REG - Fulcrum Metals PLC - Schreiber–Hemlo Big Bear Exploration Update

Fulcrum MetalsAnnouncement

13/09/2023 07:15

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RNS Number : 2314M  Fulcrum Metals PLC  13 September 2023

13 September 2023

 

 

Fulcrum Metals plc

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

 

Schreiber - Hemlo phase 2 exploration update on Big Bear

 

3km gold mineralised corridor and new drill targets identified

 

Fulcrum Metals plc (LON: FMET), a company focused on mineral exploration and
development in Canada, is pleased to provide an update on the exploration
programme at the Big Bear property, part of the Group's Schreiber-Hemlo
project in Ontario.

During the summer of 2023, Fulcrum has undertaken a phase 2 exploration
program consisting of rock sampling and detailed geological mapping across the
Schreiber-Pyramid area of the Big Bear property followed by an extended phase
2 program focussed on infill soil sampling of areas with limited or no bedrock
exposure.

Highlights of extended phase 2

·      A total of 141 rock samples taken reporting up to 17.6g/t Au
including: -

o  High‐grade gold at Schreiber No. 1 vein north (7.17g/t Au, 13.6g/t Au,
1.91 g/t Au) and south (12.9g/t Au and 1.74g/t Au).

o  High grade float vein material <150m west-northwest of the vein No.1
trench (17.6 g/t Au) suggesting possible vein extension.

o  A newly discovered vein north of the former Johnston‐McKenna Mill
yielded gold assay values in initial grab samples up to 1g/t Au - given the
nuggety nature of the gold veins at Big Bear this has the potential to be a
significant discovery.

o  Anomalous gold in gossanous sheared basalts between the Johnston‐McKenna
Mill and Cook Lake Iron Formation (0.33g/t Au) represent a new target for a
possible bulk tonnage gold deposit.

o  Gold in sheared basalts 140m west-southwest of the Twomey Powerline
Occurrence (1.28 g/t Au) again pointing to a possible larger-scale target in
this area.

·      Out of the 329 soil samples taken 38 returned highly anomalous
values in excess of 20ppb Au and up to 929ppb Au (0.93g/t Au), which now
outlines 9 soil anomalies: -

o  3 very strong soil anomalies and 3 soil anomalies with recommended further
detailed work around the Schreiber-Pyramid and Twomey areas.

o  2 anomalies around the Johnston-McKenna area recommended for further
investigation.

o  An additional very strong soil anomaly to the west of the
Schreiber-Pyramid, known as Schreiber-gap, which is open further to the west
beyond existing soil coverage.

Results of the exploration programme to date in the Schreiber-Pyramid area

·    A gold bearing corridor of 3km open along strike and to the north.

·    A database of over 25 (37) rock samples in excess of 1g/t Au with 11
(15) high-grade samples in excess of 10g/t up to 45g/t (139g/t) - the numbers
in brackets include those reported by Panther Metals plc in 2020.

·    9 areas of highly anomalous soil values ranging up to 0.92g/t Au

·    Successful detailed mapping of important shear zones with the
potential for the discovery and development of an economic mineral deposit.

·    Structural observations between the Cook Lake and Pyramid Schreiber
showings have identified a potential regional-scale shear zone passing through
this area on a single mineralised structural system.

·    Based on the geological and structural setting of the property, it
may have 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.

·    Drill target pipeline established (as summarised below).

Drill target pipeline

·    4 drill ready prospects have been identified with significant gold
assays at Schreiber-Pyramid No.1 North and No.1 South, Johnston-McKenna and
Cook Lake

·    A further 5 prospects for further development to drill target status
at Johnston-McKenna Mill, Johnston-McKenna South, Schreiber-Pyramid South,
Twomey Powerline, Schreiber-Johnston Gap and the extension to the west

·    Open for further drill target generation along strike and to the
north

Additional exploration target pipeline outside the Schreiber-Pyramid area

·    The geophysical survey completed earlier in the year identified a
significant number of priority targets for investigation in addition to the
more advanced Schreiber-Pyramid area: -

o  Syenite - two areas of strong conductance with magnetic highs and strong
VTEM targets.

o  North - conductive zone with magnetic highs and strong VTEM targets.

o  Schreiber West - a 2.2km north western trending anomaly is associated with
iron formation with coincident magnetic highs and strong VTEM targets.

o  Rongie - a 855 metre long, strong, late channel EM anomaly.

o  West Hays - a 550m long mid-channel conductor, with mapping showing the
presence of felsic volcanics with nearby iron formation.

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

"The phase 2 exploration campaign over the Schreiber-Pyramid area and the
geophysical surveys conducted over the wider Big Bear property have materially
progressed this project forward.

Not only have we developed a high grading gold mineralised corridor of some
3km in length, which is open along strike and to the north, but 4 drill ready
prospects have been defined with the possibility of several more subject to
further groundworks.

The exploration results have greatly exceeded our expectations and we will now
need to make a decision on the next steps of our exploration programme.

We look forward to providing guidance and further information on the next
operational stages in due course."

 

 

 

Figure 1 - Schreiber-Pyramid area of focus at Big Bear

Figure 2 - Schreiber-Pyramid area soil anomalies

 

 

Figure 3 - Schreiber-Pyramid area drill targets and prospects for further
development towards drill target definition

 

Figure 4 - Big Bear property geophysical target areas

 

Technical Glossary

 "Au"    Gold
 "EM"    Electromagnetics
 "g/t"   Grams per tonne of milled ore
 "ppb"   Parts per billion
 "VTEM"  Versatile Time Domain Electromagnetics

 

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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