REG - First Class Metals - Ontario Jnr. Exploration Programme-Grant Approval

FIRST CLASS METALSAnnouncement

20/03/2024 10:00

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RNS Number : 6032H  First Class Metals PLC  20 March 2024

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(th) March 2024

Ontario Junior Exploration Programme-Grant Approval

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, focused in north west Ontario land holdings, is
delighted to announce that it has been approved a  $200,000 CAD from the
Ontario Junior Exploration Programme ("OJEP") (the "Grant") for work completed
on the Zigzag lithium and critical metals Property in NW Ontario.

Highlights

·    Maximum CAD$200,000 OJEP Grant approved for work completed on the
Zigzag lithium & critical metals property, covering up to a maximum of 50%
of the exploration expenditures from 1 April 2023, to 15 February 2024,
subject to an approved report submitted to OJEP.

 

·    Through OJEP, the Ontario Government is investing in early
exploration to create meaningful opportunities for junior companies to find
the mines of the future.

 

·    First Class have been successful in receiving the full OJEP Grant in
consecutive years and we are most grateful of this non-dilutive funding.

 

·    FCM is the only UK company to have received the Grant.

 

Marc Sale CEO Commented: "I would like to thank the Ministry of Northern
Development for the approval of the maximum amount which can be awarded of
$200,000 relating to the OJEP. The work completed in 2023 on Zigzag was
pivotal in advancing the property to its current stage, culminating in a
successful drill programme.

Furthermore, the work under the Grant last year identified a significant new
discovery on our North Hemlo property.

I personally see this award as a firm inditement of the successful exploration
team formed by Emerald Geological Services  and FCM.

As the work has been conducted and the monies expended FCM is not restricted
in the use of this Grant money going forward".

 

About OJEP: Ontario Junior Exploration Programme 'OJEP' helps junior mining
companies finance early stage exploration projects in Ontario. Incentivizing
early exploration will help our province remain globally competitive, find new
deposits of critical minerals, and create new economic development and job
creation for northern and Indigenous communities. The 2023 OJEP intake four,
totalled CAD $5m with a maximum allocation of $200,000 per applicant.

 

Ends

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

 

Novum Securities Limited

 

(Financial Adviser)

 

 David Coffman/ George Duxberry   www.novumsecurities.com   (0)20 7399 9400

 

 

 

NOTES TO EDITORS

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.

 

 

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