TIDMFMET
RNS Number : 4463O
Fulcrum Metals PLC
03 October 2023
Fulcrum Metals plc / EPIC: FMET / Market: AIM / Sector:
Mining
3 October 2023
Fulcrum Metals plc
("Fulcrum" or the "Company" or the "Group")
Fulcrum increases stake in Charlot-Neely Lake uranium-gold
project by 63%
Fulcrum Metals plc (LON: FMET), a company focused on mineral
exploration and development in Canada, is pleased to announce the
staking of three new claim blocks totalling 4,856 hectares
(48.56km(2) ) (the "Claim Cells") contiguous to and extending the
Company's Charlot - Neely Lake uranium-gold project
("Charlot-Neely" or the "Project") in northern Saskatchewan to
12,481 hectares (124.81km(2) ) - a 63% increase.
Highlights
-- Three new Claim Cells totalling 4,856 hectares (48.56km(2) )
added to the property, thereby enlarging the Charlot-Neely project
area to 12,481 hectares (124.81km(2) ).
-- The Claim Cells cover up to 20km in length of the regionally
significant Black Bay Fault which is associated with rare-earth and
uranium mineralisation elsewhere in northern Saskatchewan.
-- The Claim Cells include an extensive 11km corridor of
historic electromagnetic ("EM") conductors coincident with the
western margin of the Black Bay Fault.
-- The southern part of the acquired Claim Cells includes
historic exploration records with trench samples assaying up to
0.43% U(3) 0(8) , highly radioactive scintillometer readings of up
to 70,000cps and grab samples assaying >2,000ppm uranium.
-- The Claim Cells also include uranium and REE targets
identified from hyperspectral data analysis.
-- The Claim Cells have an initial term of two years with the
first renewal dates falling mid-September 2025 and are directly
contiguous to the Charlot-Neely Lakes project claims package which
facilitates assessment work credit distributions.
-- Fulcrum has staked the Claim Cells for a cash consideration of CA$3,174.
Ryan Mee, Chief Executive Office of Fulcrum Metals plc,
commented:
"The low-cost acquisition of the additional claim blocks through
staking is based on the encouraging preliminary results of phase 1
exploration at Charlot-Neely announced on 7(th) September. Not only
were several areas of high radioactivity, including off-scale
scintillometer readings of +65,535 counts per second identified,
but new uranium trends Fall-1 and Fall-2 were discovered in the
same northeast-southwest trend as the Black Bay fault.
"The additional claim blocks cover a significant length of the
Black Bay Fault along with noted historical extensive EM conductors
and high priority hyperspectral targets which add to overall
prospectivity of the Charlot-Neely Lake project.
"Our decision to increase our stake in the Project by
approximately 63% was driven by two factors; (i) positive
exploration results; and (ii) a buoyant uranium market driven by
global net zero commitments, the latter contributing to the spot
price of uranium reaching US$73.5 per pound, a 12-year high.
I look forward to providing further updates as we await assays
and interpretation of the phase 1 exploration program."
Figure 1 - expanded Charlot-Neely Lake project
Technical Glossary
"cps" Counts per second
"EM" Electromagnetic
--------------------------------------
"ppm" Parts per million
--------------------------------------
"REE" Rare-earth element
--------------------------------------
"U(3) 0(8) Triuranium octoxide, is a compound of
" uranium
--------------------------------------
Qualified Person Statement
The technical information in this announcement has been reviewed
by Edward (Ed) Slowey, BSc, PGeo, technical advisor to Fulcrum
Metals Plc. Mr Slowey is a graduate geologist with more than 40
years' relevant experience in mineral exploration and mining and a
founder member of the Institute of Geologists of Ireland. Mr Slowey
has sufficient experience relevant to the style of mineralisation
and type of deposit under consideration and to the activity which
has been undertaken to qualify as a "Qualified Person" in
accordance with the AIM Rules Guidance Note for Mining and Oil
& Gas Companies. Mr Slowey consents to the inclusion in the
announcement of the matters based on their information in the form
and context in which it appears.
For further information please visit https://fulcrummetals.com/
or contact:
Fulcrum Metals PLC
Ryan Mee (Chief Executive Officer) Via St Brides Partners
Limited
Allenby Capital Limited (Nominated
adviser)
Nick Athanas / George Payne Tel: +44 (0) 203 328
5656
Clear Capital Markets Limited (Broker)
Bob Roberts Tel: +44 (0) 203 869
6081
St Brides Partners Ltd (Financial
PR)
Ana Ribeiro / Paul Dulieu Tel: +44 (0) 20 7236
1177
Notes to Editors
FULCRUM METALS - BACKGROUND
Fulcrum Metals PLC (LON: FMET) is an AIM quoted exploration
company which finances and manages exploration projects focused on
Canada, widely recognised as a top mining jurisdiction.
Fulcrum currently holds a beneficial 100% interest in highly
prospective gold and base metals projects in Ontario and Uranium
projects in Saskatchewan.
Fulcrum's strategy is to focus on discovery and
commercialisation of its Projects through targeted exploration
programmes. The primary focus is to make an economic discovery on
the flagship Schreiber-Hemlo Properties and to establish the
prospectivity of its wider Ontario and Saskatchewan portfolio with
a view to securing potential joint venture and/or acquisition
interest.
The Schreiber - Hemlo properties have a history of prospecting
and localised extraction since the late 19th century. However,
coherent property-level exploration programmes have been limited or
absent, particularly in recent times. Fulcrum has an opportunity to
carry out such a programme and this approach provides the best
opportunity to fully explore the significant prospectivity of the
properties. A recent structural study identified 42 priority
exploration targets, of which 24 targets within the Big Bear
property and 18 in the Jackfish property, with 14 in total (9 on
Big Bear and 5 on Jackfish) being ranked as high priority for
follow-up. The properties have the potential to host a large,
structurally controlled, stratabound-style banded iron formation
(BIF) gold prospect similar to the Musselwhite deposit (McNicoll et
al., 2016), in addition to an Archean greenstone, orogenic-style
lode gold prospect, extending past the bounds of known historical
mineral occurrences.
The Tully property, 458 hectares in area, is located 30
kilometres northeast of Timmins, Ontario and includes the Tully
(Timmins North) deposit, which has been the focus of several
drilling campaigns since its discovery in 1969. The Tully deposit
is located 2 kilometres southwest of the Bradshaw Gold Project of
Gowest Gold Ltd., currently in development. The property is
accessed by an all-weather gravel road that extends 15 kilometres
to the east off of highway 655.
While highly prospective, Fulcrum's mining assets are in the
exploration phase, so Fulcrum stands to be able to add
significantly to the inherent value through exploration success.
Fulcrum will continually review opportunities with potential and
with a view to increasing shareholder value. It is the Board's
intention to deliver medium and long-term growth and to establish
the Group as a significant exploration company.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCKLLFBXBLEFBZ
(END) Dow Jones Newswires
October 03, 2023 02:00 ET (06:00 GMT)
Fulcrum Metals (LSE:FMET)
過去 株価チャート
から 5 2024 まで 6 2024
Fulcrum Metals (LSE:FMET)
過去 株価チャート
から 6 2023 まで 6 2024