REG - First Class Metals - West Pickle Lake: Nickel Drill Results

FIRST CLASS METALSAnnouncement

02/02/2024 07:00

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RNS Number : 7857B  First Class Metals PLC  02 February 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

2 February 2024

 

West Pickle Lake: Nickel Drill Results

 

 

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 report that Palladium One continues to intersect potentially
economic Ni-Cu mineralisation in and around the West Pickle Lake ("WPL") Joint
Venture area.

 

Highlights adapted from Palladium One release(1)

·      In the West Pickle Lake area, chonolith / feeder dyke structures
now extend over more than five kilometres of strike length.

·      Drilling along the eastern margin of the West Pickle Zone
targeted bore hole electromagnetic anomalies ("BHEM") returned 1.8% Ni and
1.0% Cu over 1.5 meters in hole TK23-134 (Figure 1).

·      A new nickel zone has been identified with intercepts returning
up to 0.4% Ni and 0.2% Cu over 2.7 meters including 1.0% Ni and 0.4% Cu over
0.9 meters in hole TK23-128 in an area with soil anomalies as high as 0.15%
Ni, 0.27% Cu and 86 parts per billion ("ppb") Pd + Pt (Figure 1).

(1)Palladium One Drilling Confirms Mul | Palladium One Mining Inc.
(palladiumoneinc.com)
(https://palladiumoneinc.com/news/2024/palladium-one-drilling-confirms-multiple-chonolith-feeder-dyke-structures-and-discovers-new-ni-mineralization-at-tyko-ni-cu-project)

Of significance are holes TK23-134, on the eastern extent of the WPL JV area
and hole TK23-128, to the north-west of WPL and close to the 100% owned North
Hemlo block of FCM.

 

Marc J. Sale CEO commented:

"I remain encouraged with the progress the Palladium One exploration is making
in the WPL zone and the wider discovery area. Particularly the success near to
the FCM claim boundary with the results from TK23-128."

"FCM will continue to pursue third party interest in this sector of North
Hemlo."

 

Figure 1 extracted from Palladium One news release 01/02/24. Showing the
position of drill hole TK23-134. In the JV area, as well as TK23-128 to the NW
of WPL and close to the North Hemlo property boundary.

 

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
30years in the gold 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
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 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 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 mineral
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% Li¬2O. Zigzag was drilled prior to Christmas 2023
and results are pending.

The significant potential of the properties for precious, base and battery
metals relates to 'nearology', inasmuch as 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).

 

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