REG - First Class Metals - Sunbeam Update of Exploration Activities

FIRST CLASS METALSAnnouncement

14/11/2023 07:15

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RNS Number : 3050T  First Class Metals PLC  14 November 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

 

14(th) November  2023

 

Sunbeam Update of Exploration Activities

 

First Class Metals PLC ("First Class Metals" "FCM" or the "Company") the UK
metals exploration company seeking large scale metal discoveries across its
extensive Canadian Schreiber-Hemlo  Sunbeam and Zigzag land holding is
pleased to provide an update on the Sunbeam past producing high grade gold
mine.

 

Highlights

 

·    Initial results from the Roy prospect have been received, including
18.8 g/t Gold (Au) grade from a 0.3m channel sample

 

·    An additional 119 contiguous claims staked, expanding the Sunbeam
Property by  25km². The Sunbeam Property now covers 72km²,  encompassing
district scale structures.

 

·    Final 'English Option' payment has been agreed with the intention
of  transferring 100% of the claim ownership across to FCM

 

·    Channel sampling results still from the Sunbeam Mine & Pettigrew
Working still pending.

 

Marc J Sale Chief Executive Officer commented:

"The initial channel results from Roy are encouraging to the extent of
justifying the expansion of the Sunbeam property to included inferred
structural extensions emphasising the district scale potential of the area.
The mineralised structures identified on the property, historically exploited
at Sunbeam, Roy and Pettigrew continue to provide tangible encouragement to
develop the property towards drilling"

 

Background & Update

 

Since the announcement of the  Sunbeam acquisition in early October 2022, we
have been working to advance the project to drill ready status.

The exploration phase commenced with a comprehensive historical review of all
available data from the time historical production commenced in the early
1900's through to the last drilling campaign and geophysical survey by the
previous operators. This included a detailed review of the available core.

As part of our commitment to uphold key Environmental, Social, and
Governance  (ESG) objectives and in recognition of the local First Nation
Peoples who have an interest in the area, a Stage 1, Archaeological Heritage
Review (AHR) was conducted and submitted to the FN and the Provincial
authorities.

Granting of an updated Exploration Permit was achieved in June 2023 and one
aspect was the increased areas available for stripping, particularly in the
vicinities of the three historical development areas.

The Sunbeam property is dominated by three mineralised structures all of which
host significant gold anomalism as well as historic development, including the
Sunbeam high grade gold mine which operated until 1905 and reportedly produced
multi ounce material.

Figure 1-Sunbeam Property and the extent of the overall project including the
Perry English Option area.

 

In July 2021, Nuinsco reported grades up to 93.3g/t from a drill programme of
eight drill holes totalling 1,091 metres conducted predominantly in the
vicinity of the Sunbeam Mine area. The drill programme was a follow up on a
surface sampling programme which produced results up to 83.5g/t from
underground waste rock from the Sunbeam Mine.

FCM has staked a further 119 claims, covering 25km² and contiguous to the
northeast of the English option area.

The newly staked claims remain in good standing for two years before requiring
assessment credits derived from field work. Additionally, as they are
contiguous to the 'English Option' assessment credits can be spread across the
new claims.

The rationale for staking the claims was following a recommendation by and
discussions with Emerald Geological Services based on geological
investigations and conceptualisation inferred from the geology and structures
on the existing property.

The Sunbeam property contains three subparallel mineralised structures, each
identified over 10km traversing the property; these are inferred to continue
to the northeast into the new area where prospective structural features are
inferred. FCM now commands a district scale land package of over 70km²

 

Figure 2 showing the extension of the property with the recent staking.

 

Roy Zone-Channel Sampling Results Summary

FCM has undertaken two stripping campaigns and the gold (Au) results from the
Roy zone are now available.  Most of the samples were 1m or less, with a
minimum of 0.1m and a maximum of 1.4 m. The results have defined a broad zone
of shearing, alteration and mineralization, peaking at 18.8 g/t (ppm) Au in
one 0.3m channel sample (within interval of 6.2 ppm Au / 1.05 m).

 

There are a significant number of other results exceeding 1ppm Au that define
the anomalous structure over a strike of 100m between the existing shafts and
open along strike. These include: 6.27 ppm Au / 0.35 m in mafic schist with
quartz veinlets (within broader interval of 0.94 ppm Au / 3.25 m); 4.98 ppm Au
/ 0.5 m in sheared porphyry (within broader interval of 3.7 ppm Au / 1.55m);
and 5.58 ppm Au / 0.5 m within a quartz vein (See Figure 3)

 

The high-grade gold mineralisation is hosted in quartz veining in sheared
'mafics' within a sheared, folded felsic to intermediate porphyry which often
exhibits quartz veining, silicification and ankerite alteration, and which
also frequently contains anomalous gold concentrations as noted above.

 

Figure 3 showing plan of the geology, stripped areas as well as historic workings and gold anomalism from recent channel sampling.

 

Visible gold was identified in at least one sample at Roy during the sawn
channel programme.

Bruce MacLachlan of Emerald Geological Services commented : "The 2023
mechanical stripping and channel sampling programs have enhanced our
understanding of the geology and mineralization in these historical target
areas, uncovering similar rocks to what past workers would have mined. The
data we have obtained will help tremendously in the planning of a maiden drill
program for the property."

Photo 1 showing the area stripped at Roy (looking NE)

 

The results from the channel sampling at Roy, in conjunction with the
encouraging geology encountered in the stripping at both Pettigrew and the
Sunbeam mine area validate the Company's efforts this season to bring the
property to drill ready stage. Further results will be announced as they are
received. It should be noted that there has been no significant drilling at
Roy, furthermore the reported drilling at Pettigrew was encouraging, with Two
holes returned significant gold assays:

Hole 57751: 19.4 g/t Au over 0.63m at 5.33m and 15.17 g/t Au over 1.37m at
21.44m.

These results are comparable with the channel sample results from Roy.

 

Photo 2 showing close up of the channels where visible gold was encountered.

 

In December 2023 the final payment of $25,000 to exercise the Option over the
Perry English claims is due. Currently, FCM intends to proceed with the
payment and thereafter the claims will be transferred 100% to First Class
Metals Canada Inc. The Company will then have 100% control of a potential
district scale property block with multiple structures, hosting potentially
high grade gold bearing system, extending over 72km²

 

ENDS

 

 

 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

 

 

NOTES TO EDITORS

First Class Metals PLC - Background

First Class Metals is focussed on exploration in Ontario, Canada which is
considered a top global destination for exploration with 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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