over
0.63m from 5.33m and 15.17 g/t Au over 1.37m from
21.44m.
·
Patterson Grant Watson (PGW) has been commissioned to
interpret the magnetic geophysical
survey flown in late summer
2024 at the Kerrs Gold
Project. The interpretation aims to develop drill targets
for the potential expansion of the historical NI 43-101 resource, which
currently stands at 7.04 Mt at
1.71 g/t Au for 386,467 oz Au (Inferred, using a 0.5 g/t cut-off
grade).
·
Building on the success of the 2024 exploration program, a
winter work program announced on 23 December 2024 has commenced,
featuring lake sediment sampling at the North Hemlo and the extended Sunbeam property, along
with a Very Low Frequency (VLF) survey at North
Hemlo, aimed at identifying / refining exploration targets and
unlocking further potential.
· GT
Resources (TSXV: GT1) has applied for exploration permits over
their Tyko block, which includes the West Pickle Lake JV, a high-grade
nickel sulphide discovery.
Marc J. Sale CEO First Class
Metals Commented:
"The 2024 field season was very much a year of consolidation
for FCM in which we advanced both North Hemlo and Sunbeam as well
as acquiring the Kerrs gold project. The potential of both the
former is still considered significant and work conducted forms a
firm basis for further work. The advance of North Hemlo and Sunbeam
will be the focus of this year's field work.
With assured funding secured from
the Seventy Ninth Group and an enhanced
understanding of the geology at our flagship properties, FCM is
poised to launch a comprehensive and targeted exploration programme
on these key assets in 2025. This robust foundation also enables us
to advance satellite projects like Esa and Kerrs, driving our
growth and unlocking their full potential"
North Hemlo Exploration
geochemistry update:
·
Soil sampling at North Hemlo has increased the
potential width of the gold anomalism of the Dead Otter
trend.
·
Strong support from pathfinder elements,
particularly molybdenum, similar to that found at the Barrick Hemlo Gold Mine, highlighting
the expanding potential of the trend.
·
Structural
review of the Dead Otter trend
planned.
·
Winter field work - Lake sediment sampling and
Very Low Frequency (VLF)
survey over targets in North Hemlo initiated
·
GT Resources (TSXV: GT1) has applied for
exploration permits over their Tyko block, which includes the
West Pickle Lake JV, a
high-grade nickel sulphide discovery.
Exploration of the Dead Otter trend
was the focus of activities in 2024 on the North Hemlo block of
claims. Work included the stripping at three locations (one area
subsequently extended) soil sampling in the vicinity of the three
stripped areas as well a further prospecting around the 2.3ppm Au
sample (a stripped locality).
Gold assay results from the channel
samples, as well as the base metal values, including additional
channels cut at the Dead Otter and 19 grammer showing, have all
been received. It is encouraging that most samples are anomalous to
highly anomalous in gold, though no values exceeded one ppm (1
g/t). Given the high grades in previous grab samples (see figure 1)
and the fact that the Photon assay results validated those grabs it
further emphasises the 'spotty' nature of the gold reporting and
therefore the requirement to fully understand the geochemical
distribution of the gold. From the stripping and other field work
it is also now believed that a strong structural component exists
controlling the gold emplacement, as such a firm structural
understanding will greatly enhance the potential success of any
drill programme targeting the Dead Otter trend.
Figure 1 shows the original
grab samples and the locations of the stripped areas.
Subsequent to the initial stripping
and trenching a further short extension and sampling programme was
completed at two locations. These results further validate the
robust gold anomalous characteristics of the trend. In conjunction
with this follow-up programme and prior to the soils sampling
orientation survey, prospecting was undertaken in the vicinity of
the 2.3ppm sample / trenches. This resulted in further anomalous
but sub 1ppm Au results. However, the pathfinder element molybdenum
(characteristically associated with the gold at the Hemlo mine)
reported high (2290ppb) in the grab samples to the north of the
Dead Otter trench, where some of the higher gold in soils were also
reported. Additionally, there were anomalous gold in soil samples
from the end of the line to the south of the 19 grammer.
Figure 2 showing historic
high-grade samples, location of two soil sample orientation areas,
with results, indicating a far wider anomaly that originally
defined.
Furthermore, the prospecting in the
vicinity of the stripped area reported a 0.5ppm (0.5g/t) in a grab
sample 30 metres north of the 2.3pppm showing / stripped area and
also reported up to 0.43% copper, whilst a second sample anomalous
in gold reported 7g/t Ag and 0.33% Cu.
