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

First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK listed metals exploration company seeking economic metal discoveries across its extensive Canadian, focused in north west Ontario land holdings, is delighted to announce the following update in regard to the Ontario Junior Exploration Program (OJEP) Grant, Canadian Goods and Services Tax/Harmonized Sales Tax credit and an Exclusivity over the Kerrs Gold Property.

Highlights

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

James Knowles Executive Chairman Commented:

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

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

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

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

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

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

OJEP Grant

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

GST/HST Refund 2023

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

Kerrs Gold Exclusivity

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

Ends

For further information, please contact:

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

 

Novum Securities Limited

 

(Financial Adviser)

 

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

 

 

#FCM First Class Metals PLC – Sunbeam Property: High-Grade Gold Assay Results

First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK metals exploration company seeking large scale metal discoveries across its extensive Canadian Schreiber-Hemlo  Sunbeam and Zigzag land holding is pleased to announce high-grade gold assays from channel sampling undertaken following the recently completed exploration at the Company’s 100% owned Sunbeam property (“the Property”).

The Property contains three subparallel mineralised structures, each identified over 10km traversing the property; these are inferred to continue to the northeast into the recently staked area where prospective structural features are inferred. FCM now commands a district scale land package of over 70km². 

The Property hosts several sites of historic mine development and gold mining: the Sunbeam Mine, the Roy Development, and the Pettigrew Development. Multiple other gold occurrences are also known including the Road ZoneAL198 Zone, WN2 Occurrence and the Rubble Occurrence. 

Given the discovery of significant gold within the tonalite to diorite porphyry which hosts the main mineralised structures across the property, First Class Metals will be moving swiftly to relog and assay core from previous drilling on the property for its potential gold endowment within any intervals of prospective porphyry which have not previously been assayed.

HIGHLIGHTS

·    First Class Metals announced on 14 November 2023 the results from the Company’s recently completed channel sampling programme from the Roy prospect which confirmed high grade gold mineralisation in the vicinity of the old workings.

·    Results from the stripping at Roy have confirmed high grade gold assays up to 18.8 g/t gold (Au) / 0.3m channel sample at Roy. Other highlights include:

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

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

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

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

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

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

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

0.32 g/t Au channels / 3.95 m within sheared porphyry.

These results are considered very encouraging and typify this style of mineralisation.

·    Mineralisation (up to 4.98 g/t Au over 0.5m) discovered in the porphyry at Roy which hosts the main mineralised structures has the potential to add a wider envelope (10m+) of alteration (silicification and ankeritisation) and gold mineralization. The discovery of gold within the sheared and altered porphyry could add significant upside to what was thought to be predominantly a high grade vein system hosted in mafic schist, from which the known historic production was mined.

·    The reported historical drilling at Pettigrew was encouraging, with two holes returning significant gold assays including: Hole 57751: 19.4 g/t Au over 0.63m at 5.33m.

A further announcement will be made once the Company has decided on the most appropriate exploration programme to continue to advance the Company’s knowledge of the mineralisation at the Sunbeam Property. This is anticipated to culminate in drilling at Roy and Pettigrew.

Marc J Sale Chief Executive Officer commented:  “Since we optioned Sunbeam in late 2022, we have made quick and significant progress in developing the Property both in terms of understanding the mineralisation and increasing its scale.” 

“The channel results from Roy and Pettigrew are most encouraging and have identified drill targets at both locations. The auriferous porphyry hosing the shear zone at Roy and Pettigrew further enhances the significant potential that this Property can deliver.”

“As a result of the encouraging results from the recent stripping programs, FCM has staked 119 contiguous claims, along strike to the northeast I look forward to sharing further information on this Property, including our plans for the 2024 field season, as soon as possible.”

Background & Update 

Since the announcement of the Sunbeam acquisition in early October 2022, FCM through Emerald Geological Services (EGS) have been working to advance the Property to drill ready status.

The pre-exploration phase included a review of historic core; however, recent work has identified the potential of the porphyry to host significant gold mineralisation, therefore further review of the Sunbeam (Nuinsco) core is now recommended with additional samples taken if warranted.

The Sunbeam Property is dominated by three mineralised structures, all of which host significant gold anomalism as well as historic development, including the Sunbeam high grade gold mine which operated until 1905 and reportedly produced multi ounce material.

