REG - First Class Metals - North Hemlo Exploration Update

FIRST CLASS METALSAnnouncement

15/06/2023 07:00

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RNS Number : 7715C  First Class Metals PLC  15 June 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

15(th) June 2023

North Hemlo Exploration Update

 

First Class Metals PLC ("First Class Metals" "FCM" or the "Company") the UK
metals exploration company focused on the discovery of economic metal deposits
across its extensive Canadian - northwest Ontario, land holding is pleased to
provide an update on exploration activities.

 

Highlights

 

·      Exploration currently in progress at North Hemlo, with a clear
focus on drill preparation.

·      Visible gold has been observed in multiple grab samples from the
Dead Otter Trend ('DOT') on North Hemlo.

·      Gold 'panned' from pulverised grabs taken from the DOT.

·      Exploration permit submitted  to the Provincial authorities,
reflecting our confidence in our exploration progress and our commitment to
fulfilling all necessary regulatory requirements.

·      Drill contract under negotiation, with site visit undertaken by a
drilling operator to review logistics and access for a diamond drilling rig.

 

Marc J. Sale CEO First Class Metals Commented:

"The confirmation of (visible) gold underlines our increasing confidence in
the potential of the Dead Otter Trend. This is a very significant milestone
for FCM, as is the submittal of the Exploration Permit after extensive but
positive and on going discussions with the First Nations. We intend to drill
as soon as all the factors allow".

 

 

North Hemlo Exploration Progress:

A field team, working from Manitouwadge, is focussed on the Dead Otter Trend.
Initially, exploration is focussed  around the historic showing which
reported 3.1 g/t Gold (Au) and 0.59% Molybdenum (Mo). Over 100 samples have
now been taken and ready for dispatch.

After the completion of the intensive, detailed sampling of the 'northern'
area, a similar exercise will be conducted to the southeast, in the vicinity
of the previously reported new discovery of 19.6g/t Au (as seen in the news
release of January 26, 2023). The two areas are separated by approximately
3km, and the structure has been discontinuously traced along the extent and
reports other >1g/t Au and anomalous Mo as other 'pathfinder' elements.

The Company's stated objective is to advance the Dead Otter Trend to drill
ready status this season with the intention of undertaking stripping then a
scout drilling programme once permitting is secured.

Visible Gold (VG) in sampling across the Dead Otter Lake Trend:

Systematic grab samples have been collected along the favourable 'horizon' in
the area of the old showing. A high percentage of the rock composing each
sample are scrutinized for presence of visible gold, see photo 1.

Please follow the link for a photomicrograph of a sample exhibiting visible
gold, from work earlier this week.
https://images.squarespace-cdn.com/content/v1/609bd256aea691347dbcf1ed/2c18daa8-94d3-4d80-8e0f-180ae1a10b6b/Photomicrograph-of-visible-gold-from-the-Dead-Otter-Lake-Trend.jpg
(https://images.squarespace-cdn.com/content/v1/609bd256aea691347dbcf1ed/2c18daa8-94d3-4d80-8e0f-180ae1a10b6b/Photomicrograph-of-visible-gold-from-the-Dead-Otter-Lake-Trend.jpg)

 

Photo 1-showing geologist reviewing the rocks from intensive sampling of the
Dead Otter Trend

Photo 2-Visible gold in a second sample in a photomicrograph of rock from the
Dead Otter Trend

 

 

Panned gold

Rock samples collected randomly from the zone of intensive sampling were
'dollied' then panned-off. A number of gold flecks were seen in the 'tail' in
the panning dish (see Photo's 3 -5). This is significant in not only proving
the presence of gold in the Dead Otter Trend but also signifies that (some of)
the gold present is free-milling, a very important metallurgical aspect for
future possible extraction.

Photo 3 -showing the fine gold in the 'tail' in the panning dish.

Photo 4-photomicrograph of minute gold specs seen in the panned rock

Photo 5-photomicrograph of further minute gold specs seen in the panned rock

 

 

 

 

Exploration Permits Submitted

The Exploration Permit which would allow stripping and drilling of the Dead
Otter Trend has been submitted to the Mines department for review and
consultation. This is after FCM has had, and ongoing, detailed discussions
with the pertinent First Nations (FN) groups with traditional land claims over
the North Hemlo claim block.

Drill Contract Discussions

Advanced discussions have commenced with a local drilling company, and a
review of the contract has been initiated, which included a site visit to
assess access for a drill program upon the receipt of a successful permit
application.

FCM remains committed to undertaking a scout drill programme on the Dead Otter
Trend as soon as logistics and permitting allow.

 

FCM is committed to exploring the properties currently under its control in
order to add value and bring where warranted to a drill point. For further
information on our near term plans we would like to signpost investors to our
recently created presentation 'The Big Four' link:
FCM-Report-The-Big-Four-How-we're-moving-towards-drilling.pdf
(squarespace.com)
(https://static1.squarespace.com/static/609bd256aea691347dbcf1ed/t/648082996b821a53bd6d0912/1686143642474/FCM-Report-The-Big-Four-How-we%E2%80%99re-moving-towards-drilling.pdf)

 

 

For Further Information:

 

 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 is
considered a top global destination for exploration with 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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