REG - Fulcrum Metals PLC - Drilling Update on Tully Gold Project & Big Bear

Fulcrum MetalsAnnouncement

18/09/2023 07:00

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RNS Number : 6838M  Fulcrum Metals PLC  18 September 2023

 

18 September 2023

 

 

Fulcrum Metals plc

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

 

Drilling Programme Update on Tully Gold Project and Big Bear

 

Fulcrum Metals plc (LON: FMET), a company focused on mineral exploration and
development in Canada, is pleased to provide an update on the Company's
proposed drilling programmes for the Tully Gold Project ("Tully") and the Big
Bear Project ("Big Bear"), which are both part of the Group's Ontario
projects.

Highlights

Schreiber-Hemlo project - Big Bear

Results from the recent mapping and prospecting campaign across the
Schreiber-Pyramid area have exceeded the Company's initial expectations. A 3km
gold mineralised corridor has been identified with rock samples of up to 45g/t
Au, soil samples of up to 0.92g/t Au along with favourable geology, shear
zones and structures. This has generated 4 drill ready prospects and a further
5 prospects for further follow-up, whilst remaining open for additional
discoveries along strike and to the north.

This all lends itself to a larger drill programme than that was originally
envisaged and which the Company had planned to commence by October 2023. As
such, subject to funding, the Company is now planning an exploration programme
to progress the drill prospects to drill ready followed by a drilling campaign
across multiple drill targets during 2024 to discover the potential of this
newly identified gold corridor. This will benefit the Company through a wider
high impact multi target drilling campaign and the approach will result in
operational savings due to mobilisation costs. The Company have now commenced
preparation of this larger programme which includes the recent submission of
additional drill permits.

 

Tully Gold project

 

The Tully Gold project, which the company recently acquired (announced by the
Company on 7 August 2023), is optimised in terms of mobilisation and drilling
costs through the winter due to less marshy ground conditions. Tully is
located within the world-class Timmins-Porcupine Gold Camp, with an
established gold resource, local infrastructure, and expansion opportunities
through drilling/infill drilling and re-interpretation of historical data to
confirm grade and continuity of mineralisation. The drill preparation is
underway which not only includes planning but data analysis and verification
as set out under drilling and pre-drilling sections below. The Company intend
to commence the drill operations at Tully as soon as possible, with winter
ground conditions usually occurring late November / early December, however
further guidance on this will be provided by the company in due course.

 

Project highlights

·    Established mine camp with excellent infrastructure

·    Along the prolific Timmins-Porcupine Gold Belt which has produced
>70Moz (Figure 2)

·    Historic gold resource of 107,000 ounces; with 76,000 ounces at
6.56g/t Au in Indicated category and 31,000 ounces at 5.17g/t Au in Inferred
category, reported consistent with NI‐43‐101 reporting requirements
(Francis Minerals Ltd, December 2013), which is considered an economic grade
for underground mining

·    Gold resource delineated over 600 metres of 1,600 metres of traced
strike length through drilling

·    High grade potentially 'free milling' gold associated with pyrite in
quartz-carbonate veins - may be amenable to simple gravity separation, subject
to recovery test work

·    Opportunity to expand resource by strategic infill drilling, drilling
along strike and drilling down plunge to the Northeast

·    Drilling by SGX Resources in 2013 extended the deposit 100m eastward
and to depth by 250m from limits of previous drilling with peak intercept in
drill hole SGX-13-15 of 14.1m at 20.1g/t gold from 247.35m which included
472g/t gold over 0.5m (Figure 3)

·    Visible gold identified in historical drill core (Figure 4)

·    Prospective structures splaying off the Porcupine-Destor Fault are
highly prospective for gold and several are yet to be evaluated

·    Historical development of similar deposits in the Timmins camp have
 significantly expanded the deposits once under development and many extend
to considerable depth

·    New underground mine development at Bradshaw within 2km of Tully and
nearby processing facility at Timmins provides potential commercial
opportunities

