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#FCM First Class Metals – ZIGZAG LITHIUM-HIGH GRADE CHANNEL SAMPLES
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 a further, significant, update on the progress on the Zigzag property which is currently focussed on the lithium and tantalum potential.
Highlights:
· Channel 7 2.36% lithium (Li2O) over 5.5m
including 2.5m at 3.44% Li2O.
· Channel sample results identify a >1% Li2O zone on the western portion of the ‘core’ 400m zone. Significant number of channel samples return more than >1% Li2O.
· Prospecting identifies mineralisation in a subparallel zone, assays pending.
Marc J. Sale First Class Metals CEO commented:
“The results from the channel samples have vindicated our enthusiasm to advance the potential of this property. The tenure of the spodumene and therefore the lithium reporting in the central sector of the property gives increased confidence in the prospectivity over the strike extensions. We are eagerly advancing the planning for drilling now the funds have been secured.”
Figure 1 showing the Zigzag property with the recent sampling, both grabs and channels, focussing on the central portion of the claim block.
The channel sampling was based on the visually encouraging results from the prospecting and associated grab samples.
The complete table of the grab samples was reported in a previous news release, however the 10 best ‘grabs’ are reproduced below.
|
Sample_No. |
Caesium Cs_ppm |
Gallium Ga_ppm |
Lithium Li_ppm |
Rubidium Rb_ppm |
Tantalum Ta_ppm |
|
F006543 |
92.6 |
107 |
17000 |
820 |
75.2 |
|
F006545 |
128 |
101 |
16500 |
1190 |
115 |
|
F006549 |
77 |
118 |
21200 |
302 |
80.6 |
|
F006573 |
85 |
112 |
17800 |
536 |
179 |
|
F006574 |
102 |
152 |
29700 |
404 |
57.3 |
|
F006576 |
81.7 |
124 |
22300 |
514 |
467 |
|
F006580 |
70 |
113 |
18500 |
650 |
145 |
|
F006583 |
36.5 |
108 |
20100 |
255 |
235 |
|
F006586 |
44.5 |
117 |
18300 |
846 |
724 |
|
F006592 |
66.9 |
153 |
27500 |
587 |
54.3 |
Table 1, showing the 10 highest grab samples along a 400m ‘core’ zone.
Nine channels were cut with lengths of under 5m to over 10m, channel lengths were usually controlled by overburden and not by diminished outcrop. A total of 80 samples were submitted to the laboratory for analysis, these included, where exposed not only the pegmatite but one, one metre sample in the host rock, which is in general mafic volcanics to the north and granitic rocks to the south.
The samples can therefore be easily segregated into four broad categories: mafic, pegmatitic, granitic pegmatites and granite.
Figure 2 showing the location of the channels relative to the ‘core 400m’ zone.
The results from the channels are very encouraging. It must be stressed that only hand stripping of vegetation was undertaken and often, exemplified by channels 5 and 7, the outcrop persisted but the vegetation cover was too onerous to be removed by hand. Accordingly it is felt that with mechanical stripping many of these channels could be extended. Additionally it is also likely that ‘gaps’ in the outcrop continuity might also be exposed as being pegmatite when exposed with mechanical stripping. The current permit allows both stripping and drilling.
The results have not only vindicated the grab samples in respect to the lithium oxide content but also highlighted again the presence of other important, critical minerals such as tantalum, gallium and rubidium.
|
Channel |
Length (metres) |
Lithium (Li20%) |
Tantalum (Ta205) ppm |
Gallium (Ga) ppm |
Rubidium (Rb20) ppm |
|
3 |
2.4 |
0.81 |
170 |
80 |
2000 |
|
Includes |
1.00 |
1.31 |
170 |
90 |
2920 |
|
3 |
3.1 |
1.52 |
60 |
90 |
1820 |
|
Includes |
0.9 |
2.54 |
100 |
110 |
2550 |
|
and |
0.5 |
2.05 |
40 |
100 |
950 |
|
4 |
1.8 |
1.85 |
220 |
90 |
1740 |
|
5 |
2.2 |
0.96 |
130 |
90 |
1280 |
|
Includes |
0.8 |
1.39 |
100 |
100 |
940 |
|
6 |
2.00 |
1.96 |
160 |
110 |
1170 |
|
7 |
5.5 |
2.35 |
150 |
120 |
1740 |
|
Includes |
2.5 |
3.43 |
170 |
140 |
1270 |
|
8 |
1.8 |
1.03 |
110 |
80 |
2070 |
|
Includes |
0.5 |
1.43 |
90 |
90 |
1050 |
|
9 |
1.9 |
1.15 |
290 |
80 |
1400 |
|
Includes |
0.6 |
2.19 |
500 |
80 |
1010 |
|
9 |
3.7 |
1.14 |
150 |
100 |
1290 |
|
Includes |
1.9 |
1.41 |
160 |
100 |
1710 |
Photo 1 showing the extent of outcrop exposed by hand stripping. Also not the change in rock type from mafic volcanics (closest) to granitic-pegmatite.
Hand stripping and channel sampling does not allow continuous sampling of the structure as it is obscured by soil, moss and other vegetation. It is believed that once mechanical stripping is undertaken the continuity of outcrops will be further enhanced.
Photo 2 showing sample of the spodumene rich pegmatite
Further prospecting and exploration
Prospecting and soil sample lines were conducted to the south of the ‘main’ pegmatite zone.
A subparallel structure has been identified to the south. Sample results are pending but visual evidence suggest a second pegmatite or a splay may exist to the south of the main zone which has been the current focus of exploration.
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 |
|
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, the Hemlo ‘camp’ is a proven world class address for gold /VMSexploration. This geological terrane has significant production, both base / precious metals and a prolificnumber of exploration projects and numerous prospector’s ‘showings’.
FCM currently holds 100% ownership of seven claim blocks covering over 180km² 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, future events or otherwise.
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#FCM First Class Metals – Operations:- ‘Big Four’ Exploration Update and Directorate Change
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 launch of systematic exploration campaign at the Zigzag lithium project in the Province of Ontario Canada. (“Zigzag” or the “Project”) alongside a general portfolio exploration update.
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 exception of Esa, the company will achieve its aim. Once the soil sampling results are available from Esa this property too will be close to being ‘drill ready.’ It is still the Company’s intention to drill one of the ‘Big Four’ this season. FCM-Report-The-Big-Four-How-we’re-moving-towards-drilling.pdf (squarespace.com)
Highlights:
· Noth Hemlo-Dead Otter Trend, further gold occurrences reported from grab samples return values up to 13.6ppm (13.6 g/t) gold (Au) giving further confidence to the project, supporting priority drill targets.
· Sunbeam-Further stripping underway at the sites of the historical Sunbeam Mine, Roy & Pettigrew workings. Visual similarities noted to the reported economic mineralisation that was historically mined. Channel sampling undertaken with results pending which will help define drill targets.
· Zigzag-Preliminary results from thirty-nine samples received with numerous results over 1% Li2O (full results pending). Extensive channel sampling campaign now completed with assays awaited, visual observations of coarse spodumene evidenced across many of samples taken.
· Esa-an extensive infill soil sampling program now completed; 500 samples taken and awaiting analysis. Purpose of the work is to ‘infill’ the successful definition of the Esa Shear in 2022. Property moves closer to a drill ready status.
Marc J. Sale First Class Metals CEO commented:
“I am pleased with the progress that First Class metals has made this field season, and despite the advance of Autumn there are still two teams out on the ground. I feel we are well on track to achieve the Company’s intentions. Both Sunbeam and Zigzag properties are permitted for drilling and with the support of the First Nations either of these properties or indeed North Hemlo (permit notwithstanding) are veritable maiden drill targets for FCM. Furthermore, the preliminary results from Zigzag have added significantly to our confidence in the property.”
North Hemlo
During the season extensive work: prospecting, sampling, and mapping has been undertaken along the Dead Otter trend, the focus has been around the historical showing (3.1ppm Au 0.59% Mo) and the area reporting 19.6ppm Au over three kilometres to the south east. There are still assays to be reported, however whilst sampling to date has not replicated the historic value there is limited outcrop exposed. The presence of visible gold and gold being ‘panned’ from crushed rock may indicate that there is potentially an issue with ‘coarse gold’ in the area of the historic showing. Other assays methods are being investigated.
