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#FCM First Class Metals PLC – Suspension of Listing

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 northern Ontario, land holdings, would like to provide an update regarding the delay to the publication of its consolidated audited results for the financial year ended 31 December 2023.

In accordance with the FCA’s Listing Rules and the Disclosure and Transparency Rules, the Company is required to publish its audited results for the year to 31 December 2023 by 30 April 2024. The Company’s auditor, Royce Peeling Green Limited (“RPG”), has advised the Company that the audit process is near completion however it could not be finalised by the 30 April 2024 deadline.

The Company will continue to work closely with RPG to ensure that the audited results for the year ended 31 December 2023 are published as soon as possible.

As a result of this delay, the Company’s shares will be temporarily suspended with effect from 1 May 2024. The Company will request a restoration of the listing of its listing shares following the publication the audited results.

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

#SVML Sovereign Metals LTD – Capabilities Strengthened with Key Appointments

Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) is pleased to announce three senior appointments and promotions across key legal, permitting, and technical functions in Malawi. The appointments have strengthened the Company’s in-country capabilities as it continues to advance its Kasiya Rutile-Graphite Project (Kasiya).

Mr Maxwell Kazako has been appointed Acting In-Country Manager following the promotion of Frank Eagar to Managing Director. Mr Kazako has a strong background in human resources management, general administration and government relations. He brings over 18 years of experience to the role, having worked across Malawian commerce and industry, including for First Merchant Bank and Malawian Airlines.

Ms Natasha Namisengo has been appointed General Legal Counsel. Ms Namisengo is a qualified lawyer with a Bachelor of Laws (Hons) and is admitted to practice in the Supreme Court of Malawi. She also holds a Master’s in Business Administration (MBA). Ms Namisengo has prior experience acting as legal counsel and in company secretary roles in Malawi.

Mr Pilirani Bangula has been appointed Legal Counsel – Compliance. Mr Bangula is a qualified lawyer with 12 years of experience as a legal practitioner, including five years specifically as in-house legal counsel. Mr Bangula has wide-ranging experience in compliance, project oversight and risk management, contract negotiation, and policy drafting.

A group of people standing together Description automatically generated

Figure 1: (left to right) Mr Maxwell Kazako, Acting In-Country Manager, Ms Natasha Namisengo, General Legal Counsel and Mr Pilirani Bangula, Legal Counsel – Compliance

The Company has also promoted Ms Tupoche Kayange to Laboratory Manager in line with its employee training and development program. Ms Kayange has been instrumental in developing and managing the Company’s laboratory facility in Lilongwe, Malawi. Recently, Ms Kayange led the facility’s expansion and commissioning of new equipment to support bulk sample programs that are currently underway.

A person in a white coat Description automatically generated

Figure 2: Ms Tupoche Kayange, Laboratory Manager at the Company’s facility in Lilongwe, Malawi

Sovereign understands Kasiya’s significant potential to deliver material and long-lasting social and economic benefits for Malawi, including fiscal returns, job creation, skills transfer, and sustainable community development initiatives. Sovereign also recognises the importance of training programs to enhance the capabilities of its employees. The Company has structured training and skills transfer programs, covering on-the-job training for full-time employees and programs for local graduates and interns.

These appointments and promotions align with the Company’s initial targets, ensuring equal opportunity and fairness in employing a diverse workforce and Malawian nationals where possible. Sovereign employs over 80 individuals in Malawi, with at least 30% of the staff being women.

 

ENQUIRIES

Frank Eagar (South Africa/Malawi)
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

 

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

 

 

 

Buchanan

+ 44 20 7466 5000

 

Forward Looking Statement

This release may include forward-looking statements, which may be identified by words such as “expects”, “anticipates”, “believes”, “projects”, “plans”, and similar expressions. These forward-looking statements are based on Sovereign’s expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Sovereign, which could cause actual results to differ materially from such statements. There can be no assurance that forward-looking statements will prove to be correct. Sovereign makes no undertaking to subsequently update or revise the forward-looking statements made in this release, to reflect the circumstances or events after the date of that release.

