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#SVML Sovereign Metals – INFILL DRILLING PROGRAM TO UPGRADE KASIYA RESOURCE
INFILL DRILLING PROGRAM TO UPGRADE KASIYA RESOURCE
· Infill drilling commenced with focus on southern Kasiya, which intends to provide ore feed for first eight years of production
· Program aims to upgrade Mineral Resource Estimate in this area from Indicated to Measured category, allowing conversion of Ore Reserves from Probable to Proven category
· Drilling program designed by Sovereign and overseen by the Rio Tinto-Sovereign Technical Committee
· Aircore and hand auger drilling will be supported by push tube and diamond core drilling
· Resource upgrade expected in early 2025
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Sovereign Metals Limited (ASX: SVM; AIM: SVML; OTCQX: SVMLF) (Sovereign or the Company) is pleased to announce it has commenced an infill drilling program at its Kasiya Rutile-Graphite Project (Kasiya or Project) in Malawi to support ongoing technical studies.
Aircore, supported by push tube/diamond core and hand auger drilling, will upgrade part of the current Mineral Resource Estimate (MRE) planned for Stage 1 production from the Indicated to the Measured category under the JORC (2012) Code.
The drilling is planned to infill the southern part of Kasiya, specifically around previously designated pits proposed to provide ore feed in the first eight years of the Project’s planned production schedule. Ore Reserves in these areas are expected to convert from the Probable to Proven category.
Managing Director, Frank Eagar commented: “Our infill drilling program will target areas of Kasiya where we expect the first seven to eight years of production to come from. The program design was overseen by the Rio Tinto-Sovereign Technical Committee, which again illustrates the benefits of the Rio Tinto partnership since their initial investment in July 2023.”
An offset 200×200 metre program has been designed (see Figure 1), which will result in an average drill spacing of 142 metres. The offset spacing has the advantage of allowing analysis of geology and grade continuity in both orthogonal and diagonal directions. The drilling program will consist of:
1. 250+ aircore holes for over 5,000 metres, with an average depth of 20 metres
2. 250+ hand auger holes for over 750 metres, with an average depth of 3 metres
3. 30 push tube / diamond core holes providing samples for geotechnical analysis and verification sampling with an average depth of 20 metres
4. Several 3-metre-deep pits to obtain detailed rutile grade information from the upper profile and provide additional geotechnical information
All samples will have both rutile and graphite assayed by offsite laboratories in South Africa. Results of the drilling program and subsequent Resource upgrade are expected in early 2025.
Kasiya is already the world’s largest rutile deposit and second-largest flake graphite deposit, with over 66% of the current MRE in the Indicated category.
Figure 1: Planned aircore drill holes (blue dots) over Kasiya pit shells; pilot site in Kingfisher pit shown for scale (black outline)
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Table 1: Ore Reserve for the Kasiya Deposit |
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Classification |
Tonnes |
Rutile Grade |
Contained Rutile |
Graphite Grade (TGC) (%) |
Contained Graphite |
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Proved |
– |
– |
– |
– |
– |
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Probable |
538 |
1.03% |
5.5 |
1.66% |
8.9 |
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Total |
538 |
1.03% |
5.5 |
1.66% |
8.9 |
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Table 2: Kasiya Total Indicated + Inferred Mineral Resource Estimate at 0.7% rutile cut-off grade |
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Classification |
Resource |
Rutile Grade |
Contained Rutile |
Graphite Grade (TGC) (%) |
Contained Graphite |
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Indicated |
1,200 |
1.0% |
12.2 |
1.5% |
18.0 |
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Inferred |
609 |
0.9% |
5.7 |
1.1% |
6.5 |
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Total |
1,809 |
1.0% |
17.9 |
1.4% |
24.4 |
Any minor summation inconsistencies are due to rounding
Figure 2: Kasiya map showing rutile grades of the upper blocks of the current MRE block model
The current MRE defined broad and contiguous zones of high-grade rutile and graphite, which occur across a very large area of over 201km2 (Figure 2). Rutile mineralisation is concentrated in laterally extensive, near-surface, flat “blanket” style bodies in areas where the weathering profile is preserved and not significantly eroded. Graphite is depleted near the surface, with grades improving at depths generally >4m to the base of the saprolite zone, which averages about 22m.
Sovereign’s 2022 drill program at Kasiya used push tube core holes to in-fill and convert Inferred mineralisation into the Indicated category. The consistency and robustness of the geology allowed for an efficient conversion of this previously Inferred material on a near-identical one-for-one basis to the Indicated category.