Furthermore, the 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. Additionally, over 750m SE along trend from the historic showing an isolated outcrop returned 2.29ppm Au. This confirms the trend is auriferous. Furthermore, in the area of the 19.6ppm sample other samples have reported 13.6ppm and 4.6ppm Au. Future work will include detailed prospecting along the trend to prove the continuity of the structure along strike from the known gold occurrences, leading to stripping and drilling once permitting allows.
Photo 1-showing the sampling in the area of the 19.6ppm result.
Sunbeam
An initial stripping and channel sampling programme at the historic production sites of Pettigrew and Roy has been completed and provisional results received. Some of the higher values have been resubmitted for check assay. The results from Roy indicate a semi continuous zone across strike of multi-gramme material. However, further stripping and sampling is currently underway in order to better define the potential drill targets. Exposed structure evidencing numerous visible sheared mafic volcanic horizons with sulphide rich quartz veining, within broader envelope of sheared, altered, and mineralized felsic intrusive. A similar situation exists at Pettigrew. The additional stripping has revealed some very ‘interesting’, prospective rocks including sheared mafic volcanics with sulphide rich quartz veining with visible gold reported. Sampling is currently being undertaken.
Stripping and channel sampling at Sunbeam is also now under way in the area of the historic shaft.
Photo 2- showing one of the ‘quartz blowouts’ in the new area stripped., the second photo show a close up with ‘VG’ (visible gold).
Photo 3- VG in the channel at Roy.
Zigzag
The preliminary results from the 39 grab samples from recent prospecting are considered very encouraging and full results will be available soon, there are a number of the samples reporting over 1% Li2O.
In parallel to the prospecting a channel sampling programme was undertaken, and nine channels completed with two in excess of 10m in length with over 250m of strike being covered. Over 80 samples have been submitted for analysis. The samples contain significant spodumene and are considered visually encouraging with multiple zones of spodumene across the channels, see photos 4 and 5.
Photo 4- channel at Zigzag with the sample next to tape. Sampling entered the host of the pegmatite in order to check the selvages for possible mineralisation.
Photo 5- close up of sample from sawn channel. Note coarse spodumene crystals.
Esa
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.
This 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.
It is anticipated that the results of the infill lines will ‘tighten-up’ the potential target location to enable a more focussed stripping / trenching programme once the permit is granted. Drilling the most encouraging sectors would then be the next exploration phase.
Map showing the historical as well as ’23 season infill soil lines.
Summary
First Class Metals is entering a period of significant news and progress across its four core properties. The company has made significant strides towards achieving a “drill ready status.” Throughout the summer field campaign, extensive work has been conducted on each of these properties, which is expected to pay off in the next phase of exploration.
One property that has particularly excited First Class Metals is Zigzag, which has produced promising early-stage results. Further results from the prospecting and the channel sampling are still awaited. The property is strategically located in a corridor of established and expanding pegmatite lithium discoveries. This has garnered significant interest from the global lithium industry, positioning this region in North West Ontario as a new focus for battery metal discovery and development.
Moving forward, the company aims to assess and report on multiple assays that are still pending across all four 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’.
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 the appointment and resignation of Non-Executive Directors.
First Class Metals is delighted to announce the appointment of Mr. Andrew Williamson as Non-Executive Director of First Class Metals PLC, effective from the 15th October 2023. With Andrew’s extensive experience in listing companies on major stock markets globally, as well as his expertise in public and private corporate transactions and the establishment of domestic and international funds, his addition to our team brings immense value. Andrew is a former institutional corporate stockbroker, nomad, and sponsor to the full list.
We are confident that Andrew’s wealth of knowledge and expertise will greatly contribute to the growth and success of First Class Metals.
First Class Metals also announces the resignation of Mr. Danesh Varma, effective from the 15th October as Non-Executive Director, as he has decided to pursue other interests. However, due to his extensive experience in Canada, Mr. Varma will continue to support the company in a consulting capacity regarding corporate matters when required.
We extend our appreciation to Mr. Varma for his valuable contributions during his tenure as a Non-Executive Director and look forward to his continued involvement in an advisory role.
Ayub Bodi, Executive Director of First Class Metals PLC, commented
“On behalf of the board of directors, I would like to thank Danesh for his contributions as Non-Executive Director; we are grateful for his efforts at First Class Metals and wish him well in his future endeavours. At the same time, we are pleased to welcome Andrew whose experience and international network will support the growth of the business”
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 |
|
#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
|
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 |
GreenX Metals – Option Over Potentially Large-Scale Gold Prospect
GREENX ACQUIRES OPTION OVER POTENTIALLY LARGE-SCALE, SHALLOW BULK TONNAGE GOLD PROSPECT
GreenX Metals Limited (GreenX or the Company) is pleased to announce that it has entered into an Option Agreement (Agreement) with Greenfields Exploration Limited (GEX) to acquire up to 100% of the Eleonore North gold project (Eleonore North or the Project) in eastern Greenland.
· Eleonore North has the potential to host a “reduced intrusion-related gold system” (RIRGS), analogous to large bulk-tonnage deposit types found in Canada including Donlin Creek, Fort Knox and Dublin Gulch.
· Gold mineralisation documented at the high-priority Noa Pluton prospect within Eleonore North.
o Geophysical “bullseye” anomaly 6 km wide co-incident with elevated gold mineralisation from historical geochemical sampling.
o Anomalous gold mineralisation associated with quartz veining exposed at surface over a length of up to 15 km.
o Historical sampling includes 4 m chip sample grading 1.93 g/t Au and 1.9% Sb (refer to Appendix 1).
· Eleonore North has potential to host large scale, shallow, bulk tonnage gold deposits. The Project remains underexplored, with the existence of a possible RIRGS being a relatively new geological interpretation based on the historical data. Initial field work consists of a seismic survey to determine the depth from surface to the Noa Pluton to aid in drill targeting.
· Eleonore North license area contains other gold targets as well as copper, antimony and tungsten prospects. At Holmesø there is copper and antimony mineralisation outcropping at surface. Historical mapping and sampling in the 1970s at Holmesø show a prospective horizon between 15 m and 20 m thick, with per cent level grades for both metals.
· Option to earn 100% of the Project vests upon GreenX spending A$600,000 on exploration on the Project within 12 months and can be exercised in return for a 1.5% Net Smelter Royalty plus A$250,000 payable in cash and A$250,000 payable in either cash or GreenX shares at GreenX’s election.
· Transaction provides GreenX with gold exposure in Greenland and complements GreenX’s existing exploration prospect in Greenland, the Arctic Rift Copper project (ARC). There are significant synergies with regards to personnel, logistics and equipment in having multiple exploration projects in Greenland. Field works for the 2023 have already commenced at Eleonore North, with follow-on exploration field activities for the ARC project currently being planned.
· Greenland is a mining friendly jurisdiction with strong Government support for expanding its mining industry, simple laws and regulations, and a competitive fiscal regime.
Mr Stoikovich, Chief Executive Officer of GreenX said: “The Eleonore North project diversifies GreenX with an exposure to gold and the bulk-tonnage target fits with the Company’s strategy of pursuing globally significant discoveries. Its location allows us to unlock significant operational synergies in future field seasons with our ARC copper project in northern Greenland in conjunction with our JV partner and project manager Greenfields Exploration. We believe the mineral potential of Greenland is enormous, and we are progressively working on unlocking this potential.”
Classification: 2.2 Inside Information
ELEONORE NORTH SUMMARY
The Eleonore North Project comprises of two Exploration Licences covering an area of 1,221 km2 in an arid part of north-eastern Greenland, approximately 1,000 km south of the Company’s ARC project.
The Project comprises two licences, located on Ymer Island in the south and the Strindberg Land peninsula in the north. The 300 m deep fjords in this area are around 6 km wide, sailed annually by large container ships, and aircraft frequent the area. The Company identifies no significant environmental, archaeological, or social challenges in the area.