This indicates that the Dead Otter
trend as originally targeted could have a greater width or be
comprised of more than one sub parallel structures. Irrespective
there is mounting evidence that the (gold) anomalism is far wider
than originally factored and the potential greater than previously
anticipated. The variable locations of the reporting of the gold,
copper and molybdenum also suggests metal zonation, again a common
factor in mineral deposits.
In order to better understand the
structural controls FCM will now finalise discussions with a
leading structural geologist to undertake a detailed study of the
geological exposure at the stripped areas with the aim of
increasing the structural understanding of the mineralisation. This
will preface the field work and will allow a focussed exploration
of the trend once ground conditions allow access.
In parallel FCM is conducting an
'in-house' review of the LiDAR (Light Detection and Ranging)
covering the Dead Otter trend to identify any prominent cross
structure which might be loci for the gold mineralisation.
Integrating the LiDAR with the hi-res. mag. previously flown, the
geochemistry and the structural study is expected to help focus the
exploration push in the spring.
The work planned will give a better
understanding of the geology, structure and mineralisation and will
optimise any proposed drilling. This focussed approach will overall
save time and costs.
Winter work programme is now
underway on the North Hemlo claim block. Emerald Geological
Services (EGS) are undertaking a combined lake sediment sampling
programme as a follow-up and expansion of a previous programme. In
conjunction a Very Low Frequency (VLF) geophysics and magnetic
survey will being conducted at up to seven location where anomalous
gold in lake sediments returned values up to 103 ppb Au from
sampling in 2022 and 2023.
VLF and Magnetic surveying are also
planned along the Dead Otter Trend.
The Company, after consultation with
Bruce MacLachlan of EGS decided to conduct a Very Low-Frequency
(VLF) and magnetic survey, as this would be conducive to mapping
out conductors related to faults, alteration and sulphide
mineralisation in the area of the anomalous gold in Lake sediments
and add important information relating to the structures at the
Dead Otter trend.
As VLF surveying can be carried out
during the winter on the ice, costs are significantly
reduced.
Bruce, CEO of EGS commented: "We
look forward to over laying the geophysical results on the
anomalous lake sediments and the Dead Otter trend geochemistry to
guide the next steps for follow up work".
Sunbeam
Property
·
Results from the review of the TerraX core from
the Sunbeam property support the
gold anomalism in the host porphyry reported in the RNS 1 February
2024 https://firstclassmetalsplc.com/announcements/6183576
·
Soil sampling orientation survey at the Roy and
Pettigrew and other locations completed
·
Winter work will commence next month, including
lake sediment sampling on the original Sunbeam property and its
extended areas, to refine targets and unlock potential.
Sunbeam property extending over 70km contains
three historic development sites: Sunbeam, the most exploited, Roy
and Pettigrew. However, along the three known
mineralised structures a number of other significant gold
bearing sites have been identified, such as Road zone and Rubble.
The historic developments as well as the widespread occurrence of
gold (along the structures) emphasise the gold endowment of the
property and the potential for a major discovery.
Review of Nuinsco and TerraX
core
In 2023 stripping and associated grab sampling
in the areas of the Roy and Pettigrew developments on the Sunbeam
property identified anomalous (4.98 g/t Au over 0.5m) in the 'host'
/ wall rock porphyry. This discovery was an important development
in the exploration on the Sunbeam property. Whilst it is known that
the quartz veining variously hosted by sheared mafic volcanics
contains significant gold (one Nuinsco drillhole sample reported
93.3g/t over 0.44m), the gold bearing potential of the porphyry was
not documented.
Through dedicated efforts, a majority of the
modern core drilled by TerraX at the Sunbeam property from multiple
sites was successfully located. All the core has now been
(re)logged, photographed and is now securely stored under FCM
control. This asset will be invaluable as we advance the property's
exploration.
During the review of the Nuinsco and TerraX
core samples were collected from Nuinsco holes, as the TerraX holes
were more thoroughly sampled in the past. Including standards and
blanks 80 samples were collected of intervals deemed to be
significantly altered and mineralized, or adjacent to intervals
which returned anomalous historical gold results, (>50 ppb Au
generally considered to be anomalous).
A combination of new and historic results
highlights the presence of relatively wide zones of low-grade
gold.
