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First Class Metals #FCM – 2022 Soil Sampling Confirms Potential for Gold Mineralisation at Esa
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 land holdings, is pleased to provide an update on geochemical results from soil sampling on the Esa property.
Highlights:
- Total of 478 soil samples were collected from 11 predominantly subparallel, north – south soil lines in 2022.
- An intermittent 4km anomalous zone has been identified corresponding to the surface expression of the inferred shear.
- Multiple 10-95 ppb gold (Au) and key pathfinder elements including molybdenum (Mo), antimony (Sb) and arsenic (As).
- Anomalous trends identified by the soil sampling as well as the background magnetics highlighting NE structures intersecting the shear, including:
- Hemlo look alike angular boulder identified, which reported 0.7ppm Au which is considered significant.
Marc J Sale, First Class Metals CEO Commented:
“The results continue to build a picture of potential gold mineralisation associated with robust structures adding credence to the shear zone theory. We are very encouraged with the correlation between these results and the previously announced geophysical interpretation. Planned work will further aide delineation of priority targets along with the submission of an Exploration permit.”
Esa Property
The Esa property consists of 86 claims, covers ~20.6km², and is located approximately 11km northeast from the Barrick Hemlo gold mine, immediately south of FCM’s North Hemlo property. The property is transected by an inferred arcuate structure interpreted as a shear zone that runs roughly west to east in the central portion of the block. This structure is one of three similar structures located in the North Hemlo Limb, two of which also transect the North Hemlo block (and Magical), see figure 01.
Figure 01 the district setting of the Esa property showing the Hemlo gold mine and particularly the arcuate subparallel inferred shears to the north.
The property sits between the Cedar Lake Pluton and the Musher Lake Pluton: intrusions are considered important components driving mineral rich fluids, and economic mineralisation is often found associated with the contacts or structures associated with the intrusive event.
There is a second subparallel potentially mineralised W-E trend in the southern section. Importantly there are a number of N-S and NW-SE structures identified which Paterson Grant Watson (PGW) stated are often associated with mineralisation.
A total of 478 soil samples were collected from 11 predominantly subparallel, north – south lines in 2022 spaced on average ~400m apart and orthogonal to the inferred arcuate shear which transects the Esa property, see Figure 02.
Reconnaissance work also identified a ‘Hemlo’ look alike angular boulder which reported 0.7ppm Au which is considered significant.
Figure 02 showing the soil sample lines as well as the location of the 0.7ppm grab sample. Note the N-S and NW structures highlighted by the magnetics.
The anomalies outlined by the soil sampling confirm the potential of the shear. However, there appears to be a concentration of higher results where roughly north – south to north-northeast structures intersect the shear, the extrapolation of these northerly structures is where the boulder is located, see figure 03.
Figure 03 showing the anomalous trends identified by the soil sampling as well as the background magnetics highlighting NE structures intersecting the shear.
Further work is warranted on the shear as well as prospecting in the area of the boulder. Initially more soil samples are being planned to better define the potential of the N-S and NE structures to contain / affect the mineralisation identified associated with the shear; as well as general geological mapping and prospecting along the shear whilst the Exploration Permit Application is reviewed by the First Nations. This would then allow stripping and trenching ahead of a scout drill programme if warranted.
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 is considered a top global destination for exploration with a robust and thriving junior mineral exploration sector. Specifically, the Hemlo ‘camp’ is a proven world class address for gold /VMS exploration. This geological terrane has significant production, both base / precious metals and a prolific number of exploration projects and numerous prospector’s showings.
FCM has commenced exploration programmes based on the detailed historical data review of available information on and around its seven claim blocks which comprise over 180km².
Figure 5. The original claim blocks that formed the ‘North Hemlo Property’. Note Pezim II (33 claims) are now the renamed ‘West Pickle Lake’ Palladium One JV/earn in property.
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.
Links to External Sites
The document may contain links to other websites; these external websites are not under FCM’s control. FCM’s shall not be held responsible for such websites and do not make any warranties regarding the same. FCM’s do not endorse these websites in any manner.
First Class Metals #FCM – High Grade Nickel Sulphide Assays-West Pickle Lake
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 Project land holding is pleased to provide an update on activities in respect to the West Pickle Lake Earn In/Joint Venture (JV) (“Pickle Lake JV” “West Pickle Lake”) with Palladium One Inc (TSXV:PDM) (“Palladium One”).
First Class Metals is pleased to report further high-grade drillhole intercepts from the West Pickle Lake massive sulphide discovery in Ontario, Canada. The assay results include the high grade reported from hole TK-22-073 at 10.3% Nickel (Ni), 2.9% Copper (Cu) over 1.8 meters, see Figure 1.
Three further holes are reported (TK22-071 to TK22-073), the latter two have reported significant nickel/copper sulphides, see Table 1 for full details of the program to date.
Figure 1 . Massive pentlandite-pyrrhotite-chalcopyrite sulphide intersection in hole TK-22-073 from 137.5 to 139.3 meters down hole (core is dry). Wall rock is tonalite breccia.