#FCM First Class Metals PLC – Zigzag Drilling Results

First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK listed metals exploration company seeking economic metal discoveries across its extensive Canadian Schreiber-Hemlo, Sunbeam and Zigzag land holdings is delighted to announce the results of an inaugural drilling programme on the Company’s Zigzag Property, (the “Property”) located in the Seymour-Falcon corridor in northwestern Ontario, Canada.

HIGHLIGHTS

·      Assay results from the recent drill programme are in line with and exceed the channel sample results.

 

Selected highlights include:

ZIG-23-01    4.3m @ 1.65% Lithium (Li20) including 1m at 2.93%

ZIG-23-02    5.0m @ 1.5% Li20 including 0.2m @ 5.19% and 5.75m @ 0.21% Rb20

ZIG-23-07    6.5m @ 1.09% Li20 including 0.5m @ 2.76%

 

·      Elevated grades of several key technology critical metals present including: gallium (Ga), rubidium (Rb20) , caesium (Ca) and tantalum (Ta).

 

·      Significant upside for the expansion of the geochemical envelope along strike in both directions and down dip.

 

·      Initial geochemical results indicate the probable existence of a second structure.

 

·      An Exploration Permit to allow additional stripping and drilling on the Property is being drafted.

 

 

Marc J Sale Chief Executive Officer Commented- The results from our first drill programme at Zigzag are first class and have not only confirmed our belief in the potential of the ‘core zone’, but have also significantly exceeded our expectations for the Property. The associated critical metals identified have added another dimension to the Property’s potential.  Obviously more work is required specifically along strike and further exploration of the southern structure, hence we are to initiate discussion regarding a new Exploration Permit.

Zigzag is growing as a significant lithium and critical metal play in this rapidly emerging pegmatite district.”

 

A focussed drill programme of under 500m in 10 NQ diamond drillholes was completed in late December and all the geochemical assay results are now available. Nine of the holes were targeted at the pegmatite with two ‘step-back’ holes and a 10th being drilled as a scissor. All targeted holes successfully intersected the pegmatite.

The drilling has vindicated the channel sampling as well as extended the geochemical and geological knowledge of the structure hosting the pegmatite, (see Map 1). The most easterly and westerly holes indicate the structure remains open along strike and importantly the successful step-back holes show the structure continues and remains open at depth.

The Company will now look to initiate the next most appropriate plan of exploration which will be focussed to extend strike and delineate the recently discovered southern structure.

Map 1 showing the drill traces of the 10 holes drilled as well as their locations relative to the previous channel sampling.

 

Significant intersections for the drill programme appear in table 1, see below

Drill Hole

Metal

Depth From

Width

Grade

ZIG-23-01

Li₂O

12.7m

4.3m

1.65%

incl.

1.0m

2.93%

Rb₂O

11.7m

5.3m

0.21%

ZIG-23-02

Li₂O

15.0m

5.0m

1.5%

incl.

0.2m

5.19%

Rb₂O

14.25m

5.75m

0.21%

incl.

0.3m

0.54%

Cs

14.25m

3.25m

132 ppm

incl.

0.25m

430 ppm

Ta

14.0m

6.8m

90 ppm

incl.

0.2m

235 ppm

Ga

15.5m

0.2m

144 ppm

ZIG-23-03

Li₂O

14.7m

0.75m

2.1%

Rb₂O

12.6m

2.1m

0.16%

Cs

12.0m

5.0m

151 ppm

incl.

0.45m

480 ppm

Ta

12.6m

3.9m

164 ppm

incl.

