REG - First Class Metals - Operations update

FIRST CLASS METALSAnnouncement

03/07/2024 07:00

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RNS Number : 8849U  First Class Metals PLC  03 July 2024

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Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK
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FIRST CLASS METALS PLC

3 July 2024

Operations 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 land holdings, remains focused in northern Ontario, Canada, is
pleased to announce significant advancements in field activities and
supporting technical developments.

 

Highlights

·    Coco East property- field work completed, base metal potential.

 

·    Sunbeam Project- 85 samples from Nuinsco diamond core drilling
dispatched for assay.

 

·    North Hemlo- 25 coarse rejects from Dead Otter trend to be re-assayed
by Photon Assay

 

·    Zigzag Lithium & Critical Metals Project- Award of an Exploration
Permit for three years

 

 

Marc Sale First Class Metals CEO Commented:

"At FCM we persist in our aim of enhancing the value of the portfolio. The
field work at Coco East ensures the property's positive standing beyond 2024,
furthermore we eagerly await the results from the prospecting in a new area of
historic potential. The review of the historic drill core from the Sunbeam
Property was our initial focus this year after EGS 'found' the TerraX core.
The significance of the review is the revelation that from the stripping at
Roy and Pettigrew the host porphyry was proved to be auriferous: successful
resampling here could revolutionise the property's potential.

Despite Dead Otter's assays being the highest recorded from the North Limb of
Hemlo, we suspect coarse gold might be skewing fire assay results, possibly
misrepresenting the samples. Adopting Photon Assaying, a relatively new
method, may resolve this issue.

Lastly the award of a further three years Exploration Permit at Zigzag,
supported by the Whitesand First Nation is a welcome event. The permit opens
up the new structure we delineated in the south and gives us more options on
the core structure that we drilled last December.

It's been a busy few months for FCM as we enter the summer period with a lot
of activity still to look forward to.

As a follow up to my recent field trip to northwest Ontario we have
populated additional information to the Data Room and received request from a
further company to review specific properties."

 

Coco East

 

The Coco East property not only has potential for precious metal targets but
also base metals. The geophysical anomaly in the northern sector has been
interpreted as a potential eastern continuation of the 'zinc belt' from the
Winston Lake area.

Figure 01 Showing the recently re-discovered adit - mine working - in the
norther area of the property.

FCM through Emerald Geological Services ('EGS') recently undertook a
prospecting programme in the northern sector of the property. A previously
unknown adit was encountered. Searches of the Ontario Mineral Index 'OMI'
registrar is ongoing to ascertain if there is any historical information
associated with the workings. A number of rock samples were collected from
this area of the adit as well other locations and will be dispatched for
analysis.

The exploration programme whilst brief has been successful and importantly the
assessment credits the work generates will ensure the property remains in good
standing into the '25 field season.

 

North Hemlo, Dead Otter Trend

 

The Dead Otter Trend has discontinuous outcrop along the identified >3km
strike.  The structure mimicking the granite / mafic volcanic contact is
sheared and contains significant quartz veining. Where outcrop allows
sampling, the gold reported in assays has reached 19.6ppm Au, (19.6g/t).
However, there are areas where, whilst gold has been visibly identified in
rock samples, the assays have not reflected the apparent potential to report
significant gold values. There is possibly a 'coarse gold issue' in the
northern sector. Additionally, the presence of silver and gold telluride
(calaverite) further suggests that the assays are not reflecting the true gold
content of the quartz / shear.

Given the relatively small fraction of the overall samples that are used in a
standard 50g Fire Assay method, FCM through EGS has selected 25 samples for
Photon Assay which utilises a 500g sample in the assay. The sample is run
through a high energy X-ray machine which excites the atomic nuclei in the
rock, causing them to emit gamma rays at specific energy levels. These emitted
gamma rays allow for the detection of gold and silver within the rock sample
and, is a non-destructive methodology, as opposed to traditional fire assay,
allowing the sample to be retained for further analysis.

The samples are from the original Dead Otter Showing (3.1ppm Au), the '19
grammer' as well as samples from Bobby's Showing which reported 2.2ppm Au.

It is anticipated that this new method of analysis will enhance the potential
of the Dead Otter trend and help focus stripping programme the planned this
field season.

 

Sunbeam

 

After a review of the historic TerraX and Nunisco drill core a total of 83
half core samples (plus one standard and a blank) have been submitted to assay
for gold by Fire Assay and a silver / multi element package.

The basis for the additional review and sampling of the core results from the
stripping programmes at Roy and Pettigrew that identified that the hosting
porphyry was anomalous in gold, with one grab sample reporting over 4ppm Au.

 

Zigzag

 

The Exploration Permit application to the Ontario Ministry has been approved
for a further three years. The granting of the Permit allows for stripping and
further drilling on the main zone identified by FCM's prospecting, channel
sampling and drilling in 2023. The zone remains open in all directions,
including down dip.

Previously reported results from an MMI soil sampling programme indicated not
only is the main zone open past FCM and historical drilling and channel
sampling locations but that there exists the possibility of a subparallel or
spur structure to the south (anomalous values reported included Li, up to:
2,600ppm; 4,290ppm Rubidium; 920ppm Cs. The granted permit will allow this to
be stripped and if warranted drilled.

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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