REG - First Class Metals - Zigzag Lithium-High Grade Grab Samples

FIRST CLASS METALSAnnouncement

31/10/2023 07:00

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RNS Number : 7734R  First Class Metals PLC  31 October 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

31(th) October 2023

Zigzag Lithium-High Grade Grab 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 an update on the progress on the Zigzag property which is
currently focussed on the lithium potential.

 

Highlights:

 

·    Final results from the initial thirty-nine samples from the first
phase of exploration received with significant number of results over 1%
Lithium (Li(2)O). (see table 1).

 

·    Grab samples identify a strike of over 350m with >1% Li(2)O and
remains open in both directions.

 

·    Channels sampling completed in central area of property, results
pending from over 80 samples cut from almost 60m of channels over strike of
150m.

 

·    Prospecting continues on the main trend and subparallel zones.

 

First Class Metals' stated aim was to bring four properties to drill ready
status with the intention of drilling one property this field season. The
Zigzag property is maintaining this intention as it is advanced towards 'drill
ready'.

 

Marc J. Sale First Class Metals CEO commented:

"I am buoyed by the progress we are making at Zigzag. The excellent results
from these initial systematic grab samples have further supported our
confidence in the property's potential. We await with confident anticipation
the results from the channel sampling. The grab samples have I feel
'proved-up' a core area of the known structure which remains open in both
directions and has yet to be explored at depth.''

 

Figure 1 showing the Zigzag property with the recent work conducted, focussing
on the central portion of the claim block.

 

The final results from the 39 grab samples from recent prospecting are
considered very encouraging and the full results are now available: there are
19 samples reporting over 1% Li(2)O and a further 3 over 0.5% Li(2)O defining
almost 400m of strike of >1% Li(2)O in the central portion of the property.
The structure remains open along strike in both directions.

Furthermore, there were, (some in coincident samples) 6 samples >250ppm
tantalum (Ta) . Nine samples reported >1000ppm rubidium (Rb) with the
highest reported valuer being 3800ppm Rb. Several samples were also anomalous
in caesium (Cs). See table of the more significant values. Note some samples
were of iron formations not pegmatite and are not included.

 

 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
 F006544     109      105             16300           1200      235
 F006545     128      101             16500           1190      115
 F006547     48.3     92.2            11500           695       162
 F006548     100      87              12300           1110      50.3
 F006549     77       118             21200           302       80.6
 F006550     128      69.9            13200           795       90.9
 F006572     146      81.6            12600           1630      84.3
 F006573     85       112             17800           536       179
 F006574     102      152             29700           404       57.3
 F006575     256      133             469             3810      136
 F006576     81.7     124             22300           514       467
 F006579     96.8     95.9            236             1390      104
 F006580     70       113             18500           650       145
 F006581     82.3     99              10900           2000      51.3
 F006582     19.4     87.1            16200           277       79.6
 F006583     36.5     108             20100           255       235
 F006584     89.6     100             8250            1510      5220
 F006585     54.3     84              13200           938       67.4
 F006586     44.5     117             18300           846       724
 F006592     66.9     153             27500           587       54.3
 F006593     65       77.4            7240            736       246
 F006594     46.4     60.8            5820            748       69.3
 F006596     34.5     78              10200           458       126

 

Table 1, showing the higher Li(2)O, results reported. All samples are of
pegmatite with varying amounts of visible spodumene. Highlighted samples are
those of selected spodumene crystals.

 

Two of the grab samples submitted (F006574 & F006592) were 'benefaction'
samples constituting almost entirely of spodumene crystals. They returned
2.97% and 2.75% Li(2)O, (maximum for spodumene is about 8% Li(2)O). One
'ordinary' pegmatite sample retuned 2.23% Li(2)O by comparison. Other
potential lithium minerals have not yet been positively identified.

Photo 1 showing sample F006576 an 'ordinary pegmatite which reported 2.23%
Li(2)O.

Further Exploration

Following the successful completion of the systematic grab sampling, we are
pleased to confirm that our channel sampling program has also concluded. A
total of over 80 samples, obtained from nearly 60m of channels, are currently
undergoing analysis at the laboratory. We anticipate receiving the results of
the analysis next month.

 

Visually, we have observed significant encouragement during the channel
sampling process, most notably due to the presence of spodumene, which was
previously reported. This adds further to our enthusiasm for the project's
potential.

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 outcrop of the main pegmatite after removal of the moss
cover. Note the scale of the large spodumene crystals, (pale grey / green).

There is currently a prospecting team still onsite which is undertaking ground
reconnaissance to the north and south of the main trend with >50 grab
samples taken to date during this programme, some of which are from a
sulphitic iron formation subparallel to the pegmatite. The programme also
included 6 lines of soil samples covering both strike extensions of the main
zone as well as an inferred subparallel structure to the south.

 

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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