REG - First Class Metals - Zigzag exploration update – drilling commences

FIRST CLASS METALSAnnouncement

06/12/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231206:nRSF7940Va&default-theme=true

RNS Number : 7940V  First Class Metals PLC  06 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

6(th)  December 2023

Zigzag exploration update - drilling commences

 

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 a that drilling has commenced on  the Zigzag property
which is currently focussed on the lithium (Li), tantalum (Ta) rubidium (Rb)
and gallium (Ga) potential.

 

Highlights:

 

·    An Early Exploration Agreement (EEA) has been signed with Whitesand
First Nation (WFN).

 

·    A contract to undertake up to 500m of drilling has been signed with
Rodren Drilling a Whitesand FN approved 'service provider'.

 

·    Channel sample results identify a >1% Li(2)O zone on the western
portion of the 'core' 400m zone. Significant number of channel samples
 returned >1% Li(2)O, including:

Channel 7            2.36% lithium (Li(2)O) over 5.5m

·    Drill operations have commenced on the Company's Zigzag hard rock
lithium (Ta/ Rb/ Ga) prospect.

 

Marc J. Sale First Class Metals CEO commented:

"The signing of the EEA with Whitesand exemplifies the positive relationship
FCM is building with the First Nations. This agreement has paved the way for
FCM's inaugural drill program, marking an exciting milestone for our company.
We are thrilled to begin drilling at Zigzag, making it the first property
where FCM will undertake drilling. This demonstrates our commitment to
advancing our exploration efforts and emphasizes our dedication to responsible
resource development."

 

Figure 1 showing the Zigzag property with the recent sampling, both grabs and
channels, focussing on the central portion of the claim block, where drilling
has commenced.

An Early Exploration Agreement (EEA) has been signed between Whitesand First
Nation and First Class Metals.  Under the agreement FCM is allowed to
undertake activities requiring and Exploration Permit, as awarded by the
Province. FCM has agreed to support the Whitesand community.

 

Whitesand First Nation Economic Development representative commented:

"Whitesand First Nation is looking forward to working with First Class Metals,
and the positive relationship that is evolving.  We wish them luck on their
drilling program and are excited to see what the New Year brings."

 

 

Drilling Plan

The drill programme preparation commenced on Monday with core expected today,
this maiden programme will be focussed in the central 400m to explore the
areas of high channel sample results, particularly Channel 7.

Initially 7 drillholes of over 50m are planned with the provision for a deeper
'step-back' based on visual, encouragement.  The basis for the drilling is
the encouraging grab samples and channel sample results previously reported.
Nine channels were cut with lengths of under 5m to over 10m, channel lengths
were usually controlled by overburden and not necessarily by cessation of
pegmatite geology.

 

Figure 2 showing the location of the channels relative to the 'core 400m'
zone, drilling will extend further to the east of the channel sample area
where >1% Li(2)O grabs samples were collected.

The results from the channels are very encouraging. It must be stressed that
only hand stripping of vegetation was undertaken and often, exemplified by
channels 5 and 7, the outcrop persisted but the vegetation cover was too
onerous to be removed by hand.

The results have not only vindicated the grab samples in respect to the
lithium oxide content but also highlighted again the presence of other
important, critical minerals such as tantalum, gallium and rubidium.

Photo 2 Rodren equipment being mobilised to the Zigzag property

 

 

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
 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

 

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.

 

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  DRLFFFSFFALEIIV