REG - Fulcrum Metals PLC - Update on Saskatchewan Uranium projects

Fulcrum MetalsAnnouncement

15/01/2024 07:00

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RNS Number : 6024Z  Fulcrum Metals PLC  15 January 2024

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

 

 

15 January 2024

 

 

Fulcrum Metals plc

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

 

Update on Saskatchewan Uranium projects

 

 

Fulcrum Metals plc (LON: FMET), a company focused on mineral exploration and
development in Canada, is pleased to announce a further update on its
Saskatchewan based exploration assets. Dahrouge Geological Consulting Limited
("Dahrouge"), an Alberta-based group with wide experience in uranium project
exploration and evaluation, has completed 2023 year-end reports on Fulcrum's
Charlot-Neely and Fontaine Lake uranium properties which detail results of the
positive 2023 prospecting and sampling programs carried out on both
properties.

 

Highlights

·    A total of 62 rock samples collected across Charlot-Neely and
Fontaine Lake properties

·    Charlot-Neely Project:

o 48 rock samples assaying up to 5,680ppm U

o Identified vein-hosted uranium mineralisation characteristic of the
Beaverlodge area, home to several historic uranium mines

o Potential for unconformity-style uranium mineralisation, deposits that are
known to be larger and high grade uranium

·    The Fontaine Lake Property:

o 14 rock samples assaying up to 7,130ppm U

o Uranium mineralisation indicates potential for lower grade, higher tonnage
deposit, comparable to the geological setting of the Rossing deposit in
Namibia

Ryan Mee, Chief Executive Office of Fulcrum, commented:

"The first phase exploration of both the Charlot-Neely and Fontaine Lake
uranium properties has been very successful with extensive radioactivity and
mineralisation confirming the positive potential for discovery. Since the
completion of the fieldwork, we have over the last few months substantially
and cost effectively increased the Athabasca uranium portfolio from 13,612
hectares to 59,310 hectares, inclusive of the properties under option, and
doubled the size of the Charlot-Neely project from 7,625 hectares to 16,372
hectares. We have also added the Snowbird and South Pendleton to our projects
portfolio through the recently announced option agreements.

"We are excited by our Athabasca uranium portfolio which targets major
structures, on trend with historic mines and on trend with projects attracting
significant investment. This strategic move has proved to be prudent, as the
price of uranium continues to rise and M&A activity in the sector
increases. Deals of note include the recently announced Fortune Bay option
agreement for the Murmac and Strike uranium projects totalling CAD$3.4m in
cash and shares and funding CAD$6m in exploration expenditures(1) just south
of our Charlot-Neely property along the Black Bay fault. We are also aware of
significant land staking along the major structures on which our projects sit.

"With an exciting and attractive uranium portfolio in what is considered one
of the leading uranium districts worldwide, Fulcrum is well positioned to
capitalise on any potential opportunities.  As previously announced, Fulcrum
continues to review spin-out and partnership opportunities with interested
parties."

Further project information

Programme Background

Fulcrum Metals has contracted Dahrouge to complete a helicopter supported
scintillometer prospecting campaign on the Fontaine Lake and Charlot-Neely
Lake properties. The team consisted of four geologists, with a programme
duration of about three weeks during August 2023. A property scale data
compilation was completed, and exploration efforts focussed on radioactive
trends identified from historical datasets, anomalous lake sediment samples,
as well as target prospective fault structures. Historical sampling on the
Fontaine Lake property has identified up to 1.44% Triuranium octoxide ("U3O8")
and sampling at Charlot-Neely up to 6.22% U3O8. Ground crews aimed to identify
new mineralised zones and complete detailed prospecting around known showings
to expand the strike length of existing mineralised structures. Samples were
delivered to the Saskatchewan Research Council (SRC Geoanalytical Labs) for
analysis for uranium, gold, REE's and other elements of potential interest.

Charlot-Neely Property

 

·    Dahrouge mapping/prospecting covered a total of 38.37 line-kilometres
of traverses across the tenement.

·  It was concluded that the Charlot-Neely Property contains vein-hosted
uranium mineralisation characteristics of the Beaverlodge area, home to
several historic uranium mines, and potential exists for unconformity- style
uranium mineralisation.

·    Radioactivity encountered throughout the property is attributed to
shear-hosted and vein-type uranium mineralisation. The presence of off-scale
radiation (>65,535 cps), yellow, U-oxide-stained fractures with sub-one
percent uranium, and strong hematite alteration is considered typical of
structurally - controlled uranium mineralisation.

·   Sampling at the historical Peacock showing contains the single highest
uranium assays; samples SRC212762 and SRC212735 returned values of 5,510ppm U
and 2,230ppm U with scintillometer measurements of > 65,535 cps and 30,000
cps, respectively.

·    These samples exhibit strong hematite alteration along fracture
planes and contain alteration overprinting the original rock enriching the
sample in finely disseminated uranium - visible yellow uranium oxides are
present. The radioactive zone is spatially associated with a large quartz vein
and paragneiss/altered pegmatite veining.

·    Evidence of strong deformation, proximity to a major fault (Long Lake
Fault), and strong alteration signatures make this a target location for
hydrothermal, vein-type uranium mineralisation.

·    There is also considered to be potential for unconformity-style
mineralisation at depth - unconformity deposits are known to be larger and
contain higher uranium grades.

·    Numerous new radioactive hotspots were located along and near
structural lineaments that require further investigation.

·    Many high CPS samples at locations affected by glacially polished
outcrops and/or rock conditions that are not conducive to collection of the
target material with hammer and chisel. Below this veneer has potential to be
higher in grade.

·    Additional recommended work included prospecting, EM and Magnetic
geophysical surveys, geochemical surveys and geological mapping of key
showings to advance the project to drill ready stage.

Fontaine Lake Property

 

·    Dahrouge covered 82 line-kilometres of prospecting/mapping traverses.
Three instances of vein/fracture hosted uranium were historically documented
on the property. These locations were verified by Dahrouge's prospecting work,
and additional samples were taken, with confirmatory sampling at one prospect
returning scintillometer readings up to 53,000 cps and 7,130ppm U by
laboratory assay.

·    It was concluded that the Property contains known vein-hosted uranium
mineralization in addition to anomalously radioactive granites (Alaskite-type)
generally characteristic of low-grade high-tonnage deposits, comparable to the
geological setting of the Rossing deposit in Namibia.

·    Given the large volume of the radioactive granites on and near the
property, these rocks are candidates to explain the strongly elevated uranium
values observed in the regional lake sediment sample data.

·    Further work recommendations included prospecting to follow up on
unexplored radiometric highs to confirm sources of radioactivity which may be
masked by radioactive granites; gridded outcrop sampling over strongly
radioactive zones in the granite to determine the potential for Alaskite-type
mineralization on the Property; and soil or radon geochemical surveys to help
delineate prospective structures related to high grade, vein type
mineralisation.

 

Reference

1 -
https://fortunebaycorp.com/news/post/fortune-bay-announces-option-agreement-for-the-murmac-and-strike-uranium-projects

Technical Glossary

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