Analogous to Canadian Bulk Tonnage Gold Deposits
Eleonore North has all the hallmarks of a “reduced intrusion-related gold system” (RIRGS). This type of bulk-tonnage deposit is found in Canada, including the ~45 Moz Au Donlin Creek, 13 Moz Au Fort Knox, and 6.4 Moz Dublin Gulch).
RIRGS deposits are often associated with tin-tungsten provinces. The gold may express in various environments ranging from within an intrusion, a skarn, an overlying alteration halo (‘hornfels’), and distal veins.
The most advanced prospect within the Project is the Noa Pluton, where extensive gold mineralisation is well documented and coincident with a geophysical anomaly. The Noa Pluton is obvious in magnetic data and is at the centre of a multi-element ‘bullseye’, which is consistent with the deposit type. While gold is the primary motivator, the mineral system includes standalone deposits of the critical metals antimony and tungsten. This project is more advanced than the Company’s existing portfolio.
GEOLOGY
Eleonore North covers a sedimentary basin1 that is intruded by granite and intermediate plutons of multiple ages (refer to Appendix 2). The plutons of interest intruded shortly after a mountain-building event2, releasing the compressive forces allowing deeply sourced, gold-bearing fluids to rise to the surface3. There is strong evidence for the occurrence of a RIRGS process. The first clue to the potential presence of a gold deposit is the presence of tungsten and antimony-tungsten deposits. These deposits often form a circular and predictable zone around gold anomalism. This metal zonation is consistent with RIRGS, as these deposits are often found in established tin or tungsten provinces. At Eleonore North, tungsten deposits are located up to 20 km away, which gives an indication to the intensity of the mineralising event.
NOA PLUTON
A circular magnetic feature is at the centre of the regional geochemical zonation.
This geophysical signature is interpreted to be the alteration halo/hornfels of a pluton (the Noa Pluton). The geophysical anomaly has a diameter of 6 km and is likely to closely approximate the hornfels. Based on the magnetic data, the top of the intrusion is interpreted to be around 200 m to 300 m below the surface. The gold mineralisation may extend from surface into the intrusion, giving a substantial vertical target area to the 28 km2 aerial extent.
Geochemical anomalism is coincident with a circular geophysical anomaly. A gold vein is exposed at the surface, and the associated anomalism has a strike extent of at least 10 km and possibly up to 15 km. As there is little in the way of a weathering profile, the anomalism is thought to represent in situ mineralisation.
This Noa Valley vein varies in width from 5 to 25m and is associated with economically attractive levels of antimony4. Based on limited sampling undertaken in 1983 and 1992, the best results are:
· 40 m chip line with a length weighed average of 0.78 g/t Au and 0.01% Sb, including 15m with a grade of 1.62 g/t Au and 0.02% Sb (Chip Profile 15);
· 35 m chip line with a grade of 0.39 g/t Au and 0.01% Sb, within which there is 15m grading 0.71 g/t Au and 0.27% Sb;
· 4 m chip sample grading 1.93 g/t Au and 1.9% Sb (profile CP-D); and
· 14 m long chip sample grading 7.2% Sb and 0.53 g/t Au (Profile CP-C) refer to Appendix 1 and 2).
At least one other vein is in the valley floor, and others are likely. While these veins are interesting, they represent evidence towards targeting a much larger prospect, the Noa Pluton.
As the exposed mineralisation has an arsenic-antimony-gold affinity and there are lead-zinc veins in the area, the Company interprets that the exposed mineralisation is just above the inner hornfels5 zone. The position in the outer hornfels means the gold content is likely to increase towards the Noa Pluton.
HOLMESØ
Some 50 km to the north-northwest of Noa Pluton is a strong geochemical anomaly at a location known as Holmesø. At this prospect, significant antimony-and copper outcrops at the surface. Historical mapping and sampling in the 1970s at Holmesø show a prospective horizon between 15 m and 20 m thick, with per cent level grades6 for both metals.
The well-exposed mineralisation at Holmesø shares similarities with an anomaly on the north side of Noa Valley, some 5 km from the Noa Pluton. Consequently, Holmesø is interpreted as being caused by a second RIRGS-intrusion, whereby the antimony incorporates the sedimentary7 copper found in the region. While the grades and thickness of the Holmesø mineralisation are attractive and the prospect is drill ready (refer to Appendix 1 and 2), the Company aims to prioritise locating the source RIRGS pluton.
PATH FORWARD
The primary target in Eleonore North is the Noa Pluton, followed by the Holmesø prospect and its source intrusion. The Noa Veins provide a near-term drill target, however, the Company plans to determine the depth of the intrusion with greater precision using a passive seismic survey. This information will validate the magnetic interpretation, provide more certainty for a future drilling program, and help identify the size of the intrusion within the well-defined hornfels.
SUMMARY OF TERMS
GreenX will acquire a 100% interest in the Eleonore North project through the Option Agreement. Key terms of the Agreement are as follows:
· The option to acquire the Project vests once GreenX has spent A$600,000 on an agreed work exploration program for the Project within 12 months;
· Once the option has vested, GreenX can secure the Project on or before 30 June 2024 in return for:
o a 1.5% Net Smelter Royalty (NSR); plus
o a payment of A$250,000 in cash; plus
o a further payment of A$250,000 in cash or shares (with a floor price of A$0.30) in GreenX, at the Company’s election.
GEX will act as the project manager until 30 June 2024, with the option, under certain circumstances, to act as the project manager thereafter.
The Agreement provides GreenX with a low-cost entry point into gold exploration in Greenland, given the synergies of established team, infrastructure and equipment in Greenland for the ARC project. Eleonore North remains underexplored, and the existence of a possible Intrusion Related Gold system is a relatively new geological interpretation based on the historic data.
Greenland is a mining friendly jurisdiction with strong Government support for expanding its mining industry, simple laws and regulations, and a competitive fiscal regime. The country is increasingly recognised as one of the last great mineral resource frontiers having recently attracted interest from Anglo American, Glencore, Trafigura, as well as KoBold Metals which is exploring for materials critical for the electric vehicle and renewable energy revolutions.
Kavango Resources Plc #KAV – Option to acquire Zimbabwe gold project
Kavango Resources plc (LSE:KAV), the Southern Africa focussed metals exploration company, is pleased to announce it has signed an exclusive 2-year option to acquire a producing gold exploration project in Matabeleland, southern Zimbabwe (the “Option”).
The Nara Project comprises 45 contiguous gold claims (the “Claims”). Kavango believes the Nara Project has potential to host a bulk mineable gold deposit.
The Nara Project area has supported historic high-grade underground mining and continuous surface small-scale mining and custom milling over the last 30 years. This has generated approximately 150,000 to 250,000 tonnes of tailings (the “Tailings”), which present a separate opportunity for potential near-term revenue generation.
Under the terms of the Option, Kavango will have full access to the Nara Project area to conduct field due diligence, through a comprehensive exploration program. This program will include (but not be limited to) surface mapping and geochemistry, geophysics, surface drill testing, underground sampling, underground drill testing and assessing the commercial potential for processing the Tailings.
Kavango will complete its exploration program before deciding whether to exercise the Option to acquire the Nara Project.
Ben Turney, Chief Executive Officer of Kavango, commented:
“After extensive due diligence over the last 12 months, including 4 visits to Matabeleland, we are delighted to announce our first gold exploration project in Zimbabwe.
The greenstone belts in Zimbabwe host prospective rocks for bulk-mineable gold deposits, according to Kavango’s internal review and analysis. Many of these belts share notable similarities with some of Australia’s most prolific gold-producing regions.
Zimbabwe has a strong tradition of mining. However, exploration and investment has been severely limited over recent decades. In 1980, Zimbabwe produced more gold than Australia but the country has yet to experience the bulk-mining boom Australia did midway through that decade.
We believe this presents a significant opportunity for Kavango and a commercial discovery.
With the strong financial backing of Purebond, Kavango is now positioned to pursue the potential we have identified in Matabeleland alongside our portfolio in Botswana.”
The Nara Project
The Nara Project includes 45 contiguous gold claims (10 hectares each in size) and covers four historic mines with total recorded historic production from underground workings of 92,000oz gold averaging 9.76g/t (from the early 1900s to the early 1960s). These historic mines also produced credits of tungsten and silver.
