REG - Fulcrum Metals PLC - Increases stake in uranium-gold project by 63%

Fulcrum MetalsAnnouncement

03/10/2023 07:00

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RNS Number : 4463O  Fulcrum Metals PLC  03 October 2023

Fulcrum Metals plc / EPIC: FMET / Market: AIM / Sector: Mining

 

 

3 October 2023

 

 

Fulcrum Metals plc

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

 

Fulcrum increases stake in Charlot-Neely Lake uranium-gold project by 63%

 

 

Fulcrum Metals plc (LON: FMET), a company focused on mineral exploration and
development in Canada, is pleased to announce the staking of three new claim
blocks totalling 4,856 hectares (48.56km(2)) (the "Claim Cells") contiguous to
and extending the Company's Charlot - Neely Lake uranium-gold project
("Charlot-Neely" or the "Project") in northern Saskatchewan to 12,481 hectares
(124.81km(2)) - a 63% increase.

 

Highlights

 

·    Three new Claim Cells totalling 4,856 hectares (48.56km(2)) added to
the property, thereby enlarging the Charlot-Neely project area to 12,481
hectares (124.81km(2)).

·    The Claim Cells cover up to 20km in length of the regionally
significant Black Bay Fault which is associated with rare-earth and uranium
mineralisation elsewhere in northern Saskatchewan.

·    The Claim Cells include an extensive 11km corridor of historic
electromagnetic ("EM") conductors coincident with the western margin of the
Black Bay Fault.

·    The southern part of the acquired Claim Cells includes historic
exploration records with trench samples assaying up to 0.43% U(3)0(8), highly
radioactive scintillometer readings of up to 70,000cps and grab samples
assaying >2,000ppm uranium.

·    The Claim Cells also include uranium and REE targets identified from
hyperspectral data analysis.

·    The Claim Cells have an initial term of two years with the first
renewal dates falling mid-September 2025 and are directly contiguous to the
Charlot-Neely Lakes project claims package which facilitates assessment work
credit distributions.

·    Fulcrum has staked the Claim Cells for a cash consideration of
CA$3,174.

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

"The low-cost acquisition of the additional claim blocks through staking is
based on the encouraging preliminary results of phase 1 exploration at
Charlot-Neely announced on 7(th) September. Not only were several areas of
high radioactivity, including off-scale scintillometer readings of +65,535
counts per second identified, but new uranium trends Fall-1 and Fall-2 were
discovered in the same northeast-southwest trend as the Black Bay fault.

"The additional claim blocks cover a significant length of the Black Bay Fault
along with noted historical extensive EM conductors and high priority
hyperspectral targets which add to overall prospectivity of the Charlot-Neely
Lake project.

"Our decision to increase our stake in the Project by approximately 63% was
driven by two factors; (i) positive exploration results; and (ii) a buoyant
uranium market driven by global net zero commitments, the latter contributing
to the spot price of uranium reaching US$73.5 per pound, a 12-year high.

I look forward to providing further updates as we await assays and
interpretation of the phase 1 exploration program."

Figure 1 - expanded Charlot-Neely Lake project

Technical Glossary

 "cps"       Counts per second
 "EM"        Electromagnetic
 "ppm"       Parts per million
 "REE"       Rare-earth element
 "U(3)0(8)"  Triuranium octoxide, is a compound of uranium

 

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 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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