REG - Fulcrum Metals PLC - Acquisition of Carib Creek East

Fulcrum MetalsAnnouncement

17/04/2023 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:20230417:nRSQ3464Wa&default-theme=true

RNS Number : 3464W  Fulcrum Metals PLC  17 April 2023

 

17 April 2023

 

Fulcrum Metals plc

 

("Fulcrum" or the "Company" or the "Group")

 

 

Acquisition of Carib Creek East increases Winston Lake Project's footprint

 

-      Fulcrum acquires a total of 42 Mining Claims -

 

Fulcrum Metals plc (LON:FMET), a company focused on mineral exploration and
development in Canada, is pleased to announce the acquisition of 42 claim
cells covering 8.9km(2) (the "Claim Cells" or "Carib Creek East") thereby
extending the Company's Winston Lake Project in Ontario, Canada, which is
located eastwards of the Carib Creek property.

Highlights

·    A sedimentary-volcanic contact zone has been traced across the length
of the property exhibiting alteration reportedly similar to that of the
high-grade zinc-copper deposit at Winston Lake (Figure 1).

 

·    Historic soil sampling at Carib Creek East has previously returned
anomalous copper values over an area of approximately 2 square kilometres,
with values ranging up to 1,100ppm Cu (Figure 2).

 

·    Copper mineralisation was previously discovered on the property in
quartz-carbonate veins, returning grab sample assays from 0.97% to 1.35% Cu,
with separate veins containing semi-massive iron sulphides, however no
drilling was carried out.

 

·    Structural zones of interest have been highlighted by airborne
electromagnetic surveying.

 

·    Using the Winston Lake-Pick Lake analogy, Fulcrum intends to follow-up
the known bedrock and soil targets for base metals and possible gold potential
with a view to identifying early drill targets.

 

 

Aidan O'Hara, Corporate Development Director of Fulcrum Metals, commented:

"As a Group we believe in identifying and, where possible, capitalising on
opportunities that we feel have the potential to increase shareholder value in
the long term. The acquisition of Carib Creek East incorporating 42 claim
cells not only extends the company's footprint in the Winston Lake area, but
also provides additional presence over a highly prospective regional
mineralised area. The area, which is underexplored, has had minimal historical
work undertaken with promising results including  copper in soils of up to
1,100ppm and in rock up to 1.35%.

"We are finalising exploration plans for the Carib Creek-Winston Lake project
area and will update the market in due course."

 

Winston Lake Project

Winston Lake Project is an early-stage exploration project with two key asset
areas, Beavertrap and Carib Creek. Properties in the Winston Lake greenstone
belt adjacent to Metallum Zinc Resources Superior Lake Zinc Project (historic
Winston & Pick Lake mines) which contain a VMS style high-grade zinc
deposit with a JORC Resource of 2.35 Mt @ 17.7% Zn, 0.9% Cu, 0.38 g/t Au &
34 g/t Ag and a Probable Ore Reserve of 1.96Mt @ 13.9% Zn, 0.6%Cu, 0.2g/t Au
& 26.2g/t.

 

Multiple high priority airborne magnetic and Electromagnetic Conductors exist
within the property that have not previously been drill tested and may relate
to the volcanic stratigraphy that hosts both base metal and gold
mineralisation to the south and east. Reconnaissance prospecting over one
anomaly in the south west area of Carib Creek located quartz veins assaying up
to 0.54 per cent. Pb, 0.32g/t Au.

 

Transaction details

 

The Claim Cells were acquired by Ryan Mee, Chief Executive Officer of Fulcrum
Metals, on 2 January 2023 prior to the Company being admitted to trading on
AIM in February 2023. A total of CA$2,100 has been incurred by Ryan Mee in
purchasing these Claim Cells. Fulcrum Metals plc has acquired the Claim Cells,
from Ryan Mee for a cash consideration  of CA$2,100 , with effect from 15
April 2023.

 

The next anniversary date for the Claim Cells is 2 January 2025, for which
working assessment credits of CA$16,800 are required to have been expended in
order to keep the property in good standing and remain in the ownership of the
Group.

 

Figure 1 - regional map setting out eastern extension of Carib Creek

 

 

 

 

Figure 2 - Eastern extension detailing historic soil and rock samples

 

 

Qualified Person Statement

The technical information in this announcement has been reviewed by Edward
(Ed) Slowey, BSc, PGeo, technical advisor to Fulcrum Metals Plc. Mr Slowey is
a graduate geologist with more than 40 years' relevant experience in mineral
exploration and mining and a founder member of the Institute of Geologists of
Ireland. Mr Slowey has sufficient experience relevant to the style of
mineralisation and type of deposit under consideration and to the activity
which has been undertaken to qualify as a "Qualified Person" in accordance
with the AIM Rules Guidance Note for Mining and Oil & Gas Companies. Mr
Slowey consents to the inclusion in the announcement of the matters based on
their information in the form and context in which it appears.

For further information please visit https://fulcrummetals.com/
(https://fulcrummetals.com/) or contact:

 Fulcrum Metals PLC
 Aidan O'Hara (Corporate Development Director)  Via St Brides Partners Limited

 Allenby Capital Limited (Nominated adviser)
 Nick Athanas / George Payne                    Tel: +44 (0) 203 328 5656

 Clear Capital Markets Limited (Broker)
 Jonathan Critchley                             Tel: +44 (0) 203 869 6086

 St Brides Partners Ltd (Financial PR)
 Ana Ribeiro / Paul Dulieu                      Tel: +44 (0) 20 7236 1177

 

 

 

Notes to Editors

 

FULCRUM METALS - BACKGROUND

 

Fulcrum Metals PLC (LON: FMET) is an AIM quoted exploration company which
finances and manages exploration projects focused on Canada, widely recognised
as a top mining jurisdiction.

