Home » First Class Metals (FCM) » First Class Metals #FCM – ‘Pickle Lake Property’Earn-In

First Class Metals #FCM – ‘Pickle Lake Property’Earn-In

First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK metals exploration company seeking large scale metal discoveries across its extensive Canadian Schreiber-Hemlo & Sunbeam land holding is pleased to announce that it has signed an agreement with OnGold Investment Corp (“OnGold”) in respect to the  Pickle Lake Property, McGill Township in Ontario.


·      The property consists of 163 single cell mining claims, comprising 3,455ha (hectares). Contiguous to both First Class Metals’ North Hemlo Property and Palladium One’s (TSXV:PDM) Tyko Project.

·      The West Pickle Lake Nickel (Ni) Copper (Cu) discovery, with grades of up to 10.4% Ni & 3.4% Cu over 2.3m is situated immediately south of the Pickle Lake Property. See FCM news release 29th November 2022  polaris.brighterir.com/public/first_class_metals/news/rns/story/xz0603r

·      Eleven high priority targets defined on the property from previous operators work program.

·      Winter Lake Sediment sampling by FCM across the area as part of the due diligence process returned gold grades of up to 103ppb gold (Au) which is deemed to be extremely high for the wider area.

·      FCM’s footprint in the area is now substantially increased, in a district that holds numerous high grade nickel copper sulphide discoveries in the near locality.

 Figure 1-Regional location map showing the ‘Pickle Lake’ Property to the North and east of FCM’s 100% owned North Hemlo Property.

The project is located roughly 21kms southeast from the town of Manitouwadge, Ontario (see Figure 1), comprising of 163 single cell mining claims (all of which are in good-standing through the 2023 field season). Limited previous exploration has been focussed to investigate several discreet magnetic anomalies thought to be associated with Ni-Cu-PGE mineralised mafic-ultramafic intrusions. Similar rock types comprise the Tyko, RJ, Smoke Lake and the recently discovered West Pickle massive sulphide discovery. The recently identified 103ppb Au lake sediment sample collected by FCM also now shows the gold potential of the area.

FCM, as part of the due diligence process, conducted an extension to our wider North Hemlo lake sediment sampling campaign in April to March 2023. The initial results from this campaign have reported gold grades of up to 103ppb. The program was led under the supervision of Bruce MacLachlan, Principle of Emerald Geological Services (EGS). Bruce has been quoted as saying “To the best of our knowledge the 103ppb Au Lake sediment value is the highest lake sediment value collected in the Hemlo Belt outside of the deposit area”. While at a very early stage, these initial results are extremely encouraging and add to the potential for the prospectivity of the property.


Terms of the deal:

The deal is structured so that FCM has an option to earn-in up to an 80% interest over the property. The payments for the exercise of this option are 1,000,000 shares of FCM Shares to be issued by the 31st  of October 2023 and a work commitment of $300,000 over a three year term. At the end of the ‘earn-in’ it is expected a JV will be created.

Ordinary FCM Shares

Annual Work Commitment (CAD$)

By 31st October 2023



By 10th July 2024


By 10th July 2026

$300,000 (aggregate)


 The JV possess a dilution mechanism on the basis of non-contribution. Should Ongold not wish to contribute, or their ownership falls below 10%, the remainder of their holding is automatically converted in to a 2% NSR. FCM has the right to acquire 67% of the stated NSR for C$ 750,000 and a first right of refusal over the remaining NSR.

Marc Sale CEO commented:

I am very pleased with this acquisition which has significantly increased our area of exploration, not only because its is contiguous to North Hemlo, but also for its proximity to West Pickle Lake and also the significant gold assay in the lake sediment sample. Furthermore a share-issue deal for such an asset further confirms the industries confidence in our ability to deliver success. FCM will now formulate an exploration programme to follow on from the excellent work by OnGold.”



For further information, please contact:


James Knowles, Executive Chairman


07488 362641

Marc J Sale, CEO


07711 093532

Ayub Bodi, Executive Director


07860 598086


First Equity Limited

(Financial Adviser & Broker)


Jonathan Brown

0207 3742212

Jason Robertson

0207 3742212

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