REG - First Class Metals - Quinlan hard rock Lithium Property Earn-In

FIRST CLASS METALSAnnouncement

21/03/2024 07:00

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RNS Number : 6934H  First Class Metals PLC  21 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

21 March 2024

Quinlan hard rock Lithium Property Earn-In

 

First Class Metals PLC ("First Class Metals" "FCM" or the "Company") the UK
listed metals exploration company seeking economic metal discoveries across
its extensive North West Ontario land holdings is pleased to announce that is
has signed an agreement with Broken Rock Resources Limited  ("BRR") in
respect of the Quinlan Lithium Property ("Quinlan") in NW Ontario.

 

HIGHLIGHTS

 

·    FCM to acquire, the right to earn 100% of the highly prospective
Quinlan Lithium Property from BRR  with low execution costs and year one
field work commitment .

 

·    The property holds one of the highest lake sediment lithium values
(966.3 ppm- constituting the 'Nine-Sixty-Six lake sediment' anomaly) recorded
in the Province from an Ontario Geological Survey (OGS) survey.

 

·    The property potential was highlighted by the annual Ontario Thunder
Bay OGS Resident Geologist Program (Target 11) 'Recommendations for
Exploration' publication to be a prime under explored potential new pegmatite
corridor.

 

·    A total number of 98 claims are involved in the transaction with FCM
staking 50 claims and 48 claims being optioned from BRR.

 

·    Funding for the execution payment and the first year's work
commitment is currently in place.

 

 

 

Marc J. Sale CEO commented:

"Following the success of Zigzag, FCM has expanded its portfolio by adding a
further lithium prospect in what is considered a 'new' but fertile area for
pegmatite / lithium focussed exploration".

The Company now holds a significant land package, providing a cost-effective
entry into an area that is highly favoured by the Provincial OGS Resident
Geologists for its lithium prospectivity.

In line with FCM's future corporate plans and divestment strategies across the
wider portfolio, it is crucial for the Company to maintain a continuous flow
of high-quality prospects that can grow in value over time. The acquisition of
additional property assets like Quinlan ensures that FCM is well-positioned
for future growth and development.

FCM is optimistic about the potential of this new lithium prospect and is
committed to actively progressing and exploring its value.

 

Table1-Option costs for the Quinlan property

                                Cash (CAD$)  Ordinary FCM Shares (CAD$)  Annual Work Commitment (CAD$)
 On signing                     10,000       15,000*                     0.00
 Within one year anniversary    5,000        10,000                      50,000
 Within two-year anniversary    10,000       5,000                       50,000
 Within three-year anniversary  15,000       10,000                      150,000
 Within four-year anniversary   100,000      NIL                         150,000
 Total                          140,000      40,000                      400,000

 

*- These shares are to be issued within 30 days of publishing an FCA approved
prospectus.

 

Background

On August 30, 2023, Liane Boyer (Broken Rock Resources Limited) and Dorothy
Campbell (Regional Resident Geologist) visited the Nine-Sixty-Six site, by
helicopter. Descriptions of these sites are given below. All UTM co-ordinates
reported in this article are in NAD83, Zone 16.

The Nine-Sixty-Six lake sediment anomaly (OGS sample site 1109, Jackson and
Dyer 2000b; 287642E 5527869N) was collected from a small lake north of
Kashishibog Lake. The sample returned 966.3 ppm Li, 38.57 ppm Rb and 9.53 ppm
Cs. The area surrounding site Nine-Sixty-Six is covered by thick till and a
few granitic pegmatite boulders were noted and sampled. Most of these
pegmatitic boulders are rounded, ranging in size from 0.5 to 2 m, and composed
mainly of quartz and feldspar with local minor biotite.

Although no outcrop was found in this area, large outcrops of granitic
pegmatite were observed and sampled in an area 2 km to the northwest. These
quartz-feldspar pegmatites are buff to white, massive, and mostly
coarse-grained to pegmatitic with minor finer grained phases. Coarse-grained
magnetite was noted in one outcrop. Historically, the Kashishibog Lake area
has seen very little exploration and geological mapping.

According to the Ontario Geological Survey in 1964, vast areas of granite
pegmatite dike sheets occur in the vicinity of Sparkling and Mountairy lakes,
12 to 30 km west of Kashishibog Lake, respectively.  The pegmatites are
situated near the Western Wabigoon-Winnipeg River terrane boundary and along
the northeast-trending regional-scale faults that extend for more than 30 km
in the Kashishibog and Awkward lakes area.

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

 

 

Qualified Person

The technical disclosures contained in this announcement have been drafted in
line with the Canadian Institute of Mining, Metallurgy and Petroleum standards
and guidelines and approved by Marc J. Sale, who has more than 30 years in the
exploration industry and is considered a Qualified person owing to his status
as a Fellow of the Australian Institute of Mining and Metallurgy.

 

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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