REG - Fulcrum Metals PLC - Airborne Geophysical Exploration Programme Starts

Fulcrum MetalsAnnouncement

16/03/2023 07:00

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RNS Number : 1409T  Fulcrum Metals PLC  16 March 2023

The information contained within this announcement is deemed by the Company to
constitute inside information pursuant to Article 7 of EU Regulation 596/2014
as it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 as amended.

 

 

16 March 2023

 

 

Fulcrum Metals PLC

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

 

Appointment of Prospectair Geosurveys to Start Airborne Geophysical
Exploration

Programme at Big Bear & Tocheri Lake, both in Ontario Canada

 

Fulcrum Metals PLC (AIM:FMET), a company focused on mineral exploration and
development in Canada, is pleased to announce the appointment of Prospectair
Geosurveys Inc. ("Prospectair"), a leader in Airborne Geophysical Exploration,
to commence geophysical surveys at the Company's Big Bear property, a subset
of the much larger Schreiber-Hemlo project, and  Dayohessarah Tocheri Lake
property.

 

Highlights

·   Appointment of Prospectair, an industry leader in Airborne Geophysical
Exploration.

·   Prospectair will acquire magnetic ("MAG") and time-domain
electromagnetic ("TDEM") data using proprietary TDEMsystem called
'ProspecTEM', which was developed for increased resolution of near surface
targets (within a 100-150m depth range).

·   The survey is aimed at identifying structures potentially controlling
mineralisation and possible direct detection of larger mineral deposits.

·   Surveying is expected to commence during May 2023, with final data,
modelling, and interpretation expected by the end of June 2023.

·   Total planned survey distance is 915 line km - Big Bear 683 line km
covering four blocks and Tocheri Lake 232 line km covering a single block.
Details about the location, line orientation and survey production of the
blocks are provided in Table 1 and Figures 1 and 2 below.

 

 

Ryan Mee, Chief Executive Officer of Fulcrum Metals, commented:

"I am pleased to confirm the appointment of Prospectair for the provision of
high-quality electro-magnetic and TDEM geophysical surveys at Big Bear and
Tocheri Lake comprising of some 915 line kilometres with well proven
technology down to a depth of 150 metres. This is important for Big Bear as it
will give complete coverage over the property where previous partial surveying
has been successful in identifying several high priority geophysical
anomalies.

"Tocheri Lake is in a region with minimal geological mapping and adjacent to
the Tyco Project, a project in Northwestern Ontario owned by Palladium One
Mining Inc where high-grade nickel sulphide discoveries have been made
recently. The geophysical surveys will increase our understanding of the
Tocheri Lake project, enabling us to implement a more targeted and data-based
approach to our exploration programme. This approach has proven to be
successful in the advancement and discovery of projects such as the Tyco
project.  I look forward to confirming the commencement of the surveys."

 

Rationale for geophysical surveys

Big Bear - Existing high quality airborne geophysical electro-magnetic ("EM")
and TDEM survey covers most of the property, which has generated 253 anomalies
of which 39 are designated as high priority. The new survey will be combined
with the data from the existing survey to provide Fulcrum with complete
coverage of Big Bear complementing the property wide exploration approach to
make discoveries.

Tocheri Lake - Is an early-stage project in a region where minimal mapping has
been carried out to date by the Ontario Geological Survey. Geophysical surveys
have proved to be essential in generating exploration targets that have
resulted in discoveries at the adjoining Tyco project owned by Palladium One
Mining Inc (Figure 3). A site visit conducted by Bayside Geoscience, an
independent geological consulting company, during August 2022 identified
unmapped prospective volcanic rocks with pyrite and possible chalcopyrite
mineralisation in the southwest area of the property. The geophysical survey
has been designed to cover this area to further exploration efforts.

 

 Table 1 - location, line orientation and survey production of the blocks

Figure 1 - Big Bear survey design

 

 

 

 

 

 

Figure 2 - Tocheri Lake survey design

Figure 3 - Hemlo-Dayohessarah area, Tocheri Lake property and neighbours

 

About Prospectair Geosurveys Inc.

Prospectair is the industry leader in Airborne Geophysical Exploration.
Prospectair is owned and operated by Alain Tremblay, one of the most renowned
operators in the mining exploration industry.

The company has specialised in airborne geophysical surveys since 2002. Alain
Tremblay is an experienced pilot, technician and operator specialising in data
acquisition.

 

 

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
 Ryan Mee (Chief Executive Officer)     Via St Brides Partners Limited

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

 Clear Capital Markets (Broker)
 Keith Swann                            Tel: +44 (0) 203 897 0981

 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 in 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.

 

Big Bear - Part of the Schreiber-Hemlo project

 

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.

Dayohessarah Project - Tocheri Lake in the Dayohessarah Greenstone Belt

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.

 

 

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