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#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.

#GRX GreenX Metals LTD – Quarterly Activities Report December 2023

In July 2023 GreenX entered into an Option Agreement with Greenfields Exploration Limited (Greenfields) to acquire up to 100% of the Eleonore North Gold Project (Eleonore North) in eastern Greenland.

2023 field work at Eleonore North was focused on determining the depth of an intrusion within the project area by deployment of an array of seismic nodes. The nodes have been retrieved with the recorded data now being processed by a geophysics specialist consulting firm. Results from the seismic analysis, expected in the March 2024 quarter, will be used in the next phases of the exploration program at Eleonore North.

During the quarter, GreenX visited the Geological Survey of Denmark and Greenland in Copenhagen and discussed general co-operation and data sharing in respect of the Eleonore North region. GreenX also met with specialised arctic logistics service providers having extensive experience in East Greenland.

Eleonore North has the potential to host a “reduced intrusion-related gold system” (RIRGS), analogous to large bulk-tonnage deposit types found in Canada.

·    In November 2022, the hearing for the claim against the Republic of Poland under both the Energy Charter Treaty and the Australia-Poland Bilateral Investment Treaty was concluded (Claim).

Combined arbitration hearing took place in front of the Tribunal in London under the UNCITRAL Arbitration Rules.

With completion of the hearing, the Tribunal will render an Award (decision) in due course.

Damages of up to £737 million (A$1.3 billion / PLN4.0 billion) have been claimed including the assessed value of GreenX’s lost profits and damages related to both the Jan Karski and Debiensko projects, and accrued interest related to any damages.

·    Cash balance as at 31 December 2023 was A$9.3 million.

 

 

Classification 2.2: This announcement contains inside information

 

GreenX Metals Limited (ASX:GRX, LSE:GRX) (GreenX or the Company) is pleased to present its Quarterly Activities Report for the period during and subsequent to 31 December 2023.

 

eleonore north gold project

In July 2023, GreenX entered into an Option Agreement (Agreement) with Greenfields to acquire up to 100% of the Eleonore North gold project in eastern Greenland.

Eleonore North has the potential to host a RIRGS, analogous to large bulk-tonnage deposit types found in Canada including Donlin Creek, Fort Knox and Dublin Gulch.

Gold mineralisation documented at the high-priority Noa Pluton prospect within Eleonore North.

·      Geophysical “bullseye” anomaly 6 km wide co-incident with elevated gold mineralisation from historical geochemical sampling.

·      Anomalous gold mineralisation associated with quartz veining exposed at surface over a length of up to 15 km.

·      Historical sampling includes 4 m chip sample grading 1.93 g/t Au and 1.9% Sb (refer to Appendix 1 of the Company’s announcement on 10 July 2023).

Eleonore North has potential to host large scale, shallow, bulk tonnage gold deposits. Eleonore North remains underexplored, with the existence of a possible RIRGS being a relatively new geological interpretation based on the historical data. Initial field work consists of a seismic survey to determine the depth from surface to the Noa Pluton to aid in drill targeting.

A map of a geoglyphical area Description automatically generated with low confidence

Figure 1: Eleonore North licence area showing the 6km diameter geophysical anomaly co-incident with gold veining visible at surface over some 15km at the high priority Noa Pluton prospect

The Eleonore North license area contains other gold targets as well as copper, antimony and tungsten prospects. At Holmesø there is copper and antimony mineralisation outcropping at surface. Historical mapping and sampling in the 1970s at Holmesø show a prospective horizon between 15 m and 20 m thick, with per cent level grades for both metals.

Eleonore North provides GreenX with gold exposure in Greenland and complements GreenX’s existing exploration prospect in Greenland, the Arctic Rift Copper Project (ARC). There are significant synergies with regards to personnel, logistics and equipment in having multiple exploration projects in Greenland. Field works were conducted during the 2023 field season at Eleonore North, with data collected from the seismic survey presently being analysed to inform follow-on exploration program design.

Greenland is a mining friendly jurisdiction with strong Government support for expanding its mining industry, simple laws and regulations, and a competitive fiscal regime.

The primary target in Eleonore North is the Noa Pluton, followed by the Holmesø prospect and its source intrusion.  The Noa Veins provide a near-term drill target, however, the Company’s 2023 field work was focussed on determining the depth of the causative intrusion with greater precision using a passive seismic survey. Once analysed, this information will validate the magnetic interpretation, provide more certainty for a future exploration program, and help identify the size of the intrusion within the well-defined hornfels.

A map of the north pole Description automatically generated

A map of land with black and green squares Description automatically generated

Figure 2: Map of Greenland showing GreenX’s ARC and Eleonore North license areas

Figure 3: Map showing prospects and geological features within the Eleonore North license areas

 

ARCTIC RIFT COPPER PROJECT

The ARC project is an exploration joint venture between GreenX and Greenfields. GreenX can earn-in up to 80% of ARC by spending A$10 million by October 2026. ARC is targeting large scale copper in multiple settings across a 5,774 km2 Special Exploration Licence in eastern North Greenland. The area has been historically underexplored yet is prospective for copper, forming part of the newly identified Kiffaanngissuseq metallogenic province.

The results of work program announced last year have demonstrated the high-grade nature of the known copper sulphide mineralisation and wider copper mineralization in fault hosted Black Earth zones and adjacent sandstone units. The exact position of a native copper fissure at the Neergaard Dal prospect was also identified.

Analysis of this information is underway and will be key to future planned work programs.

DISPUTE WITH POLISH GOVERNMENT

In November 2022, the Company reported the conclusion of the Claim against the Republic of Poland under both the Energy Charter Treaty (ECT) and the Australia-Poland Bilateral Investment Treaty (BIT) (together the Treaties). The hearing took place in London in and lasted two weeks.

Following completion of the hearing, the Tribunal will render an Award (i.e., the legal term used for a ‘decision’ by the Tribunal) in due course with no specified date available for the Tribunal decision.

As previously advised, the arbitration and hearing proceedings in relation to the Claim are required to be kept confidential.

Details of the Claim

The Company’s Claim against the Republic of Poland is being prosecuted through an established and enforceable legal framework, with GreenX and Poland agreeing to apply the United Nations Commission on International Trade Law Rules (UNCITRAL) rules to the proceedings. The arbitration claims are being administered through the Permanent Court of Arbitration in the Hague.

The evidentiary hearing phase of the arbitration proceedings has now been completed in front of the Arbitral Tribunal. With completion of the hearing, the Arbitral Tribunal will render an Award in due course. There is no specified date for an Award to be rendered. The Company’s claims for damages against Poland are in the amount of up to £737 million (A$1.3 billion/PLN4.0 billion), which includes a revised assessment of the value of GreenX’s lost profits and damages related to both the Jan Karski and Debiensko projects, and accrued interest related to any damages. The Claim for damages has been assessed by independent external quantum experts appointed by GreenX specifically for the purposes of the Claim.

In July 2020, the Company announced it had executed the LFA for US$12.3 million with LCM. US$10.7 million of the facility has been drawn down to cover legal, tribunal and external expert costs as well as defined operating expenses associated with the Claim. The Company does not anticipate further material drawdowns in relation to the ongoing BIT and ECT Tribunal proceedings. The LFA is a limited recourse loan with LCM that is on a “no win – no fee” basis.

In September 2020, GreenX announced that it had formally commenced with the Claim by serving the Notices of Arbitration against the Republic of Poland. In June 2021, GreenX announced that it had formally lodged its Statement of Claim in the BIT arbitration, including the first assessed claim for compensation. The Company’s Statement of Reply, the last material filing to be made by the Company for the BIT arbitration proceedings, was submitted in July 2021. The Statement of Reply addresses various points raised by the Republic of Poland in their Statement of Defence. The Statement of Reply also contains a re-evaluation of the claim for damages based on responses to Poland’s Statement of Defence.

GreenX’s dispute alleges that the Republic of Poland has breached its obligations under the applicable Treaties through its actions to block the development of the Company’s Jan Karski and Debiensko projects in Poland which effectively deprived GreenX of the entire value of its investments in Poland.

In February 2019, GreenX formally notified the Polish Government that there exists an investment dispute between GreenX and the Polish Government. GreenX’s notification called for prompt negotiations with the Government to amicably resolve the dispute and indicated GreenX’s right to submit the dispute to international arbitration in the event of the dispute not being resolved amicably.

GreenX’s investment dispute with the Republic of Poland is not unique, with international media widely reporting that the political environment and investment climate in Poland has deteriorated since the change in Government in 2015. As a result, there are a significant number of International Arbitration claims being bought against Poland.

CORPORATE

Financial Position

GreenX had cash of A$9.3m as at 31 December 2023.

-ENDS-

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (‘MAR’). Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain.

 

Forward Looking Statements

This release may include forward-looking statements. These forward-looking statements are based on GreenX’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 GreenX, which could cause actual results to differ materially from such statements. GreenX 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.

Competent Persons Statement

The information in this report that relates to exploration results were extracted from the ASX announcement dated 10 July 2023 which is available to view at www.greenxmetals.com.

GreenX 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 content in the relevant announcement continue to apply and have not materially changed; and (c) the form and context in which the Competent Person’s findings are presented have not been materially modified from the original announcement

APPENDIX 1: TENEMENT INFORMATION

 

Location

Tenement

Percentage
Interest

Status

Tenement Type

Greenland

Arctic Rift Copper Project (Licence No. 2021-07 MEL-S)

1

Granted

Exploration Licence

Greenland

Eleonore North gold project
(Licence No’s 2018-19 and 2023-39)

2

Granted

Exploration Licence

Jan Karski, Poland

Jan Karski Mine Plan Area (K-4-5, K6-7, K-8 and K-9)2

3

In dispute3

Exclusive Right to apply for a mining concession3

Debiensko, Poland

Debiensko 1

3

In dispute3

Mining3

Notes:

1        In October 2021, the Company announced that it had entered into an Earn-In Agreement (EIA) with Greenfields to acquire an interest of up to 80% in ARC. As at the date of this announcement, the Company held no beneficial interest in ARC, other than through the EIA.