Roy
zone
·
From 38m 0.71g/t Au over 13.8m
·
From 41.0m 0.43g/t Au over12.3m
WN2
zone
·
From 28.8m 0.33g/t Au over 11.8m
AL198
Zone
·
From 63.3m 0.30g/t Au over 10.3m @63.3m.
Rubble
Zone
·
From 20.3m 0.61g/t Au over 12.3m.
Pettigrew
No new samples were taken from Pettigrew,
(Nuinsco did not undertake any drilling there) however historic
results by TerraX confirm that there are high grade
intersections:
·
Hole 57751: 19.4 g/t Au over 0.63m at 5.33m and 15.17 g/t Au
over 1.37m at 21.44m
The 'new' and historic zones when considered
with the known high grade gold intersections both in drill hole and
in the stripping, combined with the robust nature of the three
mineralised structures makes the Sunbeam property a significant
district scale target.
Sunbeam Soil
Sampling
Late in the 2024 season, a soil sample
orientation programme was complete over several of the historic
gold developments. The rationale was, based on the gold identified
in the host porphyry, to see whether assaying soil samples in lines
orthogonal to the trends would highlight wider areas of increased
anomalism which could then be explored by ground prospecting and
stripping where permitted, see
Figure 3 for the location of the soil survey areas and
results. Considering this was an orientation survey the results
indicated areas of Au anomalism not previously identified as well
as indicating that some of the classic pathfinder elements, such as
arsenic (As) copper and lead (Pb) require further
modelling.
Figure
3 showing the major mineralised structural trends, historic
developments,
as well as the locations of the mini grid orientation soil sample
lines, note the cohesive anomaly at Roy.
A property / trend wide soil sampling programme
is planned, this will increase the geochemical understanding,
potentially identify further zones along the trends warranting
invasive exploration, possibly drilling. Certainly, it will be a
far more cost effective method of exploration than premature
drilling.
However, the soil results from the area around
the Roy development already support further drilling between the
historic drill holes of the 80's
Winter work
programme:
FCM has commissioned EGS to undertake a lake
sediment sampling programme this winter.
It is anticipated to commence next month and be
completed with results returned for designing additional
exploration work later this season.
The impetus of the exploration on the Sunbeam
property will be the follow up of the soil survey, but the lake
sediment programme will be the first sampling conducted by FCM on
the extension claims on the property. To date data review has not
revealed much if any historic work in this area. Figure 4 shows the
proposed locations of the lake sediment samples. A number of
'reference' samples are also proposed around the historic
developments in order to gauge the levels of anomalism from the new
work.
Figure
4 showing the mineralised trends on the Sunbeam property and
with the locations of the proposed lake sediment
samples.
Advances on other
properties
· FCM
has contracted PGW of Toronto to undertake the interpretation of
the recently flown low level hi-resolution geophysical data over
Kerrs Gold
Property. This work is
anticipated to take several weeks.
· FCM
is also in discussion with the owners of the Kerrs Gold drill database that would
allow a review of the NI 43-101 resource.
· FCM
understands that GT Resources, the owner of the vast Tyko property
and 80% Joint Venture partner on West Pickle Lake is involved in
'negotiations between themselves, the relevant First Nations
and the Ontario government'. Meanwhile FCM understands that several
Exploration permit applications across the block have also been
lodged.
· The
Esa soil anomaly will be
further appraised with infill lines intended to identify sites for
stripping. In the north around the 'Hemlo look alike sample' of
0.7ppm and extending further north it is proposed a 'glacial till'
sampling programme is undertaken.
· FCM
is also investigating metallurgical (benefaction) studiers on the
core from the Zigzag hard
rock lithium discovery.
· A
significant development at the Quinlan Property has occurred, as four
centrally located claims, previously held by a third party, have
now lapsed and been successfully staked. As a result, these claims
have been reintegrated into the terms of the existing option
agreement. This development ensures that exploration activities can
proceed without obstruction, as these claims are no longer under
external ownership.
Other field work activities are currently in
the planning stage and will be reported on as
appropriate.
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:
James Knowles, Executive Chair
Email: JamesK@Firstclassmetalsplc.com
Tel: 07488 362641
Marc J Sale, CEO
Email: MarcS@Firstclassmetalsplc.com
Tel: 07711 093532
Novum Securities Limited (Financial
Adviser)
David Coffman / George Duxberry
Website: www.novumsecurities.com
Tel: (0)20 7399 9400
Axis Capital Markets (Broker)
Lewis Jones / Ben Tadd
Website: Axcap247.com
Tel: (0)203 026 0449
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.