REG - Fulcrum Metals PLC - Schreiber-Hemlo Project – Update

Fulcrum MetalsAnnouncement

02/03/2023 07:00

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RNS Number : 5954R  Fulcrum Metals PLC  02 March 2023

The information contained within this announcement is deemed by the Company to
constitute inside information pursuant to Article 7 of EU Regulation 596/2014
as it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 as amended.

 

 

2 March 2023

 

Fulcrum Metals plc

 

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

 

Schreiber-Hemlo Project - Update

 

High grade gold samples and next steps

 

Fulcrum Metals plc (LON: FMET), the Canadian focused multi-commodity explorer,
is pleased to provide an update and results of a prospecting programme carried
out at the Big Bear property, part of the wider Schreiber-Hemlo project area
covering approximately 113km(2), undertaken during the months of June 2022 and
September 2022. The programme was undertaken by Bayside Geoscience, the
Group's third-party exploration contractor.

Highlights

·    Programme centred around the Schreiber area covering 5 historic
mineral occurrences and gold workings (Figure 1 below)

 

·    A total of 45 rock samples were collected for assay, with results
confirming prospectivity, including high-grade gold results:

 

o  Best values included 45g/t Au, 37.4g/t Au and 33.6g/t Au

 

o  5 samples out of the 45 collected produced grades in excess of 10g/t Au
and 9 samples in excess of 1g/t Au (Figures 2 and 3 below)

 

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

 

·    Initial structural observations between the Cook Lake and Pyramid
Schreiber showings, and earlier soil sampling results from Panther Metals plc,
have identified a potential regional-scale shear zone passing through this
area on a single mineralised structural system. (Figure 4 below)

 

·    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.

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

"I am delighted to report on the successful exploration programme at the Big
Bear property within our Schreiber - Hemlo project and our first announcement
since listing on AIM last month. The sampling programme has returned
exceptional gold assays of up to 45 g/t and several in excess of 10 g/t which
really outlines the excellent prospectivity of just one target area among
many.

"The detailed mapping suggests a much larger mineralised structure than
acknowledged previously and displays the historical and structural
characteristics of being an excellent candidate for a large stratabound
deposit or a high-grade lode gold deposit.

"We have a progressive exploration programme across our projects in addition
to drilling planned at Big Bear in 2023 and I look forward to updating the
market on our progress in due course."

 

Historic production background at Schreiber focus area

 

The Big Bear property has a history of prospecting and localised / prospector
led exploration with small-scale gold mining and production since the late
19th century. However coherent property level exploration programmes have been
limited. Fulcrum has an opportunity to take a property-wide led exploration
approach to fully explore the significant prospectivity of the property.

 

Historic production includes the Cook Lake Gold Mines which was incorporated
to develop the Johnston-McKenna property, where 32 tons of ore was reportedly
extracted with a yield of 0.802 oz/ton (approximately 27.5 g/t) of gold.

 

The Schreiber Pyramid Gold Mine was developed in the 1930s. Six gold-bearing
veins including some with readily visible gold were identified, associated
with copper and zinc mineralisation, where small-scale production was achieved
with 150 tons produced at 0.51 oz / ton (approximately 17.6g/t) of gold. Only
very limited drill testing is known to have been carried out with the best
results reported from the 1969 Zenmac Metal Mines Ltd. drill programme where
it is reported that a base metal showing located to the north of the #1 Vein
Adit returned 4.6% Cu and 19.2% Zn over 0.55m from vein #2.

 

Figure 1 - Big Bear property and area of focus

 

Figure 2 - Table of Fulcrum 2022 rock sample assay results >1g/t Au

 

 Sample ID  Target Location              Sample Type  Lithology                Assay Au (g/t)
 951201     Cook Lake                    Outcrop      Sulphide Iron Formation  1.05
 951212     Johnston-McKenna             Outcrop      Quartz Vein              37.40
 1101647    Schreiber Pyramid            Outcrop      Quartz Vein              33.60
 1101649    Schreiber Pyramid            Float        Quartz Vein              11.60
 1101650    Schreiber Pyramid            Outcrop      Quartz Vein              2.69
 1101653    Twomey BIF Occurrence        Outcrop      Sulphide Iron Formation  3.62
 1101659    Johnston-McKenna             Outcrop      Quartz Vein              13.80
 1101660    Johnston-McKenna             Outcrop      Quartz Vein              45.00
 1101667    Twomey Powerline Occurrence  Outcrop      Quartz Vein              1.21

 

Figure 3 - Significant sample locations

 

 

 

Figure 4 - Overlay of significant rock samples, historic soil samples and
detailed geological mapping including shear zones.

