REG - First Class Metals - Zigzag Drilling Results

FIRST CLASS METALSAnnouncement

29/02/2024 07:00

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RNS Number : 8663E  First Class Metals PLC  29 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

   29(th) February 2024

           Zigzag drilling results

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
delighted to announce the results of an inaugural drilling programme on the
Company's Zigzag Property, (the "Property") located in the Seymour-Falcon
corridor in northwestern Ontario, Canada.

HIGHLIGHTS

 

·      Assay results from the recent drill programme are in line with
and exceed the channel sample results.

Selected highlights include:

o  ZIG-23-01    4.3m @ 1.65% Lithium (Li(2)0) including 1m at 2.93%

o  ZIG-23-02    5.0m @ 1.5% Li(2)0 including 0.2m @ 5.19% and 5.75m @
0.21% Rb(2)0

o  ZIG-23-07    6.5m @ 1.09% Li(2)0 including 0.5m @ 2.76%

 

·      Elevated grades of several key technology critical metals present
including: gallium (Ga), rubidium (Rb20) , caesium (Ca) and tantalum (Ta).

 

·      Significant upside for the expansion of the geochemical envelope
along strike in both directions and down dip.

 

·      Initial geochemical results indicate the probable existence of a
second structure.

 

·      An Exploration Permit to allow additional stripping and drilling
on the Property is being drafted.

 

 

Marc J Sale Chief Executive Officer Commented- "The results from our first
drill programme at Zigzag are first class and have not only confirmed our
belief in the potential of the 'core zone', but have also significantly
exceeded our expectations for the Property. The associated critical metals
identified have added another dimension to the Property's potential.
Obviously more work is required specifically along strike and further
exploration of the southern structure, hence we are to initiate discussion
regarding a new Exploration Permit.

Zigzag is growing as a significant lithium and critical metal play in this
rapidly emerging pegmatite district."

 

A focussed drill programme of under 500m in 10 NQ diamond drillholes was
completed in late December and all the geochemical assay results are now
available. Nine of the holes were targeted at the pegmatite with two
'step-back' holes and a 10(th) being drilled as a scissor. All targeted holes
successfully intersected the pegmatite.

The drilling has vindicated the channel sampling as well as extended the
geochemical and geological knowledge of the structure hosting the pegmatite,
(see Map 1). The most easterly and westerly holes indicate the structure
remains open along strike and importantly the successful step-back holes show
the structure continues and remains open at depth.

The Company will now look to initiate the next most appropriate plan of
exploration which will be focussed to extend strike and delineate the recently
discovered southern structure.

 

Map 1 showing the drill traces of the 10 holes drilled as well as their
locations relative to the previous channel sampling.

 

Significant intersections for the drill programme appear in table 1, see below

 Drill Hole  Metal   Depth From  Width  Grade
 ZIG-23-01   Li₂O    12.7m       4.3m   1.65%
                     incl.       1.0m   2.93%
             Rb₂O    11.7m       5.3m   0.21%

 ZIG-23-02   Li₂O    15.0m       5.0m   1.5%
                     incl.       0.2m   5.19%
             Rb₂O    14.25m      5.75m  0.21%
                     incl.       0.3m   0.54%
             Cs      14.25m      3.25m  132 ppm
                     incl.       0.25m  430 ppm
             Ta      14.0m       6.8m   90 ppm
                     incl.       0.2m   235 ppm
             Ga      15.5m       0.2m   144 ppm

 ZIG-23-03   Li₂O    14.7m       0.75m  2.1%
             Rb₂O    12.6m       2.1m   0.16%
             Cs      12.0m       5.0m   151 ppm
                     incl.       0.45m  480 ppm
             Ta      12.6m       3.9m   164 ppm
                     incl.       0.45m  624 ppm
             Ga      21.9m       0.25m  127 ppm
 and
 ZIG-23-03   Li₂O    28.4m       1.6m   0.46%
             Rb₂O    27.8m       2.2m   0.17%

 ZIG-23-04   Li₂O    20.0m       1.6m   0.79%
             Rb₂O    20.0m       1.6m   0.21%
             Ta       15.3m      7.8m   165 ppm
                      incl.      1.0m   347 ppm