In July 2021, Nuinsco reported grades up to 93.3g/t Au from a drill programme conducted predominantly in the vicinity of the Sunbeam Mine area. Significant results include:

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

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

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

NS-21-05 – 2.94g/t Au over 0.5m (from 118.5m) within 7.50m of strongly anomalous deformation zone.

Historical drilling at Pettigrew was also encouraging, with two holes returning significant gold assays including: Hole 57751: 19.4 g/t Au over 0.63m at 5.33m.

The Sunbeam Property contains three subparallel mineralised subparallel structures, each identified over 10km traversing the property; these are inferred to continue to the northeast into the new area of claims where prospective structural features are inferred. FCM now commands a district scale land package of over 70km².

 

Figure 1 showing the combined Sunbeam and English claims as well as the recent staking.

FCM has undertaken two stripping campaigns and the gold (Au) results from the second campaign at the Pettigrew zone are now available. Most of the samples were 1m in length or less, with a minimum of 0.2m and a maximum of 1.0 m. The Pettigrew results are similar to those from Roy, (previously reported) and have defined a broad zone of shearing, alteration, and mineralization, peaking at 3.5 g/t Au in channel samples and 13.0 g/t Au in grab samples (highest grade at Roy was 18.8 g/t Au).

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

The results indicate the potential for both high-grade gold mineralization hosted in quartz veins and lower-grade gold mineralization hosted in sheared, altered porphyry or chlorite schist. Lithologies hosting the mineralization are often well-sheared and exhibit isoclinal or near-isoclinal folding. 

Photo 1 Showing sheared mafic and felsic rocks hosting quartz veining. Note the Pettigrew shaft in the background.

At Roy there were a significant number of results exceeding 1ppm Au that define the anomalous structure over a strike of 100m between the existing shafts which remains open along strike. One sample of sheared porphyry reported 4.98ppm Au over 0.5m – as the porphyry is considered the host this is significant, as the potential mineralised package would be appreciably wider (10m+). FCM now intends to review the historic core again with the intention of sampling more of the porphyry hosting the mineralised shear zone.

At both Pettrigrew and Roy the high-grade gold mineralisation is hosted in quartz veining in sheared ‘mafics’ within a broader envelope of sheared, folded felsic to intermediate porphyry which often exhibits irregular quartz veining, silicification and ankerite alteration associated with up to 1% pyrite, and which also frequently contains anomalous gold concentrations as noted above. 

Photo 2 showing quartz veining at Pettigrew containing galena (Pb) and chalcopyrite (Cu). The sample reported 3.5 g/t Au.

A group of rocks in a plastic bag Description automatically generated

Photo 3 showing sheared, silicified and ankeritised porphyry with pyrite and quartz veining, 4.98 g/t Au / 0.5m channel.

Future work will focus on expanding the potential mineralisation with the sampling of any prospective porphyry.

The results from the channel sampling at Roy and Pettigrew, in conjunction with the encouraging geology encountered in the stripping at both locations (as well as the geology / geochemistry at the Sunbeam mine area) validate the Company’s efforts to bring the property to drill ready stage.

The ‘English claims have now been transferred 100% to First Class Metals Canada Inc. The Company now has 100% control of a potential district scale property block with multiple structures, hosting potentially high-grade gold bearing systems, extending over 72km². We believe this gives First Class Metals a true ‘District Scale’ gold project that could potentially host multiple significant gold deposits. 

ENDS

For further information, please contact:

James Knowles, Executive Chairman

JamesK@Firstclassmetalsplc.com

07488 362641

Marc J Sale, CEO

MarcS@Firstclassmetalsplc.com

07711 093532

 

Novum Securities Limited

 

(Financial Adviser)

 

David Coffman/ George Duxberry

 www.novumsecurities.com

(0)20 7399 9400

 

Qualified Person

The technical disclosures contained in this announcement have been drafted in line with the  Canadian Institute of Mining, Metallurgy and Petroleum standards and guidelines and approved by Marc J. Sale, who has more than 30years in the gold exploration industry and is considered a Qualified person owing to his status as a Fellow of the Australian Institute of Mining and Metallurgy.

#FCM First Class Metals PLC – Admission of Shares

First Class Metals PLC (“First Class Metals” “FCM” or the “Company”), the UK listed metals exploration company seeking economic metal discoveries across its extensive Canadian Schreiber-Hemlo, Sunbeam and Zigzag land holdings, announces that in respect of the 16,373,674 new ordinary shares (“Shares”) issued since the Company’s IPO on 29 July 2022, no applications were made for the Shares to be admitted to trading.  This is a result of the Company and its Directors being given incorrect information by its former financial adviser.

