TIDMFCM
RNS Number : 3855R
First Class Metals PLC
26 October 2023
The information contained within this announcement is deemed to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain.
FIRST CLASS METALS PLC
26(th) October 2023
Award of Exploration Permits-North Hemlo & Esa
First Class Metals PLC ("First Class Metals" "FCM" or the
"Company") the UK listed metals exploration company seeking
economic metal discoveries across its extensive Canadian
Schreiber-Hemlo, Sunbeam and Zigzag land holdings is pleased to
announce the granting of two Exploration Permits for the Company's
North Hemlo & Esa Properties located in the Hemlo area of
Ontario
First Class Metals' stated aim was to bring four properties to
drill ready status with the intention of drilling one property this
field season. With the possible exception of Esa, the company is on
track to achieve its aim. With the granting of the Permits, it
clears the way for 'stripping' at both properties to further refine
possible drill locations.
Highlights:
-- The permits are effective for a period of three years until expiry October 2026.
-- North Hemlo & Esa are now both fully permitted, allowing
for a systematic programme of exploration activities, including
drilling, stripping, and trenching.
Marc J. Sale First Class Metals CEO commented:
"With the granting of the Permits for these two key properties
it allows FCM to advance the aim to bring its four core properties
to drill ready status this year. This is a very positive move and
one that would not be possible without the support of the Ontario
Mines Department but importantly the First Nations for which I am
personally grateful".
North Hemlo
The granting of the Exploration permit will allow consolidation
of the extensive work: prospecting, sampling, and mapping that has
been undertaken along the Dead Otter trend. Stripping off of the
overburden will allow a far more quantitative appraisal of the
structure, specifically in the area of the historical showing
(3.1ppm Au 0.59% Mo) and the extension along strike to the south
east.
The area reporting 19.6ppm Au over three kilometres to the south
east will also be the focus of stripping as well as drill pad
construction in the anticipation of drilling.
Both locations have reported visible gold and gold being
'panned' from crushed rock. Furthermore, in the area of the 19.6ppm
sample other samples have reported 13.6ppm and 4.6ppm Au.
The historic showing at Dead Otter zone is reporting very high
values of pathfinder elements including molybdenum as well as
telluride which is strongly associated with gold deposits
especially in the Hemlo area, this could indicate high level in a
gold system.
An additional area over 750m south east along trend from the
historic showing an isolated outcrop returned 2.29ppm Au,
confirming the presence of an auriferous trend. This is also a
target for stripping.
Esa
The granting of the Exploration permit for the Esa property will
allow stripping of the overburden in selective parts of the shear
where soils samples have indicated strong gold and pathfinder
element anomalism. This will potentially significantly advance the
Esa property towards drill ready status.
To recap: to the end of the 2022 field season over 500 soil
samples were collected predominantly along eleven lines on average
400m apart, orthogonal to an inferred 4km shear which transects the
property roughly east to west. This structure was highlighted by
the airborne magnetic survey. The results of the initial soil
sampling were encouraging and defined an anomalous zone mimicking
the inferred position of the shear. During the 2023 season 'infill'
sampling lines were conducted in two programmes again totalling
over 500 samples. The analysis results for the last programme, only
recently completed, are not yet available.
Summary
First Class Metals is entering a period of significant news and
progress across its four core properties. The company has made
commendable strides towards achieving a "drill ready status."
Throughout the summer field campaign, extensive work has been
conducted on each of these properties.
Additionally, plans are underway to initiate a drilling campaign
on one of the properties before the end of the year. These
developments highlight First Class Metals' commitment to
exploration and to bring 'four projects to a drill ready status in
2023'.
For further information, please contact:
James Knowles, Executive
Chairman JamesK@Firstclassmetalsplc.com 07488 362641
Marc J Sale, CEO MarcS@Firstclassmetalsplc.com 07711 093532
-------------------------------- -------------
Ayub Bodi, Executive Director AyubB@Firstclassmetalsplc.com 07860 598086
-------------------------------- -------------
First Equity Limited
(Financial Adviser & Broker)
Jonathan Brown 0207 3742212
Jason Robertson 0207 3742212
First Class Metals PLC - Background
First Class Metals is focussed on exploration in Ontario, Canada
which has a robust and thriving junior mineral exploration sector.
Specifically, t he Hemlo 'camp' is a proven world class address for
gold /VMS exploration. This geological terrane has significant
production , both base / precious metals and a prolific number of
exploration projects and numerous prospector's 'showings'.
FCM currently holds 100% ownership of seven claim blocks
covering over 180km(2) along a 150km strike of the
Hemlo-Schreiber-Dayohessarah greenstone belt which also contains
the >23M oz shear hosted Hemlo gold mine operated by Barrick
Gold. Late last year FCM completed the option to purchase the
historical high grade (gold) Sunbeam past producing mine
The significant potential of the properties for precious, base
and battery metals relate to: 'nearology' insomuch that all
properties lie close to identified mineral anomalism, for example
Palladium One's RJ and Smoke Lake nickel projects are close to the
FCM's West Pickle Lake drill proven Ni-Cu project. This also
demonstrates the second critical asset the properties hold: vector,
anomalies, be they geological, geochemical, or geophysical that
have demonstrated mineral potential extend on to FCM's
properties.
The inferred shear on the Esa property is being explored by
neighbours both to the west and east where it crosses into their
properties. Furthermore, the properties have not been extensively
explored either historically or more contemporaneously. This is
attributable to the overall lack of outcrop. However, modern
exploration techniques are better able to 'see through' the ground
cover and to identify anomalies.
Forward Looking Statements
Certain statements in this announcement may contain
forward-looking statements which are based on the Company's
expectations, intentions and projections regarding its future
performance, anticipated events or trends and other matters that
are not historical facts. Such forward-looking statements can be
identified by the fact that they do not relate only to historical
or current facts. Forward-looking statements sometimes use words
such as 'aim', 'anticipate', 'target', 'expect', 'estimate',
'intend', 'plan', 'goal', 'believe', or other words of similar
meaning. These statements are not guarantees of future performance
and are subject to known and unknown risks, uncertainties and other
factors that could cause actual results to differ materially from
those expressed or implied by such forward-looking statements.
Given these risks and uncertainties, prospective investors are
cautioned not to place undue reliance on forward-looking
statements. Forward-looking statements speak only as of the date of
such statements and, except as required by applicable law, the
Company undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
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END
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