REG - First Class Metals - Winter Exploration Programme Update

FIRST CLASS METALSAnnouncement

09/06/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250609:nRSI9004La&default-theme=true

RNS Number : 9004L  First Class Metals PLC  09 June 2025

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

09 JUNE 2025

Winter Exploration Programme Update

 

First Class Metals PLC ("First Class Metals" "FCM" or the "Company") the UK
listed company focused on the discovery of economic metal deposits across its
exploration properties in Ontario, Canada, is pleased to provide an
exploration update for the work conducted in 2024/25 Winter field season.

Winter Exploration Programme Highlights

 

• Five Very Low Frequency ("VLF") geophysical surveys completed across key
target areas at North Hemlo, including the high-potential 'H Lake' and 'Rogers
lake' zones -- strong conductors were identified, defining multiple follow-up
exploration targets.

• Dead Otter VLF grid launched post-winter, expanding geophysical coverage
along strike of previously reported high-grade gold showings - also targeting
a new gold-zone 30m from main zone.

• North Hemlo tenure consolidated to 81km² following full acquisition of
the OnGold claims - securing control of a strategic and highly prospective
land package.

• Sunbeam property lake sediment programme yielded encouraging results -
triggering the staking of an additional 78 claims and expanding the project
area to over 88km².

• Site visit to Sunbeam by a renowned structural geologist leading to
enhanced understanding of the Roy Zone's structural controls of mineralisation
- enabling cost-effective drill targeting between historic holes.

• LiDAR dataset acquired and under external review - enhancing structural
interpretation across the broader Sunbeam gold corridor.

• At Quinlan, 16 lake sediment samples collected and analysed for lithium,
REEs, and base metals - anomalous values in pegmatite-rich northwest sector
identified for further investigation.

• Kerrs Gold Project resource update underway - integrating post-2011
drilling and verification sampling ahead of NI 43-101 update.

• SGS Lakehead Ontario to be engaged for beneficiation study on Zigzag -
study to optimise recovery from outcrop ore.

 

Marc J. Sale CEO First Class Metals Commented:

 

"The Winter work programme was an operational success and the results it has
produced are exceptional, generating robust exploration targets on the two
main properties - North Hemlo and Sunbeam. We remain encouraged with the
potential of the Roy structure at Sunbeam after the property visit with a
renowned structural geologist, potentially a eureka moment!"

 

Winter work programme:

 

North Hemlo Exploration VLF survey:

·    VLF survey at 5 distinct locations.

·    7 grab samples from 'H' lake structure.

·    VLF survey over the Dead Otter trend initiated, three grab samples to
date.

·    Structural review of the Dead Otter trend planned.

Five areas were subjected to VLF gridded survey, the largest being H lake'
where 7 grab samples were also collected. The survey areas also included the
103ppb lake sediment sample on the OnGold property

Figure 1 shows the locations of the Winter programme VLF 'grids' at North
Hemlo, excepting the Dead Otter grid(s).

The VLF survey is still being reprocessed but the initial findings show strong
conductors at 'H lake' and Rogers lake (north). Rogers lake was the 'focus' of
several anomalous lake sediment samples from a previous winter programme.

It is anticipated that once all the data has been processed there will be a
number of robust targets warranting follow up 'ground truthing' / prospecting,
see Figure 2 for an example of the initial VLF identified conductors

Figure 2 showing VLF identified conductors under the lake with anomalous gold
results from lake sediment samples

The initial readings from the OnGold area are also most encouraging with
obvious conductors being identified. This is especially significant as an
exploration target as this lake contained a very high gold value in the lake
sediment, (103ppb) one of the highest in the Hemlo camp as was previously
reported by Bruce MacLachlan of Emerald Geological services.

The fact that all requirements have now been met under the Option agreement
with OnGold has resulted in the 'OnGold claims' now being transferred to First
Class Metals Canada Inc  ("FCMC") 100%, making the combined North Hemlo
property block 81km(2) (not including the West Pickle Lake JV with GT
Resources).

