REG - First Class Metals - Award of Exploration Permits-North Hemlo & Esa

FIRST CLASS METALSAnnouncement

26/10/2023 07:30

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RNS Number : 3855R  First Class Metals PLC  26 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

26(th) October 2023

Award of Exploration Permits-North Hemlo & Esa

 

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 granting of two Exploration Permits for the Company's
North Hemlo & Esa Properties located in the Hemlo area of Ontario

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
possible exception of Esa, the company is on track to achieve its aim. With
the granting of the Permits, it clears the way for 'stripping' at both
properties to further refine possible drill locations.

Highlights:

·    The permits are effective for a period of three years until expiry
October 2026.

 

·    North Hemlo & Esa are now both fully permitted, allowing for a
systematic programme of exploration activities, including drilling, stripping,
and trenching.

 

Marc J. Sale First Class Metals CEO commented:

"With the granting of the Permits for these two key properties it allows FCM
to advance the aim to bring its four core properties to drill ready status
this year. This is a very positive move and one that would not be possible
without the support of the Ontario Mines Department but importantly the First
Nations for which I am personally grateful".

 

 

North Hemlo

The granting of the Exploration permit will allow consolidation of the
extensive work: prospecting, sampling, and mapping that has been undertaken
along the Dead Otter trend. Stripping off of the overburden will allow a far
more quantitative appraisal of the structure, specifically in the area of the
historical showing (3.1ppm Au 0.59% Mo) and the extension along strike to the
south east.

The area reporting 19.6ppm Au over three kilometres to the south east will
also be the focus of stripping as well as drill pad construction in the
anticipation of drilling.

Both locations have reported visible gold and gold being 'panned' from crushed
rock. Furthermore, in the area of the 19.6ppm sample other samples have
reported 13.6ppm and 4.6ppm Au.

The historic showing at Dead Otter 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, this
could indicate high level in a gold system.

An additional area over 750m south  east along trend from the historic
showing an isolated outcrop returned 2.29ppm Au, confirming the presence of an
auriferous trend. This is also a target for stripping.

 

 

Esa

The granting of the Exploration permit for the Esa property will allow
stripping of the overburden in selective parts of the shear where soils
samples have indicated strong gold and pathfinder element anomalism. This will
potentially significantly advance the Esa property towards drill ready status.

To recap: 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. During the 2023 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.

 

 

Summary

First Class Metals is entering a period of significant news and progress
across its four core properties. The company has made commendable strides
towards achieving a "drill ready status." Throughout the summer field
campaign, extensive work has been conducted on each of these 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 (mailto:JamesK@Firstclassmetalsplc.com)  07488 362641
 Marc J Sale, CEO                   MarcS@Firstclassmetalsplc.com (mailto:MarcS@Firstclassmetalsplc.com)    07711 093532
 Ayub Bodi, Executive Director      AyubB@Firstclassmetalsplc.com (mailto: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, the 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 180km²
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', '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.

 

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