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

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

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

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

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

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

For further information, please contact: 

James Knowles, Executive Chairman

JamesK@Firstclassmetalsplc.com

07488 362641

Marc J Sale, CEO

MarcS@Firstclassmetalsplc.com

07711 093532

Novum Securities Limited

(Financial Adviser) 

David Coffman/Dan Harris/George Duxberry

Novum Securities Limited

www.novumsecurities.com

 

(0)20 7399 9400

First Class Metals PLC – Background

First Class Metals is focussed on exploration in Ontario, Canada which has a robust and thriving junior mineral exploration sector. Specifically, the Hemlo ‘camp’ is a proven world class address for gold /VMS exploration. This geological terrane has significant production, both base / precious metals and a prolific number of exploration projects and numerous prospector’s ‘showings’.

FCM currently holds 100% ownership of seven claim blocks covering over 180km² along a 150km strike of the Hemlo-Schreiber-Dayohessarah greenstone belt which also contains the >23M oz shear hosted Hemlo gold mine operated by Barrick Gold. Late last year FCM completed the option to purchase the historical high grade (gold) Sunbeam past producing mine.

The significant potential of the properties for precious, base and battery metals relate to: ‘nearology’ insomuch that all properties lie close to identified mineral anomalism, for example Palladium One’s RJ and Smoke Lake nickel projects are close to the FCM’s West Pickle Lake drill proven Ni-Cu project. This also demonstrates the second critical asset the properties hold: vector, anomalies, be they geological, geochemical, or geophysical that have demonstrated mineral potential extend on to FCM’s properties.

The inferred shear on the Esa property is being explored by neighbours both to the west and east where it crosses into their properties. Furthermore, the properties have not been extensively explored either historically or more contemporaneously. This is attributable to the overall lack of outcrop. However, modern exploration techniques are better able to ‘see through’ the ground cover and to identify anomalies.

#FCM First Class Metals – Zigzag exploration update – drilling commences

First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK listed metals exploration company seeking economic metal discoveries across its extensive Canadian Schreiber-Hemlo, Sunbeam and Zigzag land holdings is pleased to announce a that drilling has commenced on  the Zigzag property which is currently focussed on the lithium (Li), tantalum (Ta) rubidium (Rb) and gallium (Ga) potential.

 

Highlights:

·    An Early Exploration Agreement (EEA) has been signed with Whitesand First Nation (WFN).

·    A contract to undertake up to 500m of drilling has been signed with Rodren Drilling a Whitesand FN approved ‘service provider’.

·    Channel sample results identify a >1% Li2O zone on the western portion of the ‘core’ 400m zone. Significant number of channel samples  returned >1% Li2O, including:

Channel 7            2.36% lithium (Li2O) over 5.5m

·    Drill operations have commenced on the Company’s Zigzag hard rock lithium (Ta/ Rb/ Ga) prospect.

 

Marc J. Sale First Class Metals CEO commented:

The signing of the EEA with Whitesand exemplifies the positive relationship FCM is building with the First Nations. This agreement has paved the way for FCM’s inaugural drill program, marking an exciting milestone for our company. We are thrilled to begin drilling at Zigzag, making it the first property where FCM will undertake drilling. This demonstrates our commitment to advancing our exploration efforts and emphasizes our dedication to responsible resource development.

Figure 1 showing the Zigzag property with the recent sampling, both grabs and channels, focussing on the central portion of the claim block, where drilling has commenced.

An Early Exploration Agreement (EEA) has been signed between Whitesand First Nation and First Class Metals.  Under the agreement FCM is allowed to undertake activities requiring and Exploration Permit, as awarded by the Province. FCM has agreed to support the Whitesand community.

Whitesand First Nation Economic Development representative commented:

Whitesand First Nation is looking forward to working with First Class Metals, and the positive relationship that is evolving.  We wish them luck on their drilling program and are excited to see what the New Year brings.

Drilling Plan

The drill programme preparation commenced on Monday with core expected today, this maiden programme will be focussed in the central 400m to explore the areas of high channel sample results, particularly Channel 7.

