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First Class Metals #FCM – Initiation of Multiple Asset Sales Process with Seventy Ninth Resources

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, north Ontario land holdings, is pleased to announce that it has entered into discussions with Seventy Ninth Resources Limited  (“Seventy Ninth”) which may result in the disposal of certain FCM properties (“Potential Transaction”).

Highlights 

·      Discussions commenced regarding a number of FCM’s core and non-core assets with Seventy Ninth Resources Limited, a division of the Seventy Ninth Group, who are a leading UK asset management company. 

·      This negotiation validates FCM’s business model to acquire, value add and monetise its assets.

·      In addition, the Company is also actively exploring further mutually beneficial synergies with Seventy Ninth Resources, to further expand on their existing portfolio of natural resources assets. Following the announcement of their intent to list on the Toronto Stock Exchange Venture in 2024, Seventy Ninth Resources is committed to exploring opportunities to enhance the relationship between both entities.

·      Seventy Ninth Resources and FCM are working towards establishing commercial Heads of Terms (“HOTs”)and further announcements will be made as these progress.

·      The acquisition of additional properties recently announced by FCM adds positively to the business model adopted by FCM.

First Class Metals CEO, Marc. J Sale Commented:

“The initiation of these discussions is a significant milestone for FCM. The Potential Transaction validates the business model we at FCM have been expounding. The collaboration with a company of Seventy Ninth Resources’ impressive calibre supports our assertion of the value of our properties. The interest shown by Seventy Ninth Resources confirms FCM’s belief that the current market capitalisation of the Company does not fully reflect the value of the properties in our portfolio and their potential to deliver. This belief is further supported by the significant upside that our successful exploration activities have achieved since the IPO, for that I am indebted to Bruce at Emerald Geological Services ‘EGS’.

I look forward to working with Natalie Bellis, CEO, and the wider team at Seventy Ninth Resources, not only to progress the Potential Transaction but also in future collaboration. We will provide further updates as more details become available. This milestone marks a crucial moment for FCM, and our focus remains on maximising value for our shareholders throughout the entire process.”

Natalie Bellis CEO, Seventy Ninth Resources Commented:

“This is an incredibly exciting move for Seventy Ninth Resources and continues our strategic development of building out a successful pipeline of data-verified assets, as well as helping in preparation for our proposed IPO later this year. By partnering with companies such as FCM, we are continuing to create multiple value points for the business and deliver on its corporate vision”.

 Seventy Ninth Resources Limited

Seventy Ninth Resources, a division of the Seventy Ninth Group, is an award-winning asset management company founded by entrepreneur Dave Webster and his two sons, Jake and Curtis Webster. Seventy Ninth Resources holds a unique and advantageous position in the natural resource sector, specialising in the acquisition, management, and development of desirable assets.

Seventy Ninth Resources has been unlocking the potential of the natural resources sector within the Republic of Guinea since 2011. With 15 employees in the operational in-country team, the company’s extensive presence in the Republic of Guinea has allowed them to cultivate trusted relationships with local communities. Through these relationships, they gain unique access to acquire land in areas with significant potential for gold and diamond mining. The company’s hands-on approach has enabled Seventy Ninth Resources to pair local knowledge with industry expertise.

The developed board and in-country team for Seventy Ninth Resources includes world-class experienced geologists, field consultants, and ESG specialists, working alongside our industry leading partners, SRK Exploration Services and The MSA Group, in executing specific and focused exploration on assets.

https://79thresources.com/ There can be no certainty that the Potential Transaction will be concluded, however, both parties are committed to proceeding to agree HOTs.