Given the extent of the project, its regional geological setting, the historic high-grade underground potential and the sustained small-scale mining activity, Kavango believes the Nara Project holds considerable prospective potential for a modern commercial gold operation.
Nara Project exploration plan
Kavango has prepared an exploration plan for the Nara Project, which will include (but not necessarily be limited to):
– Surveying the Tailings
– Assessment of the historic mine shaft and possible underground drilling and channel sampling (subject to safety)
– Soil geochemical surveying along the strike extent
– Scout drilling to test artisanal workings/shafts
– Other drilling and surveying, as budget permits
Kavango will initiate its exploration program in the coming days.
Nara Project Option Terms
Kavango has entered a 2-year exclusive binding option to buy outright 45 gold claims in Matabeleland, Zimbabwe (the “Nara Project”). The 2-year option period will allow Kavango to perform an appropriate exploration program to assess the Nara Project’s potential.
To exercise the Option, Kavango has agreed to pay the current claims holder (the “Vendor”) US$4million cash (the “Acquisition Price”).
Kavango has agreed to pay an option fee to the Vendor of up to US$220,000 over the 2-year option period, split into 4 individual payments of US$55,000 each payable at the start of each half year of the option period (the “Option Payments”).
In the event Kavango exercises the Option, any Option Payments paid to the Vendor will be deducted from the Acquisition Price.
Kavango will commit to spend US$1million on exploration at the Nara Project over the 2-year option period, with a minimum exploration spend of US$500,000 in the first year. Should Kavango not exercise the Option, Kavango will turn over all exploration data to the current operator of the stamp milling operation at the Claims (the “Current Operator”), together with recommendations (where possible) on future development.
Kavango has the right to exercise the Option at its sole discretion, subject to the Company being up to date with the Option Payments and spending commitments. Kavango has the right to cancel the Option at any point during the option period and to exercise the Option at any time during the option period.
Performance Consideration
On declaration of a code-compliant (e.g. JORC or equivalent) gold resource containing in excess of 500,000 ounces of gold (inferred category or above) at the Nara Project by Kavango, the Company will pay the Vendor or his designate/s a payment in shares to a value of up to US$1million in shares in Kavango (the “Performance Consideration Shares”).
The aggregate value of the Performance Consideration Shares will be calculated on the basis of the table below:
|
Resource size (number ounces contained Au in inferred or above resource category) |
Performance Consideration shares to be issued to Vendor (in US$) |
|
500,000oz |
US$500,000 |
|
750,000oz |
US$750,000 |
|
1,000,000oz or greater |
US$1,000,000 |
The aggregate issue price of the Performance Consideration Shares shall be calculated based on stage gates using the following structure:
– First issue of one quarter of the Performance Consideration Shares shall be 1.8p per share
– Second issue of one quarter of Performance Consideration Shares based on the closing price of shares traded in Kavango Resources Plc on the date six months after 23 December 2023;
– Third issue of one quarter of the Performance Consideration Shares based on the closing price of shares traded in Kavango Resources Plc on the date twelve months after 23 June 2024;
– Fourth issue of one quarter of the Performance Consideration Shares based on the closing price of shares traded in Kavango Resources Plc on the date 18 months after 23 December 2024.
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) (“UK MAR”). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
For further information please contact:
Kavango Resources plc
Ben Turney
+46 7697 406 06
First Equity (Broker)
+44 207 374 2212
Jason Robertson
Kavango Competent Person Statement
The technical information contained in this announcement pertaining to geology and exploration have been read and approved by Brett Grist BSc(Hons) FAusIMM (CP). Mr Grist is a Fellow of the Australasian Institute of Mining and Metallurgy with Chartered Professional status. Mr Grist has sufficient experience that is relevant to the exploration programmes and geology of the main styles of mineralisation and deposit types under consideration to act as a Qualified Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.
First Class Metals #FCM – North Hemlo Exploration Update
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK metals exploration company focused on the discovery of economic metal deposits across its extensive Canadian – northwest Ontario, land holding is pleased to provide an update on exploration activities.
Highlights
· Exploration currently in progress at North Hemlo, with a clear focus on drill preparation.
· Visible gold has been observed in multiple grab samples from the Dead Otter Trend (‘DOT’) on North Hemlo.
· Gold ‘panned’ from pulverised grabs taken from the DOT.
· Exploration permit submitted to the Provincial authorities, reflecting our confidence in our exploration progress and our commitment to fulfilling all necessary regulatory requirements.
· Drill contract under negotiation, with site visit undertaken by a drilling operator to review logistics and access for a diamond drilling rig.
Marc J. Sale CEO First Class Metals Commented:
“The confirmation of (visible) gold underlines our increasing confidence in the potential of the Dead Otter Trend. This is a very significant milestone for FCM, as is the submittal of the Exploration Permit after extensive but positive and on going discussions with the First Nations. We intend to drill as soon as all the factors allow”.
North Hemlo Exploration Progress:
A field team, working from Manitouwadge, is focussed on the Dead Otter Trend. Initially, exploration is focussed around the historic showing which reported 3.1 g/t Gold (Au) and 0.59% Molybdenum (Mo). Over 100 samples have now been taken and ready for dispatch.
After the completion of the intensive, detailed sampling of the ‘northern’ area, a similar exercise will be conducted to the southeast, in the vicinity of the previously reported new discovery of 19.6g/t Au (as seen in the news release of January 26, 2023). The two areas are separated by approximately 3km, and the structure has been discontinuously traced along the extent and reports other >1g/t Au and anomalous Mo as other ‘pathfinder’ elements.
The Company’s stated objective is to advance the Dead Otter Trend to drill ready status this season with the intention of undertaking stripping then a scout drilling programme once permitting is secured.
Visible Gold (VG) in sampling across the Dead Otter Lake Trend:
Systematic grab samples have been collected along the favourable ‘horizon’ in the area of the old showing. A high percentage of the rock composing each sample are scrutinized for presence of visible gold, see photo 1.
Please follow the link for a photomicrograph of a sample exhibiting visible gold, from work earlier this week. https://images.squarespace-cdn.com/content/v1/609bd256aea691347dbcf1ed/2c18daa8-94d3-4d80-8e0f-180ae1a10b6b/Photomicrograph-of-visible-gold-from-the-Dead-Otter-Lake-Trend.jpg
Photo 1-showing geologist reviewing the rocks from intensive sampling of the Dead Otter Trend
Photo 2-Visible gold in a second sample in a photomicrograph of rock from the Dead Otter Trend
Panned gold
Rock samples collected randomly from the zone of intensive sampling were ‘dollied’ then panned-off. A number of gold flecks were seen in the ‘tail’ in the panning dish (see Photo’s 3 -5). This is significant in not only proving the presence of gold in the Dead Otter Trend but also signifies that (some of) the gold present is free-milling, a very important metallurgical aspect for future possible extraction.
Photo 3 -showing the fine gold in the ‘tail’ in the panning dish.
Photo 4-photomicrograph of minute gold specs seen in the panned rock
Photo 5-photomicrograph of further minute gold specs seen in the panned rock
Exploration Permits Submitted
The Exploration Permit which would allow stripping and drilling of the Dead Otter Trend has been submitted to the Mines department for review and consultation. This is after FCM has had, and ongoing, detailed discussions with the pertinent First Nations (FN) groups with traditional land claims over the North Hemlo claim block.
Drill Contract Discussions
Advanced discussions have commenced with a local drilling company, and a review of the contract has been initiated, which included a site visit to assess access for a drill program upon the receipt of a successful permit application.
FCM remains committed to undertaking a scout drill programme on the Dead Otter Trend as soon as logistics and permitting allow.
FCM is committed to exploring the properties currently under its control in order to add value and bring where warranted to a drill point. For further information on our near term plans we would like to signpost investors to our recently created presentation ‘The Big Four’ link: FCM-Report-The-Big-Four-How-we’re-moving-towards-drilling.pdf (squarespace.com)
For Further Information:
|
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 |
First Class Metals PLC – Background
First Class Metals is focussed on exploration in Ontario, Canada which is considered a top global destination for exploration with a robust and thriving junior mineral exploration sector. Specifically, the 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 180km² 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, future events or otherwise.
