TIDMFMET
RNS Number : 6345L
Fulcrum Metals PLC
07 September 2023
Fulcrum Metals plc / EPIC: FMET / Market: AIM / Sector:
Mining
7 September 2023
Fulcrum Metals plc
("Fulcrum" or the "Company" or the "Group")
Preliminary Mapping and Prospecting identifies new mineralised
zones and
confirms strong uranium targets at Charlot-Neely and Fontaine
Lake
Fulcrum Metals plc (LON: FMET), a company focused on mineral
exploration and development in Canada, is pleased to provide an
update on the results of a preliminary reconnaissance mapping and
prospecting programme undertaken by Dahrouge Geological Consulting
Ltd. ("Dahrouge") at the Company's Charlot-Neely uranium-gold and
Fontaine Lake uranium-rare earth properties in northern
Saskatchewan . The aim of the programme was to confirm and extend
anomalous trends highlighted by historic exploration and identify
new zones of interest.
Highlights
Charlot-Neely Lake
-- The Black Bay Fault, a major NE-SW-trending crustal-scale
structure which is associated with rare-earth element and uranium
mineralisation elsewhere in northern Saskatchewan, was mapped
traversing the South Neely property.
-- Multiple zones of strong radioactive outcrop were confirmed
in a variety of geological settings, including off-scale
scintillometer readings >65,535 cps, likely related to fine
grained uraninite mineralisation.
-- Radioactive zones, some with visible uranium oxides, are
found in brecciated granite, altered mylonite, sheared
granite-gneiss, pegmatite, fault-controlled cataclasite and
unconformities.
-- Two new radioactive trends were discovered in South Neely
over a minimum of 100 metres strike length each, named 'Fall 1' and
'Fall 2' with scintillometer readings of up to 20,000 cps.
-- Further discoveries included a gossan zone with visible
uranium oxide staining and scintillometer readings up to 10,000 cps
and a sheared section within a fault structure with up to 30,000
cps hosted in a granitic gneiss.
-- Several sulphide-mineralised quartz veins with gold potential
were also located and sampled, including a previously trenched 10
meters wide vein with strong pyrite-chalcopyrite
mineralisation.
-- A total of 56 samples were collected for laboratory analysis
for uranium, gold, and multi-elements, including rare earth
elements.
Fontaine Lake
-- At East Addie Lake towards the north east of the property, a
radiometrically anomalous granite unit identified zones of strong
hydrothermal hematite and sericite alteration with fracture-hosted
uraninite and uranium oxides, locally measuring up to 53,000 cps.
Significant historical REE anomalies are also reported historically
from this area.
-- Towards the southern and western boundaries of the claim
block further anomalous granites were identified, with one cps
reading up to 10,500 cps within a generally elevated background of
600-700 cps.
-- 18 samples were collected for laboratory analysis.
Ryan Mee, Chief Executive Office of Fulcrum Metals plc,
commented:
"We are extremely pleased with the preliminary results of the
fieldwork at our Saskatchewan properties which has not only
produced high radioactive readings from historical trends including
off-scale scintillometer readings >65,535 cps, but also
identified new discovery areas with significant radioactivity.
We are encouraged by the new discoveries made at the adjoining
uranium trends Fall-1 and Fall-2, which are open to further
investigation and the discovery of other new gossan and sheared
zones with high scintillometer readings, both positive indicators
of the potential of our uranium projects.
We look forward to updating the market once we have received the
assay results from the Saskatchewan properties and also across the
Company's other active exploration programmes covering the project
portfolio".
Programme Background
Fulcrum Metals 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 collected have
been delivered to the Saskatchewan Research Council (SRC
Geoanalytical Labs) for analysis for uranium, gold, REE's and other
elements of potential interest.
Dahrouge will complete a full project report once all laboratory
analyses have been received. Fulcrum will then plan a phase 2
program which may include geophysical surveys, trenching and
drilling.
Figure 1 - fracture hosted in granite with uraninite and
U-oxides measuring up to 53,000 cps at Fontaine Lake
Figure 2 - polymetallic shear structure hosting 12,000 cps with
yellow staining and sulphides at the newly discovered trend
Fall-1
Figure 3 - up to 20,000 cps at the newly discovered Fall-2
uranium trend at Charlot-Neely Lake
Figure 4 - U-oxide staining at newly discovered radioactive
gossan zone at Charlot-Neely
Figure 5 - Charlot-Neely Lake, phase 1 exploration map
Figure 6 - Fontaine Lake, phase 1 exploration map
Technical Glossary
"breccia" Rock fragmented into angular components
"cataclasite" A fine-grained rock formed by intense brecciation
----------------------------------------------------
"chalcopyrite" A copper-iron sulphide mineral, CuFeS2, often
found in copper ores
----------------------------------------------------
"cps" Counts per second - a measurement of radioactivity
----------------------------------------------------
"gneiss" Metamorphic rock, often of granitic origin
----------------------------------------------------
"gossan" A surface capping of hydrated oxides of iron
formed from metallic sulphides
----------------------------------------------------
"granite" A medium to coarse grained granular acid intrusive
rock
----------------------------------------------------
"hematite" A mineral composed of ferric iron oxide
----------------------------------------------------
"mylonite" A fine-grained strongly-foliated rock formed
by intense brecciation during dynamic metamorphism
----------------------------------------------------
"pegmatite" Very coarse-grained igneous rock which commonly
occurs as dykes in granite intrusions
----------------------------------------------------
"pyrite" Iron sulphide mineral, FeS2
----------------------------------------------------
"REE" Rare earth elements
----------------------------------------------------
"sericite" A fine grained white micaceous mineral with
a composition similar to muscovite, often
the product of alteration processes
----------------------------------------------------
"unconformity" Lack of parallelism between rock strata in
sequential contact, caused by a time break
in sedimentation
----------------------------------------------------
"uraninite" Also known as pitchblende, a radioactive,
uranium-rich mineral and ore containing variable
proportions of U O
----------------------------------------------------
"U3O8" Triuranium octoxide
----------------------------------------------------
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/
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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END
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