 

Fulcrum currently holds a beneficial 100% interest highly prospective gold and
base metals projects in Ontario and Uranium projects in Saskatchewan.

 

Fulcrum's strategy is to focus on discovery and commercialisation of its
Projects through targeted exploration programmes. The primary focus is to make
an economic discovery on the flagship Schreiber-Hemlo Properties and
establishing the prospectivity of its wider Ontario and Saskatchewan portfolio
with a view to securing potential joint venture and/or acquisition interest.

 

The Schreiber - Hemlo properties have a history of prospecting and localised
extraction since the late 19th century. However, coherent property-level
exploration programmes have been limited or absent, particularly in recent
times. Fulcrum has an opportunity to carry out such a programme and this
approach provides the best opportunity to fully explore the significant
prospectivity of the properties.

 

While highly prospective, Fulcrum's mining assets are in the exploration
phase, so Fulcrum stands to be able to add significantly to the inherent value
through exploration success. Fulcrum will continually review opportunities
with potential and with a view to increasing shareholder value. It is the
Board's intention to deliver medium and long-term growth and to establish the
Group as a significant exploration company.

 

ONTARIO - GOLD AND BASE METALS

Schreiber-Hemlo project - Big Bear and Jackfish properties

Covers a significant combined 113km(2) within a portion of the significantly
mineral endowed portion of the Schreiber-Hemlo greenstone belt which contains
the >23Moz shear-hosted Hemlo gold mine operated by Barrick Gold (80km
east) and Generation Mining's Palladium project (60km east).

 

Big Bear

The Big Bear Project is situated over the western end of the Schreiber-Hemlo
Greenstone belt. Geology consists of packages of metavolcanic rocks with mafic
intrusions and banded iron formations, broadly folded about an east-southeast
trending synclinal axis. The granitoid intrusive boundary of the Terrace Bay
Batholith runs along the southern edge of the property whilst the Syenite Lake
Pluton borders Big Bear Lake.

A total of 253 geophysical anomalies have been identified from recent airborne
surveys, with 39 designated for priority investigation. Gold bearing quartz
veins have been outlined within seven separate areas (two with rock and vein
samples grading 1 to 5g/t Au, four with quartz vein sample assays above 5g/t
Au, and two quartz samples collected at 50m separation on an E-W trending vein
open in both directions returning 105.5g/t Au and 112g/t Au respectively).
Gold in soil anomalies in have been identified in five areas, ranging up to
710ppb Au, extending up to 250m wide and open along strike.

The Little Bear Lake and Schreiber prospects are of particular interest.
Historic work programmes in 2010 and 2011 targeted an intense magnetic
response from both. Assays returned from sampling along the 1.6km long gold
trend included 6m at 1.5g/t Au, up to 53.7g/t Au and 19.25g/t Ag in rock chip
and 18.9g/t Au and 1.03g/t Ag in soil. Historical bulk sampling reported 150t
averaging 17.6g/t Au, while historical drill intersections include 0.55m at
19.2% Zn and 4.6% Cu from 15.2m depth.

 

Jackfish Lake

Contains multiple gold (+silver-lead-copper) occurrences in quartz
veins/stockworks and altered granodiorite. Exploration covering an area of 1km
x 1km returned widespread mineralisation with sampling results of up to
39.8g/t Au, 114g/t Ag and 1.01% Cu along with anomalous lead and pathfinder
minerals molybdenum, barium, and tellurium.

 

Winston Lake Project - Beavertrap and Carib Creek

Properties in the Winston Lake greenstone belt adjacent to Metallum Zinc
Resources Superior Lake Zinc Project (historic Winston & Pick Lake mines)
which contains a VMS style high-grade zinc deposit with a JORC Resource of
2.35 Mt @ 17.7% Zn, 0.9% Cu, 0.38 g/t Au & 34 g/t Ag and a Probable Ore
Reserve of 1.96Mt @ 13.9% Zn, 0.6%Cu, 0.2g/t Au & 26.2g/t.

 

Wawa Project - Dog Lake

Located in the South-Eastern limb of the Wawa / Michipicoten greenstone belt
approximately 30km east of two million+ ounce gold deposits - Alamos Gold's
Island deposit (1.3Moz measured at 10.12g/t Au), and Argonaut Gold's Magino
project (1.3Moz measured at 0.98g/t Au).

 

Dayohessarah Project - Tocheri Lake in the Dayohessarah Greenstone Belt (Base
Metals)

Occupies a strategic position in a relatively unmapped and underexplored part
of the Dayohessarah greenstone belt adjacent to Palladium One's Tyco Project.
Palladium One identified high priority VTEM targets at Cupa Lake within 500
metres of the Tocheri Lake property with soil samples of up to 512ppm Cu and
132ppm Ni.

 

ATHABASCA BASIN - URANIUM, GOLD, AND RARE EARTHS

Charlot - Neely Lake

An area not explored since the 1970s. Uranium potential, with grab samples of
up to 6.22% U308, trenching samples up to 0.15% U308, and a gold target in the
south Neely Lake area with noted gold mineralisation according to historic
unverified drilling summary reports.

 

Fontaine Lake

Contains the East Addie Lake target area identified by CanAlaska and
recommended for further evaluation in 2008. Grab samples of up to 1.28% U308
including anomalous rare earth samples associated with a radiometric anomaly.

 

The Group's projects are at an exploration stage of development and do not
currently include any JORC

compliant Mineral Resources or Proved Ore Reserves.

 

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  ACQUNSAROWUSAUR