 

 

Next Steps

The Company is analysing and incorporating a recently completed structural
survey across the Schreiber-Hemlo project (consisting of the Big Bear and
Jackfish properties) which, in combination with prospecting results, will
outline the key priority exploration areas to assist further targeted
exploration this year.

It is the Company's intention to commence airborne geophysical surveys on
those areas not already covered by high-resolution magnetic surveys on the Big
Bear project. To this end, the Company has issued a tender for the work and
the Company intends to provide an update once this process has been completed
and timeframes for the start of the surveys are agreed.

The Company looks forward to releasing further details on progress at the
Schreiber-Hemlo project and the exploration programme across the project
portfolio for 2023 in due course.

 

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

 Clear Capital Markets (Broker)
 Keith Swann                            Tel: +44 (0) 203 897 0981

 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 listed exploration company which
finances and manages exploration projects focused on Canada, widely recognised
as a top mining jurisdiction.

 

FMET currently holds a beneficial 100% interest 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
establishing 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.

 

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.

 

ONTARIO - GOLD AND BASE METALS

Schreiber-Hemlo project - Big Bear and Jackfish properties

Covers a significant combined 113km(2) within a portion of the significantly
mineral endowed portion of the Schreiber-Hemlo greenstone belt which contains
the >23Moz shear-hosted Hemlo gold mine operated by Barrick Gold (80km
east) and Generation Mining's Palladium project (60km east).

 

Big Bear

A total of 253 geophysical anomalies have been identified from recent airborne
surveys, with 39 designated for priority investigation. Gold bearing quartz
veins have been outlined within seven separate areas (two with rock and vein
samples grading 1 to 5g/t Au, four with quartz vein sample assays above 5g/t
Au, and two quartz samples collected at 50m separation on an E-W trending vein
open in both directions returning 105.5g/t Au and 112g/t Au respectively).
Gold in soil anomalies in have been identified in five areas, ranging up to
710ppb Au, extending up to 250m wide and open along strike.

 

The Little Bear Lake and Schreiber prospects are of particular interest.
Historic work programmes in 2010 and 2011 targeted an intense magnetic
response from both. Assays yielded from the 1.6km long gold trend included 6m
at 1.5g/t Au, up to 53.7g/t Au and 19.25g/t Ag in rock chip and 18.9g/t Au and
1.03g/t Ag in soil. Historical bulk sampling reported 150t averaging 17.6g/t
Au, while historical drill intersections include 0.55m at 19.2% Zn and 4.6% Cu
from 15.2m depth.

 

Jackfish Lake

Contains multiple gold (+silver-lead-copper) occurrences in quartz
veins/stockworks and altered granodiorite. Exploration covering an area of 1km
x 1km returned widespread mineralisation with sampling results of up to
39.8g/t Au, 114g/t Ag and 1.01% Cu along with anomalous lead and pathfinder
minerals molybdenum, barium, and tellurium.

 

Winston Lake Project - Beavertrap and Carib Creek

Properties in the Winston Lake greenstone belt adjacent to Metallum Zinc
Resources Superior Lake Zinc Project (historic Winston & Pick Lake mines)
which contains a VMS style high-grade zinc deposit with a JORC Resource of
2.35 Mt @ 17.7% Zn, 0.9% Cu, 0.38 g/t Au & 34 g/t Ag and a Probable Ore
Reserve of 1.96Mt @ 13.9% Zn, 0.6%Cu, 0.2g/t Au & 26.2g/t.

 

 

Wawa Project - Dog Lake

Located in the South-Eastern limb of the Wawa / Michipicoten greenstone belt
approximately 30km east of two million+ ounce gold deposits - Alamos Gold's
Island deposit (1.3Moz measured at 10.12g/t Au), and Argonaut Gold's Magino
project (1.3Moz measured at 0.98g/t Au).