First Class Metals #FCM – Operation Update on Ontario Exploration
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK metals exploration company focused on the discovery of economic metal deposits across its extensive Canadian – northwest Ontario, land holding is pleased to provide an update on exploration activities.
Highlights
· Zigzag Lithium-Initial reconnaissance trip with the property completely under the cover of snow returns grades of Lithium (Li) up to 1.00% and Tantalum (Ta) up to 198 ppm.
· McKellar REE Diatreme-Channel sampling of diatreme verifies historical findings and further evidenced Rare Earth Element (REE) system.
· Esa-Extensive soil sampling campaign to build on the successful 2022 program completed with 539 samples now awaiting assay results.
· Sunbeam-Historic data and core reviews completed alongside extensive prospecting, sampling, and mapping program which includes rediscovery of a 3m wide quartz vein on the Pettigrew Trend.
· North Hemlo-Exploration at North Hemlo initiated focused on the Dead Otter trend.
Marc J. Sale CEO First Class Metals Commented:
“FCM remains focussed on bringing four of our key properties to drill ready status this field season. It is our stated intent, permits notwithstanding, of drilling at least one of these properties this season. The 2023 field season has started well and with the support of EGS[1] I feel we are currently on track to accomplishing this objective”.
Zigzag Lithium
The 6 claim Zigzag claim block is situated in a developing, prolific lithium endowered pegmatite belt, 60km northeast of Armstrong, Ontario. During a winter reconnaissance of the Zigzag property in order to assess access the team identified an old trench for which sample information was not available. Four samples were collected from the in situ debris flanking the trench. The results, tabulated below validate previous sampling, with values up to 1.0% (10,000ppm):
|
Sample number |
Lithium (Li) ppm |
Tantalum (Ta) ppm |
|
A1104880 |
1390 |
184 |
|
A1104881 |
5070 |
84.7 |
|
A1104882 |
10000 |
139 |
|
A1104883 |
1180 |
198 |
Table 1-Zigzag grab sampling results
It is important to take these samples in context: this being that the site was covered in several feet of snow and it was specifically an access appraisal visit, that any samples were collected were a bonus. However to carry out prospecting in such conditions and produce these results gives great confidence on the wider mineralisation of the property.
The exploration programme , going forward when logistics and other factors allow is to establish a temporary field camp at Zigzag to conduct a programme of sawn channel sampling to quantify the distribution of metals (Li / Ta) along the known 800m strike and width which is estimated at up to 20m.
The intention is to bring the Zigzag property to drill ready status this season.
Picture 1-Sample of Zigzag spodumene
McKellar Polymetallic Project
FCM is pleased to announce the results from the recent sampling of the McKellar diatreme have been received: not only confirming but enhancing the historic sampling.
The McKellar property, comprising 66 claims covers 12.5km² is situated in prime geological terrain within the Coldwell complex. Located to the west of the Generation Mining’s Palladium Project, McKellar is roughly 25 kilometres from the town of Marathon, the main service centre for Barrick’s Hemlo mine.
The property contains known ‘showings’ (historic sample points) for gold, silver, and base metals as well as a diatreme with reported anomalous REE, see Figure 1.
Figure 1 showing the historical showings at McKellar
The diatreme occupies a topographic low and occurs within a north trending linear stricture. The breccia may have been emplaced within a shear or fault zone, however, geologic data supporting this possibility are lacking.
In total 18 sawn channel samples of approximately 1m were collected across the exposed diatreme, in addition 5 grab samples were also collect for assay.
In 2013 prospecting, the results of geological mapping and rock sampling (5 bedrock grab samples were taken) of the diatreme, results of which and other assayed samples from the diatreme area are included in table 2 below along with the results from the highest two samples from FCM’s recent sampling.
|
Element |
Historical assay results for selected elements (including REE’s), McKellar Creek Diatreme: |
FCM recent 2023 sampling showing two highest values, all ppm |
|
Gold Au |
25 ppb |
N/A |
|
Platinum Pt |
17 ppb |
N/A |
|
Neodymium Nd |
300 ppm |
259, 205 |
|
Lanthanum La |
400 ppm |
362, 253 |
|
Beryllium Be |
2.8 ppm |
5 all others BLD |
|
Cerium Ce |
513 ppm |
653, 503 |
|
Yttrium Y |
214 ppm |
287, 193 |
|
Strontium Sr |
1280 ppm |
1410, 1360 |
|
Thorium Th |
180 ppm |
145, 140 |
|
U308 |
38 ppm |
U: 32.8 23.4 |
Table2 showing the results of the reported historical and recent sampling by FCM.
Picture 2 showing channel sample sawn into the diatreme outcrop and in the process of being sampled
The Exploration Permit, after discussions with relevant First Nations, will be submitted in the following days to the Ministry. The Permit when granted would allow drilling if justified. However, a more systematic sampling of the diatreme would be required prior any drilling to accurately define an initial a programme, if warranted.
Sunbeam-Historical High Grade Gold Mine.
The Sunbeam property is situated in the Ramsay-Wright Township in the Superior Province of the Canadian Shield, Ontario. The landscape consists of gently rolling topography with a maximum relief of 40m. Vegetation is typical mixed boreal forest. Located in north-west Ontario, the property is approximately 27km northeast of the town of Atikokan and 15km southeast of the Hammond Reef gold deposit.
The Property hosts several sites of historic mine development and gold mining: The Sunbeam Mine, the Roy Mine, and the Pettigrew Mine. Multiple other gold occurrences are also known including the Road Zone, AL198 Zone, WN2 and the Rubble ‘occurrences’.
The Sunbeam Mine operated from 1898-1905. While there are no records of the production totals for the mine from 1899-1903. In 1904, it was reported that 650 tons averaging 12.2 g/t was mined. Based on the 1903 inclined longitudinal plan of the Sunbeam mine, it has been previously estimated that there could be 50,000-70,000t grading 13.0g/t Au remaining in the old workings
Additionally, the ‘Roy’ and Pettigrew’ showings are on separate sub-parallel mineralised trends to the Sunbeam mine, contained within roughly a 10km strike identified for each trend, giving an aggregate 30km of exploration target.
The review of the historic data has significantly increased not only the understanding of the geology and the potential of the property but also increased the enthusiasm of the company to focus on bring this property to drill ready status. This is highlighted by one section of a voluminous report it was noticed a Geologist from the Ontario Survey visited the abandoned mine site in the ’80’s and took a sample of the dump which reported 26.16 ounces of gold and 5.8 ounces of silver.[2]
It is the Company’s stated intention to bring to drill ready status this field season.
Figure 2 showing the Sunbeam property highlighting the three trends identified, and the core Sunbeam area as well as the English Option claims.
The drill core from the Nuinsco drill campaigns has been relocated to a storage facility closer to the property and was reviewed hole by hole. No additional sampling was required as an exemplary job of logging and sampling was achieved by Nuinsco. A better understanding of the mineralising package has been gleamed, however, it is evident that structure plays a very important role in emplacement of the mineralisation. In order to most efficiently locate any planned drilling stripping and possibly channel sampling of key sites close to the three historic developments will be performed prior to drilling
Picture 3-Showing historical Sunbeam drill core from Nuinsco drilling. The section shows the mineralised quartz bearing gold zone from drill hole NS-21-06
The available historic geophysics was sourced for / by Paterson Grant and Watson (PGW) who reprocessed and interpreted the data. Their report not only highlighted the three main trends but has also assisted in a better understanding of the district scale structures as well as identifying additional areas for prospecting
Prospecting of the three main trends by EGS and a team from Bjorkman Prospecting focussed on areas outside the main developments and has identified veining within the three structures previously without reported assays. A significant number of samples have been collected and submitted for analysis.