Figure 3: Push tube drilling in action at Kasiya during 2022
Incentive Securities
Subject to shareholder approval, the Company is proposing to issue the following performance rights to Directors (and others (non-PDMR)) following a remuneration review post 30 June 2024:
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Tranche 1 – DFS Milestone (expiring 31 October 2025) |
Tranche 2 – Grant of Mining Licence Milestone |
Tranche 3 – Final Investment Decision Milestone |
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Benjamin Stoikovich |
300,000 |
300,000 |
400,000 |
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Frank Eagar |
300,000 |
300,000 |
400,000 |
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Other key employees and consultants (non-PDMR) |
675,000 |
675,000 |
900,000 |
ENQUIRIES
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Frank Eagar (South Africa/Malawi) +27 21 065 1890 |
Sam Cordin (Perth) +61(8) 9322 6322 |
Sapan Ghai (London) +44 207 478 3900
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Nominated Adviser on AIM and Joint Broker |
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SP Angel Corporate Finance LLP |
+44 20 3470 0470 |
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Ewan Leggat Charlie Bouverat |
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Joint Brokers |
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Stifel |
+44 20 7710 7600 |
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Varun Talwar |
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Ashton Clanfield |
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Berenberg |
+44 20 3207 7800 |
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Matthew Armitt |
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Jennifer Lee |
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Buchanan |
+ 44 20 7466 5000 |
#SVML Sovereign Metals LTD – Follow-Up Drilling Initiated North of Kasiya
FOLLOW-UP DRILLING INITIATED NORTH OF KASIYA RESOURCE AREA
· Wide-spaced regional follow-up drilling for the Kasiya Project underway focusing on the region to the north of the current resource footprint, with results from the drill program expected in the coming weeks
· Recently reported reconnaissance drilling to the south identified an 8km extension of mineralisation which remains open along strike and at depth
· Kasiya is already the largest natural rutile deposit and second-largest flake graphite deposit in the world
· Kasiya’s current MRE of 1.8 Billion tonnes at 1.0% rutile and 1.4% graphite comprises broad and contiguous zones of high-grade rutile and graphite that occur across an area of over 201km2
· Optimisation program for the Kasiya Project continues in conjunction with our strategic investor, Rio Tinto
Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) is pleased to report that the Company has initiated a follow-up 400 metre spaced drill program at its tier one Kasiya Rutile-Graphite Project (Kasiya) in Malawi. The program will focus on determining the boundaries and extent of mineralisation north of the known Mineral Resource Estimate (MRE) area.
The 70+ hole hand-auger drill program has been designed to target areas where mineralisation was identified in earlier wide-spaced regional hand-auger drilling. The target area is up to 20km north of the current MRE boundary. Drilling is currently underway and will be completed in the coming weeks. Four hand-auger teams have been deployed under the supervision of Sovereign’s in-country technical team.
Samples will be initially processed in the Company’s Lilongwe own lab facility and then shipped for final analysis at certified international laboratories. Results from the drill program are expected in the coming weeks.
SOUTHERN EXTENSION
In February 2024, the Company announced regional hand-auger drilling south of the Kasiya MRE footprint had identified significant strike extensions of approximately 8km across a number of parallel mineralised zones ranging from 400m to 2km in width.
All newly defined mineralisation in the south remains open at depth due to the limitations of the hand-auger drilling method but are expected to continue to the saprock boundary normally between 20 and 30 vertical metres from surface. The multiple mineralised zones identified remain open along strike both to the north and south.
These results indicate the potential to expand the already significant, high-grade rutile and graphite MRE at Kasiya.
Figure 1: Southern mineralised extensions at Kasiya
ENQUIRIES
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Frank Eagar (South Africa/Malawi) +61(8) 9322 6322 |
Sam Cordin (Perth) |
Sapan Ghai (London)
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Nominated Adviser on AIM and Joint Broker |
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SP Angel Corporate Finance LLP |
+44 20 3470 0470 |
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Ewan Leggat Charlie Bouverat Harry Davies-Ball |
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Joint Brokers |
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Stifel |
+44 20 7710 7600 |
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Varun Talwar |
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Ashton Clanfield |
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Berenberg |
+44 20 3207 7800 |
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Matthew Armitt |
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Jennifer Lee |
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Buchanan |
+ 44 20 7466 5000 |
Competent Person Statement
The information in this announcement that relates to the Exploration Results is extracted from the announcement dated 1 February 2024 entitled ‘Extensions to Rutile & Graphite Mineralisation at Kasiya’. which is available to view at www.sovereignmetals.com.au. Sovereign confirms that a) it is not aware of any new information or data that materially affects the information included in the original announcement; b) all material assumptions included in the original announcement continue to apply and have not materially changed; and c) the form and context in which the relevant Competent Persons’ findings are presented in this announcement have not been materially changed from the original announcement.
The information in this announcement that relates to the Mineral Resource Estimate is extracted from an announcement dated 5 April 2023 entitled ‘Kasiya Indicated Resource Increased by over 80%’ which is available to view at www.sovereignmetals.com.au and is based on, and fairly represents information compiled by Mr Richard Stockwell, a Competent Person, who is a fellow of the Australian Institute of Geoscientists (AIG). Mr Stockwell is a principal of Placer Consulting Pty Ltd, an independent consulting company. The original announcement is available to view on www.sovereignmetals.com.au. Sovereign confirms that a) it is not aware of any new information or data that materially affects the information included in the original announcement; b) all material assumptions included in the original announcement continue to apply and have not materially changed; and c) the form and context in which the relevant Competent Persons’ findings are presented in this announcement have not been materially changed from the original announcement.