 

Dayohessarah Project - Tocheri Lake in the Dayohessarah Greenstone Belt (Base
Metals)

Occupies a strategic position in a relatively unmapped and underexplored part
of the Dayohessarah greenstone belt adjacent to Palladium One's Tyco Project.
Palladium One identified high priority VTEM targets at Cupa Lake within 500
metres of the Tocheri Lake property with soil samples of up to 512ppm Cu and
132ppm Ni.

 

ATHABASCA BASIN - URANIUM, GOLD, AND RARE EARTHS

Charlot - Neely Lake

An area not explored since the 1970s. Uranium potential, with grab samples of
up to 6.22% U308, trenching samples up to 0.15% U308, and a gold target in the
south Neely Lake area with noted gold mineralisation according to historic
unverified drilling summary reports.

 

Fontaine Lake

Contains the East Addie Lake target area identified by CanAlaska and
recommended for further evaluation in 2008. Grab samples of up to 1.28% U308
including anomalous rare earth samples associated with a radiometric anomaly.

 

The Group's projects are at an exploration stage of development and do not
currently include any JORC

compliant Mineral Resources or Proved Ore Reserves.

 

Glossary

 

 "Au"                                                Gold
 "Cu"                                                Copper
 "g/t"                                               grams per ton
 "ha"                                                Hectares
 "JORC"                                              Joint Ore Reserves Committee- the Australian Code for Reporting of Identified
                                                     Resources and Ore Reserves
 "km"                                                Kilometre
 "m"                                                 Metre
 "Measured Mineral Resource"                         that part of a Mineral Resource for which tonnage, densities, shape, physical
                                                     characteristics, grade and mineral content can be estimated with a high level
                                                     of confidence. It is based on detailed and reliable exploration, sampling and
                                                     testing information gathered through appropriate techniques from locations
                                                     such as outcrops, trenches, pits, workings and drill holes. The locations are
                                                     spaced closely enough to confirm geological and grade continuity
 "Mineral Resource"                                  a concentration or occurrence of material of economic interest in or on the
                                                     Earth's crust in such form, quality and quantity that there are reasonable
                                                     prospects for eventual economic extraction. The location, quantity, grade,
                                                     continuity and other geological characteristics of a Mineral Resource are
                                                     known, estimated or interpreted from specific geological evidence and
                                                     knowledge. Mineral Resources are subdivided, in order of increasing geological
                                                     confidence, into "Inferred", "Indicated" and "Measured" categories.
 "mm"                                                Millimetres
 "Moz"                                               million ounces
 "Mt                                                 Megatonnes (million tonnes/106t)

 "
 "ppb"                                               parts per billion
 "ppm"                                               parts per million
 "Probable Ore Reserve"                              a 'Probable Ore Reserve' is the economically mineable part of an Indicated,
                                                     and in some circumstances, a Measured Mineral Resource. The confidence in the
                                                     Modifying Factors applying to a Probable Ore Reserve is lower than that
                                                     applying to a Proved Ore Reserve.
 "Project                                            an exploration or mining property or collection of properties under
                                                     investigation
 "Prospecting Licence" or "PL"                       a designated area of land upon which the licence holder may carry out
                                                     exploration activities for given commodities
 "Proved Ore Reserve"                                a 'Proved Ore Reserve' is the economically mineable part of a Measured Mineral
                                                     Resource. A Proved Ore Reserve implies a high degree of confidence in the
                                                     Modifying Factors.
 "ROM"                                               run-of-mine
 "t"                                                 tons
 tpa"                                                tons per annum
 "U3O8"                                              Triuranium octoxide
 "VMS"                                               volcanogenic massive sulfide ore deposits, also known as VMS ore deposits, are
                                                     a type of metal sulfide ore deposit, mainly copper-zinc which are associated
                                                     with and created by volcanic associated hydrothermal events in submarine
                                                     environments
 "VTEM" or "Versatile Time Domain Electromagnetics"  a type of geophysical survey used to explore for massive sulphide deposits
 "Zn                                                 Zinc

 

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