0.45m

624 ppm

Ga

21.9m

0.25m

127 ppm

and

ZIG-23-03

Li₂O

28.4m

1.6m

0.46%

Rb₂O

27.8m

2.2m

0.17%

ZIG-23-04

Li₂O

20.0m

1.6m

0.79%

Rb₂O

20.0m

1.6m

0.21%

Ta

 15.3m

7.8m

165 ppm

 incl.

1.0m

347 ppm

ZIG-23-05

Li₂O

7.6m

6.0m

1.13%

incl.

1.0m

2.17%

Rb₂O

5.7m

3.8m

0.16%

Ta

4.8m

9.9m

167 ppm

incl.

0.4m

401 ppm

ZIG-23-06

Li₂O

28.8m

2.2m

1.09%

incl.

0.3m

2.26%

Rb₂O

28.8m

2.2m

0.19%

ZIG-23-07

Li₂O

9.9m

6.5m

1.09%

incl.

0.5m

2.76%

Rb₂O

10.4m

6.6m

0.21%

incl.

1.0m

0.41%

Cs

13.0m

4.0m

126 ppm

Ta

9.0m

7.4m

131 ppm

incl.

0.6m

177 ppm

ZIG-23-08

Li₂O

65.5m

3.0m

1.28%

Rb₂O

65.5m

3.4m

0.11%

Ga

65.5m

3.0m

98 ppm

incl

1.0m

114 ppm

ZIG-23-09

Li₂O

47.25m

4.75m

0.52%

incl.

0.8m

1.06%

Rb₂O

47.25m

4.75m

0.14%

 

Table 1 assays from the (nine) hole drill programme at Zigzag, every hole had reportable intersections of Li₂O with significant ‘credits’ from the accessory critical elements / metals, specifically rubidium oxide, Rb₂O.

 

Map 2 showing the relative position of the ‘core’ drill area and the soil sample lines as well as the geochemistry indicating the potential for a second subparallel structure to the south.

The combined geochemical data that the initial grab samples (RNS 31 October 2023), the subsequent channel sampling programme (RNS 28 November 2023) and the recent MMI soil survey (RNS 7 February 2024) support the belief that the ‘core 400m zone’ contains a significant structure of >1% Li₂O and is open along strike. As previously reported, both the most eastern and western holes of the recent drilling programme intersected pegmatite. The soil sample results further suggest that the mineralisation is open in both directions.

Furthermore, there is strong geochemical support for a sub parallel trend about 200m to the south of the Main Zone. Additional work is needed to expand and confirm the anomalism identified. As well follow up sampling is required to confirm the presence of a possible third trend currently identified in anomalous rare element results in grab samples.

 

Critical Technology Metals @ Zigzag

While the focus of the project remains on the lithium component, the presence of elevated levels of Rb₂O (peak 0.54% over 0.3m within interval of 5.75m @ 0.21% (2100 g/t) in hole ZIG-23-02), Caesium (peak 480 g/t over 0.45m within interval of 5.00m @ 151 g/t in hole ZIG-23-03), Gallium, and Tantalum (peak 624 g/t over 0.45m within interval of 164g/t over 3.9m in hole ZIG-23-03-03) are potentially a significant ‘credit’ to the metallurgy of any resource identified.

These speciality metals have been classified as 1 & 2 ‘Critical Metals’ by the USA and Canadian Governments, highlighting their significance usage in modern technology due to their crucial role in various electronic, semi-conductor, and military hardware. Currently China dominates world production and supply of all these elements.

Despite the limited market for specialty metals, it is noteworthy that Rubidium has recently demonstrated a strong price performance, with trading prices exceeding $3100 per ounce on the Shanghai Metals Market3. Recognizing the potential economic benefits and value-added by these specialty technology metals, First Class intends to conduct further investigations into their possibilities and explore their impact on the overall value of the project.

 

https://www.usgs.gov/news/national-news-release/us-geological-survey-releases-2022-list-critical-minerals

2 https://www.canada.ca/en/campaign/critical-minerals-in-canada/critical-minerals-an-opportunity-for-canada.html

3https://www.metal.com/Other-Minor-Metals/202012250003

 

 

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 30 years in the gold exploration industry and is considered a Qualified person owing to his status as a Fellow of the Australian Institute of Mining and Metallurgy.