Highlights Reported by Palladium One from the West Pickle Zone.
· 7.2% Ni, 2.0% Cu , 0.10% Co, 0.56 g/t Total Precious Metals (“TPM”) (Platinum (Pt) + Palladium (Pd) + Gold (Au)) over 2.6 meters of massive sulphides in hole TK-22-073
o Including 10.3% Ni, 2.9% Cu , 0.15% Co, 0.80 g/t TPM over 1.8 meters
· 2.0% Ni, 0.9% Cu , 0.04% Co, 0.36 g/t Total Precious Metals (“TPM”) (Pt+Pd+Au) over 4.1 meters of massive and semi-massive sulphides in hole TK-22-072
o Including 5.3 Ni%, 1.5% Cu , 0.12% Co, 0.67 g/t TPM over 1.5 meters
· To date a total of 32 holes, totalling 6,766 meters have been drilled in the vicinity of the West Pickle Discovery. The West Pickle mineralization has now been defined over more than 500 meters of strike length and remain open in all directions
Figure 2. Area map showing the location of the West Pickle Lake Discovery
Table 1: Assay Results: Drill Results from the West Pickle Zone, Holes TK22-071-073 reported in this news release.
|
Hole |
|
From (m) |
To (m) |
Width (m) |
Ni % |
Cu % |
Co % |
TPM g/t (Pd+Pt+Au) |
Pd g/t |
Pt g/t |
Au g/t |
|
TK22-058 |
|
214.1 |
214.6 |
0.5 |
0.04 |
0.02 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
TK22-059 |
|
184.0 |
187.7 |
3.7 |
2.33 |
1.85 |
0.06 |
0.45 |
0.21 |
0.21 |
0.03 |
|
|
|
185.3 |
187.7 |
2.4 |
3.49 |
2.73 |
0.09 |
0.64 |
0.30 |
0.30 |
0.04 |
|
|
|
185.3 |
187.0 |
1.8 |
4.79 |
3.67 |
0.12 |
0.87 |
0.41 |
0.41 |
0.05 |
|
|
|
185.3 |
185.9 |
0.6 |
8.21 |
1.60 |
0.24 |
1.62 |
0.80 |
0.79 |
0.03 |
|
TK22-060 |
|
183.7 |
196.3 |
12.6 |
0.72 |
0.34 |
0.02 |
0.14 |
0.06 |
0.06 |
0.02 |
|
|
|
184.3 |
189.0 |
4.7 |
1.77 |
0.63 |
0.03 |
0.27 |
0.12 |
0.12 |
0.03 |
|
|
|
186.6 |
189.0 |
2.4 |
3.18 |
0.99 |
0.06 |
0.39 |
0.18 |
0.19 |
0.02 |
|
|
|
188.0 |
188.5 |
0.5 |
7.60 |
1.25 |
0.12 |
0.41 |
0.18 |
0.20 |
0.03 |
|
TK22-061 |
|
188.7 |
190.8 |
2.1 |
0.75 |
0.43 |
0.01 |
0.28 |
0.14 |
0.11 |
0.03 |
|
|
|
190.2 |
190.8 |
0.6 |
1.62 |
0.67 |
0.03 |
0.47 |
0.25 |
0.20 |
0.02 |
|
TK22-062 |
|
202.0 |
213.5 |
11.5 |
0.06 |
0.08 |
0.00 |
0.04 |
0.01 |
0.01 |
0.01 |
|
|
|
203.6 |
204.4 |
0.8 |
0.16 |
0.35 |
0.01 |
0.14 |
0.05 |
0.07 |
0.02 |
|
TK22-063 |
|
149.0 |
152.0 |
3.0 |
0.07 |
0.24 |
0.00 |
0.13 |
0.04 |
0.05 |
0.05 |
|
|
|
149.5 |
150.5 |
1.0 |
0.15 |
0.54 |
0.00 |
0.32 |
0.09 |
0.12 |
0.11 |
|
TK22-064 |
|
219.8 |
245.5 |
25.8 |
0.04 |
0.02 |
0.00 |
0.01 |
0.00 |
0.00 |
0.00 |
|
|
|
219.8 |
220.3 |
0.5 |
0.65 |
0.27 |
0.03 |
0.21 |
0.10 |
0.11 |
0.01 |
|
TK22-065 |
|
224.3 |
246.0 |
21.7 |
0.04 |
0.02 |
0.00 |
0.01 |
0.00 |
0.00 |
0.00 |
|
|
|
240.8 |
246.0 |
5.2 |
0.10 |
0.05 |
0.00 |
0.02 |
0.01 |
0.01 |
0.00 |
|
|
|
240.8 |
241.2 |
0.4 |
0.40 |
0.18 |
0.01 |
0.06 |
0.04 |
0.02 |
0.00 |
|
TK22-066 |
|
150.3 |
178.5 |
28.2 |
0.06 |
0.02 |
0.00 |
0.01 |
0.00 |
0.00 |
0.00 |
|
|
|
158.9 |
162.9 |
4.0 |
0.19 |
0.07 |
0.01 |
0.02 |
0.01 |
0.01 |
0.00 |
|
|
|
161.2 |
162.9 |
1.7 |
0.35 |
0.12 |
0.01 |
0.04 |
0.02 |
0.01 |
0.00 |
|
TK22-067 |
200.2 |
200.7 |
0.5 |
0.06 |
0.01 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
|
TK22-068 |
134.3 |
139.5 |
5.3 |
0.11 |
0.08 |
0.01 |
0.03 |
0.01 |
0.01 |
0.00 |
|
|
|
135.3 |
135.8 |
0.5 |
0.25 |
0.25 |
0.01 |
0.08 |
0.04 |
0.03 |
0.01 |
|
|
TK22-069 |