Drilling

·    Proposed 1,500 metres+ drill programme targeting priority locations
to support resource definition; this will include re-drilling of mineralised
intercepts excluded from the current resource at locations that should help
confirm continuity and orientation of the mineralisation including at depth.
Historical records support this approach as follows: -

o  holes excluded from resource include holes 69-04 with 203.3g/t Au over
0.6m, 69-069A with 36.4g/t Au over 3.5m and 69-12 with 11.2g/t Au over 5m.

o  holes at depth down plunge to the northeast beyond the current resource
include hole 13-22 with 8.00g/t Au over 6.5m at 600 metres depth.

o  hole 13-15 reported 20.1g/t Au over 14.1m at 247.35m which indicates
potential for resource extension at depth and to the east.

 

Pre-drilling

·    The Company will conduct a Hyperspectral scan of select historic
drill cores. This technology has successfully assisted other active
exploration companies in the Timmins camp by conducting complete logging
analysis to identify alteration and mineralisation that may have been missed
in visual logging and assist understanding of the mineralisation controls.

·    From this exercise, and consulting the data base of drill core
sampling, samples will be selected for fire assay screen metallic analysis to
determine coarse, fine, and total gold in the samples. Such analysis can pick
up coarse nuggety gold that may have been excluded in the original analysis.

·    The Company is currently in the process of preparing for the proposed
drill programme.

 

Ryan Mee, Chief Executive Office of Fulcrum Metals plc, commented:

 

"Exploration in the Schreiber-Pyramid area at the Big Bear property has been
extremely successful confirming a gold mineralised corridor of some 3km in
length, multiple drill targets and potential for strike extensions. The
results have exceeded our expectations, and therefore warrants a larger drill
program which we are now planning for 2024.

 

Meanwhile, to capitalise on our ability to drill Tully during the winter
months and to optimise costs whilst accelerate the development of this quality
project, we are planning to start drilling at Tully as soon as possible.  The
project, which is our most advanced project by far, with an initial gold
resource of 107,000 ounces at potentially economic grade of over 6g/t Au, in a
world class gold camp which has historically produced more than 70 million
ounces of gold, is a truly exciting project to start work on.

 

We will be updating the market as we progress and hit key milestones towards
drilling Tully."

 

Company presentation

The Company has also updated its corporate presentation which can be found on
the Company's website or by using the following link: - bit.ly/3ZlBeO2

 

Figure 1- Location of the Tully project, Timmins, Ontario

Figure 2 - Prolific Porcupine-Destor camp, Timmins, Ontario

 

Figure 3 - Composite cross section of drilling in 2013 by SGX Resources

Figure 4 - Examples of Visible gold in drill hole 13-07 at 104.25 metres

 

Technical Glossary

 "Au"   Gold

 "EM"   Electromagnetics
 "g/t"  Grams per tonne of milled ore
 "Moz"  A million troy ounces

 

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.

-Ends-

 

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

 Clear Capital Markets Limited (Broker)
 Bob Roberts                                  Tel: +44 (0) 203 869 6081

 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 in 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 to
establish 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. A recent structural study identified 42
priority exploration targets, of which 24 targets within the Big Bear property
and 18 in the Jackfish property, with 14 in total (9 on Big Bear and 5 on
Jackfish) being ranked as high priority for follow-up. The properties have the
potential to host a large, structurally controlled, stratabound-style banded
iron formation (BIF) gold prospect similar to the Musselwhite deposit
(McNicoll et al., 2016), in addition to an Archean greenstone, orogenic-style
lode gold prospect, extending past the bounds of known historical mineral
occurrences.

 

The Tully property, 458 hectares in area, is located 30 kilometres northeast
of Timmins, Ontario and includes the Tully (Timmins North) deposit, which has
been the focus of several drilling campaigns since its discovery in 1969. The
Tully deposit is located 2 kilometres southwest of the Bradshaw Gold Project
of Gowest Gold Ltd., currently in development. The property is accessed by an
all-weather gravel road that extends 15 kilometres to the east off of highway
655.

 

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.

 

 

 

 

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