2        In July 2023, the Company announced that it had entered into an Option Agreement with Greenfields to acquire an interest of up to 100% in Eleonore North. As at the date of this announcement, the Company held no beneficial interest in Eleonore North, other than through the Option Agreement.

3        GreenX formally commenced international arbitration claims against the Republic of Poland under both the ECT and the BIT in 2021. GreenX alleges that the Republic of Poland has breached its obligations under the Treaties through its actions to block the development of the Company’s Jan Karski and Debiensko projects in Poland. Refer to discussion of the Claim above. The Company has received notice from the relevant Polish authority that the Debiensko mining licence has been extinguished.

 

Appendix 2: Related Party Payments

 

company secretarial and administration services of A$95,000).

 

Appendix 3: Exploration and Mining Expenditure

 

During the quarter ended 31 December 2023, the Company made the following payments in relation to exploration activities:

 

Activity

A$000

Greenland (Eleonore North and ARC)

Project Management

178

Exploration program, including sampling

27

Transport costs (including equipment and fuel)

5

Other (field supplies, equipment, fuel, satellite imagery, etc)

1

Total as reported in the Appendix 5B (item 2.1(d))

211

 

There were no mining or production activities and expenses incurred during the quarter ended 31 December 2023.

 

Appendix 5B

Mining exploration entity or oil and gas exploration entity
quarterly cash flow report

Name of entity

GreenX Metals Limited

ABN

Quarter ended (“current quarter”)

23 008 677 852

31 December 2023

 

Consolidated statement of cash flows

Current quarter
$A’000

Year to date
(6 months)
$A’000

1.

Cash flows from operating activities

1.1

Receipts from customers

1.2

Payments for

(a)   exploration & evaluation

(b)   development

(c)   production

(d)   staff costs

(412)

(787)

(e)   administration and corporate costs

(574)

(937)

1.3

Dividends received (see note 3)

1.4

Interest received

159

252

1.5

Interest and other costs of finance paid

1.6

Income taxes paid

1.7

Government grants and tax incentives

1.8

Other (provide details if material)

(a)    Business Development

(b)    Property rental and gas sales

(c)    Occupancy

 

(105)

4

(236)

 

(219)

10

(430)

1.9

Net cash from / (used in) operating activities

(1,164)

(2,111)

2.

Cash flows from investing activities

2.1

Payments to acquire or for:

(a)   Entities

(b)   Tenements

(c)   property, plant and equipment

(2)

(2)

(d)   exploration & evaluation

(211)

(1,253)

(e)   investments

(f)    other non-current assets

2.2

Proceeds from the disposal of:

(a)   entities

(b)   tenements

(c)   property, plant and equipment

(d)   investments

(e)   other non-current assets

2.3

Cash flows from loans to other entities

2.4

Dividends received (see note 3)

2.5

Other (provide details if material)

2.6

Net cash from / (used in) investing activities

(213)

(1,255)

3.

Cash flows from financing activities

4,164

3.1

Proceeds from issues of equity securities (excluding convertible debt securities)

3.2

Proceeds from issue of convertible debt securities

3.3

Proceeds from exercise of options

3.4

Transaction costs related to issues of equity securities or convertible debt securities

(18)

(154)

3.5

Proceeds from borrowings

3.6

Repayment of borrowings

3.7

Transaction costs related to loans and borrowings

3.8

Dividends paid

3.9

Other (provide details if material)

3.10

Net cash from / (used in) financing activities

(18)

4,010

4.

Net increase / (decrease) in cash and cash equivalents for the period

4.1

Cash and cash equivalents at beginning of period

10,715

8,674

4.2

Net cash from / (used in) operating activities (item 1.9 above)

(1,164)

(2,111)

4.3

Net cash from / (used in) investing activities (item 2.6 above)

(213)

(1,255)

4.4

Net cash from / (used in) financing activities (item 3.10 above)

(18)

4,010

4.5

Effect of movement in exchange rates on cash held

(2)

4.6

Cash and cash equivalents at end of period

9,318

9,318

 

5.

Reconciliation of cash and cash equivalents
at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts

Current quarter
$A’000

Previous quarter
$A’000

5.1

Bank balances

1,818

2,715

5.2

Call deposits

7,500

8,000

5.3

Bank overdrafts

5.4

Other (provide details)

5.5

Cash and cash equivalents at end of quarter (should equal item 4.6 above)

9,318

10,715

 

6.

Payments to related parties of the entity and their associates

Current quarter
$A’000

6.1

Aggregate amount of payments to related parties and their associates included in item 1

(241)

6.2

Aggregate amount of payments to related parties and their associates included in item 2

Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.

 

7.

Financing facilities
Note: the term “facility’ includes all forms of financing arrangements available to the entity.

Add notes as necessary for an understanding of the sources of finance available to the entity.

Total facility amount at quarter end
$A’000


Amount drawn at quarter end
$A’000

7.1

Loan facilities

18,040*

15,709

7.2

Credit standby arrangements

7.3

Other (please specify)

7.4

Total financing facilities

18,040*

15,709

 

7.5

Unused financing facilities available at quarter end

2,331

7.6

Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.

On 30 June 2020, the Company executed a Litigation Funding Agreement (LFA) for US$12.3 million (*now worth A$18.0 million with the movement of the A$ compared to the $US) with LCM Funding UK Limited a subsidiary of Litigation Capital Management Limited (LCM), to pursue damages claims in relation to the investment dispute between GreenX and the Polish Government that has arisen out of certain measures taken by Poland in breach of the Energy Charter Treaty and the Australia – Poland Bilateral Investment Treaty (BIT). LCM will provide up to US$12.3million (~A$18.0 million), denominated in US$, in limited recourse financing which is repayable to LCM in the event of a successful Claim or settlement of the Dispute that results in the recovery of any monies. If there is no settlement or award, then LCM is not entitled to any repayment of the financing facility. In return for providing the financing facility, LCM shall be entitled to receive repayment of any funds drawn plus an amount equal to between two and five times the total of any funds drawn from the funding facility during the first five years, depending on the time frame over which funds have remained drawn, and then a 30% interest rate after the fifth year until receipt of damages payments.

 

8.

Estimated cash available for future operating activities

$A’000

8.1

Net cash from / (used in) operating activities (item 1.9)

(1,164)

8.2

(Payments for exploration & evaluation classified as investing activities) (item 2.1(d))

(211)

8.3

Total relevant outgoings (item 8.1 + item 8.2)

(1,375)

8.4

Cash and cash equivalents at quarter end (item 4.6)

9,318

8.5

Unused finance facilities available at quarter end (item 7.5)

2,331

8.6

Total available funding (item 8.4 + item 8.5)

11,649

8.7

Estimated quarters of funding available (item 8.6 divided by item 8.3)

8

Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7.

8.8

If item 8.7 is less than 2 quarters, please provide answers to the following questions:

8.8.1     Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?

Answer: Not applicable

8.8.2     Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?

Answer: Not applicable

8.8.3     Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?

Answer: Not applicable

Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

 

Compliance statement

1        This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

2        This statement gives a true and fair view of the matters disclosed.

 

Date:                31 January 2024

Authorised by:  Company Secretary

(Name of body or officer authorising release – see note 4)

Notes

1.          This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2.          If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3.          Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4.          If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5.          If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

 

ECR Minerals #ECR – Review of Lolworth Project

ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to provide the following overview of its Lolworth Project in Queensland. The 2023 field work season concluded with soil sampling which, together with exploration work already undertaken, has provided the Company with a solid overview of the project area and, importantly, a guide for the next phase of exploration this year.

HIGHLIGHTS

  • Reedy Creek returned best rock chips of 22g/t with stream samples of 205 PPM.
  • Gorge Creek returned rock chips of 75g/t with stream samples of 1395 PPM.
  • Butterfly Creek reported stream samples of 962 PPM.
  • An overview of soil, rock chip and stream sediment sampling indicate that the best-ranking gold prospects so far may be Flaggy Creek, Butterfly Creek and Gorge Creek West areas. Other prospects identified but yet to be explored in more detail include Brumby Creek and Gorge Creek East where our soil sampling campaign demonstrated sporadic anomalous gold.
  • Laboratory results have been received for soil sampling completed at Flaggy Creek and Reedy Creek West. Peak gold results in soils at Flaggy Creek include 0.41 g/t Au, 0.19 g/t Au and 0.13 g/t Au. The results align to an obscure North-Easterly trend. Anomalous peak results of lead within these soils correlate adjacent to previous rock-chipped gold-bearing veins. Best results from soil sampling at Reedy Creek West were 2.01 g/t Au. Early interpretations of geochemistry results show these are near to a possible geological boundary.
  • Previous pan concentrate sampling identified Oaky Creek to be carrying good values of Niobium and Tantalum (Nb-Ta) mineralisation. Follow-up soil sampling led to specific outcropping areas that are yet to be sampled and mapped.
  • Similar geological rock types associated with Nb-Ta mineralisation at Oaky Creek have been noted to exist within the eastern boundary of the Lolworth tenements. No modern exploration has been undertaken within this region before.

ECR Technical Director Adam Jones commented: We took on Lolworth as a ‘greenfield’ project and, with some 900 square km of ground to explore, we believed that it was within a geological province that had every potential for significant discoveries for ECR Minerals. Our work in 2023 has gone some way to endorse that, proving that gold exists in multiple places within the project area.  Our soil sampling results back up the high-grade stream sedimentary samples and rock chips reported in 2023.  By definition work at surface, whilst early stage, is designed to predict what may occur in greater concentrations at deeper levels and the widespread presence of gold in our sample results increases our confidence in both the prospectivity and potential scale of the Lolworth resource.” 

Mike Whitlow Chief Operating Officer said: “The conclusion of the 2023 field work season at Lolworth has given us a solid platform from which to plan the next stage of our reconnaissance programme.  We have identified several locations to hone in on and we believe that there are still other gold sources that can be followed up over in the coming year. Alongside the gold, we also have found the presence of the sought after Niobium-Tantalum Rare Earth minerals and, whilst this is only an initial indication, we expect this story will continue to develop.  Our work for the 2024 season in Queensland is likely to include trench sampling and drill target generation. Additionally, we look forward to updating shareholders as operations continue In Victoria.”