#FCM First Class Metals PLC – Zigzag-Further Lithium & Critical Metal trend

First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK listed metals exploration company seeking economic metal discoveries across its extensive Canadian Schreiber-Hemlo, Sunbeam and Zigzag land holdings is pleased to announce the results of a mobile metal ion (MMI) soil sampling programme as well as accompanying rock-grab samples on the Company’s Zigzag Property , (the “Property”) located in the Seymour-Falcon corridor in northwestern Ontario, Canada.

Soil samples were collected along six north-north-west to south-south-east soil sample lines between 100-200m in length, with 12.5m sample station spacing (see Map 1). These included four lines along strike to the west and east of the main 400m ‘core zone’ which was subject to the drilling campaign in December 2023. A further two lines starting ~200m orthogonal to the dominant strike and to the south of the trend of the main zone were sampled. All soil samples were analysed using the Mobile Metal Ion (MMI) method of SGS Labs.

The sample results support the belief that the ‘core 400m zone’ is open along strike. As previously reported, both the most eastern and western holes of the recent drilling programme intersected pegmatite. The soil sample results further confirm the mineralisation is open.

HIGHLIGHTS

·      The results from 64 rock-grab and 68 soil samples collected late last year are now available.

·      Soil sampling lines to the east west of the core section show anomalous lithium (Li) ratios.

·      Results from soil lines 200m to the south of the ‘Main zone’ indicate the probability of a second subparallel structure.

·      Grab samples anomalous in Li and other pegmatite associated elements indicate a possible third trend.

·      Assay results from the recent drill programme are anticipated in the coming days.

Marc J Sale Chief Executive Officer Commented- The results from this combined sampling programme validate the belief by FCM that the ‘Main Zone’; is open along strike for a considerable distance. Furthermore, the strong evidence of a second structure to the south with the possibility of a third structure compels FCM to engage in discussions with the First Nations to initiate the application for an Exploration Permit to be able to fully evaluate these new zones”.

 

 

Map 1, showing the location of the MMI samples as well as the response ratio (RR) for caesium, (Cs) which overall is the most representative of the anomalism. Note[1]: values are generally considered anomalous when the response ratio is above 5.

RR Response Ratio Highlights from MMI sampling

·     Highest lithium (“Li”) response ratio (“RR”) of 11 obtained ~100m along strike to the east of the eastern most DDH from December 2023 (ZIG-23-07).

·     Highest caesium (“Cs”) RRs of 15 and 30 obtained at consecutive stations ~100m along strike to the west of the western extent of sampling on the main zone.

·     Li RRs up to 10 on the southern lines.

·     Multiple MMI anomalies in other elements, especially on the eastern and southern lines, zinc RRs up to 40, silver up to 50, molybdenum up to 51, copper up to 21.

 

[1] According to SGS Labs, response ratios generally need to be greater than 2-5 to be considered anomalous. https://www.sgs.com/en-ca/-/media/sgscorp/documents/corporate/brochures/sgs-minerals-mmi-tb-23-processing-and-presenting-mmi-geochemical-data.cdn.en-CA.pdf

Grab Samples

·      Grab samples of pegmatite at two sites 200-250m across strike to the south of the main zone returned up to: 2600 ppm Li; 4290 ppm Rubidium; 920 ppm Cs (highest value of 2023 sampling); and 686 ppm Tantalum. Sampled dykes could represent offshoots of a parallel zone to the main zone.

·      Grab samples of pegmatite ~500m across strike to the south of the eastern extension of the main zone, near the eastern property boundary, returned up to 186 ppm Li; 1240 ppm Rb; 102 ppm Cs, potentially a third structure.