Ends

For further information, please contact:

James Knowles, Executive Chairman

JamesK@Firstclassmetalsplc.com

07488 362641

Marc J Sale, CEO

MarcS@Firstclassmetalsplc.com

07711 093532

Novum Securities Limited

(Financial Adviser) 

David Coffman/ George Duxberry

 www.novumsecurities.com

(0)20 7399 9400

NOTES TO EDITORS

First Class Metals PLC – Background

First Class Metals listed on the LSE in July 2022 and is focused on metals exploration in Ontario, Canada which has a robust and thriving junior mineral exploration sector. In particular, the Hemlo ‘camp’ near Marathon, Ontario is a proven world class address for gold exploration, featuring the Hemlo gold deposit operated by Barrick Gold (>23M oz gold produced), with the past producing Geco and Winston Lake base metal deposits also situated in the region.

FCM currently holds 100% ownership of seven claim blocks covering over 180km² along a 150km strike of the Hemlo-Schreiber-Dayohessarah greenstone belt, exploring for gold, base metals, and rare earth element mineralization. In addition, FCM is carrying out a joint venture with Palladium One on the West Pickle Lake Property in the region, a drill-proven ultra-high-grade Ni-Cu project.

The flagship property North Hemlo had a high-definition low level magnetic Heli-borne survey flown in April 2022, this was followed with ground prospecting which ultimately defined the ‘Dead Otter Trend’ which is a discontinuous 4.5km gold anomalous trend with a 19.6g/t Au peak grab sample. This sampling being the highest known assay ever recorded on the North Limb of Hemlo.

In October 2022 FCM completed the option to purchase the historical high-grade past-producing Sunbeam gold mine near Atikokan, Ontario, ~15 km southeast of Agnico Eagle’s Hammond Reef gold deposit (3.3 Moz of open pit probable gold reserves).

FCM acquired the Zigzag Project near Armstrong, Ontario in March 2023. The property features Li-Ta-bearing pegmatites in the same belt as Green Technology Metals’ Seymour Lake Project, which contains a Mineral Resource estimate of 9.9 Mt @ 1.04% Li2O. Zigzag was drilled prior to Christmas 2023 and results have now been released.

The significant potential of the properties for precious, base and battery metals relates to ‘nearology’, since all properties lie in the same districts as known deposits (Hemlo, Hammond Reef, Seymour Lake), and either contain known showings, geochemical or geophysical anomalies, or favourable structures along strike from known showings (e.g. the Esa project, with an inferred Hemlo-style shear along strike from known gold occurrences).

#FCM First Class Metals PLC – Grant Receipt, Tax Refund & Kerrs Gold Exclusivity

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, focused in north west Ontario land holdings, is delighted to announce the following update in regard to the Ontario Junior Exploration Program (OJEP) Grant, Canadian Goods and Services Tax/Harmonized Sales Tax credit and an Exclusivity over the Kerrs Gold Property.

Highlights

  • First Class Metals (FCM) has signed an exclusivity agreement with a Canadian vendor for the Kerr’s Gold Project in Northeastern Ontario. This project holds a historic resource estimate of 386,467 Oz (ounces) of Au (gold) as per the NI-43-101 standard
  • CAD$200,000 OJEP Grant received from the Canadian Ministry of Mines for the Zigzag lithium & critical metals property.
  • Goods and Services Tax (GST) /Harmonized Sales Tax (HST) credit for the year ending 2023. The amount received totalled CAD$212,780.03.

James Knowles Executive Chairman Commented:

“We are pleased to have swiftly completed the necessary paperwork that enabled the release of the grant funding for our Zigzag project from the OJEP team. Our dedicated geology team (Emerald Geological Services) in Canada demonstrated professionalism and worked diligently to ensure the documentation was completed promptly, aligning with the timelines for payment release by the Canadian Fiscal Year end on March 31, 2023.

Additionally, we are pleased to receive a GST/HST refund of $212,780.03 for the full year 2023. This refund further strengthens our financial position and provides us with confidence to pursue opportunities like the Kerrs Gold Property and the other recent additions to the portfolio. These payments also give us the confidence to start the planned 2024 field work program.

