REG - First Class Metals - Spodumene in all nine Zigzag drill intersections

FIRST CLASS METALSAnnouncement

18/12/2023 07:00

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RNS Number : 1070X  First Class Metals PLC  18 December 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

18(th) December 2023

Spodumene visible in all nine drill intersections at Zigzag

 

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 that spodumene-bearing pegmatites have been intersected in
every targeted hole drilled at First Class Metals' Zigzag lithium Property.
The identified mineralization remains open along strike and down dip.

HIGHLIGHTS

·      Spodumene (a high-grade lithium mineral - Li[AlSi (2)O(6)].)
bearing pegmatite intersected in all nine targeted holes drilled.

·      Over 50m of pegmatite intersections recorded (see figure 1 for
area of drilling)

·      Multiple mineralised pegmatite zones were intersected in holes
targeting 400m of the known 800m strike.

·      Pegmatite thickness exceeded 5m thick, down hole, and the
potentially multiphase mineralised system remains open along strike and down
dip / plunge.

·      All holes are being systematically logged and marked up for
sampling before cutting / sample collection.

First Class is pleased to announce the completion of the final hole of its
inaugural drill programme at the Company's Zigzag Property (the "Property"),
located in the Seymour-Falcon corridor in northwestern Ontario, Canada. The
drill programme included 9 holes targeting the pegmatite bearing zone and one
hole (the tenth, final hole) being a scissor to ZIG-23-06, to confirm the
interpreted dip of the structure. The 10-hole, 450-metre drill programme was
completed successfully on the 16(th) December within budget and time schedules

 

Photo 1 Drill rig completing FCM-23-09, step back to FCM-23-05

The drilling targeted the 400m central section of the property which had been
subject to a non-mechanised stripping and channel sampling programme reporting
up to 2.36% lithium (Li(2)O) over 5.5m (See RNS 28th November), see figure 1.
Historic drill holes also reported an intersection grading 1.08% Li(2)O over
6.1m from 12.45m and a separate intersection of 399.8ppm Ta(2)O (5) over 2.92m
from 15.50m.

 

Figure 1-Drilling covered the area of channel sampling and 'grabs' on roughly
50 m centres (note historic grid lines are on 200ft (60m) centres).

Visual observations undertaken whilst logging the core have recorded
spodumene-bearing pegmatite in all holes which targeted the pegmatite, (see
Photo 2-drill hole FCM-23-01) The core is now being logged in detail then it
will be 'marked-up' for cutting (sampling), it is anticipated that circa 100
samples will be sent for analyses in Thunder Bay. Results from the initial
batch are expected in early Q1 2024.

 

Photo  2-Shallow intersection of pegmatite hosting spodumene (pale green
'blades' in hole ZIG-23-01).

Marc J Sale Chief Executive Officer Commented-

"The completion of the drilling at Zigzag has consolidated the undertaking to
shareholders / investors that FCM would bring 4 properties to 'drill ready
status' and drill one this season. I am extremely pleased with the (visual)
indications of the drill core and the robust intersections that I have seen so
far. I look forward with positive anticipation to the first results. We are
already planning the next stages of exploration."

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

 

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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