REG - First Class Metals - Zigzag-Further Lithium & Critical Metal trend

FIRST CLASS METALSAnnouncement

07/02/2024 07:00

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RNS Number : 2507C  First Class Metals PLC  07 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

7(th) February 2024

Zigzag exploration update

Further Lithium & Critical Metal trend identified

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 the results of a mobile metal ion (MMI) soil sampling
programme as well as accompanying rock-grab samples on the Company's Zigzag
Property , (the "Property") located in the Seymour-Falcon corridor in
northwestern Ontario, Canada.

Soil samples were collected along six north-north-west to south-south-east
soil sample lines between 100-200m in length, with 12.5m sample station
spacing (see Map 1). These included four lines along strike to the west and
east of the main 400m 'core zone' which was subject to the drilling campaign
in December 2023. A further two lines starting ~200m orthogonal to the
dominant strike and to the south of the trend of the main zone were sampled.
All soil samples were analysed using the Mobile Metal Ion (MMI) method of SGS
Labs.

The sample results support the belief that the 'core 400m zone' 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 confirm the mineralisation is open.

HIGHLIGHTS

·      The results from 64 rock-grab and 68 soil samples collected late
last year are now available.

·      Soil sampling lines to the east west of the core section show
anomalous lithium (Li) ratios.

·      Results from soil lines 200m to the south of the 'Main zone'
indicate the probability of a second subparallel structure.

·      Grab samples anomalous in Li and other pegmatite associated
elements indicate a possible third trend.

·      Assay results from the recent drill programme are anticipated in
the coming days.

Marc J Sale Chief Executive Officer Commented- "The results from this combined
sampling programme validate the belief by FCM that the 'Main Zone'; is open
along strike for a considerable distance. Furthermore, the strong evidence of
a second structure to the south with the possibility of a third structure
compels FCM to engage in discussions with the First Nations to initiate the
application for an Exploration Permit to be able to fully evaluate these new
zones".

 

 

Map 1, showing the location of the MMI samples as well as the response ratio
(RR) for caesium, (Cs) which overall is the most representative of the
anomalism. Note 1  (#_ftn1) : values are generally considered anomalous when
the response ratio is above 5.

RR Response Ratio Highlights from MMI sampling

·     Highest lithium ("Li") response ratio ("RR") of 11 obtained ~100m
along strike to the east of the eastern most DDH from December 2023
(ZIG-23-07).

·     Highest caesium ("Cs") RRs of 15 and 30 obtained at consecutive
stations ~100m along strike to the west of the western extent of sampling on
the main zone.

·     Li RRs up to 10 on the southern lines.

·     Multiple MMI anomalies in other elements, especially on the eastern
and southern lines, zinc RRs up to 40, silver up to 50, molybdenum up to 51,
copper up to 21.

 

 1  According to SGS Labs, response ratios generally need to be greater than
2-5 to be considered anomalous.
https://www.sgs.com/en-ca/-/media/sgscorp/documents/corporate/brochures/sgs-minerals-mmi-tb-23-processing-and-presenting-mmi-geochemical-data.cdn.en-CA.pdf
(https://www.sgs.com/en-ca/-/media/sgscorp/documents/corporate/brochures/sgs-minerals-mmi-tb-23-processing-and-presenting-mmi-geochemical-data.cdn.en-CA.pdf#:~:text=Calculating%20MMITM%20Response%20Ratios%20Response%20ratios%20are%20calculated,is%20considered%20low%20and%20is%20a%20background%20sample.)

Grab Samples

·      Grab samples of pegmatite at two sites 200-250m across strike to
the south of the main zone returned up to: 2600 ppm Li; 4290 ppm Rubidium; 920
ppm Cs (highest value of 2023 sampling); and 686 ppm Tantalum. Sampled dykes
could represent offshoots of a parallel zone to the main zone.

 

·      Grab samples of pegmatite ~500m across strike to the south of the
eastern extension of the main zone, near the eastern property boundary,
returned up to 186 ppm Li; 1240 ppm Rb; 102 ppm Cs, potentially a third
structure.

Coleman Robertson, Project Geologist from Emerald Geological Services
commented- "There is compelling geochemical evidence to indicate that a second
subparallel trend at Zigzag could be present."

The combined results of both the soil sampling programme and the associated
'grab' samples support the belief that the 'core zone/ Main zone' that was
drilled in December is open to both the west and east.

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.

A significant silver anomaly was identified over the two eastern most MMI
lines off the Main Zone. This also requires further investigation.

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 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 are pending.

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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