Coleman Robertson, Project Geologist from Emerald Geological Services commented– “There is compelling geochemical evidence to indicate that a second subparallel trend at Zigzag could be present.

The combined results of both the soil sampling programme and the associated ‘grab’ samples support the belief that the ‘core zone/ Main zone’ that was drilled in December is open to both the west and east.

Furthermore, there is strong geochemical support for a sub parallel trend about 200m to the south of the Main Zone. Additional work is needed to expand and confirm the anomalism identified. As well follow up sampling is required to confirm the presence of a possible third trend currently identified in anomalous rare element results in grab samples.

A significant silver anomaly was identified over the two eastern most MMI lines off the Main Zone. This also requires further investigation.

Ends

For further information, please contact:

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.

#SVML Sovereign Metals – HIGHLY EXPERIENCED SOCIAL SPECIALIST FIRM APPOINTED TO ASSIST IN ADVANCING KASIYA

·     African-based social specialist consultancy, SocialEssence has been appointed to lead social and community development programs for Sovereign in Malawi

·    SocialEssence joins Sovereign’s Owners Team and will design, implement, and manage several social and community initiatives which will feed into the DFS and permitting requirements

·    SocialEssence will build upon existing relationships cultivated over the last decade, between Sovereign and highly supportive local communities at Kasiya

·   SocialEssence has a strong and successful track record of implementing social responsibility programs across southern Africa, including at First Quantum Minerals’ Zambian operations Trident and Kansanshi, where over 7,000 farmers participate in a conservation farming program, which was initiated and led by SocialEssence’s current Livelihood Specialist.

·   The appointment aligns with the Company’s objective to develop a socially responsible and sustainable operation which will provide significant long term and sustainable benefits to local communities.

 

Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) is pleased to announce the appointment of SocialEssence (Pty) Ltd (SocialEssence), a specialist social performance consultancy, who will assist in the continued development of the Company’s stakeholder relations, social performance objectives and its Community and Social Responsibility (CSR) framework.  

Sovereign has engaged SocialEssence to design and execute social performance activities during the Definitive Feasibility Study (DFS) phase. Founder, Mr Garth Lappeman, has over 16 years of on the ground social performance planning and implementation experience in accordance with IFC Performance Standards and World Bank Environmental, Health and Safety Guidelines. SocialEssence has been active in a number of countries working on projects in Angola, Botswana, Democratic Republic of Congo, Kenya, Kyrgyzstan, Liberia, Malawi, Mozambique, Namibia, Panama, Uganda, Sierra Leone, South Africa, Northern Sudan, Tanzania, Uzbekistan, and Zambia.

Most notably, in Zambia, SocialEssence’s Director was involved from early exploration through to steady state production of First Quantum Minerals Ltd’s (First Quantum Minerals) Trident operations, which includes the Sentinel Copper Mine which is of similar scale to Sovereign’s Kasiya project. Mr Lappeman was responsible for implementing and managing social and community initiatives for First Quantum Minerals as it established its large-scale commercial operations.

Managing Director and CEO, Mr Frank Eagar commented: “The SocialEssence exemplary track record and implementation experience aligns with our objectives of establishing long lasting and sustainable community relationships well ahead of project implementation. The conservation farming program implemented by SocialEssence’s leaders in Zambia has stood the test of time and has over 7,000 participating farmers. We will continue to build out our owner’s team and capabilities while we work through Kasiya’s optimisation with Rio Tinto.”

SocialEssence will:

·      prepare Kasiya’s Social Impact Assessment and Management Plan for the DFS and permitting;

·  design, implement and manage social performance activities including stakeholder engagement, development of key relationships;

·     prove the feasibility of critical social performance measures (including early local content, and piloting of livelihood restoration programs, and piloting of rehabilitation activities to restore land for agricultural use); and

·      align with the Company’s ESG Framework.

