REG - First Class Metals - Zigzag lithium-high grade channel samples

FIRST CLASS METALSAnnouncement

28/11/2023 07:00

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RNS Number : 8330U  First Class Metals PLC  28 November 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

28(th) November 2023

Zigzag lithium-high grade channel samples

 

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 further, significant, update on the progress on the
Zigzag property which is currently focussed on the lithium and tantalum
potential.

 

Highlights:

 

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

including 2.5m at 3.44% Li(2)O.

 

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

 

·    Prospecting identifies mineralisation in a subparallel zone, assays
pending.

 

Marc J. Sale First Class Metals CEO commented:

"The results from the channel samples have vindicated our enthusiasm to
advance the potential of this property. The tenure of the spodumene and
therefore the lithium reporting in the central sector of the property gives
increased confidence in the prospectivity over the strike extensions. We are
eagerly advancing the planning for drilling now the funds have been secured."

 

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

 

The channel sampling was based on the visually encouraging results from the
prospecting and associated grab samples.

The complete table of the grab samples was reported in a previous news
release, however the 10 best 'grabs' are reproduced below.

 Sample_No.  Caesium  Gallium Ga_ppm  Lithium Li_ppm  Rubidium  Tantalum

             Cs_ppm                                   Rb_ppm    Ta_ppm
 F006543     92.6     107             17000           820       75.2
 F006545     128      101             16500           1190      115
 F006549     77       118             21200           302       80.6
 F006573     85       112             17800           536       179
 F006574     102      152             29700           404       57.3
 F006576     81.7     124             22300           514       467
 F006580     70       113             18500           650       145
 F006583     36.5     108             20100           255       235
 F006586     44.5     117             18300           846       724
 F006592     66.9     153             27500           587       54.3

 

Table 1, showing the 10 highest grab samples along a 400m 'core' zone.

Nine channels were cut with lengths of under 5m to over 10m, channel lengths
were usually controlled by overburden and not by diminished outcrop. A total
of 80 samples were submitted to the laboratory for analysis, these included,
where exposed not only the pegmatite but one, one metre sample in the host
rock, which is in general mafic volcanics to the north and granitic rocks to
the south.

The samples can therefore be easily segregated into four broad categories:
mafic, pegmatitic, granitic pegmatites and granite.

 

Figure 2 showing the location of the channels relative to the 'core 400m'
zone.

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. Accordingly it is felt that with mechanical
stripping many of these channels could be extended. Additionally it is also
likely that 'gaps' in the outcrop continuity might also be exposed as being
pegmatite when exposed with mechanical stripping. The current permit allows
both stripping and drilling.

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.

 Channel   Length (metres)  Lithium (Li20%)  Tantalum          (Ta205) ppm           Gallium        (Ga) ppm         Rubidium              (Rb20) ppm
 3         2.4              0.81             170                                     80                              2000
 Includes  1.00             1.31             170                                     90                              2920
 3         3.1              1.52             60                                      90                              1820
 Includes  0.9              2.54             100                                     110                             2550
 and       0.5              2.05             40                                      100                             950
 4         1.8              1.85             220                                     90                              1740
 5         2.2              0.96             130                                     90                              1280
 Includes  0.8              1.39             100                                     100                             940
 6         2.00             1.96             160                                     110                             1170
 7         5.5              2.35             150                                     120                             1740
 Includes  2.5              3.43             170                                     140                             1270
 8         1.8              1.03             110                                     80                              2070
 Includes  0.5              1.43             90                                      90                              1050
 9         1.9              1.15             290                                     80                              1400
 Includes  0.6              2.19             500                                     80                              1010
 9         3.7              1.14             150                                     100                             1290
 Includes  1.9              1.41             160                                     100                             1710

 

Photo 1 showing the extent of outcrop exposed by hand stripping. Also not the
change in rock type from mafic volcanics (closest) to granitic-pegmatite.

Hand stripping and channel sampling does not allow continuous sampling of the
structure as it is obscured by soil, moss and other vegetation. It is believed
that once mechanical stripping is undertaken the continuity of outcrops will
be further enhanced.

 

Photo 2 showing sample of the spodumene rich pegmatite

 

Further prospecting and exploration

Prospecting and soil sample lines were conducted to the south of the 'main'
pegmatite zone.

A subparallel structure has been identified to the south. Sample results are
pending but visual evidence suggest a second pegmatite or a splay may exist to
the south of the main zone which has been the current focus of exploration.

 

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.

 

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