No Significant Assays |
|
|||||||||
|
TK22-070 |
|
164.6 |
174.7 |
10.1 |
2.47 |
0.99 |
0.04 |
0.27 |
0.14 |
0.10 |
0.02 |
|
|
|
164.6 |
168.4 |
3.8 |
6.42 |
2.40 |
0.09 |
0.64 |
0.35 |
0.25 |
0.04 |
|
|
|
165.4 |
167.6 |
2.3 |
10.41 |
3.40 |
0.14 |
0.92 |
0.53 |
0.34 |
0.04 |
|
|
|
165.4 |
167.1 |
1.7 |
12.58 |
2.49 |
0.17 |
0.94 |
0.60 |
0.30 |
0.04 |
|
|
|
165.4 |
166.3 |
0.9 |
12.90 |
2.70 |
0.16 |
1.05 |
0.67 |
0.34 |
0.04 |
|
TK22-071 |
151.7 |
156.9 |
5.2 |
0.72 |
1.07 |
0.01 |
0.28 |
0.10 |
0.10 |
0.08 |
|
|
|
155.7 |
156.9 |
1.2 |
2.00 |
2.51 |
0.04 |
0.21 |
0.06 |
0.13 |
0.02 |
|
|
|
155.7 |
156.2 |
0.6 |
4.10 |
3.81 |
0.06 |
0.27 |
0.09 |
0.16 |
0.03 |
|
|
TK22-072 |
149.0 |
153.1 |
4.1 |
2.05 |
0.89 |
0.04 |
0.36 |
0.11 |
0.22 |
0.03 |
|
|
|
150.4 |
153.1 |
2.7 |
3.08 |
1.18 |
0.07 |
0.45 |
0.14 |
0.29 |
0.02 |
|
|
|
151.7 |
153.1 |
1.5 |
5.33 |
1.48 |
0.12 |
0.67 |
0.17 |
0.48 |
0.02 |
|
|
|
151.7 |
152.3 |
0.7 |
7.39 |
2.22 |
0.16 |
0.95 |
0.24 |
0.69 |
0.03 |
|
|
TK22-073 |
137.5 |
140.1 |
2.6 |
7.19 |
2.01 |
0.10 |
0.56 |
0.32 |
0.20 |
0.05 |
|
|
|
137.5 |
139.3 |
1.8 |
10.32 |
2.88 |
0.15 |
0.80 |
0.46 |
0.27 |
0.07 |
|
|
|
138.5 |
139.3 |
0.8 |
11.90 |
0.98 |
0.16 |
0.64 |
0.33 |
0.26 |
0.05 |
|
(1) Reported widths are “drilled widths” not true widths.
(2) Italicised grey shaded values are previously reported, see previous news releases.
Interpretation of the VTEM data by Palladium One infers there is potential for further discoveries, specifically to the west of WPL, in the area of TK22-076 which was previously reported as a significant exploration hole, see Figure 3
Figure 3 Plan and long section looking north perpendicular to the interpreted chonolith structure linking the West Pickle and RJ zones, showing potential for massive sulphide mineralization beyond the depth detectable by the 2021 VTEM airborne survey.
Marc J Sale, First Class Metals CEO commented:
“The West Pickle Lake nickel-copper sulphide discovery continues to report high grade nickel assays and FCM remains further encouraged by these results which includes over 7% Nickel and 2% Copper Cu over 2.6 meters in hole TK22-073. The success to date and accordingly the potential of the discovery continues to grow and, significantly for FCM, remains open to the west in the direction of the 100% FCM owned North Hemlo property. I look forward to reporting on the progress and remaining assays in due course”.
For further information, please contact:
First Class Metals PLC
|
James Knowles, Executive Chairman |
07488 362641 |
|
|
Marc J Sale, CEO |
07711 093532 |
|
|
Ayub Bodi, Executive Director |
07860 598086 |
First Equity Limited
(Financial Adviser & Broker)
|
Jonathan Brown |
0207 3742212 |
|
|
Jason Robertson |
0207 3742212 |
First Class Metals PLC – Background
First Class Metals is focussed on exploration in Ontario, Canada which is considered a top global destination for exploration with a robust and thriving junior mineral exploration sector. Specifically, the Hemlo ‘camp’ is a proven world class address for gold /VMS exploration. This geological terrane has significant production, both base / precious metals and a prolific number of exploration projects and numerous prospector’s showings.