During times of uncertainty and market downturns, such as those we are currently witnessing with junior metal explorer stocks, there is indeed a unique opportunity for strategic investment. First Class Metals recognizes this opportunity and believes in the proactive approach of expanding its portfolio with quality assets available at distressed prices.

Entering into an exclusivity agreement for the Kerrs Gold Property fits this remit. Located in a highly productive gold mining district with numerous active mines, the property’s low-cost entry and substantial NI-43-101 historic reportable resource of 386,467 ounces of gold make it an incredibly exciting prospect, especially with the price of gold continuously reaching new all-time highs.

By capitalising on the market turbulence and acquiring undervalued assets, First Class Metals can fortify its portfolio and position itself for future growth. This approach allows the Company to benefit from potential appreciation in asset value as market conditions stabilise and improve.

Furthermore, First Class Metals understands the importance of divestment in a well-managed portfolio. When the time is right by selectively divesting certain assets,  the Company can generate capital and maximise returns on investment. This disciplined approach to divestment ensures that First Class Metals remains agile and focused on maintaining a strong and balanced portfolio.”

OJEP Grant

FCM announced on the 120 March RNS we had been awarded a $200,000 grant from the OJEP Fund for work completed on the Zigzag property, we are pleased to confirm these funds have now been received. 1polaris.brighterir.com/public/first_class_metals/news/rns/story/ry7ooyr

GST/HST Refund 2023

We have received a GST/HST tax refund for the year ended 2023 for CAD$212,780.03. Goods and Services Tax (GST)/Harmonized Sales Tax (HST) is the Canadian direct equivalent of Value Added Tax (VAT) in the United Kingdom. This refund relates to the entire year of 2023.

Kerrs Gold Exclusivity

FCM has signed a thirty day exclusivity agreement and is currently in the process of finalising commercial terms with a Canadian vendor in respect of an ‘earn in’ to acquire 100% of the Kerrs Gold Property located in the Larder Lake Mining Division of Northeastern Ontario. The property holds a resource estimate of 386,467 Oz Au resource as per an historical NI-43-101 standard.

Ends

For further information, please contact:

James Knowles, Executive Chairman JamesK@Firstclassmetalsplc.com 07488 362641
Marc J Sale, CEO MarcS@Firstclassmetalsplc.com 07711 093532

 

Novum Securities Limited

 

(Financial Adviser)

 

David Coffman/ George Duxberry  www.novumsecurities.com (0)20 7399 9400

 

 

First Class Metals #FCM – Quinlan hard rock Lithium Property Earn-In

First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK listed metals exploration company seeking economic metal discoveries across its extensive North West Ontario land holdings is pleased to announce that is has signed an agreement with Broken Rock Resources Limited  (“BRR”) in respect of the Quinlan Lithium Property (“Quinlan”) in NW Ontario.

HIGHLIGHTS

  • FCM to acquire, the right to earn 100% of the highly prospective Quinlan Lithium Property from BRR with low execution costs and year one field work commitment . 
  • The property holds one of the highest lake sediment lithium values (966.3 ppm- constituting the ‘Nine-Sixty-Six lake sediment’ anomaly) recorded in the Province from an Ontario Geological Survey (OGS) survey.
  • The property potential was highlighted by the annual Ontario Thunder Bay OGS Resident Geologist Program (Target 11) ‘Recommendations for Exploration’ publication to be a prime under explored potential new pegmatite corridor. 
  • A total number of 98 claims are involved in the transaction with FCM staking 50 claims and 48 claims being optioned from BRR.
  • Funding for the execution payment and the first year’s work commitment is currently in place.

Marc J. Sale CEO commented:

“Following the success of Zigzag, FCM has expanded its portfolio by adding a further lithium prospect in what is considered a ‘new’ but fertile area for pegmatite / lithium focussed exploration”.

The Company now holds a significant land package, providing a cost-effective entry into an area that is highly favoured by the Provincial OGS Resident Geologists for its lithium prospectivity.