 

ENQUIRIES

Frank Eagar (South Africa/Malawi)
Managing Director

+61(8) 9322 6322

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

Sapan Ghai (London)
+44 207 478 3900

 

#FCM First Class Metals – 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, further to the announcement dated 17 January 2024, the  ordinary shares will now be admitted to trading in the following four tranches:

i)             13,134,410 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)           525,377 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, there is a minor change to the number of shares being admitted in tranches 1 and 3 and no change to tranches 2 and 4.

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

 

#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 PLC – 2023 Year-end Shareholder Letter

First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK listed metals exploration company seeking economic metal discoveries across its extensive Canadian Schreiber-Hemlo, Sunbeam and Zigzag land holdings is pleased to announce that a Shareholder Letter has been uploaded to the Company’s website at www.firstclassmetalsplc.com. The letter, a review of the major developments for the Company during 2023 and the outlook for 2024.

 

Dear Shareholders,

On this the last working day of the year I would like to take the opportunity to reflect on what an excellent year it has been in First Class Metal’s development: we rapidly advanced and completed on our commitment to bring four properties to a ‘Drill Ready Status’ and undertake a drill programme on one property in 2023. A number of key milestones were met during 2023, which are  summarised below. I have our highly experienced and dedicated team in Canada and the UK to thank for this significant progress and I am delighted to see their efforts come to fruition, in a positive way, with the results achieved. With further results from a number of programmes still awaited , we are determined to take this momentum through into next year.

 

2023 Key Milestones

First Nations  Agreements and Permitting

At FCM we are committed to working in harmony with the First Nations who have claims to traditional lands in which out properties sit. This open and co-operative attitude has manifested itself in the granting of five Exploration Permits in what has been a relatively short time. Furthermore, Exploration Agreements or MoU’s are in place with four First Nations groups which effectively cover the six Exploration Permits which FCM holds.

Obtaining new Exploration Permits across five properties and securing exploration agreements with support from First Nation partners  is a major milestone for our company in 2023.

The successful acquisition of these permits and agreements demonstrates our commitment to responsible exploration practices and building strong relationships with local communities. With these achievements, our portfolio now contains  six properties with valid exploration permits, positioning us for further growth and success. We remain dedicated to advancing our exploration activities in a sustainable and mutually beneficial manner.

Exploration Zigzag, Esa, North Hemlo, Sunbeam

In order to efficiently use investor funds for what is the most expensive outlay in exploration : drilling, we have focussed on understanding the geology (geochemistry and structure) of the four primary properties with I believe admirable success. To this end further drilling on the other three properties is more likely to achieve success.

A stack of black and white pipes Description automatically generated

Figure  1- Spodumene rich core from the recent drilling campaign on the Zigzag lithium property.

 A few men in the woods Description automatically generated

Figure 2-Summer 2023, First Class Metals CEO Marc Sale at the ‘Dead Otter Trend’ on the North Hemlo Property

James Knowles- Executive Chairmans End of Year Quote

2023 was a pivotal and transformative year for FCM. We set ambitious operational goals, including advancing four properties to drill ready status and successfully drilling on one. I would like to express my gratitude to Marc and his exceptional ‘in-country team’ for their dedication and achievements in completing this task.  On the corporate side despite challenging market conditions, we secured funding twice, a testament to the quality of our properties. I am excited to see this progress continue into 2024 as we have much to look forward to.”

Outlook for 2024

The outlook for First Class in 2024 is expected to mirror the high activity level experienced in 2023. With six permitted properties, including Zigzag, North Hemlo, Esa, and Sunbeam, four of which are now ‘Drill Ready’ or have undergone an initial drill program in the case of Zigzag, we are well-positioned for the year ahead.

Our focus for 2024 will entail a two-pronged approach. Firstly, we aim to enhance our geological understanding and the mineralisation of these properties to further increase their value. Simultaneously, we will explore opportunities to secure third-party investment through ‘earn-ins,’ joint ventures, or potentially even corporate transactions.