FCM has commenced exploration programmes based on the detailed historical data review of available information on and around its seven claim blocks which comprise over 180km².
Figure 3. The original claim blocks that formed the ‘North Hemlo Property’. Note Pezim II (33 claims) are now the renamed ‘West Pickle Lake’ Palladium One JV/earn in property.
FCM-PDM JOINT VENTURE/EARN IN BACKGROUND
In July 2021 FCM secured a JV with Palladium One over the Pickle Lake Project area (comprising 33 single cell mining claims and the “Project”) Palladium One have the option to earn-in to an 80% interest in the Project subject to a three-year work program commitment. The JV sits on the eastern flank of FCM’s Flagship North Hemlo Project.
Palladium One has the option to earn up to an 80% undivided working interest and a royalty Buy-Back Right, in the Earn-In Properties, over a 3-year earn-in period by incurring Canadian Exploration Expenses as follows:
Year 1 – an amount of not less than C$25,000 on or before the 1st anniversary of the Effective Date:
Year 2 – an amount of not less than C$135,000 (for an aggregate amount of $160,000) on or before the second anniversary of the Effective Date to earn a 51% interest: and
Year 3 – an amount of not less than C$165,000 (for an aggregate amount of not less than $325,000) and by preparing a National Instrument 43-101 (“NI43-101”) Technical Report with respect to the Earn-In Properties on or before the third anniversary of the Effective Date to earn an additional 29% (for a total aggregate 80% interest).
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.
Links to External Sites
The document may contain links to other websites; these external websites are not under FCM’s control. FCM’s shall not be held responsible for such websites and do not make any warranties regarding the same. FCM’s do not endorse these websites in any manner.
FIRST CLASS METALS #FCM – Inaugural ESG Statement
FIRST CLASS METALS #FCM – Inaugural ESG Statement
First Class Metals is pleased to announce the release of the company’s inaugural Environmental, Social and Governance (“ESG”) Policy Statement, reflecting our commitment to responsible, transparent, and ethical mineral exploration.
Highlights
· The 2022 Environmental, Social and Governance Policy Statement provides a clear statement of our purpose as an exploration company and sets out the values under which the Company operates, both on a day-to-day basis and over the longer term to guide strategic decision making.
Link to the report in full can be found on the company’s website.
FCM+ESG+Policy+DEC+2022.pdf (squarespace.com)
Ayub Bodi Executive Director commented, “ESG is essential to our business and aligned with our operations, activities and strategic decision making. We are committed to continuously enhancing the transparency and accountability of our ESG goals and evolving our practices to be an industry leader by safely and responsibly discovering the raw materials vital for today’s modern society and generations to come.”
First Class Metals #FCM – Sunbeam Project Acquisition, Financing & Subscription
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK metals exploration company is pleased to provide information on a potential acquisition transaction with Nuinsco Resources Limited (“Nuinsco”) for the ‘Sunbeam Project’ in Ontario.
HIGHLIGHTS
· The claims together contain the sites of 3 different developed gold mining operations (Sunbeam, Pettigrew & Roy Mines).
· Total area of 48km2 comprising of 104 single cell claims in the ‘Sunbeam Property’ and 9 multi cell claims on the ‘English Claims’.
· Recent exploration activities, which includes diamond drilling, indicate several other areas of possible mineralization.
· Property is located 15km southeast of the Agnico Eagle 3.3moz Hammond Reef project.
· Previous estimates are that there could be 50,000-70,000t grading 13.0g/t Au remaining in the old workings.1
· The structure hosting the Sunbeam Mine is open in all directions and will be the focus for further exploration.
· Previous diamond drilling reported: drill hole NS-21-03 – 93.3g/t Au over 0.44m (from 99.5m). No drilling has been recorded below this level.
· Financed by a Convertible Loan Note “CLN” from existing, long-term shareholders Sanderson Capital Partners Ltd and Afzal Valli, with all drawdowns fixed at a premium to the current previous five day average closing share price of 11.46p.
· £80,000 Subscription for 666,667 shares at 12p from two existing UHNW Investors.
The Sunbeam property is situated in the Ramsay-Wright Township in the Superior Province of the Canadian Shield, Ontario. The landscape consists of gently rolling topography with a maximum relief of 40m. Vegetation is typical mixed boreal forest. Located in north-west Ontario, the property is approximately 27km northeast of the town of Atikokan and 15km southeast of the Hammond Reef gold mine deposit.
The Property hosts several sites of historic mine development and gold mining: The Sunbeam Mine, the Roy Mine, and the Pettigrew Mine. Multiple other gold occurrences are also known including the Road Zone, AL198 Zone, WN2 Occurrence and the Rubble Occurrence.
The Sunbeam Mine operated from 1898-1905. While there are no records of the production totals for the mine from 1899-1903. In 1904, it was reported that 650 tons averaging 12.2 g/t was mined. Based on the 1903 inclined longitudinal plan of the Sunbeam mine, it has been previously estimated that there could be 50,000-70,000t grading 13.0g/t Au remaining in the old workings[1].