In line with FCM’s future corporate plans and divestment strategies across the wider portfolio, it is crucial for the Company to maintain a continuous flow of high-quality prospects that can grow in value over time. The acquisition of additional property assets like Quinlan ensures that FCM is well-positioned for future growth and development.

FCM is optimistic about the potential of this new lithium prospect and is committed to actively progressing and exploring its value.”

Table1—Option costs for the Quinlan property

Cash (CAD$) Ordinary FCM Shares (CAD$) Annual Work Commitment (CAD$)
On signing 10,000 15,000* 0.00
Within one year anniversary 5,000 10,000 50,000
Within two-year anniversary 10,000 5,000 50,000
Within three-year anniversary 15,000 10,000 150,000
Within four-year anniversary 100,000 NIL 150,000
Total 140,000 40,000 400,000

*- These shares are to be issued within 30 days of publishing an FCA approved prospectus.

Background

On August 30, 2023, Liane Boyer (Broken Rock Resources Limited) and Dorothy Campbell (Regional Resident Geologist) visited the Nine-Sixty-Six site, by helicopter. Descriptions of these sites are given below. All UTM co-ordinates reported in this article are in NAD83, Zone 16.

The Nine-Sixty-Six lake sediment anomaly (OGS sample site 1109, Jackson and Dyer 2000b; 287642E 5527869N) was collected from a small lake north of Kashishibog Lake. The sample returned 966.3 ppm Li, 38.57 ppm Rb and 9.53 ppm Cs. The area surrounding site Nine-Sixty-Six is covered by thick till and a few granitic pegmatite boulders were noted and sampled. Most of these pegmatitic boulders are rounded, ranging in size from 0.5 to 2 m, and composed mainly of quartz and feldspar with local minor biotite.

Although no outcrop was found in this area, large outcrops of granitic pegmatite were observed and sampled in an area 2 km to the northwest. These quartz-feldspar pegmatites are buff to white, massive, and mostly coarse-grained to pegmatitic with minor finer grained phases. Coarse-grained magnetite was noted in one outcrop. Historically, the Kashishibog Lake area has seen very little exploration and geological mapping.

According to the Ontario Geological Survey in 1964, vast areas of granite pegmatite dike sheets occur in the vicinity of Sparkling and Mountairy lakes, 12 to 30 km west of Kashishibog Lake, respectively.  The pegmatites are situated near the Western Wabigoon–Winnipeg River terrane boundary and along the northeast-trending regional-scale faults that extend for more than 30 km in the Kashishibog and Awkward lakes area.

Ends

For further information, please contact:

James Knowles, Executive Chairman JamesK@Firstclassmetalsplc.com 07488 362641
Marc J Sale, CEO MarcS@Firstclassmetalsplc.com 07711 093532

Novum Securities Limited (Financial Adviser)

David Coffman/ George Duxberry  www.novumsecurities.com (0)20 7399 9400

 

First Class Metals #FCM – Ontario Junior Exploration Programme-Grant Approval

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, focused in north west Ontario land holdings, is delighted to announce that it has been approved a  $200,000 CAD from the Ontario Junior Exploration Programme (“OJEP”) (the “Grant”)for work completed on the Zigzag lithium and critical metals Property in NW Ontario.

Highlights

·    Maximum CAD$200,000 OJEP Grant approved for work completed on the Zigzag lithium & critical metals property, covering up to a maximum of 50% of the exploration expenditures from 1 April 2023, to 15 February 2024, subject to an approved report submitted to OJEP.

·    Through OJEP, the Ontario Government is investing in early exploration to create meaningful opportunities for junior companies to find the mines of the future. 

·    First Class have been successful in receiving the full OJEP Grant in consecutive years and we are most grateful of this non-dilutive funding.

·    FCM is the only UK company to have received the Grant.

