TIDMFMET
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/
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDZZGMMNZDGDZM
(END) Dow Jones Newswires
January 15, 2024 02:00 ET (07:00 GMT)
Fulcrum Metals (LSE:FMET)
Historical Stock Chart
From Aug 2024 to Sep 2024
Fulcrum Metals (LSE:FMET)
Historical Stock Chart
From Sep 2023 to Sep 2024