Additionally, the ‘Roy’ and Pettigrew’ showings are on sub-parallel mineralised trends to the Sunbeam mine, contained within an identified >10km of strike.
In parallel to advancing the exploration FCM will investigate the potential of the Sunbeam mine workings.
Figure 1-Sunbeam Mine Cross Section Looking Southeast
Image 1: Sunbeam Mine 1905
In July 2021, Nuinsco reported grading up to 93.3g/t on a drill programme conducted within 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. Eight drill holes totalling 1,091 metres were collared. 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.
For more information on this drill programme by Nuinsco see:
Further, three holes were drilled within 100m of the Pettigrew shafts. Hole 57751 intersected 19.4 g/t Au over 0.63m and 15.17 g/t over 1.37m in two zones separated by 15m.
In 2008, the Rubble occurrence was discovered on the property. Assays of up to 1.42 oz per ton gold have been obtained from pyritized and iron carbonate altered rocks.
With regard to the local indigenous First Nation groups, Nuinsco has in place MoU’s to facilitate the renewal of the exploration permit covering the entire 48km2. These agreements have the provision to be transferred to a new owner without requirement for revision.
Marc Sale First Class Metals CEO Commented: “This is a very positive, significant development for FCM, the purchase of Sunbeam presents an opportunity to develop a historical high grade gold mine. The old mine workings and the wider area have had limited modern exploration, however, the previous drilling and limited production uncovered very high-grade material. We believe with a structured well-planned period of exploration once all historic data has been assimilated this project could identify the untapped potential that exists across the entire claim area. FCM will embark on this process immediately post completion and I look forward to updating the market on future developments”
Terms of the deal:
The following are the main commercial points of the present deal.
· FCM to pay C$ 700,000 in three tranches over a period of 8 (eight) months from the date of signing the agreement.
· FCM to undertake exploration related expenses on the property over a period of three years to value of C$ 750,000.
· On definition of a NI43-101 report indicating 250,000 Oz of resource, FCM will pay Nuinsco a sum of C$ 250,000. A further C$ 250,000 will be payable upon similarly reporting an additional indicated resource of 250,000 Oz. Total indicated resource being 500,000 Oz, total payment being C$ 500,000.
· Nuinsco to retain a Net Smelter Return Royalty of 1% (one per cent), of which 50% can be bought for C$ 500,000. With FCM having an option to buy the remaining 50% on a right of first refusal basis should Nuinsco elect to market it.
· FCM acknowledges all underlying responsibilities and obligations of Nuinsco, including an annual pre-production royalty and a Net Smelter Return Royalty to the previous owners. FCM will also keep the claims in good standing until all requirements above are fulfilled.
Financing to support the purchase:
In order to finance the purchase and future work commitments, FCM has entered into a Convertible Loan Note (“CLN”) with Sanderson Capital Partners and Afzal Valli for GBP1,000,000. The terms of the CLN are:
· A 12-month unsecured convertible loan for GBP1,000,000.
· Convertible in four tranches of £250,000
· Fixed premium conversion prices: Tranche 1 at 12p, Tranche 2 at 15p, Tranche 3 at 19p & Tranche 4 at 22p. If all tranches are converted then the average conversion price is 17p, a premium of 70% to the IPO price of 10p in July 2022.
· The particular investors will be offered a 1:1 warrant at 20p, 22p, 24p and 30p with a two-year term subject to drawdowns.
Alongside the CLN two existing UHNW investors have agreed to enter into a private subscription for a total of 666,667 shares at 0.12p raising a further £80,000. The new subscription shares will have a 1:1 warrant at 20p with a two-year term.
The new ordinary shares will rank pari passu with the Company’s existing issued ordinary shares. The Company intends to allot and issue these new ordinary shares under its existing authorities on a non-pre-emptive basis.
The Company will be making its application to admit the new ordinary shares to the Official List of the FCA and to trading on the Main Market (Standard List) of the LSE. Admission is expected to occur on 11th October 2022.
Conditional on Admission, the Company’s issued ordinary share capital will be 66,338,722 ordinary shares, which may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA’s Disclosure Guidance and Transparency Rules.
The funds will be used exclusively to finance the acquisition and development of the ‘Sunbeam Project’ from Nuinsco Resources Inc., a Canadian based exploration company (https://nuinsco.ca/) (“Nuinsco”).
Further, FCM has entered into an [Option Agreement] with Nuinsco to purchase their Sunbeam property as well as assume the option to purchase contiguous claims under option from Perry English (“English Claims”).
The area under the terms of the agreement are 21km² for the Sunbeam property and 27km² for the English Claims. The total area being optioned being 48km2. Annual expenditure requirements are currently being serviced by the ‘bank’ of assessments credits from historical work on the Sunbeam claims.
Figure 2-Map of the claim cells that form the entire project
Figure 3-Map of historical sampling/drilling
For further information, please contact:
First Class Metals PLC
|
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) 020 7374 2212
Jonathan Brown
Jason Robertson
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.