As we approach the end of 2023, we are pleased to share that we have received expressions of interest from various sources across our portfolio. These range from junior exploration companies with comparable standing to significant players in the industry. This interest validates the potential and attractiveness of our properties and bodes well for the opportunities that may arise in the coming year.

In addition to the ‘core four’ portfolio, we are strategically preparing a pipeline of projects from within our existing portfolio of assets, to further advance our exploration efforts. Two promising properties within this pipeline are the McKellar polymetallic property near Marathon and the Enable Gold project near Schreiber. Both of these properties have obtained the necessary permits, enabling us to move forward with focused exploration  plans. With the planned programmes in 2024, we aim to progress these projects to a ‘Drill Ready’ status. This will keep the momentum building and ensure properties of merit can move up the priority list when required, whilst always remaining cognisant of divestment opportunities.

We are actively seeking potential new mineral properties in Ontario, whether through staking or acquisition, alongside our existing portfolio. Our focus is on identifying properties that have the potential to move ‘up the value curve’ and contribute to our growth strategy. Through thorough research, engagement with industry networks, and strategic partnerships, we aim to acquire promising mineral properties. By continuously evaluating and augmenting our portfolio, we can ensure the ongoing success of our ‘project incubator’ model.

This year has seen First Class take several early ‘green field’ properties up through the value curve and we strongly believe that 2024 will continue on this trend as we enter into a transformative period for the Company. I would like to take this opportunity to thank all our shareholders, stakeholders, contractors, and Emerald Geological Services with a personal thanks to their Principle, Bruce A McLaughlin for the continued support of First Class Metals during this exciting period for us and wish you all a happy New Year.

#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.

 

#KAV Kavango Resources PLC – KCB – Airborne geophysical survey commences

Kavango Resources plc (LSE:KAV), the Southern Africa focussed metals exploration company, is pleased to announce the commencement of an airborne geophysical survey on its Kalahari Copper Belt (“KCB”) project in Botswana.

The Company has signed a contract with South Africa-based New Resolution Geophysics (“NRG”) for Time Domain Electromagnetic (“TDEM”), Magnetic, and Gravity surveys combined on one helicopter platform (“the NRG Survey”).

The NRG Survey will consist of 2,374-line kms at a line spacing of 500m x 5,000m across Kavango’s Block 1A and Block 1B Prospecting Licences (“PLs”)

The work expands on airborne geophysical surveying already completed by ENRG Elements (ASX:ENRG) (“ENRG”) on PL203/2016 and PL127/2017, two adjacent PLs recently acquired by Kavango (announced >>> 16 November 2023).

Figure 1: NRG’s planned survey lines across Kavango’s Block 1A and Block 1B licences and airborne survey data covering the PLs acquired from ENRG

Ben Turney, Chief Executive Officer of Kavango Resources, commented:

Kavango is targeting the discovery of large-scale copper/silver targets in the Kalahari Copper Belt (KCB) in Botswana.

We recently acquired additional exploration licences from ENRG Elements to complete a large contiguous land package from the town of Ghanzi to the Namibian border. Our interpretation of ENRG’s existing survey data for Prospecting Licences 203/2016 and 127/2017 supports our working theory that this area is prospective for copper/silver. We believe this potential could extend to Kavango’s other licence holdings, which have designated as Blocks 1A and 1B.

As part of our “levelling up” strategy in the KCB, we are compiling a consistent data set for all the ground we control. NRG’s airborne geophysical survey will provide us with some of the final exploration data we need ahead of defining drill targets for next year’s drill campaign.

Our recent work has confirmed physical indicators of a copper mineralising system within our ground, combined with encouraging geophysical anomalies.

Our goal in reprocessing ENRG’s existing data and combining it with the data from the airborne surveys we will fly over Blocks 1A and 1B will be to increase our understanding of the region’s mineralised potential. We will also investigate the interpreted sub-basin that could be a significant control for copper/silver deposits.