The VLF survey over the Dead Otter trend was initiated in late May. The survey
had been annexed from the winter work programme because of the depth of snow
making access difficult in conjunction with the topography. The map below
shows the grid lines of the survey areas, which are basically the stripped
areas with an additional 'virgin' area as a comparison. The original Dead
Otter showing grid is merged with the stripped area at the '2.3 grammer' where
2024 prospecting revealed a second gold- bearing structure associated with
anomalous copper mineralization 30m across strike to the northeast of the
stripped area. Line lengths were extended from the original design owing to
several factors, one being the VLF grids already completed indicated a clear
'shoulder zone' in the readings was preferable and to ensure coverage of the
soil sampling programme which had several anomalous values at line's end.
Furthermore as indicated above the gold reports in structures some 30 metres
distant from the main trend. To date, three grab samples of quartz vein
material have also been collected.

Figure 3 Showing the VLF grid lines over the Dead Otter trend

In order to better understand the structural controls of the mineralisation at
'Dead Otter', FCM intends to utilise the same structural geologist that was
engaged to review the Sunbeam property. This site visit is planned to take
place once the Dead Otter trend VLF is completed and processed, prior to
further exploration of the trend.

The work currently planned, completed or ongoing will give a better
understanding of the geology, structure and mineralisation and will optimise
any proposed drilling. This focussed approach will overall save time and
costs.

 

 

Sunbeam Property

Sunbeam property extending over >70km(2) contains three historic
development sites: Sunbeam, the most exploited, Roy and Pettigrew; these all
sit on previously identified mineralised district scale structures, see Figure
4. Furthermore, along these three mineralised structures a number of other
significant gold bearing sites have been identified, such as Road zone and
Rubble. The historic developments as well as the widespread occurrence of gold
(along the structures) emphasise the gold endowment of the property and the
potential for a major discovery.

Figure 4 showing the mineralised trends on the Sunbeam property and with the
locations of the lake sediment samples, as well as the recently staked claims.

The programme resulted in 38 lake sediment samples being collected from the
extended Sunbeam property area, see Figure 4. Overall, 79 samples were
collected during the survey.

The results from the lake sediment samples have now been received and were of
sufficient encouragement that an additional 78 claims were staked - see Figure
4. This has now increased the Sunbeam property to over 88km(2).

The recent visit to the Sunbeam property by ex-Lakehead University (Thunder
Bay) Professor of structural geology, Mary Louise Hill, is considered a
resounding success. Whilst her final report has not yet been received the
dialogue 'on the outcrop' was enlightening and has helped significantly in the
understanding of the structural control of the mineralisation present in the
stripped areas, specifically the Roy zone. This insight to the association of
structure and gold reporting is essential in the logical placement of drill
holes.

Future exploration includes a focussed soil sampling programme along the
structures, initially the Roy zone. This will increase the geochemical
understanding, potentially identify further zones along the trend warranting
invasive exploration, possibly stripping to identify potential drill targets.
Certainly, this focussed approach is a far more cost-effective method of
exploration than premature drilling. However, with the opinion on the
structure and its relevance to mineralisation received during the recent site
visit it is considered that with some further, not extensive, groundwork and
the soil results from the area around the Roy zone there would be strong
support for drilling between the historic drill holes of the 80's.

The initiation of the season's exploration on the Sunbeam property will be the
follow up of the soil survey at Roy. Success at Roy will support a similar
programme on the Sunbeam - Road zone and the Pettigrew structures.

The Light Detecting and Ranging (LiDAR) information for the Sunbeam property
and environs has been acquired. An initial inhouse appraisal is sufficiently
encouraging that an external professional interpretation is being discussed.

The 'new' and historic zones when considered with the known high grade gold
intersections both in drill hole and in the stripping, combined with the
robust nature of the three mineralised structures makes the Sunbeam property a
veritable district scale target with excellent potential for a significant
discovery.