Links to External Sites
The document may contain links to other websites; these external websites are not under FCM’s control. FCM’s shall not be held responsible for such websites and do not make any warranties regarding the same. FCM’s do not endorse these websites in any manner.
First Class Metals #FCM – Update on REE Potential of the McKellar Property
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 land holding is pleased to provide an update on exploration activities in respect to the Rare Earth Elements (“REE”) potential of the McKellar claim block.
Highlights
-Historical data review of the REE potential of the McKellar property and commencement of prospecting on the McKellar Creek Diatreme
McKellar
FCM is pleased to announce that exploration of the McKellar diatreme has been initiated and rock samples have been collected for assay.
The McKellar property, comprising 58 claims covers 11km² is and it is situated in prime geological terrain within the Coldwell complex. Located to the west of the Generation Mining’s Palladium Project, McKellar is roughly 25 kilometres from the town of Marathon, the main service centre for Barrick’s Hemlo mine.
The property contains known ‘showings’ (“samples”) for gold, silver, and base metals as well as a diatreme with reported anomalous REE.
Historical exploration on the property includes not only the diatreme but other significant occurrences, such as the drill hole on the Gold Bar Lake prospect reporting over 1% Cu, 6% Zn as well as 0.5g/t Au and 60g/t Ag. Elsewhere on the property samples of 6,419ppm Mo (molybdenum) and 4,400ppm Zn (Zinc) are reported. Whilst the small scale historic Little Pic silver mine produced ‘ore’ containing in various samples 618g/t Ag and over 7% Pb and 32% Zn, see Figure 1.
There are also a significant number of showings within the vicinity of the McKellar property, including the Prairie River West showing which returned 1.13g/t Au and 45g/t Ag, as well as the Marhill Prospect to the west with values up to 18.5g/t Ag. Importantly these showings are hosted in the mafic to intermediate metavolcanics which are identified in the western extension of the property: nearology and vector.
Although it is primarily the high precious and base metal values in the historic showings that makes McKellar stand out, the presence of a relatively underexplored rare earth hosting diatreme in the south of the property has potential significance implications.
The diatreme occupies a topographic low and occurs within a north trending linear stricture. The breccia may have been emplaced within a shear or fault zone, however, geologic data supporting this possibility are lacking.
Historically general prospecting, geological mapping and rock sampling of the diatreme was focussed on discerning whether gold, platinum and palladium were associated with the diatreme structure and what REE the diatreme carried.
In 2013 prospecting, geological mapping and rock sampling of the diatreme was performed by Russel Renner, 5 bedrock grab samples were taken and assayed, results of which and other assayed samples from the diatreme area are included in the table below.
|
Historical assay results for selected elements (including REE’s), McKellar Creek Diatreme: |
Value |
|
Gold Au |
25 ppb |
|
Platinum Pt |
17 ppb |
|
Neodymium Nd |
300 ppm |
|
Lanthanum La |
400 ppm |
|
Beryllium Be |
2.8 ppm |
|
Cerium Ce |
513 ppm |
|
Yttrium Y |
214 ppm |
|
Strontium Sr |
1280 ppm |
|
Thorium Th |
180 ppm |
|
U308 |
38 ppm |
In his 2013 assessment report1, Renner suggested that if interest in REE was to increase, and the Prairie Lake intrusion and Dead Horse Lake diatremes were to come back into the limelight and create enthusiasm for the area, then the McKellar Creek diatreme would certainly have some potential to become part of the revived interest in REE in the Coldwell area.
FCM mobilised a field crew to explore as a ‘first pass’ review of the McKellar diatreme area with the intention of identifying and re sampling the outcrop,. During a brief campaign the team collected 10 rock samples, of which 9 were grab samples of outcrop in the vicinity of an identified drill hole and the other a ‘float’ / boulder sample in a creek immediately to the south west.. The photo (Figure 2) indicates early success in the reconnaissance with distinct diatreme breccia being encountered and sampled.
Figure 2-Diatreme Breccia sampled from the McKellar Diatreme
Marc J. Sale CEO First Class Metals said “this month we have returned field crews to the projects after a brief hiatus, I am particularly pleased we have started to explore the REE potential at McKellar. The Autumn campaign generally plans to build on the visual encouragement and preliminary assay results from samples collected in the first pass across our properties earlier this year. Work completed to date on key properties has given us increased confidence to push forward with further exploration, vectoring us in to now what are becoming priority targets”.
For further information, please contact:
First Class Metals PLC
James Knowles, Executive Chairman 07488 362641
Marc Sale, Chief Executive Officer 07711 093532
MarcS@FirstClassMetalsPlc.com
Ayub Bodi, Executive Director 07860 598086
First Equity Limited (Financial Adviser & Broker) 020 7374 2212
Jonathan Brown
Jason Robertson
NOTES TO EDITORS
First Class Metals PLC – Background
First Class Metals is focussed on exploration in Ontario, Canada which is considered a top global destination forexploration with a robust and thriving junior mineral exploration sector. Specifically, the Hemlo ‘camp’ is a proven worldclass address for gold /VMS exploration. This geological terrane has significant production, both base / precious metalsand a prolific number of exploration projects and numerous prospector’s ‘showings’.
