TIDMFMET
RNS Number : 8836Q
Fulcrum Metals PLC
23 October 2023
23 October 2023
Fulcrum Metals plc
("Fulcrum" or the "Company" or the "Group")
Tully Gold Project: Update
High grade gold intersections of up to 2,555.5g/t Au over 0.5
metres found in historical dataset
Proposed Drilling Programme
Fulcrum Metals plc (LON: FMET), a company focused on mineral
exploration and development in Canada , is pleased to provide an
update on the Company's proposed drilling programme for the Tully
Gold Project ("Tully"), Ontario, Canada.
Tully Gold project
During September 2023 as part of the pre-drilling activities at
the Tully Gold project the Company undertook site visits to the
Tully project area and to the sites that host historic paper
records, reject samples, pulp samples and drill core. The objective
was to confirm the condition of key access points to the Tully
project site and to establish location and accessibility of
historic drill core/samples for further test work ahead of the
proposed drilling programme this winter.
Following the site visits, the pre-drilling activities have now
commenced which includes comprehensive data reviews, 3D targeting,
further site visits, establishment of potential new collar
locations, reviewing historic drill holes and re-sampling of drill
core/reject material before finalising the drilling programme.
Drill core site visits and review of historical dataset
-- A review of the available historical paperwork by Fulcrum has
identified original assay certificates detailing significant
mineralised intercepts from drill hole 97-01 which was part of
Black Pearl Minerals Inc.'s drilling programme in 1997. This data
pre-dates the data set previously analysed by Fulcrum which focused
on the most recent SGX drill programmes during 2011-2013 which was
detailed in the announcement of the Tully acquisition on 7(th)
August 2023 and stated that assays run as high as 560g/t gold.
The verification of the assay certificates to the expanded
dataset confirms exceptionally high-grade intercepts, above that
previously announced by Fulcrum as follows: -
o Drill hole 97-01, 5.7 metres grading 322.02g/t Au from 215.7
metres including: -
-- 131.45g/t Au over 0.6 metres from 217.7 metres;
-- 2,555.5g/t Au over 0.5 metres from 218.3 metres; and
-- 1,020.38g/t Au over 0.5 metres from 218.8 metres.
-- A total 138 pallets of drill core were located (Figures 6 and
7) from which an inventory has been compiled to assist with the
pre-drilling activities assessment set out further down.
Tully project area access
-- The mine road up to the Gowest Gold Ltd. Bradshaw mine,
leading from highway 655, is in good condition including the
approximately 11km section that will be required for access to the
Tully project (Figures 1 and 2).
-- Although not in current use, the 'Tully' road branching off
the mine road is also in good condition to the deposit base line
(Figures 3 and 4).
-- Some clearing will be required along the deposit baseline to enable drill access (Figure 5).
Pre-drilling activities
-- An inventory of physical data has been completed.
-- A three to four-week pre-drilling programme has commenced which is expected to: -
o Comprehensively review all digital data.
o Establish controls on mineralization and typical grade
distribution, in particular target areas such as: -
-- holes at depth down plunge to the northeast beyond the
current resource which include hole 13-22 with 8.00g/t Au over 6.5m
at 600 metres depth.
-- hole 13-15 reported 20.1g/t Au over 14.1m at 247.35m which
indicates potential for resource extension at depth and to the
east.
o Review and identify any holes that were not included in the
2013 resource estimate such as holes 69-04 with 203.3g/t Au over
0.6m, 69-069A with 36.4g/t Au over 3.5m and 69-12 with 11.2g/t Au
over 5m.
o Locate pulp-reject material from holes of interest and
determine availability of sampling material.
o Sampling of selected drill core intervals and/or reject
material for analysis via a combination of Metallic Screen Assay
and Photon Assay analysis (provided by MSA labs in Timmins,
Ontario). These methods are commonly used in areas where nuggety
gold is believed to cause inconsistent fire-assay results.
o Identify drill holes that may be suitable for hyperspectral
core scanning analysis.
o Local logistics as needed to prepare for the upcoming
programme.
o Deliver the final winter drill programme.
Ryan Mee, Chief Executive Office of Fulcrum Metals plc,
commented:
"It was fantastic to get out on site at Tully and to make a
start on the pre-drilling activities ahead of the winter drill
programme. Part of the visit was to review the ground conditions
and agree use of the access roads to and from site. Pleasingly the
ground conditions were found to be favourable conditions for
drilling in the winter and use of access roads have been
agreed.
"More significantly, and whilst reviewing historical paperwork,
we identified original assay certificates reporting exceptional
mineralisation going back further historically than previously
reviewed. As part of our Tully acquisition news release earlier
this year, we had stated a top graded mineralised intercept of
560g/t gold. The certificates identified from a drilling programme
in 1997 reported over 1,020 and 2,555 grammes per tonne gold over
half a metre each within a wider intersection of 5.7 metres grading
322.02 grammes per tonne gold from drill hole 97-01 during drilling
operations in 1997.
"The next phase of work marks an exciting time for Fulcrum as
final data reviews and targeting is underway using photon assay
methods ahead of the drilling programme. Photon assay is a
relatively new concept which has been adopted by several companies
with coarse gold deposits and has proved to be more effective in
providing accurate gold grades over larger sample sizes which has
in some cases improved grades."
I look forward to updating the market as we progress towards
drilling at Tully."
Figure 1 - mine road access off highway 655.
Figure 2 - the mine road off highway 655 showing good
infrastructure conditions including overhead powerlines.
Figure 3 - the turn off the main mine road to the Tully access
road.
Figure 4 - 'Tully' access road off the mine road showing good
conditions for drill rig and equipment mobilisation.
Figure 5 - conditions at the baseline of the deposit along the
Tully access road. The deposit strikes towards the left-hand side
of the photo
Figure 6 - Ryan Mee (Fulcrum CEO) taking inventory of core boxes
and pallets.
Figure 7 - On the left, Aidan O'Hara (Fulcrum Corporate
Development Director) taking inventory of core boxes and
pallets.
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.
-Ends-
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 T el: +44 (0) 203 328
5656
Clear Capital Markets Limited (Broker)
Bob Roberts T el: +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
DRLBIBDGDUDDGXD
(END) Dow Jones Newswires
October 23, 2023 02:04 ET (06:04 GMT)
Fulcrum Metals (LSE:FMET)
過去 株価チャート
から 4 2024 まで 5 2024
Fulcrum Metals (LSE:FMET)
過去 株価チャート
から 5 2023 まで 5 2024