The information in this announcement that relates to Production Targets, Ore Reserves, Processing, Infrastructure and Capital Operating Costs, Metallurgy (rutile and graphite) is extracted from an announcement dated 28 September 2023 entitled ‘Kasiya Pre-Feasibility Study Results’ which is available to view at www.sovereignmetals.com.au and is based on, and fairly represents information compiled by . Sovereign confirms that: a) it is not aware of any new information or data that materially affects the information included in the original announcement; b) all material assumptions and technical parameters underpinning the Production Target, and related forecast financial information derived from the Production Target included in the original announcement continue to apply and have not materially changed; and c) the form and context in which the relevant Competent Persons’ findings are presented in this presentation have not been materially modified from the original announcement.
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Ore Reserve for the Kasiya Deposit |
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Classification |
Tonnes |
Rutile Grade |
Contained Rutile |
Graphite Grade (TGC) (%) |
Contained Graphite |
RutEq. Grade* |
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Proved |
– |
– |
– |
– |
– |
– |
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Probable |
538 |
1.03% |
5.5 |
1.66% |
8.9 |
2.00% |
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Total |
538 |
1.03% |
5.5 |
1.66% |
8.9 |
2.00% |
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* RutEq. Formula: Rutile Grade x Recovery (100%) x Rutile Price (US$1,484/t) + Graphite Grade x Recovery (67.5%) x Graphite Price (US$1,290/t) / Rutile Price (US$1,484/t). All assumptions are taken from the PFS ** Any minor summation inconsistencies are due to rounding
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Kasiya Total Indicated + Inferred Mineral Resource Estimate at 0.7% rutile cut-off grade |
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Classification |
Resource |
Rutile Grade |
Contained Rutile |
Graphite Grade (TGC) (%) |
Contained Graphite |
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Indicated |
1,200 |
1.0% |
12.2 |
1.5% |
18.0 |
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Inferred |
609 |
0.9% |
5.7 |
1.1% |
6.5 |
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Total |
1,809 |
1.0% |
17.9 |
1.4% |
24.4 |
Forward Looking Statement
This release may include forward-looking statements, which may be identified by words such as “expects”, “anticipates”, “believes”, “projects”, “plans”, and similar expressions. These forward-looking statements are based on Sovereign’s expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Sovereign, which could cause actual results to differ materially from such statements. There can be no assurance that forward-looking statements will prove to be correct. Sovereign makes no undertaking to subsequently update or revise the forward-looking statements made in this release, to reflect the circumstances or events after the date of that release.
#FCM First Class Metals PLC – Zigzag Drilling Results
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 delighted to announce the results of an inaugural drilling programme on the Company’s Zigzag Property, (the “Property”) located in the Seymour-Falcon corridor in northwestern Ontario, Canada.
HIGHLIGHTS
· Assay results from the recent drill programme are in line with and exceed the channel sample results.
Selected highlights include:
o ZIG-23-01 4.3m @ 1.65% Lithium (Li20) including 1m at 2.93%
o ZIG-23-02 5.0m @ 1.5% Li20 including 0.2m @ 5.19% and 5.75m @ 0.21% Rb20
o ZIG-23-07 6.5m @ 1.09% Li20 including 0.5m @ 2.76%
· Elevated grades of several key technology critical metals present including: gallium (Ga), rubidium (Rb20) , caesium (Ca) and tantalum (Ta).
· Significant upside for the expansion of the geochemical envelope along strike in both directions and down dip.
· Initial geochemical results indicate the probable existence of a second structure.
· An Exploration Permit to allow additional stripping and drilling on the Property is being drafted.
Marc J Sale Chief Executive Officer Commented- “The results from our first drill programme at Zigzag are first class and have not only confirmed our belief in the potential of the ‘core zone’, but have also significantly exceeded our expectations for the Property. The associated critical metals identified have added another dimension to the Property’s potential. Obviously more work is required specifically along strike and further exploration of the southern structure, hence we are to initiate discussion regarding a new Exploration Permit.
Zigzag is growing as a significant lithium and critical metal play in this rapidly emerging pegmatite district.”
A focussed drill programme of under 500m in 10 NQ diamond drillholes was completed in late December and all the geochemical assay results are now available. Nine of the holes were targeted at the pegmatite with two ‘step-back’ holes and a 10th being drilled as a scissor. All targeted holes successfully intersected the pegmatite.
The drilling has vindicated the channel sampling as well as extended the geochemical and geological knowledge of the structure hosting the pegmatite, (see Map 1). The most easterly and westerly holes indicate the structure remains open along strike and importantly the successful step-back holes show the structure continues and remains open at depth.
The Company will now look to initiate the next most appropriate plan of exploration which will be focussed to extend strike and delineate the recently discovered southern structure.
Map 1 showing the drill traces of the 10 holes drilled as well as their locations relative to the previous channel sampling.