FCM 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.
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 soil / VTEM anomaly. 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 predominantly 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 – Exploration Program Update-Esa Property
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 land holding is pleased to provide an update on activities in respect to the Esa claim block.
HIGHLIGHTS
· Full coverage VTEM geophysical data set of the Esa property sourced free of cost from the previous claim holder.
· FCM has contracted Paterson Grant and Watson to interpret geophysical data over the Esa claim block.
· Ground reconnaissance – exploration- recommences on the Esa property.
Esa
The Esa property covers 20km² and is situated only 11km north of the Hemlo gold mine operated by Barrick Gold (>23m oz Au).
FCM has appointed Patterson Grant Watson Ltd (‘PGW’) ( https://www.pgw.ca/site/home ) to interpret the VTEM survey on the Esa block for which FCM received the raw data from the previous owners at no cost, saving the company a significant amount of time and money.
A strong geophysical response dissecting the property has been in part ground-truthed and supports the interpreted presence of a shear, (also identified on adjacent properties to the west, trending on to Esa). This inferred shear across the property has formed the focus of field work to date with over 150 rock and soil samples collected for gold and base metal analysis, results pending. Rock samples were identified as sheared sulphitic mafic rocks. It is worth noting that owing to ground cover, both forestation and Quaternary gravels, there is a paucity of exposure generally across the property.
Currently FCM has a field team collecting soil samples along the inferred surface expressions of the shear and thereafter the team will continue the systematic prospecting of the claim block.
FCM is confident that the reinterpretation of the geophysical data will enable the exploration effort to be more focussed along the interpreted ground trace of the shear.
Furthermore, in the south of the property is the inferred contact with the Cedar Lake pluton. Contact zones are often the focus on veining and therefore potentially associated mineralisation. The interpretation again, will allow this structural contact and potentially associated spurs to be identified and ground truthed / prospected.
Marc J. Sale CEO First Class Metals Said: “I am delighted that we have manged to acquire the raw data to a recent modern VTEM survey which incorporates the Esa property, from a previous claim owner at zero cost to FCM.
This data set has now been forwarded to Patterson Grant Watson Ltd (‘PGW’) who are a world-renown geophysical interpretation company. PGW integrates geophysical datasets with geology to provide compelling results that deliver both direct and indirect targeting.
The reinterpretation of the Esa VTEM data using modern techniques will allow us to speed up the process of exploration on the property and I eagerly await the results that this re-interpretation provides”
For further information, please contact:
First Class Metals PLC
James Knowles, Executive Chairman 07488 362641
Add Email adresses
Marc Sale, Chief Executive Officer 07711 093532
Ayub Bodi, Executive Director 07860 598086
First Equity Limited (Financial Adviser & Broker ) 020 7374 2212
Jonathan Brown
Jason Robertson
First Class Metals #FCM – High Grade Nickel Assays from West Pickle Lake
First Class Metals #FCM -High Grade Nickel Assays from West Pickle Lake
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 Project land holding is pleased to provide an update on activities in respect to the Pickle Lake Earn In/Joint Venture (JV) (“Pickle Lake JV” “West Pickle Lake”) with Palladium One Inc (TSXV:PDM) (“Palladium One”).
First Class Metals is delighted to report preliminary assay results form the new West Pickle massive sulphide discovery. The assays from the first hole reported TK-22-059 are of an exceptionally high grade at 4.8% Ni (“Nickel”), 3.7% Cu (“Copper”) (6.8% Nickel Equivalent) over 1.8m from Massive Nickle Copper Sulphides, see Table 1
A total of twelve holes have been drilled from which lab assays remain outstanding for eleven holes TK-22-058/TK-22-060 to TK-022-070, visual observations of the core are detailed in see Table 2.
Highlights Reported by Palladium One
- 4.8% Nickel, 3.7% Copper (6.8% Nickel Equivalent) over 1.8 meters from Massive Nickel Copper Sulphides .
- Massive to semi massive pentlandite-chalcopyrite-pyrrhotite sulphide discovered at the 600-meter long VTEMmax Electromagnetic (“EM”) anomaly known as the ‘West Pickle Zone’:o 12 diamond drill holes completed to date
- Preliminary assay results return:
– 3.4% Nickel Equivalent (“Ni Eq”) over 3.7 meters (2.3% Ni, 1.8% Cu, 0.45 g/t Total Precious Metals (“TPM”) (Pt+Pd+Au)) in hole TK-22-059
– Including 6.8% Ni Eq over 1.8 metres (4.8% Ni, 3.7% Cu, 0.87 g/t TPM)
– And 9.4% Ni Eq over 0.6 metres (8.2% Ni, 1.6% Cu, 1.62 g/t TPM)
- Visual results for holes TK-22-070, which intersected 1.7 meters of massive sulphide mineralization from 165.4 to 167.1 meters down hole.