Another aspect highlighted by the historical review was the lack of drilling undertaken on the Pettigrew development area and the limited drill holes that had assays reported showed very promising results from near surface:
Two holes returned significant gold assays:
Hole 57751: 19.4 g/t Au over 0.63m at 5.33m and 15.17 g/t Au over 1.37m at 21.44m
Hole 57766: 2.96 g/t over 0.18m at 28.26m and 3.56 g/t over 0.5m at 37.31m
Picture 4 the historic development at Pettigrew which was deepened to 100′
Esa Gold Project
Results from the 2022 field season’s soil sampling programme defined a cohesive if discontinuous Au (and pathfinder element) anomaly roughly coincident with an inferred shear (supported by geophysical evidence), which transects the property. Previous prospecting for FCM had also identified, to the north of the shear, a ‘Hemlo look-a-like’ angular boulder which reported 702ppb Au. This is significant, more so as it was found on a roughly north south magnetic anomaly whose southern projection intersects the shear.
Picture 5 showing the angular boulder from Esa which returned 0.7ppm Au, (field of view approx. 10cm)
A Further 534 soil samples and 5 rock chip samples have been collected both subparallel to the shear – orthogonal to the north striking magnetic features- as well as in the areas of higher Au anomalism in the previous programme. Results have not yet been received.
Figure 3 showing the shear transecting the property and the soil lines completed in the 2022 field season.
FCM has drafted an Exploration Permit which is currently under review by First Nations.
It remains FCM’s intention to bring Esa to a drill ready status this field season and if able and warranted undertake stripping and drilling.
North Hemlo-
A field team is now established at Manitouwadge and has recommenced exploration on the Dead Otter trend which previously has reported over 19.ppm Au on a discontinuous trend traceable to over 3km south east from the original showing which reported 3.1ppm Au and 0.59% Mo. Over 20 further samples hav already been collected with visually encouraging signs.
The Company’s stated objective is to advance the Dead Otter trend to drill ready status this season with the intention of undertaking stripping then a scout drilling programme once permitting is secured.
FCM is committed to exploring the properties currently under its control in order to add value and bring where warranted to a drill point. For further information on our near term plans we would like to signpost investors to our recently created presentation ‘The Big Four’ link: FCM-Report-The-Big-Four-How-we’re-moving-towards-drilling.pdf (squarespace.com)
For Further Information:
|
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 |
First Class Metals PLC – Background
First Class Metals is focussed on exploration in Ontario, Canada which is considered a top global destination for exploration with a robust and thriving junior mineral exploration sector. Specifically, the 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 180km² 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, future events or otherwise.
Golden Metal Resources #GMET – Golconda: Carlin-Type Gold Targets Identified
Golden Metal Resources plc (LON:GMET), a mineral exploration company focused on tungsten, gold, copper and silver within Nevada, USA, is pleased to announce exploration results from its Golconda Summit gold project (“Golconda”, “Golconda Summit Project” or the “Project”) located within the prolific Walker Lane Mineral Belt in Nevada, USA.
Highlights:
– Rock sampling results returned significant arsenic (As) anomalism – the main alteration element associated with Carlin-type gold systems, including:
o 11 of the 52 samples collected returned > 250ppm (or g/t) As, with an impressive 6 returning > 500ppm As (which represents the upper limit for the analytical method used); and
o both samples collected near the “Trench Zone” returned >500ppm As, this is located in the vicinity of historical trenches which yielded channel sample assay results of 7.6m @ 19.7g/t gold (Au) and 15.2m @ 7.1g/t Au.1
– Together these results further suggest the presence of a “feeder zone” and therefore the possibility that a Carlin-type gold system may exist within the Project at depth.
Oliver Friesen, CEO of Golden Metal, commented:
“Carlin-type gold systems represent globally important mineral deposits that are found almost exclusively within northern Nevada. Because of this, when we set out to build Golden Metal it was paramount to have an exciting Carlin-type gold opportunity within the portfolio, therefore allowing UK investors to get exposure to these very important gold systems.
“The results presented today give further support that a significant Carlin-type gold system may be present within the Project. With this important data now in hand we continue to work with our in-country geologist to develop and refine drill targets at Golconda.
“We look forward to providing further updates from Golconda in due course, as well as at our flagship Pilot Mountain Project where multiple technical and commercial workstreams are moving forward in tandem.”
Detailed Overview:
– Detailed geological mapping and rock sampling has recently been completed across the Golconda Summit Project, managed by Golden Metal’s (ex-Newmont) senior geological consultant. A total of 52 individual rock samples were taken and detailed mapping of the easterly dipping Golconda Thrust Fault (“Golconda Fault”) was completed. This fault represents an important conduit for mineralising fluid flow within northern Nevada.
– Of the samples collected across the Project, 11 returned >250ppm As, with 6 returning >500ppm As (which represents the upper limit for the analytical method used).
– Of the samples collected across the Golconda Fault, 6 returned >250ppm As, with 2 returning >500ppm As, highlighting the strong Carlin-type arsenic anomalism across this regionally important structural feature. This area has been named the “Thrust Zone”.
– Previous exploration on the Project by the Nerco Mineral Company is 1989 encountered significant gold mineralisation located within upper plate Havallah Sequence rocks at the “Trench Zone”, including surface mechanized trenching channel sample assay results of 7.6m @ 19.7g/t gold (Au) and 15.2m @ 7.1g/t Au.1 Both samples collected near to this zone returned >500ppm As.
– The presence of arsenic anomalism within the Trench and Thrust Zones suggests the presence of a ‘feeder zone’ at Golconda. A feeder zone would have allowed for carlin-type gold mineralisation to be remobilised from lower plate rocks below. Both of these zones represent priority targets for ongoing exploration at Golconda.
– Golconda is located within the same host rocks (Havallah Sequence upper plate rocks as well as lower plate Edna Mountain/Preble Formation and Antler Peak Limestones) as the nearby multi-million-ounce Turquoise Ridge, Lone Tree Complex, and Marigold gold mines (see Fig. 1).
Further Project Information
The Golconda Summit Project is underlain by a thrust faulted Palaeozoic sedimentary sequence which has been transported eastward to its present-day location along the major Golconda Thrust Fault. The preserved stratigraphic section includes the Antler Peak Limestone, Edna Mountain Formation and the Preble Formation (collectively “Lower Plate Rocks”), which are structurally capped by the Havallah Sequence (“Upper Plate Rocks”). Previous work has been primarily focused on surface anomalies within the Upper Plate Rocks, which are not a known host of Carlin-type mineralisation within Nevada; despite this, previous work by Nerco Mineral Company in 1989 encountered significant gold mineralisation within Upper Plate Rocks including trench sample results of 7.6m @ 19.7/t Au and 15.2m @ 7.1g/t Au, as well as shallow drilling results of 10.7m @ 3.1g/t Au.1
These results were believed to be caused by fluids remobilising gold mineralisation from favourable Lower Plate Rocks along sub-vertical and thrust fault structures leading to redeposition in the Upper Plate Rocks found at surface today. This hints at the significant potential that exists within the virtually untested Lower Plate Rocks found across the Project, directly below the Upper Plate Rocks. Most of the previous exploration at Golconda consisted of shallow, vertical drill holes which were terminated short of the more favourable Lower Plate Rocks. Only two holes penetrated through the Golconda Thrust fault testing only a short section of the upper Edna Mountain Formation.
The Antler Peak Limestone is a known host rock for both Carlin-type (Chimney Creek Mine) and replacement-skarn deposits (Fortitude and Phoenix Mines), the Edna Mountain Formation is the known host rock for the nearby Lone Tree Mine (see Figure 1), and the Preble Formation is host to the nearby Preble Mine, located less than 10km from the Project.
Using the newly acquired data, the Company is working with its in-State geological team to further refine its drill targets at Golconda. Golden Metal plans to be the first company to ever fully drill test the multiple prospective Lower Plate Rocks including the Antler Peak limestone, Edna Mountain and Preble Formations – all of which host Carlin-type gold deposits in Northern Nevada.
Media
Full size images are also available at the link below:
https://www.goldenmetalresources.com/golconda-summit-exploration-update/
Figure 1 – Carlin-Trend Regional Map
Figure 2 – Golconda Summit Property Map
Figure 3 – GS125 (253ppm As) taken from a quartz-carbonate veined outcrop along the Golconda Fault
Analysis
All rock samples were prepped and analysed at ALS USA Inc.’s laboratory in Elko, Nevada. Assays were determined using the analytical package ME-MS41 comprising aqua regia digestion with super trace inductively coupled plasma mass spectrometry (ICP-MS) analysis providing extremely low detection limits for analysis of rocks. A total of 41 elements were reported as part of this analysis. Gold determinations were completed using Au-AA23 which includes a 30g sample analysed via a Fire-Assay (FA) finish.