Further details

The NRG Survey will be conducted over five PLs that make up Kavango’s Block 1A (PL046/2020, PL049/2020, PL052/2020, PL053/2020) and Block 1B (PL205/2016) licence areas. The licences are located southwest of the town of Ghanzi and adjacent to PL203/2016 and PL127/2017, two of the KCB PLs Kavango recently acquired from ENRG.

NRG is expected to commence its airborne geophysics survey on 4 December 2023. The survey is expected to take two weeks to complete, with the final data processing and delivery of products anticipated for Q1 2024.

Program objectives

Kavango is currently re-processing data from airborne geophysical surveys already completed by ENRG on PL203/2016 and PL127/2017.

The Company will combine this re-processed data with data from the new NRG surveys to test its working theory that the copper/silver prospective geological and geophysical features, which it interpreted from ENRG’s existing airborne geophysics survey data, extend onto Kavango’s Block 1A and Block 1B licences. Kavango’s geologists and geophysicists believe this could be indicative of a regional copper mineralizing system.

Kavango’s geologists wish to examine whether the stratigraphy and lithology they have begun to map on the former ENRG PLs extend on to these Blocks. They believe that ENRG’s existing data conforms to sequences in the lower D’Kar Formation seen across other parts of the KCB.

The models in Figures 2 and 3 below depict the type of fold geometry and structural trap-sites Kavango believes to underlie areas of Block 1A and 1B.

Figure 2 is a modified version of the fold geometry, showing a “preserved” as opposed to “un-roofed” dome, as well as associated mineralisation present in the fold closure at Khoemacau’s North East Fold (“NEF”) deposit on the nearby Banana Zone. Figure 3 is a schematic cross-section showing both the shear-hosted mineralisation and dilational vein-hosted mineralisation present in Sandfire Resources’ (ASX:SFR) A4 deposit.

Kavango believes there may be scope for either or both models to be present and is optimistic the NRG survey will identify these for further ground geophysics and future drill targeting.

Figure 2 – Regional to deposit scale geologic controls on copper silver mineralisation in the KCB – Wes Hall et al, SEG, Special Publication, no 21, pp207-236

Figure 3 – Schematic cross-section showing high-grade intersection in drill hole MO-A4-003D, interpreted geology, and the mineralisation styles across Sandfire’s A4 deposit

The magnetic component of the NRG Survey will map the structure and lithology of Block 1A and Block 1B. It is anticipated that the EM component of the NRG Survey will highlight prospective subtle conductors within the D’Kar Formation and help identify structural trap sites linked to folds, faults, and shears within Block 1A and Block 1B.

The gravity component of the NRG Survey will seek to identify whether the sub-basin identified in ENRG’s data extends into Kavango’s Block 1A. Kavango believes the margins of this sub-basin could provide priority targets for trap site development and deposit formation.

Kavango will interpret these airborne geophysical data with the goal of identifying target areas for ground geophysical follow-up, which will then lead to drill target identification.

Further information in respect of Kavango and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.

For further information please contact:

Kavango Resources plc

Ben Turney

+46 7697 406 06

First Equity (Broker)

Jason Robertson

+44 207 374 2212

Kavango Competent Person Statement

The technical information contained in this announcement pertaining to geophysics have been read and approved by Mr. Jeremy S. Brett, M.Sc., P.Geo., Senior Geophysical Consultant, Jeremy S. Brett International Consulting Ltd. in Toronto, Canada.  Mr. Brett is a member of the Professional Geoscientists of Ontario, the Prospectors and Developers Association of Canada, the Canadian Exploration Geophysical Society, and the Society of Economic Geologists.  Mr. Brett has sufficient experience that is relevant to geophysics applied the styles of mineralisation and types of deposits under consideration to act as a Qualified Person as defined under the Canadian National Instrument 43-101, Standards of Disclosure for Mineral Projects.

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