REG - Fulcrum Metals PLC - Schreiber – Hemlo Exploration Update

Fulcrum MetalsAnnouncement

22/06/2023 07:00

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RNS Number : 5146D  Fulcrum Metals PLC  22 June 2023

22 June 2023

 

 

Fulcrum Metals plc

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

 

Schreiber - Hemlo Exploration Update

 

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

Highlights

Big Bear Property

 * The Big Bear phase two exploration has been completed. This exploration phase
comprised 139km of geological traverses and the collection of 129 rock samples
which have been dispatched for laboratory analysis.

 * Work focussed on Cook Lake North, Johnston-McKenna, and Schreiber Pyramid
prospects, locating several areas of shearing or carbonisation - features
favourable for gold mineralisation.

 * Both the historic Johnston-McKenna and Schreiber Pyramid underground mines
were located, entered, and sampled, with a potential new quartz vein
discovered north of the Johnston-McKenna mine.

 * A large zone of intense shearing was mapped north of the Schreiber Pyramid
target which might represent a structural focus for gold mineralisation in the
area.

 * Potential outcrops of the Cook Lake Banded Iron Formation discovered close to
the access road which, based on earlier sampling, could be a gold target.

 * The field team also evaluated track access and sites for the drill programme
planned for later in the season.

 * Two soil sampling grids are planned for the coming weeks in areas of limited
rock exposure. These will build on anomalous sample results obtained
previously by Panther Metals plc.

Jackfish Property

 * Groundworks to commence later this week along the prospective, but little
explored, eastern and northern volcanic contact zone. Minimal previous
exploration demonstrated potential to host significant gold mineralisation
with grab samples of up to 39.8g/t gold.

 * Work will comprise a 2-week programme of geological mapping, prospecting and
rock sampling aimed at delineating potential drill targets.

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

"The second phase exploration at Big Bear has provided us with a wealth of
important new data for geological mapping, and rock samples which are
currently at the lab for assay. The results of this phase of work will be
integrated into a robust targeting plan that will identify drilling and
stripping targets.

"Alongside this, groundworks will commence in the next few days at Jackfish
along the prospective eastern and northern margin concentrating on the
contacts surrounding the volcanic rocks. Previous exploration has demonstrated
the potential for gold mineralisation in this contact zone with high grade
samples up to 39.8g/t gold.

"We are entering an extremely busy period of exploration for Fulcrum, as we
set about identifying and developing the significant potential of our assets
through discovery and commercialisation.

"With two teams on the ground at the Schreiber-Hemlo project we look forward
to providing further updates on progress and results over the coming months as
we progress towards drilling, as well as updates on exploration programmes
across our wider portfolio."

 

Figure 1 - groundworks team arriving at site and in the field

 

 

 

Figure 2 - at Johnston - McKenna underground mine, (left) quartz veining in an
area of shearing and (right) shallow dipping vein, most likely the Johnston
McKenna vein.

 

 

Figure 3 - at Johnston - McKenna (left) quartz float with vein exposure in the
background and (right) gossanous foliated rocks, potentially from the Cook
Lake Iron Formation, in an interpreted shear zone.

 

 

Figure 4 - at Schreiber - Pyramid (Left) Quartz vein float west of Schreiber
Vein No. 1 and (right) Metasedimentary beds that divide the Schreiber Pyramid
section.

Figure 5 - Schreiber Pyramid entrance and sample (left) and samples bagged and
tagged before submitting to the lab (right).

 

 

Figure 6 - proposed soil sampling (pink circles) and existing historic soil
samples (blue circles).

 

 

 

 

Figure 7 - Jackfish groundworks target area

 

 

 

 

Figure 8 - Geology and grab sample results from 2021 Jackfish groundworks
programme.

 

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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