Property Ownership
Golden Metal holds an option to earn a 100% interest in the Golconda Summit Project through its wholly-owned Nevada operating company, Golden Metal Resources LLC.
COMPETENT PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Golden Metal Resources plc to provide technical support.
Reference Notes:
1Summary Report for the Golconda Summit Property Iron Point Mining District, Humboldt County, Nevada; unpublished report prepared for Carlin Gold Corporation and Toquima Minerals US Inc. by K. Brook, dated 4 April 2006.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018).
Forward Looking Statements
This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the timing and granting of regulatory and other third party consents and approvals, uncertainties regarding the Company’s or any third party’s ability to execute and implement future plans, and the occurrence of unexpected events.
Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.
For further information visit www.goldenmetalresources.com or contact the following:
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Golden Metal Resources plc Oliver Friesen (CEO) |
Tel: +44 (0) 20 7583 8304 |
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Cairn Financial Advisers LLP Nominated Adviser Sandy Jamieson/Jo Turner/Louise O’Driscoll |
Tel: +44 20 7213 0880 |
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First Equity Limited Broker Jonathan Brown/Jason Robertson |
Tel: +44 20 7374 2212 |
The Projects:
Pilot Mountain Project
The Pilot Mountain project is an advanced exploration and mineral resource definition stage project located in Mineral County in western Nevada. The project covers an area of 14.80 km2 (3,656.1 acres) and is located 200km southeast of Reno and 18km east of Mina, Nevada. It is well situated for the supply of power, water and skilled labour and proximity to transport infrastructure in Mineral County and is centred around four existing mineral deposits: Garnet; Good Hope; Gunmetal and Desert Scheelite, all of which possess significant skarn-style tungsten-copper-silver-zinc mineralisation. The Pilot Mountain project consists of 176 active lode mining claims and 4 filed mill site claims. The four mill site claims filed at the former Dunham mill site have secure access to groundwater supply sufficient for the proposed project.
Golconda Summit Project
Golden Metal is the operator of the Golconda Summit project, which is held under an earn-in right to acquire up to 100 per cent. of the project from the mineral claim owner pursuant to an option agreement. The Golconda Summit project is an exploration stage gold and silver project located in Humboldt County and situated at the confluence of the Getchell and Battle Mountain – Eureka metallogenic trends, and consists of 44 lode mining claims, covering a total area of approximately 3.22 km2 (795.4 acres) located approximately 27km east of Winnemucca.
Garfield Project
The Garfield project is an early exploration stage copper, gold and silver property consisting of 39 lode mining claims covering 3.23 km2 (797.9 acres) located in Mineral County, Nevada, approximately 14km due east of the town of Hawthorne and 120km due west-northwest of Tonopah.
Stonewall Project
The Stonewall project is an exploration stage gold-silver property prospective for epithermal gold-silver mineralisation. The property consists of 19 lode mining claims covering 1.59 km2 (392.5 acres) located on the northern flank of Stonewall Mountain, on the western edge of the Nellis Airforce Range Restricted Access Area, in Nye County, Nevada, approximately 24km south-east of the historic gold mining town of Goldfield and 60km due south of Tonopah.
Power Metal Resources #POW – Tati Gold Project, Botswana – Exploration Update
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an exploration update from its 100% owned Tati Gold Project (“Tati” or the “Project”) located on the Tati Greenstone Belt (“TGB”) near Francistown, Botswana. The 2023 exploration programme including geophysics, trenching, soil sampling as well as reverse circulation (“RC”) and/or diamond drilling was launched on 26 January 2023 and the announcement providing further information may be viewed through the following link:
Highlights
– Ground geophysics and trenching have been completed with available results presented herein. A longer than usual rainy season led to the delay in the commencement of the planned infill soil geochemical sampling programme. However drier conditions have now persisted long enough for the Company to launch this next phase of work, which is expected to commence shortly.
– Detailed geological mapping of the recently completed trenches has confirmed the geological setting in the Cherished Hope Mine area which is highlighted by gold mineralisation which is concentrated within quartz reefs (massive veins, veinlets and silicified zones) hosted within predominantly diorite units.
– Analysis of ground magnetic geophysics results have highlighted the location of multiple post-mineralisation dolerite dykes which are known to persist throughout much of the TGB. Understanding the precise location of these dykes is paramount as exploration continues to progress at Tati.
– Following completion of the upcoming infill soil sampling programme – as well as the receipt of the soil assay results – next exploration steps, including planned reverse circulation and/or diamond drilling, will be finalised and communicated to the market.
Sean Wade, Chief Executive Officer of Power Metal Resources plc commented:
“I know shareholders have been keen to hear an update on Tati, and we are very pleased to be able to deliver that. We have made significant progress on this important project and we have further built our technical knowledge of the gold potential across the 8km gold-in-soil-anomaly. After the rainy season we now move into the next stage including the high-resolution infill soil sampling and, subject to review and interpretation of all results, exploration drilling. Economic processing of the tailings also remains a priority and we are actively exploring our options in that regard.
This work is being conducted in parallel with extensive other corporate and exploration activities across the Power Metal group and we anticipate regular news flow in the weeks and months ahead. Activity levels across the Company are able to accelerate, with the recently announced £2.7m financing providing considerable working capital to pursue our ambitious corporate growth objectives.”
FURTHER INFORMATION
Figure 1 – Tati Project Overview Plan Map:
Figure 2 – Tati Project Zoomed Trenching Plan Map:
EXPLORATION PROGRAMME OVERVIEW
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Exploration Work |
Latest Update |
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TRENCHING – COMPLETE A total of 431 metres of mechanised trenching has been successfully completed. Trenching was focussed along both the northwest and southeast strike-length extensions of the known outcropping gold mineralised quartz reef structures at Cherished Hope Mine. A total of 8 trenches were completed of which 3 targeted the northwestern strike-length extension and 5 targeted the southeastern strike-length extension. Trench samples, comprising 1m long composites taken along the side of the trench, were then sampled for gold (30g Fire Assay) at the ALS Laboratory in Johannesburg, South Africa. Detailed geological and structural mapping of the trenches was also completed.
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Further breakdown of trenching results are found in ‘Notable Trenching Results Section’. Northwest Extension (Trench 3, 4, 7): Overburden was determined to be between 0-1.5 meters in thickness and composed predominantly of a brown clay-rich unit overlaying a poorly sorted quartz pebble unit. The bedrock is dominated by a quartz rich diorite. Only one post-mineralisation dolerite dyke was identified within the northwestern trenches. Multiple silicified and quartz rich zones were successfully identified in the northwestern trenches. Several of these quartz-rich intervals returned elevated gold results including: seven 1m intervals in Trench 3 which returned >0.2g/t Au (up to 1.9g/t Au). Southeastern Extension (Trench 1, 2, 5, 6, 8): Overburden was determined to be between 0-3 meters in thickness and composed predominantly of a brown clay-rich unit overlaying a poorly sorted quartz pebble unit. The bedrock is dominated by a quartz rich diorite. Four post-mineralisation dolerite dykes were identified which crosscut the diorites at various locales. Multiple silicified and quartz rich zones were successfully identified including in Trench 8 where they were determined to be the most abundant (furthest southwest trench). Several of these quartz-rich intervals returned elevated gold results including: Two 1m intervals in Trench 1 returning >0.2g/t Au and two 1m intervals in Trench 5 returning >0.2g/t Au. In general, the southeastern strike-length extension of Cherished Hope is highly affected by the presence of post-mineralisation dolerite dykes. Ground magnetic geophysics results highlight that beyond the southeastern extent of the furthest southwest trench (8), there appears to be no further dolerite dykes present for some considerable distance. Notably, the quartz rubble horizon was sampled in Trench 1 which returned much stronger gold results than in any of the trench bedrock samples (17 2m samples were sent for analysis with 7 returning >0.2g/t Au as well as 3 returning >1g/t Au (up to 2.32g/t Au)). |
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GEOPHYSICS – COMPLETE A ground magnetometer geophysical survey was completed over the northwestern and southeastern strike length extensions of the Cherished Hope Mine.