 

 

Advances on other properties

Kerrs

Kerrs resource update is progressing well. The drill hole data post the
existing NI 43-101 (2011) has been identified and this will be incorporated
into the resource. However, as this will entail a site visit as well as
verification sampling, this being so, no timeframe for completion is currently
to hand.

 

Zigzag

A proposal from SGS Lakehead has been received. The beneficiation study will
require approximately 30kgs of rock. It is intended to use outcrop material
when the company decides to proceed.

 Key program deliverables will include:

•           Sample preparation of Outcrop Sample

•           Head characterization (head analysis for Li, Ta, Cs,
Rb, Ga, Nb, WRA, and XRD mineralogy)

•           Heavy Liquid Separation to evaluate potential for
beneficiation with Dense Media Separation

            Spodumene flotation testing Final reporting

 

An important factor in the consideration of this study is that SGS have
confirmed that outcrop material from the Zigzag property can be used over
sacrificing the available core which is an invaluable record of the successful
drilling and would be critical in vending the asset.

 

Quinlan

As part of the Winter work programme a property wide lake sediment sampling
survey was completed.

In total 16 samples were collected and analysed for Lithium (Li) as well as
gold and other base and 'critical' metals, see Figure 5

Figure 5 showing the Quinlan property and locations of the lake sediment
samples.

The results were not in the same scale of anomalism to the originals Ontario
Geological Survey (OGS) results. However, the higher values in the northwest
where the OGS reported extensive pegmatite outcrop produced the most anomalous
results of the survey. In addition, there were elevated values of some
critical elements and REE. It would be the attention to further investigate
this sector before any decision in respect to the Option is concluded.

 

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
gold exploration industry and is considered a Qualified person owing to his
status as a Fellow of the Australian Institute of Mining and Metallurgy.

 

 

For Further Information:

Engage with us by asking questions, watching video summaries, and seeing what
other shareholders have to say. Navigate to our Interactive Investor hub here:

https://fcm-l.investorhub.com/link/MP7o0P
(https://fcm-l.investorhub.com/link/MP7o0P)

For further information, please contact:

James Knowles, Executive Chair

Email: JamesK@Firstclassmetalsplc.com (mailto:JamesK@Firstclassmetalsplc.com)

Tel: 07488 362641

Marc J Sale, CEO

Email: MarcS@Firstclassmetalsplc.com (mailto:MarcS@Firstclassmetalsplc.com)

Tel: 07711 093532

Novum Securities Limited (Financial Adviser)

David Coffman

Website: www.novumsecurities.com (http://www.novumsecurities.com)

Tel: (0)20 7399 9400

Axis Capital Markets (Broker)

Lewis Jones

Website: Axcap247.com (http://www.axcap247.com)

Tel: (0)203 026 0449

 

 

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 Mining (>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 250km²
in north west Ontario. A further three blocks are under option and cover an
additional 30km(2).FCM is focussed on exploring for gold, but has base metals
and critical metals mineralisation. FCM is maintaining  a joint venture with
GT Resources on the West Pickle Lake Property a drill-proven ultra-high-grade
Ni-Cu project.

The flagship properties, North Hemlo and Sunbeam, are gold focussed. North
Hemlo has a significant discovery  in the Dead Otter trend  which is a
discontinuous 3.5km gold anomalous trend with a 19.6g/t Au peak grab sample.
This sampling being the highest known assay from a grab sample 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 successfully drilled prior to
Christmas 2023 and results have now been released.

The Kerrs Gold property, acquired under option by First Class Metals in April
2024, is located in northeastern Ontario within the Abitibi Greenstone Belt,
one of the world's most prolific gold-producing regions. The project holds a
historical inferred resource of approximately 386,000 ounces of gold,
underscoring its potential as a meaningful addition to FCM's expanding gold
portfolio. Kerrs Gold complements the Company's exploration strategy and
provides exposure to a well-established mining district. FCM is currently
reviewing plans to advance the project and further unlock its value.

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).

For further information see the Company's presentation on the web site:

www.firstclassmetalsplc.com

 

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.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DRLSSSFDWEISEEM