 ZIG-23-05   Li₂O    7.6m        6.0m   1.13%
                     incl.       1.0m   2.17%
             Rb₂O    5.7m        3.8m   0.16%
             Ta      4.8m        9.9m   167 ppm
                     incl.       0.4m   401 ppm

 ZIG-23-06   Li₂O    28.8m       2.2m   1.09%
                     incl.       0.3m   2.26%
             Rb₂O    28.8m       2.2m   0.19%

 ZIG-23-07   Li₂O    9.9m        6.5m   1.09%
                     incl.       0.5m   2.76%
             Rb₂O    10.4m       6.6m   0.21%
                     incl.       1.0m   0.41%
             Cs      13.0m       4.0m   126 ppm
             Ta      9.0m        7.4m   131 ppm
                     incl.       0.6m   177 ppm

 ZIG-23-08   Li₂O    65.5m       3.0m   1.28%
             Rb₂O    65.5m       3.4m   0.11%
             Ga      65.5m       3.0m   98 ppm
                     incl        1.0m   114 ppm

 ZIG-23-09   Li₂O    47.25m      4.75m  0.52%
                     incl.       0.8m   1.06%
             Rb₂O    47.25m      4.75m  0.14%

 

Table 1 assays from the (nine) hole drill programme at Zigzag, every hole had
reportable intersections of Li₂O with significant 'credits' from the
accessory critical elements / metals, specifically rubidium oxide, Rb₂O.

 

Map 2 showing the relative position of the 'core' drill area and the soil
sample lines as well as the geochemistry indicating the potential for a second
subparallel structure to the south.

The combined geochemical data that the initial grab samples (RNS 31 October
2023), the subsequent channel sampling programme (RNS 28 November 2023) and
the recent MMI soil survey (RNS 7 February 2024) support the belief that the
'core 400m zone' contains a significant structure of >1% Li₂O and is open
along strike. As previously reported, both the most eastern and western holes
of the recent drilling programme intersected pegmatite. The soil sample
results further suggest that the mineralisation is open in both directions.

Furthermore, there is strong geochemical support for a sub parallel trend
about 200m to the south of the Main Zone. Additional work is needed to expand
and confirm the anomalism identified. As well follow up sampling is required
to confirm the presence of a possible third trend currently identified in
anomalous rare element results in grab samples.

 

Critical Technology Metals @ Zigzag

While the focus of the project remains on the lithium component, the presence
of elevated levels of Rb₂O (peak 0.54% over 0.3m within interval of 5.75m @
0.21% (2100 g/t) in hole ZIG-23-02), Caesium (peak 480 g/t over 0.45m within
interval of 5.00m @ 151 g/t in hole ZIG-23-03), Gallium, and Tantalum (peak
624 g/t over 0.45m within interval of 164g/t over 3.9m in hole ZIG-23-03-03)
are potentially a significant 'credit' to the metallurgy of any resource
identified.

These speciality metals have been classified as (1) (& 2) 'Critical
Metals' by the USA and Canadian Governments, highlighting their significance
usage in modern technology due to their crucial role in various electronic,
semi-conductor, and military hardware. Currently China dominates world
production and supply of all these elements.

Despite the limited market for specialty metals, it is noteworthy that
Rubidium has recently demonstrated a strong price performance, with trading
prices exceeding $3100 per ounce on the Shanghai Metals Market(3). Recognizing
the potential economic benefits and value-added by these specialty technology
metals, First Class intends to conduct further investigations into their
possibilities and explore their impact on the overall value of the project.

 

(1 )
https://www.usgs.gov/news/national-news-release/us-geological-survey-releases-2022-list-critical-minerals
(https://www.usgs.gov/news/national-news-release/us-geological-survey-releases-2022-list-critical-minerals)

(2)
https://www.canada.ca/en/campaign/critical-minerals-in-canada/critical-minerals-an-opportunity-for-canada.html
(https://www.canada.ca/en/campaign/critical-minerals-in-canada/critical-minerals-an-opportunity-for-canada.html)

(3)https://www.metal.com/Other-Minor-Metals/202012250003
(https://www.metal.com/Other-Minor-Metals/202012250003)

 

 

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
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 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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