OVERVIEW OF GOLD EXPLORATION TO DATE

The Lolworth Project is located approximately 120km west of the historic gold mining centre of Charters Towers, North Queensland, Australia. The project consists of three exploration tenements (EPM27901, EPM27902 and EPM27903) covering over 900 square kilometres of ground where numerous Gold, Niobium and REE anomalies have been identified within the project. The operations are being explored by LUX Exploration Pty Ltd, a wholly-owned subsidiary of ECR.

Exploration has been undertaken by methods of stream sampling (heavy pan concentrate sampling), rock chip (outcrop mapping) and soil sampling over prospective ridgelines. The Lolworth Project covers over 900 km2 of exploration ground. The host rocks have undergone some degree of alteration by intrusive rocks and pegmatites and hence are favourable for exploring for multiple commodities. Approximately 700km2 of the project has now been initially explored by stream sampling. Gold, Niobium-Tantalum and REE (in particular Neodymium) are the main commodities discovered from the stream sampling programmes. The gold prospects of interest are named Gorge Creek West, Gorge Creek East, Reedy Creek, and of recent discovery Flaggy Creek, Butterfly Creek and Reedy Creek West. The main focus of Niobium-Tantalum exploration has been at Oaky Creek. See Figure One for locations in the project area. Best results from exploration to date are included in Table One below.

Figure One: Lolworth Project Prospects

All gold prospects have been found from following up positive stream sampling results and now are targeting the hill slopes above such streams, looking for the source of the gold. The directors consider the results to be outstanding. Visible gold has often been found in creeks that have had no modern exploration. Best results to date include 1395 ppm Au (Gorge Creek), 962 ppm Au (Butterfly Creek), 594 ppm Au (Reedy Creek). Multiple clusters of gold mineralisation have been found in specific streams of Flaggy Creek, Gorge Creek West, Reedy Creek West and Butterfly Creek. This has led to outcrop sampling and mapping and soil sampling firstly at Flaggy Creek and Gorge Creek West. Further detailed work has been planned for Reedy Creek and Butterfly Creek and will include geological mapping and outcrop sampling and detailed soil sampling. The ridgeline between Reedy Creek and Butterfly Creek which the gold bearing creeks are draining from is an area over 1km in strike length to explore in detail.

NIOBIUM-TANTALUM AND REE EXPLORATION

Critical listed minerals Niobium-Tantalum (Nb-Ta) and other REE (Neodymium) have been discovered in the Oaky Creek drainage system. High Niobium and Tantalum results from pan concentrate sampling in the headwaters of Oaky Creek led to the completion of a regional soil sampling programme over the adjacent hillslopes. Results from this show the best Niobium concentrations in soils (up to 146 ppm Nb) (see RNS September 25 2023 here). A mapping and sampling programme over the immediate outcrop of the best Niobium results is planned for 2024. Elevated Nb-Ta and REE results are associated with a mapped pegmatitic intrusive complex. The same type of rock outcrop has been noted to occur on the eastern province of the Lolworth Project area. The field team will access the streams within this eastern province to investigate the potential for gold and critical minerals.

FLAGGY CREEK AND REEDY CREEK WEST SOIL SAMPLING RESULTS

Results from a soil sampling programme centred around a cluster of gold bearing creeks discovered by pan concentrate sampling at Flaggy Creek (previously called Woolshed Creek) and Reedy Creek West has been received. Initial rock chip and outcrop mapping at one notable hillslope at Flaggy Creek were reported last October (see RNS 31st October 31 2023 here). Best results from rock chip and outcrop mapping included 4.66 g/t Au, 3.97 g/t Au and 3.28 g/t Au. Gold has also been discovered in quartz fragments that is lying on the nearby surface, indicating gold veinlets in a primary source is nearby. Where visible, the quartz veining at Flaggy Creek is running in groups of narrow veins that lie parallel to each other. The veins can be traced along the surface for 70 metres before passing under soil cover. The anecdotal evidence from surface scree and fragments shows the parallel veins to be in a zonation of up to 100m wide. The potential size of this zonation is what makes Flaggy Creek an attractive gold exploration target. The soil sampling programme has been completed north and south of these discovered veins, the target being to discover any gold values in soils that are potentially hiding other parallel gold veins hiding under the shallow soil cover. The best gold results from the soil sampling were 0.41 g/t Au, 0.19 g/t Au and 0.13 g/t Au (see Table Two), highlighting three ‘spot’ anomalies which lie along a discrete north-easterly trend. (see Figure Two). This north-easterly trend also correlates to the upper source line of the gold found in the surrounding streams. Interestingly, lead is elevated in the soil immediately surrounding the known gold bearing veins and is now looked at being a pathfinder element to the proximity to gold veins. Lead results are also elevated in previous best gold results from rock chipping.  The best gold result from this soil sampling is located to the north-east of the already mapped veins. ECR has not mapped these new anomalous areas and will extend mapping and sampling of visible outcrop to these new areas this year.

Figure Two: Flaggy Creek Exploration Update

A soil sampling programme was also completed over the headwaters of three gold bearing creeks that drain into the western side of Reedy Creek. Previous pan concentrate sampling revealed plenty of visible gold backed up with good laboratory results within these creeks. One spot gold anomaly of 2.01 g/t Au was picked up in the soil sampling results. An abrupt boundary where background higher values of lead concentration in soil is higher in the southern half of the soil sampling (see Figure Three). Early interpretations show this boundary is likely coincide with a geological boundary. Field staff reported the nearby soil to be red (from iron) and contain quartz float which are evidently from nearby quartz veins. Mapping and sampling of all quartz veining within the anomalous area and near the geological contact will be completed this year.

Figure Three: Reedy Creek West Exploration Update

Table One. Some of the best results from exploration at the Lolworth Project to date (see previous announcements).

NOTE: (1 ppm Au = 1 g/t Au)

PROSPECT EXPLORATION METHOD Easting Northing Au g/t Pb ppm Announcement Date
Gorge Creek Stream Sampling 314342.3 7749643 1395 n/a 23/03/23
Butterfly Creek Stream Sampling 310193.5 7749951 962 n/a 20/11/23
Butterfly Creek Stream Sampling 310289 7750626 594 n/a 8/8/23
Reedy Creek Stream Sampling 310475.6 7751531 205 n/a 23/03/23
Gorge Creek West Stream Sampling 314025 7751352 152.5 n/a 12/12/22
Butterfly Creek Stream Sampling 310247.8 7750052 139 n/a 20/11/23
Reedy Creek Stream Sampling 309411.5 7750724 138 n/a 8/8/23
Reedy Creek West Stream Sampling 308154.7 7751007 128 n/a 25/9/23
Reedy Creek West Stream Sampling 308394.7 7751332 60.9 n/a 25/9/23
Reedy Creek Stream Sampling 310359.1 7752184 51 n/a 01/02/23
Reedy Creek Rock Chip 309345.6 7750941 22.00 104 15/8/23
Gorge Creek West Rock Chip 313557.5 7751157 13.75 14250 23/10/23
Gorge Creek East Rock Chip 314942.4 7751994 8.02 199 20/10/23
Flaggy Creek Rock Chip 298711.6 7760551 6.05 267 31/10/23
Flaggy Creek Rock Chip 298696.6 7760564 5.96 751 31/10/23
Flaggy Creek Rock Chip 298694 7760685 4.73 542 01/02/23
Flaggy Creek Rock Chip 298697.5 7760694 4.66 480 31/10/23
Flaggy Creek Rock Chip 298694.4 7760683 3.97 91 31/10/23
Flaggy Creek Rock Chip 298705.1 7760729 3.28 685 31/10/23
Flaggy Creek Rock Chip 298701.1 7760710 3.19 3270 31/10/23
Gorge Creek West Rock Chip 313268.9 7751424 3.13 375 20/10/23
Flaggy Creek Soil Sampling 298875.9 7760698 0.41 8 This announcement
Flaggy Creek Soil Sampling 313239 7751347 0.39 12 This announcement
Flaggy Creek Soil Sampling 313198.6 7751347 0.32 11 This announcement
Flaggy Creek Soil Sampling 299071.3 7761011 0.19 4 This announcement
Flaggy Creek Soil Sampling 313267 7751305 0.18 17 This announcement
Flaggy Creek Soil Sampling 313295.6 7751171 0.13 18 This announcement
Flaggy Creek Soil Sampling 298434.6 7760314 0.13 12 This announcement
Reedy Creek West Soil Sampling 308349.2 7751205 2.01 n/a This announcement

Table Two. Latest Gold results above reportable levels (>0.01 ppm Au) for Soil Sampling at Flaggy Creek and Reedy Creek, Lolworth Project.