Marc Sale CEO Commented: I would like to thank the Ministry of Northern Development for the approval of the maximum amount which can be awarded of $200,000 relating to the OJEP. The work completed in 2023 on Zigzag was pivotal in advancing the property to its current stage, culminating in a successful drill programme. Furthermore, the work under the Grant last year identified a significant new discovery on our North Hemlo property. I personally see this award as a firm inditement of the successful exploration team formed by Emerald Geological Services  and FCM. As the work has been conducted and the monies expended FCM is not restricted in the use of this Grant money going forward”. 

About OJEP: Ontario Junior Exploration Programme ‘OJEP’ helps junior mining companies finance early stage exploration projects in Ontario. Incentivizing early exploration will help our province remain globally competitive, find new deposits of critical minerals, and create new economic development and job creation for northern and Indigenous communities. The 2023 OJEP intake four, totalled CAD $5m with a maximum allocation of $200,000 per applicant.

Ends

For further information, please contact: 

James Knowles, Executive Chairman

JamesK@Firstclassmetalsplc.com

07488 362641

Marc J Sale, CEO

MarcS@Firstclassmetalsplc.com

07711 093532

Novum Securities Limited (Financial Adviser)

David Coffman/ George Duxberry

 www.novumsecurities.com

(0)20 7399 9400

First Class Metals #FCM – McInnes Lake Property Exclusivity Signed

First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK listed metals exploration company seeking economic metal discoveries across its extensive North West Ontario land holdings is pleased to announce that is has signed a sixty day exclusivity agreement with Emerald Geological Services Limited (“EGS”) in respect of an earn into the McInnes Lake Property (“McInnes Lake”) in NW Ontario.

HIGHLIGHTS 

·     Claims cover in part the interpreted deep-rooted extensional shear zones continuing north from the Red Lake Greenstone Belt along slivers of greenstone sandwiched between granitic plutons. 

·     Similar aged rocks to Balmer Assemblage in Red Lake which hosts major gold deposits.

·     Underexplored greenstone belt in the North Caribou Terrane of the Superior Province.

·     No previously known gold occurrences until 2021. Field programs in 2021 and 2023 identified 6 new gold occurrences >100 ppb up to 3.6 g/t Gold (“Au”) on the current claims.

·     Anomalous lithium (“Li”) in volcanic host rocks up to 1200 ppm Li in boulders and 984 ppm Li in outcrop discovered in 2021 and 2023 field programs.

·     Three pegmatite dykes previously identified by the Ontario Geological Survey (“OGS”), related to McInnes Lake Pluton, a fertile peraluminous granite body.

·     1The three pegmatite dykes were investigated and sampled in 2023. Lithium values up to 354 ppm from bulk samples of pegmatite; rubidium (“Rb”) and caesium (“Cs”) values up to 2750 ppm and 413 ppm respectively from samples of blocky k-feldspar. Up to 984 ppm Li, 649 ppm Rb and 216 ppm Cs from adjacent volcanic host rocks.

·     Pegmatite exposures are up to approximately 40m wide with mapped strikes of up to 190m.

·     1Pegmatite and anomalous lithium (up to 501 ppm Li) in volcanics discovered further north of the previously identified pegmatites in 2023; system now has ~700-meter strike length and is open along strike.      

1Review of data undertaken by Frederick Breaks, PhD, P. Geo. Comparisons made between McInnes Lake Pluton – exocontact pegmatite system and Separation Rapids pluton (Avalon Advanced Materials Lithium Mining | Avalon (avalonadvancedmaterials.com).

1GoldON Provides Analytical Results from the Fieldwork at McInnes Lake Li-Pegmatite Prospect (goldonresources.com)

Marc Sale CEO commented: “This is an exciting development for FCM greenfield exploration opportunities on a property which potentially contains the same structure that is present at Red Lake. The lack of previous systematic or comprehensive exploration in a favourable geological setting presents realistic expectation for a significant discovery.”