Initially 7 drillholes of over 50m are planned with the provision for a deeper ‘step-back’ based on visual, encouragement.  The basis for the drilling is the encouraging grab samples and channel sample results previously reported. Nine channels were cut with lengths of under 5m to over 10m, channel lengths were usually controlled by overburden and not necessarily by cessation of pegmatite geology.

Figure 2 showing the location of the channels relative to the ‘core 400m’ zone, drilling will extend further to the east of the channel sample area where >1% Li2O grabs samples were collected.

The results from the channels are very encouraging. It must be stressed that only hand stripping of vegetation was undertaken and often, exemplified by channels 5 and 7, the outcrop persisted but the vegetation cover was too onerous to be removed by hand.

The results have not only vindicated the grab samples in respect to the lithium oxide content but also highlighted again the presence of other important, critical minerals such as tantalum, gallium and rubidium.

A machine in the snow Description automatically generated

Photo 2 Rodren equipment being mobilised to the Zigzag property

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

     

 

First Class Metals PLC – Background

First Class Metals is focussed on exploration in Ontario, Canada which has a robust and thriving junior mineral exploration sector. Specifically, the Hemlo ‘camp’ is a proven world class address for gold /VMS exploration. This geological terrane has significant production, both base / precious metals and a prolific number of exploration projects and numerous prospector’s ‘showings’.

FCM currently holds 100% ownership of seven claim blocks covering over 180km² along a 150km strike of the Hemlo-Schreiber-Dayohessarah greenstone belt which also contains the >23M oz shear hosted Hemlo gold mine operated by Barrick Gold. Late last year FCM completed the option to purchase the historical high grade (gold) Sunbeam past producing mine

The significant potential of the properties for precious, base and battery metals relate to: ‘nearology’ insomuch that all properties lie close to identified mineral anomalism, for example Palladium One’s RJ and Smoke Lake nickel projects are close to the FCM’s West Pickle Lake drill proven Ni-Cu project. This also demonstrates the second critical asset the properties hold: vector, anomalies, be they geological, geochemical, or geophysical that have demonstrated mineral potential extend on to FCM’s properties.

The inferred shear on the Esa property is being explored by neighbours both to the west and east where it crosses into their properties. Furthermore, the properties have not been extensively explored either historically or more contemporaneously. This is attributable to the overall lack of outcrop. However, modern exploration techniques are better able to ‘see through’ the ground cover and to identify anomalies.

 

Forward Looking Statements

Certain statements in this announcement may contain forward-looking statements which are based on the Company’s expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts. Such forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as ‘aim’, ‘anticipate’, ‘target’, ‘expect’, ‘estimate’, ‘intend’, ‘plan’, ‘goal’, ‘believe’, or other words of similar meaning. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

 

#FCM First Class Metals PLC – Award of Exploration Permits-North Hemlo & Esa

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 granting of two Exploration Permits for the Company’s North Hemlo & Esa Properties located in the Hemlo area of Ontario

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 possible exception of Esa, the company is on track to achieve its aim. With the granting of the Permits, it clears the way for ‘stripping’ at both properties to further refine possible drill locations.

Highlights:

·    The permits are effective for a period of three years until expiry October 2026.

·    North Hemlo & Esa are now both fully permitted, allowing for a systematic programme of exploration activities, including drilling, stripping, and trenching.

 

Marc J. Sale First Class Metals CEO commented:

With the granting of the Permits for these two key properties it allows FCM to advance the aim to bring its four core properties to drill ready status this year. This is a very positive move and one that would not be possible without the support of the Ontario Mines Department but importantly the First Nations for which I am personally grateful”.

North Hemlo

The granting of the Exploration permit will allow consolidation of the extensive work: prospecting, sampling, and mapping that has been undertaken along the Dead Otter trend. Stripping off of the overburden will allow a far more quantitative appraisal of the structure, specifically in the area of the historical showing (3.1ppm Au 0.59% Mo) and the extension along strike to the south east.

The area reporting 19.6ppm Au over three kilometres to the south east will also be the focus of stripping as well as drill pad construction in the anticipation of drilling.

Both locations have reported visible gold and gold being ‘panned’ from crushed rock. Furthermore, in the area of the 19.6ppm sample other samples have reported 13.6ppm and 4.6ppm Au.

The historic showing at Dead Otter 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, this could indicate high level in a gold system.