Significant intersections for the drill programme appear in table 1, see below
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Drill Hole |
Metal |
Depth From |
Width |
Grade |
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ZIG-23-01 |
Li₂O |
12.7m |
4.3m |
1.65% |
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incl. |
1.0m |
2.93% |
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Rb₂O |
11.7m |
5.3m |
0.21% |
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ZIG-23-02 |
Li₂O |
15.0m |
5.0m |
1.5% |
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incl. |
0.2m |
5.19% |
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Rb₂O |
14.25m |
5.75m |
0.21% |
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incl. |
0.3m |
0.54% |
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Cs |
14.25m |
3.25m |
132 ppm |
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incl. |
0.25m |
430 ppm |
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Ta |
14.0m |
6.8m |
90 ppm |
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incl. |
0.2m |
235 ppm |
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Ga |
15.5m |
0.2m |
144 ppm |
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ZIG-23-03 |
Li₂O |
14.7m |
0.75m |
2.1% |
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Rb₂O |
12.6m |
2.1m |
0.16% |
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Cs |
12.0m |
5.0m |
151 ppm |
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incl. |
0.45m |
480 ppm |
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Ta |
12.6m |
3.9m |
164 ppm |
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incl. |
0.45m |
624 ppm |
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Ga |
21.9m |
0.25m |
127 ppm |
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and |
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ZIG-23-03 |
Li₂O |
28.4m |
1.6m |
0.46% |
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Rb₂O |
27.8m |
2.2m |
0.17% |
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ZIG-23-04 |
Li₂O |
20.0m |
1.6m |
0.79% |
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Rb₂O |
20.0m |
1.6m |
0.21% |
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Ta |
15.3m |
7.8m |
165 ppm |
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incl. |
1.0m |
347 ppm |
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ZIG-23-05 |
Li₂O |
7.6m |
6.0m |
1.13% |
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incl. |
1.0m |
2.17% |
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Rb₂O |
5.7m |
3.8m |
0.16% |
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Ta |
4.8m |
9.9m |
167 ppm |
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incl. |
0.4m |
401 ppm |
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ZIG-23-06 |
Li₂O |
28.8m |
2.2m |
1.09% |
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incl. |
0.3m |
2.26% |
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Rb₂O |
28.8m |
2.2m |
0.19% |
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ZIG-23-07 |
Li₂O |
9.9m |
6.5m |
1.09% |
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incl. |
0.5m |
2.76% |
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Rb₂O |
10.4m |
6.6m |
0.21% |
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incl. |
1.0m |
0.41% |
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Cs |
13.0m |
4.0m |
126 ppm |
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Ta |
9.0m |
7.4m |
131 ppm |
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incl. |
0.6m |
177 ppm |
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ZIG-23-08 |
Li₂O |
65.5m |
3.0m |
1.28% |
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Rb₂O |
65.5m |
3.4m |
0.11% |
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Ga |
65.5m |
3.0m |
98 ppm |
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incl |
1.0m |
114 ppm |
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ZIG-23-09 |
Li₂O |
47.25m |
4.75m |
0.52% |
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incl. |
0.8m |
1.06% |
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Rb₂O |
47.25m |
4.75m |
0.14% |
Table 1 assays from the (nine) hole drill programme at Zigzag, every hole had reportable intersections of Li₂O with significant ‘credits’ from the accessory critical elements / metals, specifically rubidium oxide, Rb₂O.
Map 2 showing the relative position of the ‘core’ drill area and the soil sample lines as well as the geochemistry indicating the potential for a second subparallel structure to the south.
The combined geochemical data that the initial grab samples (RNS 31 October 2023), the subsequent channel sampling programme (RNS 28 November 2023) and the recent MMI soil survey (RNS 7 February 2024) support the belief that the ‘core 400m zone’ contains a significant structure of >1% Li₂O and is open along strike. As previously reported, both the most eastern and western holes of the recent drilling programme intersected pegmatite. The soil sample results further suggest that the mineralisation is open in both directions.
Furthermore, there is strong geochemical support for a sub parallel trend about 200m to the south of the Main Zone. Additional work is needed to expand and confirm the anomalism identified. As well follow up sampling is required to confirm the presence of a possible third trend currently identified in anomalous rare element results in grab samples.
Critical Technology Metals @ Zigzag
While the focus of the project remains on the lithium component, the presence of elevated levels of Rb₂O (peak 0.54% over 0.3m within interval of 5.75m @ 0.21% (2100 g/t) in hole ZIG-23-02), Caesium (peak 480 g/t over 0.45m within interval of 5.00m @ 151 g/t in hole ZIG-23-03), Gallium, and Tantalum (peak 624 g/t over 0.45m within interval of 164g/t over 3.9m in hole ZIG-23-03-03) are potentially a significant ‘credit’ to the metallurgy of any resource identified.
These speciality metals have been classified as 1 & 2 ‘Critical Metals’ by the USA and Canadian Governments, highlighting their significance usage in modern technology due to their crucial role in various electronic, semi-conductor, and military hardware. Currently China dominates world production and supply of all these elements.