NOTE: (1 ppm Au = 1 g/t Au)

 

PROSPECT SAMPLEID EASTING

(GDA94 Zone 55)

NORTHING

(GDA94 Zone 55)

Au ppm
Reedy Creek West LWL3650 308349.2 7751205 2.01
Reedy Creek West LWL3610 308190.5 7751091 0.03
Reedy Creek West LWL3616 308317 7751089 0.02
Flaggy Creek LWL3400 298875.9 7760698 0.41
Flaggy Creek LWL3439 299071.3 7761011 0.19
Flaggy Creek LWL3179 298434.6 7760314 0.13
Flaggy Creek LWL3394 298908.6 7760741 0.09
Flaggy Creek LWL3438 299105.6 7760974 0.09
Flaggy Creek LWL3493 299497.2 7761071 0.07
Flaggy Creek LWL3038 298725.4 7760724 0.05
Flaggy Creek LWL3487 299377.4 7761287 0.05
Flaggy Creek LWL3408 299380 7760838 0.04
Flaggy Creek LWL3007 298717.2 7760799 0.03
Flaggy Creek LWL3029 298626 7760805 0.03
Flaggy Creek LWL3039 298703.8 7760737 0.03
Flaggy Creek LWL3068 298698.7 7760697 0.03
Flaggy Creek LWL3359 299052.5 7760806 0.03
Flaggy Creek LWL3374 298983.1 7760815 0.03
Flaggy Creek LWL3403 298790.9 7760822 0.03
Flaggy Creek LWL3448 299056.1 7760954 0.03
Flaggy Creek LWL3452 299193.7 7760809 0.03
Flaggy Creek LWL3009 298760.6 7760774 0.02
Flaggy Creek LWL3014 298715.6 7760777 0.02
Flaggy Creek LWL3033 298712.5 7760755 0.02
Flaggy Creek LWL3043 298617.3 7760787 0.02
Flaggy Creek LWL3110 298730 7760585 0.02
Flaggy Creek LWL3123 298549.3 7760597 0.02
Flaggy Creek LWL3268 298863.9 7760492 0.02
Flaggy Creek LWL3380 298948.6 7760771 0.02
Flaggy Creek LWL3402 298819.2 7760780 0.02
Flaggy Creek LWL3453 299228.1 7760773 0.02
Flaggy Creek LWL3464 299386.8 7760934 0.02
Flaggy Creek LWL3468 299325.6 7761125 0.02

 

REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON

This announcement has been reviewed by Adam Jones, Technical Director of Exploration at ECR Minerals plc. Adam Jones is a professional geologist and is a Member of the Australian Institute of Geoscientists (MAIG). He is a qualified person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.

 

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

ECR Minerals plc Tel: +44 (0) 20 7929 1010
David Tang, Non-Executive Chairman

Nick Tulloch, Managing Director

Andrew Scott, Director

Email:

info@ecrminerals.com

Website: www.ecrminerals.com
WH Ireland Ltd   Tel: +44 (0) 207 220 1666
Nominated Adviser

Katy Mitchell / Andrew de Andrade

SI Capital Ltd Tel: +44 (0) 1483 413500
Broker
Nick Emerson
Novum Securities Limited  Tel: +44 (0) 20 7399 9425
Broker

Jon Belliss

Brand Communications Tel: +44 (0) 7976 431608
Public & Investor Relations
Alan Green

ABOUT ECR MINERALS PLC

ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has eight active exploration tenements and two in application (Ballarat and Tambo).

ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”), which has three approved exploration permits covering 946 km2 over a relatively unexplored area in Lolworth Range, Queensland, Australia. The Company has also submitted a license application at Kondaparinga which is approximately 120km2 in area and located within the Hodgkinson Gold Province, 80km NW of Mareeba, North Queensland.

Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), Mercator Gold Australia Pty Limited has the right to receive up to A$2 million in payments subject to future resource estimation or production from projects sold to Fosterville South Exploration Limited.

ECR holds a 90% interest in the Danglay gold project; an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, which has a 43-101 compliant resource. ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina and can potentially receive up to US$2.7 million in aggregate across all licences

#SVML Sovereign Metals LTD – Result of AGM

The Annual General Meeting (AGM) of Sovereign Metals Limited (Company) (ASX:SVM, AIM:SVML) was held today, 24 November 2023, at 10.00am (AWST).

The resolutions voted on were in accordance with the Notice of AGM previously advised to shareholders. All resolutions were decided on and carried by way of poll.

In accordance with Section 251AA of the Corporations Act 2001 and ASX Listing Rule 3.13.2, the details of the poll and proxies received in respect of each resolution are set out in the below summary.

ENQUIRIES

Dylan Browne

Company Secretary
+61(8) 9322 6322

info@sovereignmetals.com

 

Nominated Adviser on AIM and Joint Broker

 

SP Angel Corporate Finance LLP

+44 20 3470 0470

Ewan Leggat

Charlie Bouverat

Harry Davies-Ball

 

 

Joint Brokers

 

Berenberg

+44 20 3207 7800

Matthew Armitt

 

Jennifer Lee

 

 

 

Tavistock PR

+44 20 7920 3150

 

Resolution

Number of Proxy Votes

Number and Percentage of Votes cast on the Poll

Voting Method and Result

For

Against

Abstain

Proxy’s Discretion

For

Against

Abstain

1.    Remuneration Report

5,664,686

22,000

19,101,151

2,471,598

9,795,986
(99.8%)

22,000
(0.2%)

19,101,151

Carried on vote by poll

2.    Re-election of Director – Mr Ian Middlemas

23,241,037

1,546,800

2,471,598

27,372,337
(95%)

1,546,800
(5%)

Carried on vote by poll

3.    Re-election of Director – Dr Julian Stephens

23,241,037

1,546,800

2,471,598

27,372,337
(95%)

1,546,800
(5%)

Carried on vote by poll

4.    Renewal of Employee Incentive Equity Plan

19,359,686

10,000

5,418,151

2,471,598

23,490,986
(99.9%)

10,000
(0.1%)

5,418,151

Carried on vote by poll

5.    Issue of Performance Rights to a Director – Mr Benjamin Stoikovich

4,116,886

1,569,800

19,101,151

2,471,598

8,248,186
(84%)

1,569,800
(16%)

19,101,151

Carried on vote by poll

6.    Issue of Performance Rights to a Director – Mr Mark Pearce

4,116,886

1,569,800

19,101,151

2,471,598

8,248,186
(84%)

1,569,800
(16%)

19,101,151

Carried on vote by poll

7.    Issue of Performance Rights to a Director – Mr Nigel Jones

4,116,886

1,569,800

19,101,151

2,471,598

8,248,186
(84%)

1,569,800
(16%)

19,101,151

Carried on vote by poll

8.    Approval of Additional 10% Placement Capacity

24,715,837

72,000

2,471,598

28,847,137
(99.8%)

72,000
(0.2%)

Carried on vote by poll

 

Issue of Performance Rights

Following the shareholder approval of resolutions 5 to 7 today, the Company has issued 1,750,000 unlisted performance rights to Directors as disclosed in the Notice of AGM as follows:

·      700,000 performance rights subject to the “Grant of Mining Licence Milestone” that have no exercise price and expire 31 March 2026; and

·      1,050,000 performance rights subject to the “Final Investment Decision Milestone” that have no exercise price and expire 30 June 2026.

Following the issue of these performance rights, the Company has the following securities on issue:

·      563,003,401 fully paid ordinary shares;

·      34,549,598 unlisted options exercisable at A$0.535 each on or before 21 July 2024;

·      9,110,000 unlisted performance rights subject to the “Definitive Feasibility Study Milestone” expiring on or before 31 October 2025;

·      3,150,000 unlisted performance rights subject to the “Grant of Mining Licence Milestone” that have no exercise price and expire 31 March 2026; and

·      4,150,000 unlisted performance rights subject to the “Final Investment Decision Milestone” that have no exercise price and expire 30 June 2026.

Change of Directors’ Interest Notices are provided below.

Appendix 3Y

 

Change of Director’s Interest Notice

 

Information or documents not available now must be given to ASX as soon as available.  Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/09/01  Amended 01/01/11

 

Name of entity                  SOVEREIGN METALS LIMITED

ABN                                    71 120 833 427

A)              

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act. 

 

Name of Director

Benjamin Stoikovich

Date of last notice

29 September 2023

 

Part 1 – Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

 

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

 

Direct or indirect interest

Direct and Indirect

 

Nature of indirect interest

(including registered holder)

Note: Provide details of the circumstances giving rise to the relevant interest.

 

Selwyn Capital Limited (beneficial interest)

 

Date of change

24 November 2023

No. of securities held prior to change

(a)   4,190,000

(b)   600,000

(c)   –

(d)   –

Class

(a)   Ordinary Fully Paid Shares

(b)   Unlisted Performance Rights subject to the “Definitive Feasibility Study Milestone” expiring 31 October 2025

(c)   Unlisted Performance Rights subject to the Grant of Mining Licence Milestone” expiring 31 March 2026

(d)   Unlisted Performance Rights subject to the “Final Investment Decision Milestone” expiring 30 June 2026

Number acquired

(c)   350,000

(d)   500,000

Number disposed

Not applicable

Value/Consideration

Note: If consideration is non-cash, provide details and estimated valuation

 

Not applicable – see nature of change below

No. of securities held after change

(a)   4,190,000

(b)   600,000

(c)   350,000

(d)   500,000

Nature of change

Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back

Issue of Performance Rights following shareholder approval

 

Part 2 – Change of director’s interests in contracts

 

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

 

Detail of contract

Not applicable

Nature of interest

 

Not applicable

Name of registered holder

(if issued securities)

 

Not applicable

Date of change

Not applicable

No. and class of securities to which interest related prior to change

Note: Details are only required for a contract in relation to which the interest has changed

 

Not applicable

Interest acquired

Not applicable

Interest disposed

Not applicable

Value/Consideration

Note: If consideration is non-cash, provide details and an estimated valuation

 

Not applicable

Interest after change

Not applicable

 

Part 3 – +Closed period

 

Were the interests in the securities or contracts detailed above traded during a +closed period where prior written clearance was required?

No

If so, was prior written clearance provided to allow the trade to proceed during this period?

Not applicable

If prior written clearance was provided, on what date was this provided?

Not applicable

 

Initial notification/Amendment

Initial

LEI

213800NSPXSASTENFQ34

Place of transaction

Australian Securities Exchange (ASX)

 

Appendix 3Y

 

Change of Director’s Interest Notice

 

Information or documents not available now must be given to ASX as soon as available.  Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/09/01  Amended 01/01/11

 

Name of entity                  SOVEREIGN METALS LIMITED

ABN                                    71 120 833 427

B)              

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act. 

 

Name of Director

Mark Pearce

Date of last notice

29 September 2023

 

Part 1 – Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

 

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

 

Direct or indirect interest

Direct and Indirect

 

Nature of indirect interest

(including registered holder)

Note: Provide details of the circumstances giving rise to the relevant interest.

