REG - Fulcrum Metals PLC - Exploration Update

Fulcrum MetalsAnnouncement

11/05/2023 07:00

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RNS Number : 0034Z  Fulcrum Metals PLC  11 May 2023

11 May 2023

 

Fulcrum Metals plc

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

 

Exploration Update

Fulcrum Metals plc (LON: FMET), a company focused on mineral exploration and
development in Canada, is pleased to provide a detailed update on its
exploration activities in both Ontario and Saskatchewan.

Work undertaken to date by the Company is in line with the Company's strategy
to accelerate exploration across its projects to improve the understanding of
these highly prospective assets with the view to increasing shareholder value.
 

Significant progress has been made in the last three months since the
Company's admission to trading on the AIM market of the London Stock Exchange
on 14 February 2023 and the next programme steps are at an advanced planning
stage as outlined below:

Schreiber-Hemlo Project, Ontario

 

·    Initial focus is on the Big Bear property, aimed at advancing the
project to drilling stage in Q3 2023.

·    Commencing later this month, a second phase of geological mapping and
sampling is planned to further refine the multiple targets identified,
building on the very positive results of the first prospecting phase and the
recent structural study which identified 42 priority exploration targets
across the wider Schreiber-Hemlo project.

·    Gold mineralisation occurs in quartz-carbonate veins hosted in mafic
volcanic rocks (up to 45g/t Au in grab samples) and within sulphide bearing
banded iron formation ("BIF") (up to 3.62g/t Au) which has the potential for
thicker and more laterally extensive mineralisation.

·    The Company contracted an airborne magnetic and electromagnetic
("EM") survey covering 683 line kms, which has now been completed, and when
combined to existing airborne data provides complete coverage of the entire
Big Bear property. The final results and analysis are expected early Q3 2023.
An earlier airborne survey shows a number of anomalies that suggest quite
widespread BIF occurrence.

·    Following on from the phase 2 mapping/sampling programme and the
further airborne surveying, targets will be ranked for initial diamond drill
evaluation and testing.

 

Tocheri Lake, Ontario

 

·    High-quality airborne magnetic and Transient Electromagnetic Method
("TDEM") surveys covering 232 line kms has now been completed with full
results expected in early Q3 2023. This approach has been successful in
generating exploration targets and resulted in high-grade nickel sulphide
discoveries in the adjoining Tyco project held by Palladium One Mining Inc.

 

Winston Lake, Ontario

 

·    This project has recently been expanded through the acquisition of 42
additional mining claims covering a sedimentary-volcanic contact zone
reportedly exhibiting similar alteration to the historic Winston Lake
base/precious metal deposit which was reported to be the highest-grade Zinc
mine in North America.

·    Historic sampling results from Fulcrum's new claims are reported to
include grab samples of up to 1.35% and 0.97% copper and anomalous copper in
soils of up to 1,100ppm over an area of 2 square kilometres.

 

Charlot - Neely Lake and Fontaine Lake Projects, Saskatchewan

 

·    The Company has engaged a remote sensing specialist, Dr Neil Pendock,
to undertake a detailed hyperspectral data analysis over the Fulcrum
properties, focussed particularly on uranium and rare earth element targets,
utilising Sentinel-2 satellite data.

·    The analysis highlighted several consistent trends which may
represent spectral fingerprints for uranium and rare earth elements. These
data will be supplemented with the historic technical reports and government
and provincial databases in refining exploration targets for 2023.

 

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

"Since listing, Fulcrum has made solid and important progress at the
significantly sized Schreiber-Hemlo Project covering approximately 113 square
kilometres, in which the Big Bear property is demonstrating all the required
characteristics such as high-grade gold in surface samples, favourable
geology, favourable structures and potential regional scale shear zones that
control the mineralisation, which are all desirable for economic mineral
deposits. It is an exciting time as we move forward with plans to drill at the
Schreiber - Hemlo project this year."

"The phase two mapping and sampling program at Big Bear will commence later
this month as we finalise drill target selection and orientation. This will be
followed by groundworks across the Ontario portfolio of projects. The
groundworks in Saskatchewan will commence following the hyperspectral data
review and incorporation of the historical data."

"Fulcrum has initiated a concerted effort across the portfolio and will
sustain a continued exploration programme through the adoption of all the
exploration tools at its disposal as we set about identifying and developing
the significant potential of its assets through commercialisation and
discovery.

I look forward to reporting on the exploration programmes and initiatives in
the coming weeks and months."

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.

 

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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