Despite the limited market for specialty metals, it is noteworthy that Rubidium has recently demonstrated a strong price performance, with trading prices exceeding $3100 per ounce on the Shanghai Metals Market3. Recognizing the potential economic benefits and value-added by these specialty technology metals, First Class intends to conduct further investigations into their possibilities and explore their impact on the overall value of the project.
3https://www.metal.com/Other-Minor-Metals/202012250003
Ends
For further information, please contact:
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James Knowles, Executive Chairman |
07488 362641 |
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Marc J Sale, CEO |
07711 093532 |
Novum Securities Limited
(Financial Adviser)
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David Coffman/ George Duxberry |
www.novumsecurities.com |
(0)20 7399 9400 |
Qualified Person
The technical disclosures contained in this announcement have been drafted in line with the Canadian Institute of Mining, Metallurgy and Petroleum standards and guidelines and approved by Marc J. Sale, who has more than 30 years in the gold exploration industry and is considered a Qualified person owing to his status as a Fellow of the Australian Institute of Mining and Metallurgy.
#FCM First Class Metals PLC – Zigzag-Further Lithium & Critical Metal trend
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 results of a mobile metal ion (MMI) soil sampling programme as well as accompanying rock-grab samples on the Company’s Zigzag Property , (the “Property”) located in the Seymour-Falcon corridor in northwestern Ontario, Canada.
Soil samples were collected along six north-north-west to south-south-east soil sample lines between 100-200m in length, with 12.5m sample station spacing (see Map 1). These included four lines along strike to the west and east of the main 400m ‘core zone’ which was subject to the drilling campaign in December 2023. A further two lines starting ~200m orthogonal to the dominant strike and to the south of the trend of the main zone were sampled. All soil samples were analysed using the Mobile Metal Ion (MMI) method of SGS Labs.
The sample results support the belief that the ‘core 400m zone’ is open along strike. As previously reported, both the most eastern and western holes of the recent drilling programme intersected pegmatite. The soil sample results further confirm the mineralisation is open.
HIGHLIGHTS
· The results from 64 rock-grab and 68 soil samples collected late last year are now available.
· Soil sampling lines to the east west of the core section show anomalous lithium (Li) ratios.
· Results from soil lines 200m to the south of the ‘Main zone’ indicate the probability of a second subparallel structure.
· Grab samples anomalous in Li and other pegmatite associated elements indicate a possible third trend.
· Assay results from the recent drill programme are anticipated in the coming days.
Marc J Sale Chief Executive Officer Commented- “The results from this combined sampling programme validate the belief by FCM that the ‘Main Zone’; is open along strike for a considerable distance. Furthermore, the strong evidence of a second structure to the south with the possibility of a third structure compels FCM to engage in discussions with the First Nations to initiate the application for an Exploration Permit to be able to fully evaluate these new zones”.
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Map 1, showing the location of the MMI samples as well as the response ratio (RR) for caesium, (Cs) which overall is the most representative of the anomalism. Note[1]: values are generally considered anomalous when the response ratio is above 5.
RR Response Ratio Highlights from MMI sampling
· Highest lithium (“Li”) response ratio (“RR”) of 11 obtained ~100m along strike to the east of the eastern most DDH from December 2023 (ZIG-23-07).
· Highest caesium (“Cs”) RRs of 15 and 30 obtained at consecutive stations ~100m along strike to the west of the western extent of sampling on the main zone.
· Li RRs up to 10 on the southern lines.
· Multiple MMI anomalies in other elements, especially on the eastern and southern lines, zinc RRs up to 40, silver up to 50, molybdenum up to 51, copper up to 21.
[1] According to SGS Labs, response ratios generally need to be greater than 2-5 to be considered anomalous. https://www.sgs.com/en-ca/-/media/sgscorp/documents/corporate/brochures/sgs-minerals-mmi-tb-23-processing-and-presenting-mmi-geochemical-data.cdn.en-CA.pdf
Grab Samples
· Grab samples of pegmatite at two sites 200-250m across strike to the south of the main zone returned up to: 2600 ppm Li; 4290 ppm Rubidium; 920 ppm Cs (highest value of 2023 sampling); and 686 ppm Tantalum. Sampled dykes could represent offshoots of a parallel zone to the main zone.
· Grab samples of pegmatite ~500m across strike to the south of the eastern extension of the main zone, near the eastern property boundary, returned up to 186 ppm Li; 1240 ppm Rb; 102 ppm Cs, potentially a third structure.
Coleman Robertson, Project Geologist from Emerald Geological Services commented– “There is compelling geochemical evidence to indicate that a second subparallel trend at Zigzag could be present.“
The combined results of both the soil sampling programme and the associated ‘grab’ samples support the belief that the ‘core zone/ Main zone’ that was drilled in December is open to both the west and east.
Furthermore, there is strong geochemical support for a sub parallel trend about 200m to the south of the Main Zone. Additional work is needed to expand and confirm the anomalism identified. As well follow up sampling is required to confirm the presence of a possible third trend currently identified in anomalous rare element results in grab samples.