 

·  Mr Mark Pearce and Mrs Natasha Pearce <NMLP Family A/C> (trustee and beneficial interest)

·  Apollo Group Pty Ltd (director and indirect shareholder)

·  Crystal Brook Investments Pty Ltd (director and beneficial interest)

 

Date of change

24 November 2023

No. of securities held prior to change

(a)     4,520,842

(b)     300,000

(c)     –

(d)     –

Class

(a)     Ordinary Fully Paid Shares

(b)     Unlisted Performance Rights subject to the “Definitive Feasibility Study Milestone” expiring 31 October 2025         

(c)     Unlisted Performance Rights subject to the Grant of Mining Licence Milestone” expiring 31 March 2026

(d)    Unlisted Performance Rights subject to the “Final Investment Decision Milestone” expiring 30 June 2026            

Number acquired

(c)     250,000

(d)     400,000

 

Number disposed

Not applicable

 

Value/Consideration

Note: If consideration is non-cash, provide details and estimated valuation

 

Not applicable – see nature of change below

 

No. of securities held after change

(a)     4,520,842

(b)     300,000

(c)     250,000

(d)     400,000

Nature of change

Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back

Issue of Performance Rights following shareholder approval

 

Part 2 – Change of director’s interests in contracts

 

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

 

Detail of contract

Not applicable

Nature of interest

Not applicable

Name of registered holder

(if issued securities)

Not applicable

Date of change

Not applicable

No. and class of securities to which interest related prior to change

Note: Details are only required for a contract in relation to which the interest has changed

 

Not applicable

Interest acquired

Not applicable

Interest disposed

Not applicable

Value/Consideration

Note: If consideration is non-cash, provide details and an estimated valuation

 

Not applicable

Interest after change

Not applicable

 

Part 3 – +Closed period

 

Were the interests in the securities or contracts detailed above traded during a +closed period where prior written clearance was required?

No

If so, was prior written clearance provided to allow the trade to proceed during this period?

Not applicable

If prior written clearance was provided, on what date was this provided?

Not applicable

 

Initial notification/Amendment

Initial

LEI

213800NSPXSASTENFQ34

Place of transaction

Australian Securities Exchange (ASX)

 

Appendix 3Y

 

Change of Director’s Interest Notice

 

Information or documents not available now must be given to ASX as soon as available.  Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/09/01  Amended 01/01/11

 

Name of entity                  SOVEREIGN METALS LIMITED

ABN                                    71 120 833 427

C)              

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act. 

 

Name of Director

Nigel Jones

Date of last notice

29 September 2023

 

Part 1 – Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

 

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

 

Direct or indirect interest

Indirect

 

Nature of indirect interest

(including registered holder)

Note: Provide details of the circumstances giving rise to the relevant interest.

 

Redbeck Partners Ltd (beneficial interest)

Date of change

24 November 2023

No. of securities held prior to change

(e)   225,000

(f)    300,000

(g)   –

(h)   –

 

Class

(e)   Ordinary Fully Paid Shares

(f)    Unlisted Performance Rights subject to the “Definitive Feasibility Study Milestone” expiring 31 October 2025

(g)   Unlisted Performance Rights subject to the Grant of Mining Licence Milestone” expiring 31 March 2026

(h)   Unlisted Performance Rights subject to the “Final Investment Decision Milestone” expiring 30 June 2026

Number acquired

(c)   100,000

(d)   150,000

Number disposed

Not applicable

Value/Consideration

Note: If consideration is non-cash, provide details and estimated valuation

 

Not applicable – see nature of change below

No. of securities held after change

(a)  225,000

(b)  300,000

(c)  100,000

(d)  150,000

 

Nature of change

Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back

Issue of Performance Rights following shareholder approval

 

Part 2 – Change of director’s interests in contracts

 

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

 

Detail of contract

Not applicable

Nature of interest

 

Not applicable

Name of registered holder

(if issued securities)

 

Not applicable

Date of change

Not applicable

No. and class of securities to which interest related prior to change

Note: Details are only required for a contract in relation to which the interest has changed

 

Not applicable

Interest acquired

Not applicable

Interest disposed

Not applicable

Value/Consideration

Note: If consideration is non-cash, provide details and an estimated valuation

 

Not applicable

Interest after change

Not applicable

 

Part 3 – +Closed period

 

Were the interests in the securities or contracts detailed above traded during a +closed period where prior written clearance was required?

No

If so, was prior written clearance provided to allow the trade to proceed during this period?

Not applicable

If prior written clearance was provided, on what date was this provided?

Not applicable

 

Initial notification/Amendment

Initial

LEI

213800NSPXSASTENFQ34

Place of transaction

Australian Securities Exchange (ASX)

 

 

ECR Minerals #ECR – Latest Lolworth Gold Exploration Results Suggest Extended Mineralisation

ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce the latest gold exploration developments at its Lolworth Project, North Queensland, Australia. The results from the latest pan concentrate stream samples, whilst still early stage, are considered significant by the Directors as they suggest an extension in the size of the gold footprint south of the Reedy Creek area into Butterfly Creek. The latest soil results from the Gorge Creek West area also correlate with a quartz sub-crop which has been mapped across the ridgeline.

The Lolworth Project is located approximately 120km west of the historic gold mining centre of Charters Towers, North Queensland, Australia. The project consists of three exploration tenements (EPM27901, EPM27902 and EPM27903) which are operated by LUX Exploration Pty Ltd, a wholly owned subsidiary of ECR (“LUX”). Numerous Gold, Niobium and REE anomalies have been identified within the project.

HIGHLIGHTS

  • Pan concentrate sampling south of the Reedy Creek drainage divide into Butterfly Creek indicates the likely existence of a gold source that also extends further south. Visible gold continues to be seen in sampling.
  • The peak soil sampling results from Gorge Creek West area correlate along strike to a mapped quartz vein sub-crop. Further investigations are planned.
  • Results from Flaggy Creek and Reedy Creek West soil sampling are due soon, with interpretation of these results determining the next steps to be taken. Operations have been paused while we evaluate our workplan.
  • Follow-up investigations into targeting other Niobium and REE stream anomalies also in progress.

ECR Technical Director Adam Jones commented: “I am pleased to report good grades from pan concentrate sampling, which indicate that additional sources of gold could exist within the headwaters of Butterfly Creek and extend the region’s prospectivity some 2km further south of Reedy Creek. Local landholders have reported to us that good sizeable gold discoveries were made in this watershed by early prospectors and the evidence of our work to date supports these theories. In addition to this, the field team are steadily building a picture of extended gold mineralisation in the headwaters of Gorge Creek West resulting from on-going results from soil sampling and outcrop mapping.”

ECR Chief Operations Officer Mike Whitlow added: “Our Lolworth project is progressing nicely and we are consistently seeing visible gold, which supports the historical evidence, but more importantly validates our own thesis. We are collating the data into our work plan to conclude the reconnaissance work and prepare for the target generation stage. We expect to provide further updates soon.” 

Figure One: Plan showing the location of the latest results;

https://www.ecrminerals.com/images/2023/Fig1_Latest-Results-Lolworth_231115.jpg

Reportable results from sampling presented in Table 1 and Table 2 below.

STREAM SAMPLING INTO BUTTERFLY CREEK

Butterfly Creek runs south from the dividing range that separates the Reedy Creek area to the north (see Figure One above). Recent field work completed infill pan concentrate sampling along the headwaters of streams in the Reedy Creek area and Butterfly Creek, with visible gold consistently noted throughout the sampling process. The most recent lab results confirm these findings, with high concentrations of gold resulting in 962 ppm Au, 139 ppm Au and 29.7 ppm Au. One ppm is equal to One g/t Au; however, these results are from concentrating a 5kg stream sample into a laboratory sized sample and therefore are not representative of an in situ-resource within the stream. The results do however show the coarse nature of the gold, confirming that the stream is strongly gold-bearing and close to a nearby source up the hillslopes. From the sampling evidence received ECR can conclude the source of gold is likely to reside within the saddle ridge as marked on Figure One. The round coloured markers on the map relate to the corresponding gold grades in the map legend, with previous pan sampling results shown as coloured stars. Gold anomalies are clustered as shown on Figure One at Reedy Creek West, Reedy Creek and Gorge Creek West. ECR is still waiting for final soil sampling results within the Reedy Creek West area.

GORGE CREEK WEST SOIL SAMPLING

Results from soil sampling over part of the western ridgeline above the gold-bearing streams of Gorge Creek West have also been received. 14 samples report gold above background levels of 0.01 g/t Au, with best results of 0.39 g/t Au and 0.32 g/t Au. Although modest, these results are important in context as they correlate spatially along strike of a large quartz sub-crop vein exceeding 4 metres wide. This vein was sampled previously and delivered a best result of 0.56 g/t Au.

The results from the quartz sub-crop vein do not match the results from the creek below, where the team located numerous gold nuggets during previous pan concentrate sampling. A single rock chip along strike to the east returned 13.75 g/t Au, while rock chip results immediately to the north of the soil sampling and the quartz sub-crop show promise, with large outcrops of quartz veins (grading up to 3.13 g/t Au) sited adjacent to the contact of the intruded granite. Further investigation is required.

NIOBIUM AND REE EXPLORATION

Niobium (Nb) and Rare Earth elements discoveries have also been reported previously at Oaky Creek, which contains an anomalous (Nb) zone located in the northern part of the project area. Sampling work at Oaky Creek transitioned from Nb and REE exploration to gold exploration during the last couple of months to give landholders the chance to conduct agricultural activities in the north of the project area. ECR has a good working relationship with all landholders in the area, and field work to follow-up on the Niobium and REE regions will recommence at the earliest availability.

Table One. Gold results for all pan concentrate stream sampling from the Butterfly Creek region. Results in Au ppm. Best results presented first.