Exclusivity Terms & Background

First Class Metals (FCM) is currently in the process of finalising the commercial terms for the McInnes Lake Property. As part of the negotiation process, FCM will make an exclusivity payment of $5,000 CAD, for a sixty-day exclusivity period. This payment ensures that FCM has the exclusive right to negotiate and finalise the terms of the project within the specified timeframe.

The $5,000 exclusivity payment will be deducted from the year one work program, which is proposed to have a total value of $50,000, with the payment credited towards FCM’s total commitment for the first year.

EGS will undertake the geological work on the property and no charge for their personnel’s time.

In the first year, apart from the work program of $50,000 which will give FCM a 40% interest in the property, FCM will not have any additional cash commitments for the project. This structure allows FCM to have a relatively low cost entry into what is considered to be a highly prospective greenfield project.

The Red Lake Mining District is renowned for its rich gold mining history and impressive production. As of 2020, the Red Lake Mining District has collectively produced over 26 million ounces of gold. This significant production figure highlights the district’s status as a major Canadian contributor to the global gold supply.

The Campbell and Red Lake mines, operated by Evolution Mining, have collectively contributed to over 26 million ounces of gold production. Notably, both mines have maintained historic ore grades averaging about 22 grams per tonne of gold (g/t Au). Their consistent high-grade ore has been instrumental in their productivity, highlighting the district’s reputation for hosting quality gold deposits.

Ends

For further information, please contact:

James Knowles, Executive Chairman

JamesK@Firstclassmetalsplc.com

07488 362641

Marc J Sale, CEO

MarcS@Firstclassmetalsplc.com

07711 093532

Novum Securities Limited (Financial Adviser)

David Coffman/ George Duxberry

 www.novumsecurities.com

(0)20 7399 9400

Alan Green covers Silver Bullet Mines TSX-V #SBMI, GreenX Metals #GRX and First Class Metals #FCM on this week’s Stockbox Research Talks

Alan Green covers Silver Bullet Mines TSX-V #SBMI, GreenX Metals #GRX and First Class Metals #FCM on this week’s Stockbox Research Talks

First Class Metals #FCM – West Pickle Lake: Nickel Drill 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 report that Palladium One continues to intersect potentially economic Ni-Cu mineralisation in and around the West Pickle Lake (“WPL”) Joint Venture area.

Highlights adapted from Palladium One release1

  • In the West Pickle Lake area, chonolith / feeder dyke structures now extend over more than five kilometres of strike length.
  • Drilling along the eastern margin of the West Pickle Zone targeted bore hole electromagnetic anomalies (“BHEM”) returned 1.8% Ni and 1.0% Cu over 1.5 metersin hole TK23-134 (Figure 1).
  • A new nickel zone has been identified with intercepts returning up to 0.4% Ni and 0.2% Cu over 2.7 meters including 1.0% Ni and 0.4% Cu over 0.9 meters in hole TK23-128 in an area with soil anomalies as high as 0.15% Ni, 0.27% Cu and 86 parts per billion (“ppb”) Pd + Pt (Figure 1).

1Palladium One Drilling Confirms Mul | Palladium One Mining Inc. (palladiumoneinc.com)

Of significance are holes TK23-134, on the eastern extent of the WPL JV area and hole TK23-128, to the north-west of WPL and close to the 100% owned North Hemlo block of FCM.

Marc J. Sale CEO commented:

“I remain encouraged with the progress the Palladium One exploration is making in the WPL zone and the wider discovery area. Particularly the success near to the FCM claim boundary with the results from TK23-128.”

“FCM will continue to pursue third party interest in this sector of North Hemlo.”

Figure 1 extracted from Palladium One news release 01/02/24. Showing the position of drill hole TK23-134. In the JV area, as well as TK23-128 to the NW of WPL and close to the North Hemlo property boundary.