A significant silver anomaly was identified over the two eastern most MMI lines off the Main Zone. This also requires further investigation.
Ends
For further information, please contact:
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James Knowles, Executive Chairman |
07488 362641 |
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Marc J Sale, CEO |
07711 093532 |
Novum Securities Limited
(Financial Adviser)
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David Coffman/ George Duxberry |
www.novumsecurities.com |
(0)20 7399 9400 |
Qualified Person
The technical disclosures contained in this announcement have been drafted in line with the Canadian Institute of Mining, Metallurgy and Petroleum standards and guidelines and approved by Marc J. Sale, who has more than 30years in the gold exploration industry and is considered a Qualified person owing to his status as a Fellow of the Australian Institute of Mining and Metallurgy.
#FCM First Class Metals PLC – Sunbeam Property: High-Grade Gold Assay Results
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK metals exploration company seeking large scale metal discoveries across its extensive Canadian Schreiber-Hemlo Sunbeam and Zigzag land holding is pleased to announce high-grade gold assays from channel sampling undertaken following the recently completed exploration at the Company’s 100% owned Sunbeam property (“the Property”).
The Property contains three subparallel mineralised structures, each identified over 10km traversing the property; these are inferred to continue to the northeast into the recently staked area where prospective structural features are inferred. FCM now commands a district scale land package of over 70km².
The Property hosts several sites of historic mine development and gold mining: the Sunbeam Mine, the Roy Development, and the Pettigrew Development. Multiple other gold occurrences are also known including the Road Zone, AL198 Zone, WN2 Occurrence and the Rubble Occurrence.
Given the discovery of significant gold within the tonalite to diorite porphyry which hosts the main mineralised structures across the property, First Class Metals will be moving swiftly to relog and assay core from previous drilling on the property for its potential gold endowment within any intervals of prospective porphyry which have not previously been assayed.
HIGHLIGHTS
· First Class Metals announced on 14 November 2023 the results from the Company’s recently completed channel sampling programme from the Roy prospect which confirmed high grade gold mineralisation in the vicinity of the old workings.
· Results from the stripping at Roy have confirmed high grade gold assays up to 18.8 g/t gold (Au) / 0.3m channel sample at Roy. Other highlights include:
o 6.27 g/t Au channel / 0.35m in mafic schist with quartz veinlets;
o 4.98 g/t Au channel / 0.5m in sheared porphyry; and
o 5.58g/t Au channel / 0.5m within a quartz vein.
· At Pettigrew channel and grab samples returned significant gold grades, including:
o 13.0 g/t Au grab sample from quartz rubble dug up beside the stripped outcrop.
o 3.5 g/t Au channel / 0.2m in a quartz vein with galena and chalcopyrite;
o 1.82 g/t Au channel / 0.75m in sheared porphyry; and
o 0.32 g/t Au channels / 3.95 m within sheared porphyry.
These results are considered very encouraging and typify this style of mineralisation.
· Mineralisation (up to 4.98 g/t Au over 0.5m) discovered in the porphyry at Roy which hosts the main mineralised structures has the potential to add a wider envelope (10m+) of alteration (silicification and ankeritisation) and gold mineralization. The discovery of gold within the sheared and altered porphyry could add significant upside to what was thought to be predominantly a high grade vein system hosted in mafic schist, from which the known historic production was mined.
· The reported historical drilling at Pettigrew was encouraging, with two holes returning significant gold assays including: Hole 57751: 19.4 g/t Au over 0.63m at 5.33m.
A further announcement will be made once the Company has decided on the most appropriate exploration programme to continue to advance the Company’s knowledge of the mineralisation at the Sunbeam Property. This is anticipated to culminate in drilling at Roy and Pettigrew.
Marc J Sale Chief Executive Officer commented: “Since we optioned Sunbeam in late 2022, we have made quick and significant progress in developing the Property both in terms of understanding the mineralisation and increasing its scale.”
“The channel results from Roy and Pettigrew are most encouraging and have identified drill targets at both locations. The auriferous porphyry hosing the shear zone at Roy and Pettigrew further enhances the significant potential that this Property can deliver.”
“As a result of the encouraging results from the recent stripping programs, FCM has staked 119 contiguous claims, along strike to the northeast I look forward to sharing further information on this Property, including our plans for the 2024 field season, as soon as possible.”
Background & Update
Since the announcement of the Sunbeam acquisition in early October 2022, FCM through Emerald Geological Services (EGS) have been working to advance the Property to drill ready status.
The pre-exploration phase included a review of historic core; however, recent work has identified the potential of the porphyry to host significant gold mineralisation, therefore further review of the Sunbeam (Nuinsco) core is now recommended with additional samples taken if warranted.
The Sunbeam Property is dominated by three mineralised structures, all of which host significant gold anomalism as well as historic development, including the Sunbeam high grade gold mine which operated until 1905 and reportedly produced multi ounce material.
