First Class Metals PLC the UK metals exploration company seeking large scale metal discoveries across its extensive Canadian Schreiber-Hemlo land holding is pleased to provide an update to shareholders in respect of the Pickle Lake Project (“Pickle Lake” or the “Project”) Earn in-joint venture (the “Joint Venture” or “JV”) with TSX-V listed Palladium One Inc (“`Palladium One”) (TSXV: PDM).
First Class Metals is pleased to announce the Company has received an Exploration Permit (the “Permit”) for the Pickle Lake property, located near White River, Ontario.
The adjacent contiguous Palladium One Tyko property hosts nickel (“Ni”), copper (“Cu”), and cobalt (“Co”), each of which has been designated a critical mineral in Canada, the United States and the European Union.
The Permit allows for twenty diamond drill Holes, line cutting and mechanised stripping.
The West Pickle Lake Target
Within Pickle Lake is the West Pickle Lake Target.
The West Pickle Lake anomaly likely represents a continuation of the Palladium One RJ and Tyko Zones which have returned 1.04% Ni and 0.23% Cu over 16.2 meters in hole TK-16-002 and 0.93% Ni, 0.50% Cu over 15.9 meters, in hole TK-16-006 respectively in blebby to locally net-textured sulphides.
The West Pickle Lake anomaly has a much stronger VTEMmax response (over 6 lines), whereas the RJ showing had only a weak single line VTEMmax response, suggesting semi-massive to massive sulphide occurs at West Pickle Lake. Soil samples collected at West Pickle Lake have returned up to 153ppm Cu and 116ppm Ni.
Planned Drill Programme
Palladium One the Company’s JV partner is to commence a planned 15,000-metre diamond drill programme which will include the West Pickle Lake Target. The drill programme is scheduled to begin this month, subject to securing a suitable drilling rig.
At West Pickle Lake twenty drill holes have been planned. The announcement released by Palladium One in respect of drilling plans may be viewed in the following link:
Palladium One had significant success recently at Smoke Lake (part of their wholly owned Tyko Project) to the east of Pickle Lake JV area returning ultra-high-grade nickel equivalent grades. The Palladium One announcement covering this may be viewed through the following link:
EARN-IN JOINT VENTURE BACKGROUND
In July 2021 First Class Metalssecured a Joint Venture with Palladium One over the Pickle Lake Project area (comprising 33 single cell mining claims).
Palladium One have the option to earn-in to an 80% interest in the Project subject to a three- year work program commitment.
The Joint Venture sits on the Eastern flank of FCM’s Flagship North Hemlo Project. First Class Metals is currently the operator.
COMPETENT PERSON STATEMENT
This release has been approved by Marc Sale, who is a Competent Person as described in the CIM and JORC Reporting Codes.
Marc Sale, CEO, First Class Metals, 07711093532,
James Knowles Executive Chairman, First Class Metals, 07488 362641
Ayub Bodi, Executive Director, First Class Metals, 07860 598086
NOTES TO EDITORS
First Class Metals Plc. is a minerals exploration company focused on proving and developing the significant potential of their flagship property North Hemlo which includes the Pickle Lake Palladium One JV area as well as systematic exploration of the Esa, Sugar Cube, McKellar, Magical, Enable and Coco East projects, in total 180km2 in the Hemlo – Harte gold mines region in the Western portion of the Wawa-Abitibi Gold Belt of Ontario, Canada.
Geologically the claim blocks are located within the Schreiber-Hemlo Greenstone Belt with target minerals gold, silver, base and battery metals in typical Archaean / Hemlo style mineralised settings. First Class is seeking a London Listing prior to end Q2 2022.
About Palladium One Palladium One Mining Inc. is an exploration company targeting district scale, platinum-group-element (PGE)-copper nickel deposits in Finland and Canada. Its flagship project is the Läntinen Koillismaa or LK Project, a palladium dominant platinum group element-copper-nickel project in north-central Finland, ranked by the Fraser Institute as one of the world’s top countries for mineral exploration and development. Exploration at LK is focused on targeting disseminated sulfides along 38 kilometers of favorable basal contact and building on an established NI 43-101 open pit resource.
“VTEMmax system” is the latest and the most powerful VTEM (versatile time-domain electromagnetic helicopter borne) system developed by Geotech Ltd