 

SAMPLEID EASTING

(GDA94 Zone 55)

NORTHING

(GDA94 Zone 55)

Au ppm
LWSS963 310193 7749951 962
LWSS966 310248 7750052 139
LWSS965 310230 7750014 29.7
LWSS946 310693 7749535 25.8
LWSS949 310491 7749771 10.25
LWSS967 310201 7750188 8.95
LWSS917 311380 7749011 2.2
LWSS964 310259 7750002 2.04
LWSS957 310145 7749398 0.84
LWSS919 311136 7749379 0.64
LWSS950 310323 7749768 0.58
LWSS918 311245 7749317 0.36
LWSS948 310664 7749669 0.33
LWSS921 311348 7749487 0.14
LWSS923 311820 7749490 0.07
LWSS955 310839 7749895 0.07
LWSS929 312026 7749435 0.04
LWSS939 311195 7749033 0.04
LWSS956 311086 7749538 0.04
LWSS922 311546 7749380 0.03
LWSS940 311118 7749082 0.02
LWSS947 310406 7749538 0.02
LWSS924 311854 7749454 0.01
LWSS938 310996 7750078 0.01
LWSS942 311014 7749071 0.01
LWSS943 310773 7749239 0.01
LWSS944 310796 7749314 0.01
LWSS945 310676 7749448 0.01
LWSS958 310046 7749512 0.01
LWSS959 310037 7749442 0.01
LWSS960 309808 7749938 0.01
LWSS961 309985 7750079 0.01
LWSS962 309981 7750127 0.01

 

Table Two. Reportable gold results (> 0.01 g/t Au) for soil sampling the Gorge Creek West area.

 

SAMPLEID EASTING

(GDA94 Zone 55)

NORTHING

(GDA94 Zone 55)

Au ppm
LWL2900 313239 7751347 0.39
LWL2892 313199 7751346.7 0.32
LWL2888 313267 7751305.2 0.18
LWL2830 313296 7751170.6 0.13
LWL2786 313080 7751653.4 0.09
LWL2748 313048 7751412.8 0.07
LWL2925 313392 7751355.9 0.05
LWL2904 313307 7751305 0.04
LWL2913 313302 7751372.3 0.03
LWL2947 313126 7751741.3 0.03
LWL2805 313287 7751153.9 0.02
LWL2811 313184 7751216.4 0.02
LWL2875 313218 7751312.3 0.02
LWL2902 313273 7751326 0.02

REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON

This announcement has been reviewed by Adam Jones, Technical Director of Exploration at ECR Minerals plc. Adam Jones is a professional geologist and is a Member of the Australian Institute of Geoscientists (MAIG). He is a qualified person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

ECR Minerals plc Tel: +44 (0) 20 7929 1010
David Tang, Non-Executive Chairman

Nick Tulloch, Managing Director

Andrew Scott, Director

Email:

info@ecrminerals.com

Website: www.ecrminerals.com
WH Ireland Ltd   Tel: +44 (0) 207 220 1666
Nominated Adviser

Katy Mitchell / Andrew de Andrade

SI Capital Ltd Tel: +44 (0) 1483 413500
Broker
Nick Emerson
Novum Securities Limited  Tel: +44 (0) 20 7399 9425
Broker

Jon Belliss

Brand Communications Tel: +44 (0) 7976 431608
Public & Investor Relations
Alan Green

ABOUT ECR MINERALS PLC

ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has eight active exploration tenements and two in application (Ballarat and Tambo).

ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”), which has three approved exploration permits covering 946 km2 over a relatively unexplored area in Lolworth Range, Queensland, Australia. The Company has also submitted a license application at Kondaparinga which is approximately 120km2 in area and located within the Hodgkinson Gold Province, 80km NW of Mareeba, North Queensland.

Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), Mercator Gold Australia Pty Limited has the right to receive up to A$2 million in payments subject to future resource estimation or production from projects sold to Fosterville South Exploration Limited.

ECR holds a 90% interest in the Danglay gold project; an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, which has a 43-101 compliant resource. ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina and can potentially receive up to US$2.7 million in aggregate across all licences

#FCM First Class Metals – Sunbeam: Update of exploration activities

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 provide an update on the Sunbeam past producing high grade gold mine.

Highlights

·    Initial results from the Roy prospect have been received, including 18.8 g/t Gold (Au) grade from a 0.3m channel sample

·    An additional 119 contiguous claims staked, expanding the Sunbeam Property by  25km². The Sunbeam Property now covers 72km²,  encompassing district scale structures.

·    Final ‘English Option’ payment has been agreed with the intention of  transferring 100% of the claim ownership across to FCM

·    Channel sampling results still from the Sunbeam Mine & Pettigrew Working still pending.

Marc J Sale Chief Executive Officer commented:

“The initial channel results from Roy are encouraging to the extent of justifying the expansion of the Sunbeam property to included inferred structural extensions emphasising the district scale potential of the area. The mineralised structures identified on the property, historically exploited at Sunbeam, Roy and Pettigrew continue to provide tangible encouragement to develop the property towards drilling”

Background & Update

Since the announcement of the  Sunbeam acquisition in early October 2022, we have been working to advance the project to drill ready status.

The exploration phase commenced with a comprehensive historical review of all available data from the time historical production commenced in the early 1900’s through to the last drilling campaign and geophysical survey by the previous operators. This included a detailed review of the available core.

As part of our commitment to uphold key Environmental, Social, and Governance  (ESG) objectives and in recognition of the local First Nation Peoples who have an interest in the area, a Stage 1, Archaeological Heritage Review (AHR) was conducted and submitted to the FN and the Provincial authorities.

Granting of an updated Exploration Permit was achieved in June 2023 and one aspect was the increased areas available for stripping, particularly in the vicinities of the three historical development areas.

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.

Map Description automatically generated

Figure 1-Sunbeam Property and the extent of the overall project including the Perry English Option area.

In July 2021, Nuinsco reported grades up to 93.3g/t from a drill programme of eight drill holes totalling 1,091 metres conducted predominantly in the vicinity of the Sunbeam Mine area. The drill programme was a follow up on a surface sampling programme which produced results up to 83.5g/t from underground waste rock from the Sunbeam Mine.

FCM has staked a further 119 claims, covering 25km² and contiguous to the northeast of the English option area.

The newly staked claims remain in good standing for two years before requiring assessment credits derived from field work. Additionally, as they are contiguous to the ‘English Option’ assessment credits can be spread across the new claims.

The rationale for staking the claims was following a recommendation by and discussions with Emerald Geological Services based on geological investigations and conceptualisation inferred from the geology and structures on the existing property.

The Sunbeam property contains three subparallel mineralised structures, each identified over 10km traversing the property; these are inferred to continue to the northeast into the new area where prospective structural features are inferred. FCM now commands a district scale land package of over 70km. 

Figure 2 showing the extension of the property with the recent staking.

Roy Zone-Channel Sampling Results Summary

FCM has undertaken two stripping campaigns and the gold (Au) results from the Roy zone are now available.  Most of the samples were 1m or less, with a minimum of 0.1m and a maximum of 1.4 m. The results have defined a broad zone of shearing, alteration and mineralization, peaking at 18.8 g/t (ppm) Au in one 0.3m channel sample (within interval of 6.2 ppm Au / 1.05 m). 

There are a significant number of other results exceeding 1ppm Au that define the anomalous structure over a strike of 100m between the existing shafts and open along strike. These include: 6.27 ppm Au / 0.35 m in mafic schist with quartz veinlets (within broader interval of 0.94 ppm Au / 3.25 m); 4.98 ppm Au / 0.5 m in sheared porphyry (within broader interval of 3.7 ppm Au / 1.55m); and 5.58 ppm Au / 0.5 m within a quartz vein (See Figure 3)

The high-grade gold mineralisation is hosted in quartz veining in sheared ‘mafics’ within a sheared, folded felsic to intermediate porphyry which often exhibits quartz veining, silicification and ankerite alteration, and which also frequently contains anomalous gold concentrations as noted above.

Figure 3 showing plan of the geology, stripped areas as well as historic workings and gold anomalism from recent channel sampling.

Visible gold was identified in at least one sample at Roy during the sawn channel programme.

Bruce MacLachlan of Emerald Geological Services commented : “The 2023 mechanical stripping and channel sampling programs have enhanced our understanding of the geology and mineralization in these historical target areas, uncovering similar rocks to what past workers would have mined. The data we have obtained will help tremendously in the planning of a maiden drill program for the property.”

Photo 1 showing the area stripped at Roy (looking NE)

The results from the channel sampling at Roy, in conjunction with the encouraging geology encountered in the stripping at both Pettigrew and the Sunbeam mine area validate the Company’s efforts this season to bring the property to drill ready stage. Further results will be announced as they are received. It should be noted that there has been no significant drilling at Roy, furthermore the reported drilling at Pettigrew was encouraging, with Two holes returned significant gold assays:

Hole 57751: 19.4 g/t Au over 0.63m at 5.33m and 15.17 g/t Au over 1.37m at 21.44m.

These results are comparable with the channel sample results from Roy. 

A close-up of a white stone Description automatically generated

Photo 2 showing close up of the channels where visible gold was encountered.

In December 2023 the final payment of $25,000 to exercise the Option over the Perry English claims is due. Currently, FCM intends to proceed with the payment and thereafter the claims will be transferred 100% to First Class Metals Canada Inc. The Company will then have 100% control of a potential district scale property block with multiple structures, hosting potentially high grade gold bearing system, extending over 72km² 

ENDS

James Knowles, Executive Chairman

JamesK@Firstclassmetalsplc.com

07488 362641

Marc J Sale, CEO

MarcS@Firstclassmetalsplc.com

07711 093532

Ayub Bodi, Executive Director

AyubB@Firstclassmetalsplc.com

07860 598086

 

First Equity Limited

(Financial Adviser & Broker)

Jonathan Brown

0207 3742212

Jason Robertson

0207 3742212

ECR Minerals #ECR – Discovery of Gold Bearing Quartz Veins in Flaggy Creek, Lolworth, Queensland

ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce that following rock chip sampling and outcrop mapping at the Flaggy Creek area at the Lolworth Project, N Queensland, Australia, gold bearing quartz veins have been discovered.

The Lolworth Project is located approximately 120km west of the historic gold mining centre of Charters Towers, North Queensland, Australia. The project consists of three exploration tenements (EPM27901, EPM27902 and EPM27903) which are operated by LUX Exploration Pty Ltd, a wholly owned subsidiary of ECR (“LUX”). Numerous Gold, Niobium and REE anomalies have been identified within the project.