In July 2021, Nuinsco reported grades up to 93.3g/t Au from a drill programme conducted predominantly in the vicinity of the Sunbeam Mine area. Significant results include:
o NS-21-01 – 3.98g/t Au over 0.6m (from 96.0m) within 3.39m of strongly gold anomalous deformation zone.
o NS-21-02 – 13.8g/t Au over 0.15m (from 80.85m) within 2.83m of strongly gold anomalous deformation zone.
o NS-21-03 – 93.3g/t Au over 0.44m (from 99.5m) within 3.19m of strongly anomalous deformation zone.
o NS-21-05 – 2.94g/t Au over 0.5m (from 118.5m) within 7.50m of strongly anomalous deformation zone.
Historical drilling at Pettigrew was also encouraging, with two holes returning significant gold assays including: Hole 57751: 19.4 g/t Au over 0.63m at 5.33m.
The Sunbeam Property contains three subparallel mineralised subparallel structures, each identified over 10km traversing the property; these are inferred to continue to the northeast into the new area of claims where prospective structural features are inferred. FCM now commands a district scale land package of over 70km².
Figure 1 showing the combined Sunbeam and English claims as well as the recent staking.
FCM has undertaken two stripping campaigns and the gold (Au) results from the second campaign at the Pettigrew zone are now available. Most of the samples were 1m in length or less, with a minimum of 0.2m and a maximum of 1.0 m. The Pettigrew results are similar to those from Roy, (previously reported) and have defined a broad zone of shearing, alteration, and mineralization, peaking at 3.5 g/t Au in channel samples and 13.0 g/t Au in grab samples (highest grade at Roy was 18.8 g/t Au).
Visible gold was identified in at least one sample at Roy during the sawn channel programme.
The results indicate the potential for both high-grade gold mineralization hosted in quartz veins and lower-grade gold mineralization hosted in sheared, altered porphyry or chlorite schist. Lithologies hosting the mineralization are often well-sheared and exhibit isoclinal or near-isoclinal folding.
Photo 1 Showing sheared mafic and felsic rocks hosting quartz veining. Note the Pettigrew shaft in the background.
At Roy there were a significant number of results exceeding 1ppm Au that define the anomalous structure over a strike of 100m between the existing shafts which remains open along strike. One sample of sheared porphyry reported 4.98ppm Au over 0.5m – as the porphyry is considered the host this is significant, as the potential mineralised package would be appreciably wider (10m+). FCM now intends to review the historic core again with the intention of sampling more of the porphyry hosting the mineralised shear zone.
At both Pettrigrew and Roy the high-grade gold mineralisation is hosted in quartz veining in sheared ‘mafics’ within a broader envelope of sheared, folded felsic to intermediate porphyry which often exhibits irregular quartz veining, silicification and ankerite alteration associated with up to 1% pyrite, and which also frequently contains anomalous gold concentrations as noted above.
Photo 2 showing quartz veining at Pettigrew containing galena (Pb) and chalcopyrite (Cu). The sample reported 3.5 g/t Au.
Photo 3 showing sheared, silicified and ankeritised porphyry with pyrite and quartz veining, 4.98 g/t Au / 0.5m channel.
Future work will focus on expanding the potential mineralisation with the sampling of any prospective porphyry.
The results from the channel sampling at Roy and Pettigrew, in conjunction with the encouraging geology encountered in the stripping at both locations (as well as the geology / geochemistry at the Sunbeam mine area) validate the Company’s efforts to bring the property to drill ready stage.
The ‘English claims have now been transferred 100% to First Class Metals Canada Inc. The Company now has 100% control of a potential district scale property block with multiple structures, hosting potentially high-grade gold bearing systems, extending over 72km². We believe this gives First Class Metals a true ‘District Scale’ gold project that could potentially host multiple significant gold deposits.
ENDS
For further information, please contact:
|
James Knowles, Executive Chairman |
07488 362641 |
|
|
Marc J Sale, CEO |
07711 093532 |
Novum Securities Limited
(Financial Adviser)
|
David Coffman/ George Duxberry |
www.novumsecurities.com |
(0)20 7399 9400 |
Qualified Person
The technical disclosures contained in this announcement have been drafted in line with the Canadian Institute of Mining, Metallurgy and Petroleum standards and guidelines and approved by Marc J. Sale, who has more than 30years in the gold exploration industry and is considered a Qualified person owing to his status as a Fellow of the Australian Institute of Mining and Metallurgy.
#FCM First Class Metals Plc – SPODUMENE IN ALL NINE ZIGZAG DRILL INTERSECTIONS
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 that spodumene-bearing pegmatites have been intersected in every targeted hole drilled at First Class Metals’ Zigzag lithium Property. The identified mineralization remains open along strike and down dip.
HIGHLIGHTS
· Spodumene (a high-grade lithium mineral – Li[AlSi 2O6].) bearing pegmatite intersected in all nine targeted holes drilled.
· Over 50m of pegmatite intersections recorded (see figure 1 for area of drilling)
· Multiple mineralised pegmatite zones were intersected in holes targeting 400m of the known 800m strike.
· Pegmatite thickness exceeded 5m thick, down hole, and the potentially multiphase mineralised system remains open along strike and down dip / plunge.
