REG - First Class Metals - Operations:- ‘Big Four’ Exploration Update

FIRST CLASS METALSAnnouncement

16/10/2023 07:00

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RNS Number : 1511Q  First Class Metals PLC  16 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

16(th) October 2023

Operations:- 'Big Four' Exploration Update

 

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 launch of systematic exploration campaign at the
Zigzag lithium project in the Province of Ontario Canada. ("Zigzag" or the
"Project") alongside a general portfolio exploration update.

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
exception of Esa, the company will achieve its aim. Once the soil sampling
results are available from Esa this property too will be close to being 'drill
ready.' It is still the Company's intention to drill one of the 'Big Four'
this season. 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)

Highlights:

·    Noth Hemlo-Dead Otter Trend, further gold occurrences reported from
grab samples return values up to 13.6ppm (13.6 g/t) gold (Au) giving further
confidence to the project, supporting priority drill targets.

 

·    Sunbeam-Further stripping underway at the sites of the historical
Sunbeam Mine, Roy & Pettigrew workings. Visual similarities noted to the
reported economic mineralisation that was historically mined. Channel sampling
undertaken with results pending which will help define drill targets.

 

·    Zigzag-Preliminary results from thirty-nine samples received with
numerous results over 1% Li(2)O (full results pending). Extensive channel
sampling campaign now completed with assays awaited, visual observations of
coarse spodumene evidenced across many of samples taken.

 

·    Esa-an extensive infill soil sampling program now completed; 500
samples taken and awaiting analysis. Purpose of the work is to 'infill' the
successful definition of the Esa Shear in 2022.  Property moves closer to a
drill ready status.

 

Marc J. Sale First Class Metals CEO commented:

"I am pleased with the progress that First Class metals has made this field
season, and despite the advance of Autumn there are still two teams out on the
ground. I feel we are well on track to achieve the Company's intentions. Both
Sunbeam and Zigzag properties are permitted for drilling and with the support
of the First Nations either of these properties or indeed North Hemlo (permit
notwithstanding) are veritable maiden drill targets for FCM. Furthermore, the
preliminary results from Zigzag have added significantly to our confidence in
the property.''

 

North Hemlo

During the season extensive work: prospecting, sampling, and mapping has been
undertaken along the Dead Otter trend, the focus has been around the
historical showing (3.1ppm Au 0.59% Mo) and the area reporting 19.6ppm Au over
three kilometres to the south east. There are still assays to be reported,
however whilst sampling to date has not replicated the historic value there is
limited outcrop exposed. The presence of visible gold and gold being 'panned'
from crushed rock may indicate that there is potentially an issue with 'coarse
gold' in the area of the historic showing. Other assays methods are being
investigated.

Furthermore, the 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. Additionally, over 750m SE along
trend from the historic showing an isolated outcrop returned 2.29ppm Au. This
confirms the trend is auriferous. Furthermore, in the area of the 19.6ppm
sample other samples have reported 13.6ppm and 4.6ppm Au.  Future work will
include detailed prospecting along the trend to prove the continuity of the
structure along strike from the known gold occurrences, leading to stripping
and drilling once permitting allows.

Photo 1-showing the sampling in the area of the 19.6ppm result.

Sunbeam

An initial stripping and channel sampling programme at the historic production
sites of Pettigrew and Roy has been completed and provisional results
received. Some of the higher values have been resubmitted for check assay. The
results from Roy indicate a semi continuous zone across strike of multi-gramme
material. However, further stripping and sampling is currently underway in
order to better define the potential drill targets. Exposed structure
evidencing numerous visible sheared mafic volcanic horizons with sulphide rich
quartz veining, within broader envelope of sheared, altered, and mineralized
felsic intrusive. A similar situation exists at Pettigrew. The additional
stripping has revealed some very 'interesting', prospective rocks including
sheared mafic volcanics with sulphide rich quartz veining with visible gold
reported. Sampling is currently being undertaken.

Stripping and channel sampling at Sunbeam is also now under way in the area of
the historic shaft.

Photo 2- showing one of the 'quartz blowouts' in the new area stripped., the
second photo show a close up with 'VG' (visible gold).

Photo 3- VG in the channel at Roy.

 

Zigzag

The preliminary results from the 39 grab samples from recent prospecting are
considered very encouraging and full results will be available soon, there are
a number of the samples reporting over 1% Li(2)O.

In parallel to the prospecting a channel sampling programme was undertaken,
and nine channels completed with two in excess of 10m in length with over 250m
of strike being covered.  Over 80 samples have been submitted for analysis.
The samples contain significant spodumene and are considered visually
encouraging with multiple zones of spodumene across the channels, see photos 4
and 5.

 

Photo 4- channel at Zigzag with the sample next to tape. Sampling entered the
host of the pegmatite in order to check the selvages for possible
mineralisation.

Photo 5- close up of sample from sawn channel. Note coarse spodumene crystals.

 

Esa

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.

This 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.

It is anticipated that the results of the infill lines will 'tighten-up' the
potential target location to enable a more focussed stripping / trenching
programme once the permit is granted. Drilling the most encouraging sectors
would then be the next exploration phase.

 

Map showing the historical as well as '23 season infill soil lines.

 

Summary

First Class Metals is entering a period of significant news and progress
across its four core properties. The company has made significant strides
towards achieving a "drill ready status." Throughout the summer field
campaign, extensive work has been conducted on each of these properties, which
is expected to pay off in the next phase of exploration.

One property that has particularly excited First Class Metals is Zigzag, which
has produced promising early-stage results. Further results from the
prospecting and the channel sampling are still awaited. The property is
strategically located in a corridor of established and expanding pegmatite
lithium discoveries. This has garnered significant interest from the global
lithium industry, positioning this region in North West Ontario as a new focus
for battery metal discovery and development.

Moving forward, the company aims to assess and report on multiple assays that
are still pending across all four 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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