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

FIRST CLASS METALSAnnouncement

24/09/2024 07:00

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RNS Number : 3306F  First Class Metals PLC  24 September 2024

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FIRST CLASS METALS PLC

24 September 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 to participate in  the
Ontario Junior Exploration Program ("OJEP") for work to be completed on the
Dead Otter Trend-North Hemlo.  OJEP is supporting junior mining companies by
investing $13 million in 2024-2025 including $4 million for a critical
minerals funding stream.

Highlights

·    OJEP will fund up to 50% of eligible expenses incurred on the North
Hemlo property from 1 April 2024, to 15 February 2025,   This is expected to
result in OJEP providing up to CAD200,000 of funds.

 

·    Funding is conditional upon confirming OJEP's eligibility
requirements are met, execution of a funding agreement and adherence to OJEP's
terms and conditions.

 

·    The Ontario Government is actively investing in early exploration
through OJEP, creating valuable opportunities for junior companies to identify
future mining prospects.

 

·    First Class Metals has successfully secured the full OJEP Grant for
three consecutive years, demonstrating the exploration success we have
achieved across the North Hemlo and Zigzag properties.

 

·    Non-dilutive funding that bolsters our exploration initiatives.

 

 

 

 

Marc Sale CEO Commented:

"I want to extend my thanks to the Ontario Ministry of Northern Development
for granting us the maximum award of up to $200,000. This marks our second
OJEP grant for North Hemlo and the third grant received by FCM overall. The
initial grant in 2022 played a crucial role in advancing our appreciation of
the North Hemlo block's potential through geophysics and our initial
geochemical sampling efforts from rock grabs defining the Dead Otter Trend. We
are excited to utilize these funds to further our exploration on the Dead
Otter Trend, paving the way for a future drill campaign"

 

 

About OJEP: Ontario Junior Exploration Programme 'OJEP' helps junior mining
companies finance early stage exploration projects in Ontario. Incentivizing
early exploration will help the province remain globally competitive, find new
deposits of critical minerals, and create new economic development and job
creation for northern and Indigenous communities. The 2024 OJEP intake five,
totalled CAD $13m with a maximum allocation of $200,000 per applicant.

"Our government recognizes that the success of Ontario's mining sector starts
with the important work that junior mining companies do during early
exploration. Through this program, our government is investing in early
exploration to create meaningful opportunities for junior companies to find
the mines of the future. Incentivizing early exploration will help our
province remain globally competitive, find new deposits of critical minerals,
and create new economic development and job opportunities for northern and
Indigenous communities."-The Honourable George Pirie-Minister of Mines Ontario

 

 

Ends

For Further Information:

Engage with us by asking questions, watching video summaries, and seeing what
other shareholders have to say. Navigate to our Interactive Investor hub here:

www.firstclassmetalsplc.com (http://www.firstclassmetalsplc.com)

 

For further information, please contact:

 

 James Knowles, Executive Chair  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 (http://www.novumsecurities.com)   (0)20 7399 9400

 

Axis Capital Markets (Broker)

 Lewis Jones/ Ben Tadd    Axcap247.com (http://axcap247.com/)   (0) 203 026 0449

 

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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