· All holes are being systematically logged and marked up for sampling before cutting / sample collection.
First Class is pleased to announce the completion of the final hole of its inaugural drill programme at the Company’s Zigzag Property (the “Property”), located in the Seymour-Falcon corridor in northwestern Ontario, Canada. The drill programme included 9 holes targeting the pegmatite bearing zone and one hole (the tenth, final hole) being a scissor to ZIG-23-06, to confirm the interpreted dip of the structure. The 10-hole, 450-metre drill programme was completed successfully on the 16th December within budget and time schedules
Photo 1 Drill rig completing FCM-23-09, step back to FCM-23-05
The drilling targeted the 400m central section of the property which had been subject to a non-mechanised stripping and channel sampling programme reporting up to 2.36% lithium (Li2O) over 5.5m (See RNS 28th November), see figure 1. Historic drill holes also reported an intersection grading 1.08% Li2O over 6.1m from 12.45m and a separate intersection of 399.8ppm Ta2O 5over 2.92m from 15.50m.
Figure 1–Drilling covered the area of channel sampling and ‘grabs’ on roughly 50 m centres (note historic grid lines are on 200ft (60m) centres).
Visual observations undertaken whilst logging the core have recorded spodumene-bearing pegmatite in all holes which targeted the pegmatite, (see Photo 2-drill hole FCM-23-01) The core is now being logged in detail then it will be ‘marked-up’ for cutting (sampling), it is anticipated that circa 100 samples will be sent for analyses in Thunder Bay. Results from the initial batch are expected in early Q1 2024.
Photo 2-Shallow intersection of pegmatite hosting spodumene (pale green ‘blades’ in hole ZIG-23-01).
Marc J Sale Chief Executive Officer Commented-
“The completion of the drilling at Zigzag has consolidated the undertaking to shareholders / investors that FCM would bring 4 properties to ‘drill ready status’ and drill one this season. I am extremely pleased with the (visual) indications of the drill core and the robust intersections that I have seen so far. I look forward with positive anticipation to the first results. We are already planning the next stages of exploration.”
For further information, please contact:
|
James Knowles, Executive Chairman |
07488 362641 |
|
|
Marc J Sale, CEO |
07711 093532 |
First Equity Limited
(Financial Adviser & Broker)
|
Jonathan Brown |
0207 3742212 |
|
|
Jason Robertson |
0207 3742212 |
|
#FCM First Class Metals – Zigzag exploration update – drilling commences
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 that drilling has commenced on the Zigzag property which is currently focussed on the lithium (Li), tantalum (Ta) rubidium (Rb) and gallium (Ga) potential.
Highlights:
· An Early Exploration Agreement (EEA) has been signed with Whitesand First Nation (WFN).
· A contract to undertake up to 500m of drilling has been signed with Rodren Drilling a Whitesand FN approved ‘service provider’.
· Channel sample results identify a >1% Li2O zone on the western portion of the ‘core’ 400m zone. Significant number of channel samples returned >1% Li2O, including:
Channel 7 2.36% lithium (Li2O) over 5.5m
· Drill operations have commenced on the Company’s Zigzag hard rock lithium (Ta/ Rb/ Ga) prospect.
Marc J. Sale First Class Metals CEO commented:
“The signing of the EEA with Whitesand exemplifies the positive relationship FCM is building with the First Nations. This agreement has paved the way for FCM’s inaugural drill program, marking an exciting milestone for our company. We are thrilled to begin drilling at Zigzag, making it the first property where FCM will undertake drilling. This demonstrates our commitment to advancing our exploration efforts and emphasizes our dedication to responsible resource development.“
Figure 1 showing the Zigzag property with the recent sampling, both grabs and channels, focussing on the central portion of the claim block, where drilling has commenced.
An Early Exploration Agreement (EEA) has been signed between Whitesand First Nation and First Class Metals. Under the agreement FCM is allowed to undertake activities requiring and Exploration Permit, as awarded by the Province. FCM has agreed to support the Whitesand community.
Whitesand First Nation Economic Development representative commented:
“Whitesand First Nation is looking forward to working with First Class Metals, and the positive relationship that is evolving. We wish them luck on their drilling program and are excited to see what the New Year brings.“
Drilling Plan
The drill programme preparation commenced on Monday with core expected today, this maiden programme will be focussed in the central 400m to explore the areas of high channel sample results, particularly Channel 7.
Initially 7 drillholes of over 50m are planned with the provision for a deeper ‘step-back’ based on visual, encouragement. The basis for the drilling is the encouraging grab samples and channel sample results previously reported. Nine channels were cut with lengths of under 5m to over 10m, channel lengths were usually controlled by overburden and not necessarily by cessation of pegmatite geology.
Figure 2 showing the location of the channels relative to the ‘core 400m’ zone, drilling will extend further to the east of the channel sample area where >1% Li2O grabs samples were collected.
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.
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.
Photo 2 Rodren equipment being mobilised to the Zigzag property
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 /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.
#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.
#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 |