HIGHLIGHTS

  • Results from mapping a quartz veinlet system within the upper creek drainage of Flaggy Creek have proven to be gold-bearing.
  • The veinlet system consists of multiple narrow veins outcropping over a length of 70 metres long and within a zone up to 100m wide.
  • Best rock chip results from outcrop include 6.05 g/t Au, 5.96 g/t Au, 4.66 g/t Au and 3.97 g/t Au.
  • Soil sampling programme just completed over the ridgelines in Flaggy Creek, above the best gold bearing pan concentrate samples.

ECR Technical Director Adam Jones commented: “The veinlet gold system we have now identified at Flaggy Creek has come about through our systematic approach to the groundwork. The geology field team have seen for themselves how the initial sampling work and mapping has through a process of elimination arrived at an outcrop that has delivered some encouraging grades within a concentrated area. We are confident that we have potentially identified a style of gold bearing vein system that we can expect to find throughout the region, and furthermore, we have identified other gold bearing creeks from our stream sampling programme that are in close proximity to and show very similar geological features to the Flaggy Creek area. Coupled with the major soil sampling work completed along strike at the Flaggy Creek outcrop, we are hoping the results from this work may show a much larger system than currently mapped.”

ECR Chief Operations Officer Mike Whitlow added: “It is still early days, but the ECR Board share Adam’s excitement at what would seem to be a robust gold vein discovery at Lolworth. We will continue to be led by the geology and the assay results, but the discovery announced today has indicated the potential for further discoveries along strike and over the broader area. This has certainly provided us with some cause for optimism.” 

Figure One: Plan to show locations of reportable rock chips at Flaggy Creek:

https://www.ecrminerals.com/images/2023/Fig1_Flaggy-Creek_301023.png

ROCKCHIP RESULTS

Flaggy Creek is located in the NW part of ECR’s Lolworth exploration tenements. Previous work in 2022 shows the presence of gold in pan concentrate sampling and a single rock chip from outcrop (see announcement from 12 December 2022 here). As a result of further mapping and multiple rock chip sampling work undertaken along the exposed outcrop, the team has now expanded on these initial results, with grades of up to 6.05 g/t Au recorded.

Geological mapping shows that the gold is contained within narrow quartz veinlets cutting through the granitic host rock. Each quartz veinlet ranges between 0.2 and 1m wide. Multiple veinlets have been observed, running in parallel groups that form a system 70 metres long and up to 100m wide. Significantly, a broken quartz rock ‘float’ sitting on top of the adjacent surface indicates the vein system could possibly be wider than mapped. Some of this quartz float has been sampled and results of up to 5.96 g/t Au have been recorded.

ADDITIONAL SOIL SAMPLING PROGRAMME

Further supporting the mapped outcrop detailed in this announcement, the field team have also completed a large soil sampling programme over and along strike of the quartz vein system identified. The extent of this programme can be seen by the black points shown in Figure 1 above.

The soil programme has two objectives. Firstly, to discover gold bearing soils that are likely sitting in close proximity to other quartz vein systems in the adjacent creek system and secondly, to identify the best gold ‘hotspots’ above the sub-cropping gold bearing quartz float. The geo team fully expect this methodology will provide specific targeting for subsequent trenching and drilling work.

With additional results still due from Flaggy Creek and other Lolworth prospects, further updates will be provided in the coming months.

Table One. Gold results greater than 0.1 g/t Au from recent rock chip sampling and outcrop mapping at Flaggy Creek (in order of best results):

 

SAMPLEID EASTING

(GDA94 Zone 55)

NORTHING

(GDA94 Zone 55)

Au g/t Ag g/t
LWC294 298788.8 7760822 6.05 7.12
LWC295 298696.6 7760564 5.96 28.9
LWC256 298697.4 7760687 4.66 1.94
LWC251 298694.4 7760683 3.97 2.35
LWC267 298703.6 7760728 3.28 2.33
LWC261 298698.4 7760708 3.19 14.15
LWC264 298693.9 7760692 2.89 4.03
LWC266 298700.3 7760723 2.63 4.49
LWC268 298705.1 7760729 2.17 1.18
LWC252 298694.4 7760683 2.01 1.08
LWC276 298657.6 7760751 2 4.7
LWC259 298697.7 7760705 1.6 2.98
LWC275 298639.9 7760758 1.53 2.91
LWC262 298701.1 7760710 1.44 5.86
LWC265 298699.1 7760718 1.37 2.52
LWC257 298697.5 7760694 1.33 1.08
LWC263 298697.1 7760697 1.22 0.86
LWC260 298698.5 7760707 0.88 2.84
LWC253 298692.3 7760681 0.67 0.7
LWC292 298765.3 7760783 0.65 1.31
LWC291 298765.6 7760784 0.61 24.3
LWC255 298688 7760673 0.54 0.2
LWC258 298697.7 7760702 0.47 4.43
LWC254 298692.7 7760681 0.41 0.22
LWC288 298738.7 7760724 0.38 0.2
LWC273 298632.4 7760734 0.22 5.94
LWC284 298736.9 7760680 0.21 4.95
LWC272 298642.1 7760737 0.2 7.27
LWC283 298760.8 7760659 0.17 1.72
LWC274 298633.5 7760739 0.14 3.81
LWC293 298785.2 7760818 0.12 0.26
LWC278 298704.5 7760673 0.1 3.37

 

REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON

This announcement has been reviewed by Adam Jones, Technical Director of Exploration at ECR Minerals plc. Adam Jones is a professional geologist and is a Member of the Australian Institute of Geoscientists (MAIG). He is a qualified person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.

 

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

ECR Minerals plc Tel: +44 (0) 20 7929 1010
David Tang, Non-Executive Chairman

Nick Tulloch, Managing Director

Andrew Scott, Director

Email:

info@ecrminerals.com

Website: www.ecrminerals.com
WH Ireland Ltd   Tel: +44 (0) 207 220 1666
Nominated Adviser

Katy Mitchell / Andrew de Andrade

SI Capital Ltd Tel: +44 (0) 1483 413500
Broker
Nick Emerson
Novum Securities Limited  Tel: +44 (0) 20 7399 9425
Broker

Jon Belliss

Brand Communications Tel: +44 (0) 7976 431608
Public & Investor Relations
Alan Green

ABOUT ECR MINERALS PLC

ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has eight active exploration tenements and two in application (Ballarat and Tambo).

ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”), which has three approved exploration permits covering 946 km2 over a relatively unexplored area in Lolworth Range, Queensland, Australia. The Company has also submitted a license application at Kondaparinga which is approximately 120km2 in area and located within the Hodgkinson Gold Province, 80km NW of Mareeba, North Queensland.

Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), Mercator Gold Australia Pty Limited has the right to receive up to A$2 million in payments subject to future resource estimation or production from projects sold to Fosterville South Exploration Limited.

ECR holds a 90% interest in the Danglay gold project; an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, which has a 43-101 compliant resource. ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina and can potentially receive up to US$2.7 million in aggregate across all licences.

ECR Minerals #ECR – Encouraging Gold Results from Lolworth Project

ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce the results from outcrop mapping and sampling within the vicinity of the Upper Gorge Creek at the Lolworth Project, North Queensland, Australia.

The Lolworth Project is located approximately 120km west of the historic gold mining centre of Charters Towers, North Queensland, Australia. The project consists of three exploration tenements (EPM27901, EPM27902 and EPM27903) which are operated by LUX Exploration Pty Ltd, a wholly owned subsidiary of ECR (“LUX”). LUX has identified numerous Gold, Niobium and REE anomalies within the project.

HIGHLIGHTS

  • Mapping and sampling results from recent on-site geological investigations in the Upper Gorge Creek show the presence of gold.
  • A number of exposed outcrops up to 3m wide x 20m long in the Gorge Creek West ridgeline show gold results up to 13.75 g/t Au from initial rock chip testing. Results from soil grid work over the ridgeline to test for other gold bearing sub-crops in the vicinity are also due shortly.
  • A rhyolitic dyke 5m wide x 200m long that contains anomalous gold has been discovered in the Gorge Creek East area. Rock chips collected over the extent of the outcrop average 0.25 g/t Au, with one best result of 8.02 g/t Au. Whilst the results are still at an early stage, the Board are greatly encouraged by these findings and the Directors believe these gold sources within the rocks could form part of a larger system within the tenement.

ECR Technical Director Adam Jones commented: “Following on from the Reedy Creek, Gorge Creek and Woolshed Creek results announced on 25 September 2023, today’s results from Gorge Creek provides further evidence that Lolworth is becoming a bona fide exploration opportunity. Our best result of 128 ppm Gold announced in September 2023 is backed up by a number of additional high-grade samples taken within the surrounding area. We still have further data to collect, but we are now entering this information and historical data into our area plan so we can start to accurately map out drill targets.”

Figure One: Plan locations of reportable rock chips: https://www.ecrminerals.com/images/2023/Fig1_Gorge-Ck-Rockchips.png

ROCKCHIP RESULTS

A number of rock chips were taken from the Upper Gorge Creek area during recent field mapping in during August 2023. The locations are shown in Figure One linked above.

The recent heavy concentrate pan sampling programme has helped us to confirm that the streams within the Upper Gorge Creek Western area are highly anomalous in gold, added to which the field team have also discovered numerous gold nuggets within these drainages. Recent geological mapping during August this year led to the discovery of numerous silica outcrops within the ridgeline above these gold bearing streams. The Company has now received the results from rock chipping at these outcrops with best results of 13.75 g/t Au, 3.13 g/t Au and 2.17 g/t Au (full details are set out in Table 1 at the end of this announcement). Where mapped, a number of outcrops measure up to 3m wide x 20m long, while the remaining outcrops are hidden under the shallow soil cover. A large soil sampling grid has recently been completed over the cover sequence to confirm the direction of the extensions to the gold bearing outcrops. The results from this are due shortly.

Geological mapping and sampling of outcrop has also been completed in parts of the Gorge Creek East area. A Rhyolitic dyke (intrusion) 5.5m wide x 200m long and anomalous in gold has been discovered. The majority of rock chips from the dyke returned an average of 0.25 g/t Au. One rock chip from the centre of the dyke returned 8.02 g/t Au. Other dykes are known to exist within the tenement area and these have never been sampled or mapped. Whilst these results are still at an early stage, and significant work is still required at site to determine the economic potential of the opportunity, the Board are greatly encouraged by these findings and the Directors believe these gold sources within the rocks could lead to further gold discoveries in other dykes yet to be sampled.

