#FCM First Class Metals PLC- West Pickle Lake (Pezim II)Joint Venture Confirmed

First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK metals exploration company seeking economic metal discoveries across its extensive Canadian Schreiber-Hemlo, Sunbeam and Zigzag land holdings is pleased to announce that Palladium One Inc. (TSXV: PDM) (“Palladium One”) has completed the requirements of the earn in rights to gain an 80% interest in the West Pickle Lake Project (“West Pickle Lake Project” or the “Project”). A joint venture will now be instituted with Palladium One continuing to be the operator.

Highlights

·      Earn-in rights now completed by Palladium One which will now lead to the formal creation of a Joint Venture Agreement (“JV”).

·      The West Pickle Lake Project returned very high levels of nickel/copper sulphide drill intercepts during the 2022/23 Palladium One operated drilling campaign, including:10.4% Nickel, 3.4% Copper over 2.3m (TK-22-070) & 10.3% Nickel, 2.9% Copper over 1.8m (TK-22-073)

Figure 1. The West pickle Lake Project area (formerly knowns as Pezim II), and described by Palladium One as the ‘West Pickle Zone’ discovery (outlined in yellow), includes the high-grade nickel-copper sulphide within the wider Palladium One ‘Tyko’ project area extending to the east.

Marc Sale CEO Commented:

“The obvious merit of the exploration potential of the Pezim II block and environs has been validated by Palladium One exercising their right to enact the JV. With a robust field programme in progress, we share their enthusiasm for the newly identified extensive anomalous nickel-copper zone. Furthermore, FCM is actively exploring the contiguous 100% owned areas for similar potential and this will include the OnGold area to the north.“

Background

In July 2021, an ‘earn-in’ agreement with Palladium One was secured over the West Pickle Lake Project (comprising 33 single cell mining claims). Palladium One had the option to earn-in up to an 80% interest in the Project subject to a three-year work program commitment. The JV sits on the eastern flank of FCM’s Flagship North Hemlo Project. See Figure 2

Figure 2. The original claim blocks that formed the ‘North Hemlo Property’. Note Pezim II (33 claims) is now the renamed ‘West Pickle Lake Project’ constituting the Palladium One JV/earn in property. 

Palladium One had the option to earn up to an 80% undivided interest in the Project over a 3-year earn-in period by incurring aggregate C$325,000 as exploration expenses. This earn-in agreement has now been completed and a Joint Venture agreement with Palladium One remaining the operator will now be instituted.  

Palladium One has embarked on an ambitious work programme this season and we wish them continued success. The initial results which they posted today are very encouraging:

“Palladium One is pleased to announce it has discovered several highly anomalous nickel, copper, and cobalt soil anomalies potentially linking the West Pickle and RJ Zones, which are 2.5 kilometres apart.”

An important aspect of the viability of WPL and the area in general is confirmation of strike extent: volume.

Figure 3. Hemlo area FCM property map showing the West Pickle Lake Project (formerly known as Pezim II), now Palladium One JV area in the eastern portion of the 100% owned FCM North Hemlo Property. Also note the OnGold property to the north, now under an Earn-In agreement.

For further information, please contact:

First Class Metals PLC

First Equity Limited

(Financial Adviser & Broker)