ENDS

For further information, please contact:

James Knowles, Executive Chairman JamesK@Firstclassmetalsplc.com 07488 362641
Marc J Sale, CEO MarcS@Firstclassmetalsplc.com 07711 093532

Novum Securities Limited

(Financial Adviser)

David Coffman/ George Duxberry  www.novumsecurities.com (0)20 7399 9400

#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 ZoneAL198 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:

6.27 g/t Au channel / 0.35m in mafic schist with quartz veinlets;

4.98 g/t Au channel / 0.5m in sheared porphyry; and

5.58g/t Au channel / 0.5m within a quartz vein.

·    At Pettigrew channel and grab samples returned significant gold grades, including:

13.0 g/t Au grab sample from quartz rubble dug up beside the stripped outcrop.

3.5 g/t Au channel / 0.2m in a quartz vein with galena and chalcopyrite;

1.82 g/t Au channel / 0.75m in sheared porphyry; and

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:

NS-21-01 – 3.98g/t Au over 0.6m (from 96.0m) within 3.39m of strongly gold anomalous deformation zone.

NS-21-02 – 13.8g/t Au over 0.15m (from 80.85m) within 2.83m of strongly gold anomalous deformation zone.

NS-21-03 – 93.3g/t Au over 0.44m (from 99.5m) within 3.19m of strongly anomalous deformation zone.

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.

A group of rocks in a plastic bag Description automatically generated

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

JamesK@Firstclassmetalsplc.com

07488 362641

Marc J Sale, CEO

MarcS@Firstclassmetalsplc.com

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 – Admission of Shares

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, announces that in respect of the 16,373,674 new ordinary shares (“Shares”) issued since the Company’s IPO on 29 July 2022, no applications were made for the Shares to be admitted to trading.  This is a result of the Company and its Directors being given incorrect information by its former financial adviser.

In order to correct this position, the Company will now commence applications for the Shares to be admitted to trading on the Official List of the Financial Conduct Authority (“FCA”) and to trading on the Main Market of the London Stock Exchange. To ensure compliance with the Prospectus Regulation Rules, the Shares will be admitted in four tranches as follows:

i)             13,134,411 Shares will be admitted to trading on or around 23 January 2024;

ii)            2,626,882 Shares will be admitted to trading on or around 26 January 2024;

iii)           525,376 Shares will be admitted to trading on or around 31 January 2024; and

iv)           87,005 Shares will be admitted to trading on or around 5 February 2024.

For the avoidance of doubt, the Company’s issued share capital remains 82,045,729 ordinary shares of 0.1p each, with one vote per share (and no such shares are held in treasury). The total number of voting rights is therefore 82,045,729 and this figure may be used by shareholders as the denominator for the calculations to determine if they have a notifiable interest in the share capital of the Company under the FCA’s Disclosure Guidance and Transparency Rules, or if such interest has changed.

For further information, please contact: 

James Knowles, Executive Chairman

JamesK@Firstclassmetalsplc.com

07488 362641

Marc J Sale, CEO

MarcS@Firstclassmetalsplc.com

07711 093532

Novum Securities Limited

(Financial Adviser) 

David Coffman/Dan Harris/George Duxberry

Novum Securities Limited

www.novumsecurities.com

 

(0)20 7399 9400

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.

First Class Metals #FCM – Change of Financial Adviser

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 change of Financial Adviser.

Change of Financial Adviser

First Class Metals PLC is pleased to announce the appointment of Novum Securities Limited as Financial Adviser to the Company with immediate effect.

For further information, please contact: 

James Knowles, Executive Chairman

JamesK@Firstclassmetalsplc.com

07488 362641

Marc J Sale, CEO

MarcS@Firstclassmetalsplc.com

07711 093532

Novum Securities Limited. (Financial Adviser)

David Coffman/George Duxberry

Novum Securities Limited

www.novumsecurities.com

 

(0)20 7399 9400

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.

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