ADDITIONAL WORK PROGRAMMES

Other exploration work continues to be undertaken on the Lolworth Project and results are due shortly from soil sampling over the ridgeline of Gorge Creek West. The Board believes this work could help the Company confirm whether other hidden gold bearing outcrops are present under the soil cover, particularly given that the streams draining this ridgeline have already been proven to contain gold.

The field team are also continuing to soil sample two other gold-bearing areas, namely Woolshed/Flaggy Creek and Reedy Creek. Rock chip results from a system of narrow stringer quartz veins from Flaggy Creek are also expected shortly.

Further announcements will be made when the results are known.

Table One. Gold results greater than 0.1 g/t Au from recent rock chip sampling and outcrop mapping at Gorge Creek:

 

SampleID Easting (GDA94 Z55) Northing (GDA94 Z55) Au g/t Prospect
LWC145 294145 7755719 0.02
LWC147 314942 7751994 8.02 Rhyolite Dyke
LWC162 313557 7751157 13.75 Gorge Ck West
LWC166 313695 7751338 0.1
LWC168 313707 7751331 0.15
LWC169 313680 7751310 0.56
LWC170 313682 7751308 2.64
LWC171 313682 7751307 0.19
LWC172 313683 7751306 0.78
LWC173 313684 7751306 0.34
LWC174 313684 7751307 0.16
LWC193 313269 7751424 3.13 Gorge Ck West
LWC194 313351 7751428 0.33 Gorge Ck West
LWC195 313358 7751441 1.73 Gorge Ck West
LWC196 313352 7751428 0.68 Gorge Ck West
LWC197 313358 7751433 0.84 Gorge Ck West
LWC198 313358 7751436 0.24 Gorge Ck West
LWC199 313327 7751421 0.33 Gorge Ck West
LWC200 313335 7751418 0.85 Gorge Ck West
LWC201 313361 7751446 2.17 Gorge Ck West
LWC202 313366 7751452 0.62 Gorge Ck West
LWC215 313162 7751359 0.38
LWC216 314940 7751988 0.52 Rhyolite Dyke
LWC217 314941 7751992 0.19 Rhyolite Dyke
LWC218 314944 7751996 0.39 Rhyolite Dyke
LWC219 314949 7752002 0.16 Rhyolite Dyke
LWC221 314956 7752008 0.17 Rhyolite Dyke
LWC222 314965 7752019 0.18 Rhyolite Dyke
LWC225 314971 7752029 0.22 Rhyolite Dyke
LWC227 314991 7752049 0.42 Rhyolite Dyke
LWC228 314944 7752004 0.11 Rhyolite Dyke
LWC230 314918 7751965 0.16 Rhyolite Dyke
LWC231 314915 7751962 0.33 Rhyolite Dyke
LWC232 314910 7751955 0.2 Rhyolite Dyke
LWC311 316430 7750263 0.26
LWC313 316435 7750265 0.19
LWC317 316443 7750263 0.35
LWC318 316432 7750259 1.64
LWC319 316432 7750259 0.29
LWC320 316433 7750259 0.26
LWC321 316434 7750258 0.61
LWC325 316435 7750255 0.1
LWC326 316434 7750253 1.43

REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON

This announcement has been reviewed by Adam Jones, Technical Director of Exploration at ECR Minerals plc. Adam Jones is a professional geologist and is a Member of the Australian Institute of Geoscientists (MAIG). He is a qualified person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.

 

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

ECR Minerals plc Tel: +44 (0) 20 7929 1010
David Tang, Non-Executive Chairman

Nick Tulloch, Managing Director

Andrew Scott, Director

Email:

info@ecrminerals.com

Website: www.ecrminerals.com
WH Ireland Ltd   Tel: +44 (0) 207 220 1666
Nominated Adviser

Katy Mitchell / Andrew de Andrade

SI Capital Ltd Tel: +44 (0) 1483 413500
Broker
Nick Emerson
Novum Securities Limited  Tel: +44 (0) 20 7399 9425
Broker

Jon Belliss

Brand Communications Tel: +44 (0) 7976 431608
Public & Investor Relations
Alan Green

ABOUT ECR MINERALS PLC

ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has eight active exploration tenements and two in application (Ballarat and Tambo).

ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”), which has three approved exploration permits covering 946 km2 over a relatively unexplored area in Lolworth Range, Queensland, Australia. The Company has also submitted a license application at Kondaparinga which is approximately 120km2 in area and located within the Hodgkinson Gold Province, 80km NW of Mareeba, North Queensland.

Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), Mercator Gold Australia Pty Limited has the right to receive up to A$2 million in payments subject to future resource estimation or production from projects sold to Fosterville South Exploration Limited.

ECR holds a 90% interest in the Danglay gold project; an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, which has a 43-101 compliant resource. ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina and can potentially receive up to US$2.7 million in aggregate across all licences.

#SVML Sovereign Metals – Key Mgmt Appointments for Development at Kasiya


Highlights

·      Appointment of experienced African based mining executive, Mr Frank Eagar, as the new Managing Director and CEO

·      Existing Managing Director Dr Julian Stephens to transition to Non-Executive Director

·      Key technical appointments of experienced African engineering, social and environmental teams to work on project optimisation and advancing the development of the Kasiya Project

·     Management changes bring a strong track record of successful large-scale project development in southern Africa

 

Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) is pleased to announce the appointment of Mr Frank Eagar as Managing Director and Chief Executive Officer (CEO), effective from 20 October 2023.

Mr Eagar has over 20 years’ experience in the financing, permitting, development and operation of mining projects with a strong focus in southern Africa.

Mr Eagar is a Chartered Accountant who has gained extensive corporate, commercial and technical experience in the mining sector throughout his career. Mr Eagar has previously held a number of senior executive positions in the resources sector, more recently with African mining focused private equity firm AMED Funds, which included acting as Chief Financial Officer (CFO) for AMED’s controlled company, Central Copper Resources PLC (Central Copper).

Prior to Central Copper, Mr Eagar was the CEO (and prior to that the CFO) of Baobab Steel Limited (Baobab) another AMED controlled company, where he managed the completion of a Definitive Feasibility Study (DFS) and a joint venture with the World Bank’s IFC to procure strategic investors and raise project finance for Baobab’s US$1 Billion, fully permitted, integrated 500ktpa Steel and Vanadium Project in Mozambique.

Mr Eagar joined Sovereign in December 2022 as General Manager in Malawi, where he has already expanded the team with a focus on Malawian nationals, developed strong relationships with Government and demonstrated a clear understanding of the Kasiya Project and its development landscape.

Sovereign has also made several key technical appointments as the Company transitions into project optimisation and development of the Kasiya Project and is poised to become a significant supplier of natural rutile and graphite. These key appointments bring a strong track record of successful large-scale project development and operations management, as well as extensive experience in southern Africa.

These management changes come at an important time for the Company as it transitions from the Pre-Feasibility Study (PFS) into the next phase of project optimisation, community and stakeholder engagements and ultimately the completion of a DFS.

Effective from 20 October 2023 current Managing Director, Dr Julian Stephens, will transition to a Non-Executive Director of Sovereign, remaining as a consultant assisting and supporting the incoming technical and management team.

Dr Stephens has been Managing Director of Sovereign since June 2016 and has been instrumental in the Company’s growth and development. He first identified rutile mineralisation in Malawi and then led the team that discovered Sovereign’s world-class Kasiya rutile-graphite deposit.

The Board would like to take this opportunity to thank Dr Stephens for his significant contribution to the Company and look forward to his continual involvement with Sovereign as the Company continues the development of the Kasiya Project.

Dr Julian Stephens commented: “It has been a privilege to lead Sovereign through the discovery and early study phases and it is now a logical time for leadership transition as the Company continues through the next phases of development. I am extremely proud of the significant achievements our team has accomplished during my time. With the appointment of Frank as MD and CEO, plus the technical team enhancements, I am confident that the Company is in very good hands and in a strong position to establish itself as a globally significant supplier of natural rutile and graphite.”

Incoming Managing Director, Mr Frank Eagar commented: “Securing Rio Tinto as a strategic investor alongside the completion of the high-quality PFS, provides the foundation for what will be an extremely exciting time in the Company’s development story.  I am very honoured and look forward to taking on my new role as MD and CEO. The Kasiya Project is multi-generational, has the potential to deliver a valuable, long-term source of low-CO2 critical minerals and generate substantial economic and socio-economic returns.”

Sovereign’s Chairman Ben Stoikovich commented: “Today’s management changes and appointments mark a pivotal step for the Company as it lays the foundation for project optimisation and development. With Rio Tinto’s investment and the release of a world-class PFS, the Company is entering an exciting new phase. I would like to thank outgoing MD, Julian Stephens, who has done a tremendous job in the discovery of Kasiya, a truly once-in-generation deposit, and growing Sovereign to where it is today.  The Company is looking forward, in collaboration with Rio Tinto, to conducting the optimisation review, progressing to the Definitive Feasibility Study and delivering the significant potential of Kasiya to all stakeholders.”

Details of Mr Eagar’s remuneration are included in Appendix A.

 

ENQUIRIES

Dr Julian Stephens (Perth)
Managing Director

+61(8) 9322 6322

Sam Cordin (Perth)
+61(8) 9322 6322

Sapan Ghai (London)
+44 207 478 3900

 

Nominated Adviser on AIM and Joint Broker

Joint Brokers

Tavistock PR

#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

JamesK@Firstclassmetalsplc.com

07488 362641

Marc J Sale, CEO

MarcS@Firstclassmetalsplc.com

07711 093532

Ayub Bodi, Executive Director

AyubB@Firstclassmetalsplc.com

07860 598086

 

First Equity Limited

(Financial Adviser & Broker)

 

Jonathan Brown

0207 3742212

Jason Robertson

0207 3742212

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