- The new discovery closely resembles the Palladium One extremely high-grade Smoke Lake Zone located 20 kilometers to the east which has returned up to:
-10.2% Ni Eq over 3.8 meters (8.1% Ni, 2.9% Cu, 0.1% Co, 0.61g/t Pd, 0.71g/t Pt, and 0.02g/t Au) in hole TK-20-023) (see news release January 19, 2021 )
Table 1: Assay Results: Drill Results from the West Pickle Zone
| Hole | From (m) | To (m) | Width (m) | Ni_Eq % | Ni % | Cu % | Co % | TPM g/t (Pd+Pt+Au) | Pd g/t | Pt g/t | Au g/t | |
| TK-22-059 | 184.0 | 187.7 | 3.7 | 3.37 | 2.33 | 1.85 | – – – | 0.45 | 0.21 | 0.21 | 0.03 | |
| Inc. | 185.3 | 187.0 | 1.8 | 6.84 | 4.79 | 3.67 | – – – | 0.87 | 0.41 | 0.41 | 0.05 | |
| Inc. | 185.3 | 185.9 | 0.6 | 9.40 | 8.21 | 1.60 | – – – | 1.62 | 0.80 | 0.79 | 0.03 |
(1) Reported widths are “drilled widths” not true widths.
(2) Cobalt analysis have not yet been received
(3) * Ni_Equivalent is calculated for comparison purposes using recent spot prices, $8.5lb nickel, $4.25lb copper, $25/lb cobalt, $1,700/oz palladium, $1,100/oz platinum, $1,800/oz gold as per Palladium One’s May 2022 NI 43-101 report on the LK Project (see news release April 25, 2022 )
Table 2: Visual Results: 2022 Drill Results from the West Pickle Zone
| Hole | From (m) | To (m) | Width (m) | Au g/t | |
| TK-22-058 | 213.0 | 221.7 | 8.7 | Minor Disseminated and Stringer Sulphide Zone | |
| TK-22-059 | 184.0 | 187.7 | 3.7 | Strong Disseminated and Stringer Sulphide Zone | |
| Including | 185.3 | 187 | 1.7 | Massive and Semi-Massive Sulphide Zone | |
| TK-22-060 | 184.3 | 188.5 | 4.7 | Strong Disseminated and Stringer Sulphide Zone | |
| Including | 186.6 | 188.5 | 1.9 | Semi-Massive, locally Massive Sulphide Zone | |
| TK-22-061 | 188.7 | 192.0 | 3.3 | Strong Disseminated and Stringer Sulphide Zone | |
| TK-22-062 | 207.5 | 215.9 | 8.4 | Moderate Disseminated and Stringer Sulphide Zone | |
| TK-22-063 | 149.5 | 151.0 | 1.5 | Moderate Disseminated and Stringer Sulphide Zone | |
| TK-22-064 | 219.8 | 246.6 | 26.8 | Minor Disseminated and Stringer Sulphide Zone | |
| TK-22-065 | 224.3 | 247.7 | 23.4 | Minor Disseminated and Stringer Sulphide Zone | |
| TK-22-066 | 156.5 | 164.3 | 7.8 | Moderate Disseminated and Stringer Sulphide Zone | |
| TK-22-067 | 197.0 | 212.0 | 15.0 | Minor Disseminated and Stringer Sulphide Zone | |
| TK-22-068 | 132.0 | 140.4 | 8.4 | Minor Disseminated and Stringer Sulphide Zone | |
| TK-22-069 | No Mineralization | ||||
| TK-22-070 | 164.0 | 107.1 | 6.1 | Strong Disseminated and Stringer Sulphide Zone | |
| Including | 165.4 | 167.1 | 1.7 | Massive and Semi-Massive Sulphide Zone |
Figure 1 . Massive pentlandite-pyrrhotite-chalcopyrite sulphide intersection in hole TK-22-070 from 165.4 to 167.1 meters down hole. Wall rock is tonalite.
Figure 2 . Closeup of massive pentlandite-pyrrhotite-chalcopyrite in hole TK-22-070.
Figure 3. Long section looking south of the West Pickle Zone
Marc J Sale, First Class Metals CEO commented:
‘The reporting of the initial results from FCM’s West Pickle Lake prospect JV, add additional evidence that a new district scale nickel (copper) sulphide discovery is emerging on our North Hemlo property.
Furthermore, as indicated by Palladium one the prospectivity remains open to the west, ground held 100% by FCM.
Given only the results of the first of twelve holes have been reported and the visual estimation of other drill holes, particularly hole TK-22-70 are equally encouraging FCM anticipates continued support for the potential of the project.
We eagerly await further assay results and the results of the BHEM (Bore Hole Electro Magnetic) survey which should enable better definition of the conductor (sulphide) ‘plates’ and allow further drilling to focus on zones of potential mineralisation.
FCM continues to explore the North Hemlo block and currently efforts are focus in the target area between the West Pickle Lake prospect and the Dotted Lake prospect of Panther Metals, 10 km to the south west.‘