An additional area over 750m south  east along trend from the historic showing an isolated outcrop returned 2.29ppm Au, confirming the presence of an auriferous trend. This is also a target for stripping.

Esa

The granting of the Exploration permit for the Esa property will allow stripping of the overburden in selective parts of the shear where soils samples have indicated strong gold and pathfinder element anomalism. This will potentially significantly advance the Esa property towards drill ready status.

To recap: 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. During the 2023 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.

Summary

First Class Metals is entering a period of significant news and progress across its four core properties. The company has made commendable strides towards achieving a “drill ready status.” Throughout the summer field campaign, extensive work has been conducted on each of these 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’.

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

 

First Class Metals PLC – Background

 

First Class Metals is focussed on exploration in Ontario, Canada which has a robust and thriving junior mineral exploration sector. Specifically, the Hemlo ‘camp’ is a proven world class address for gold /VMS exploration. This geological terrane has significant production, both base / precious metals and a prolific number of exploration projects and numerous prospector’s ‘showings’.

 

FCM currently holds 100% ownership of seven claim blocks covering over 180km² along a 150km strike of the Hemlo-Schreiber-Dayohessarah greenstone belt which also contains the >23M oz shear hosted Hemlo gold mine operated by Barrick Gold. Late last year FCM completed the option to purchase the historical high grade (gold) Sunbeam past producing mine

 

The significant potential of the properties for precious, base and battery metals relate to: ‘nearology’ insomuch that all properties lie close to identified mineral anomalism, for example Palladium One’s RJ and Smoke Lake nickel projects are close to the FCM’s West Pickle Lake drill proven Ni-Cu project. This also demonstrates the second critical asset the properties hold: vector, anomalies, be they geological, geochemical, or geophysical that have demonstrated mineral potential extend on to FCM’s properties.

 

The inferred shear on the Esa property is being explored by neighbours both to the west and east where it crosses into their properties. Furthermore, the properties have not been extensively explored either historically or more contemporaneously. This is attributable to the overall lack of outcrop. However, modern exploration techniques are better able to ‘see through’ the ground cover and to identify anomalies.

 

Forward Looking Statements

 

Certain statements in this announcement may contain forward-looking statements which are based on the Company’s expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts. Such forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as ‘aim’, ‘anticipate’, ‘target’, ‘expect’, ‘estimate’, ‘intend’, ‘plan’, ‘goal’, ‘believe’, or other words of similar meaning. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

 

#FCM First Class Metals PLC – Ontario Junior Exploration Program-Grant Receipt

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 land holding is pleased to announce that it has received payment in full of the 2022/3 Ontario Junior Exploration Grant ‘OJEP’ for work carried out on the flagship North Hemlo property.

Highlights

·      Final payment of CAD$140,000 of the maximum CAD$200,000 OJEP Grant received in lieu of the successful completion of the 2022 work program on the North Hemlo property.

·      First UK listed company to have a successful completed application from the Ontario-Ministry of Northern Development, Mines, Natural Resources and Forestry

·      The OJEP Grant assisted with costs relating to exploration expenditure incurred from the high definition low-level magnetic survey and field work across the property. This work was pivotal in the exploration success we had through the period, which included the discovery of the ‘Dead Otter Lake Trend’ reporting grab samples of up to 19.6 g/t gold (Au) over a +3km long strike.

https://polaris.brighterir.com/public/first_class_metals/news/rns/story/rnkq30r

·      First Class have applied for funding from the 2023/4 OJEP intake for use on the Sunbeam gold project and we await feedback from the Ministry of Northern Development on this application.

 

Marc Sale CEO Commented:On behalf of FCM I would like to thank the Ministry of Northern Development for the approval and receipt of the full $200,000 relating to the 2022/3 OJEP Program. Following this success, FCM have applied for the 2023/4 intake of OJEP with a focus on funding the work programme at Sunbeam. A detailed historical review of all the data pertaining to the Sunbeam property is in its final stages: and we eagerly await the conclusions which will help define our exploration programme in the coming season.  On the wider company picture we have confidence that our projects in Ontario will be further advanced, building in 2023 on what was a very successful maiden field season”.

 

About OJEP: OJEP helps junior mining companies finance early stage exploration projects in Ontario. These projects help boost mineral exploration, growth, and job creation for northern and indigenous communities in the province. The 2022 OJEP fund totalled CAD$5m with a maximum allocation of $200,000 per applicant.

 

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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