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Post-mineralisation dolerite dyke swarms are found throughout much of the TGB. As a result, within many of the historical and currently operating gold mines in the TGB, mapping the precise location of these dykes (magnetic highs) is important as they often can cross-cut gold mineralisation. The 2023 ground magnetic results have successfully mapped the location and orientation of approximately six of these dolerite dykes within the survey area, including four which are proximal and/or within the Cherished Hope (“CH”) Mine area. The successful mapping of these dykes will allow for more precise and accurate drill hole siting should drilling be undertaken going forward within CH and the surrounding areas. |
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SOIL GEOCHEMISTRY – STARTING SHORTLY The planned high-resolution infill soil geochemical sampling programme is focussed on approximately 2km of strike-length along the approximately 8km long broad Au-in-soil anomaly identified at Tati. Soil samples will be collected along a grid which will be focussed to the northwest and southeast of the 2022 RC drilling area.
The high-resolution in-fill grids will focus on areas where at least two historical anomalies were identified within widely spaced soil sampling lines (on average 400m spaced lines and up to 700m line spacing). These two-point anomalies returned an impressive 2.15g/t Au and 0.84g/t Au. To date these anomalies have never been further investigated to determine the provenance of this gold mineralisation.
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Historical soil sampling completed over the majority of the Tati Project was undertaken by previous operators along generally 400m spaced lines at 40m sample spacing. This programme intends to infill the line spacing to between 100-200m by 40m so that the definition and location of already proven Au-in-soil anomalies is vastly improved. This work will then allow Power Metal to follow up with more focussed next exploration steps which could include further trenching and drilling of these new areas. By completing this work, a much larger percentage of the 8km long Au-in-soil anomaly can move to next exploration steps therefore increasing the overall attractiveness of the Project as well as the overall size of the mineralised footprint.
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REVERSE CIRCULATION (“RC”) DRILLING(1) The RC drilling will be driven by the results of prior work streams including the soil sampling. Further updates in regard to this will be announced in due course.
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RC drilling may be undertaken to test for the along strike and down dip extension of gold mineralisation intersected by trenching of the soil anomalies. In the Cherished Hope Mine area the goal is to demonstrate continuity in the major quartz reef structure width and gold grade as well as testing the currently open down-dip extension potential at depth. |
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DIAMOND CORE DRILLING(2) Diamond core drilling specifics will be dependent on results from prior work streams including soil sampling, trenching and RC drilling. Further updates in regard to this will be announced in due course.
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Diamond core drilling may be completed in order to drill test select portions of the Cherished Hope quartz reef structures. Diamond drilling provides full core rock samples, and therefore valuable information about structure, geology, and the nature of gold mineralisation. The information extracted from diamond drilling would allow the Company to gain a better understanding of the mineralised quartz reefs and surrounding wall rocks. |
Notable Trenching Results
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Trench ID |
Trench Length (m) |
From (m)* |
To (m)* |
Interval (m)* |
Grade (g/t) |
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Trench 1 |
31 |
23 |
25 |
2 |
0.32 |
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Trench 1 (rubble) |
32 |
0 |
2 |
2 |
0.33 |
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6 |
12 |
6 |
1.35 |
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18 |
20 |
2 |
0.45 |
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22 |
26 |
4 |
0.85 |
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Trench 3 |
52 |
31 |
32 |
1 |
0.43 |
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37 |
38 |
1 |
0.25 |
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44 |
49 |
5 |
0.74 |
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Trench 5 |
54 |
6 |
8 |
2 |
0.38 |
*Refers to lengthwise along trench (as opposed to depth).
KEY:
(1) RC drilling involves a “hammer” piston which repeatedly strikes the target rock. Simultaneously, a powerful drill-bit at the end made of tungsten rotates at high speed. This creates small chips of rock known as drill cuttings that are sucked up with a vacuum and transported to a cyclone at the surface through dedicated tubes. The drilling chips derived from each depth interval are collected in separate sample bags, and a representative sub-sample of each interval is submitted to the assay lab where the geochemical constituents and gold grade is analysed. In turn, the drill chips provide a representation of the rock types the hole encountered throughout its length, this data allows a geological log to be established.
(2) Diamond core drilling involves rotating a hollow drill bit embedded with diamonds into the ground to a certain depth before extracting the solid, intact core recovered for analysis.
QUALIFIED PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Qualified Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Sean Wade (Chief Executive Officer) |
+44 (0) 20 3778 1396 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
#KDNC Cadence Minerals PLC – Corporate Update – Evergreen Lithium (ASX: EG1)
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that ASX listed Evergreen Lithium Limited (“Evergreen”) (ASX: EG1) has announced the results of its auger geochemical programme at the Kenny project, which has resulted in the identification of significant and widespread lithium. The Kenny Project is located 50km east of Norseman and just 17km east of Liontown Resources’ (ASX:LTR) Buldania lithium deposit of 14.9Mt @ 0.97% Li2O.
Cadence holds 15,830,138 shares, equivalent to 8.74% of the issued share capital of Evergreen and is its largest shareholder. Evergreen was listed on the Australian Stock Exchange on 11 April 2023.
Kenny Results – Highlights:
· Geochemical anomalies indicate the potential for Lithium Caesium Tantalum (LCT) pegmatites at Kenny, evidenced by the presence of significant and widespread lithium.
· 5 priority lithium target zones have been identified with Li2O assay results showing maximum values up to 250 ppm Li2O.
· Lithium pathfinders of interest included maximum values of:
o 3.54ppm Be, 46.2ppm Cs, 5.17% K,159.00ppm La, 427ppm Rb & 11.9ppm Ta
· Further geochemical analysis is being undertaken to assess prospectivity for other critical minerals, including Rare Earth Elements.
· Results demand further work and planning for follow up exploration activities at Kenny is currently underway.
Link here to view the full Evergreen ASX announcement
Evergreen Head of Exploration, Jason Ward commented: “This is an excellent start for Evergreen Lithium. These geochemical results from Evergreen’s maiden soil auger program at the Kenny Project in WA show strong lithium values over a widespread area and the coincident anomalies in pathfinder elements have identified several compelling targets for LCT pegmatites. We look forward to following these up with further work including a drilling program.”
Evergreen Chairman, Simon Lill commented: “After a successful IPO listing based primarily on the Company’s flagship Bynoe Project, it is extremely pleasing to remind the market that we have other quality projects. These initial results should elevate Kenny’s status in shareholder perceptions.“
Background to Cadence’s investment in Evergreen Lithium
Cadence Minerals received approximately 15.8 million shares in Evergreen in July 2022 when Cadence sold its 31.5% stake in Lithium Technologies and Lithium Supplies (“LT and LS”) to Evergreen as announced on 27 June 2022. A further AS$ 3.47 million (£1.86 million) of shares in Evergreen are due to Cadence on the achievement of certain performance milestones by Evergreen. The pricing of Evergreen shares associated with this consideration is based on a defined pricing mechanism linked to the VWAP and the date at which the performance milestones are achieved. Further details of these milestones can be found in the Evergreen prospectus available here . Cadence’s shares are subject to a 2-year escrow agreement as determined by the listing rules of the ASX.
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For further information contact:
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Cadence Minerals plc |
+44 (0) 20 3582 6636 |
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Andrew Suckling |
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Kiran Morzaria |
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WH Ireland Limited (NOMAD & Broker) |
+44 (0) 207 220 1666 |
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James Joyce |
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Darshan Patel Enzo Aliaj |
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Brand Communications |
+44 (0) 7976 431608 |
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Public & Investor Relations |
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Alan Green
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Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
Cautionary and Forward-Looking Statements
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as “believe”, “could”, “should”, “envisage”, “estimate”, “intend”, “may”, “plan”, “will”, or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the company’s future growth results of operations performance, future capital, and other expenditures (including the amount, nature, and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including risks associated with vulnerability to general economic and business conditions, competition, environmental and other regulatory changes actions by governmental authorities, the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The company cannot assure investors that actual results will be consistent with such forward-looking statements.
