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FIRST CLASS METALS PLC
3 July 2024
Operations update
First Class Metals PLC ("First Class Metals" "FCM" or the "Company") the
Highlights
· Coco East property- field work completed, base metal potential.
· Sunbeam Project- 85 samples from Nuinsco diamond core drilling dispatched for assay.
·
· Zigzag Lithium & Critical Metals Project- Award of an Exploration Permit for three years
Marc Sale First Class Metals CEO Commented:
"At FCM we persist in our aim of enhancing the value of the portfolio. The field work at Coco East ensures the property's positive standing beyond 2024, furthermore we eagerly await the results from the prospecting in a new area of historic potential. The review of the historic drill core from the Sunbeam Property was our initial focus this year after EGS 'found' the TerraX core. The significance of the review is the revelation that from the stripping at Roy and Pettigrew the host porphyry was proved to be auriferous: successful resampling here could revolutionise the property's potential.
Despite Dead Otter's assays being the highest recorded from the North Limb of
Lastly the award of a further three years Exploration Permit at Zigzag, supported by the Whitesand First Nation is a welcome event. The permit opens up the new structure we delineated in the south and gives us more options on the core structure that we drilled last December.
It's been a busy few months for FCM as we enter the summer period with a lot of activity still to look forward to.
As a follow up to my recent field trip to northwest
Coco East
The Coco East property not only has potential for precious metal targets but also base metals. The geophysical anomaly in the northern sector has been interpreted as a potential eastern continuation of the 'zinc belt' from the Winston Lake area.
Figure 01 Showing the recently re-discovered adit - mine working - in the norther area of the property.
FCM through Emerald Geological Services ('EGS') recently undertook a prospecting programme in the northern sector of the property. A previously unknown adit was encountered. Searches of the Ontario Mineral Index 'OMI' registrar is ongoing to ascertain if there is any historical information associated with the workings. A number of rock samples were collected from this area of the adit as well other locations and will be dispatched for analysis.
The exploration programme whilst brief has been successful and importantly the assessment credits the work generates will ensure the property remains in good standing into the '25 field season.
The Dead Otter Trend has discontinuous outcrop along the identified >3km strike. The structure mimicking the granite / mafic volcanic contact is sheared and contains significant quartz veining. Where outcrop allows sampling, the gold reported in assays has reached 19.6ppm Au, (19.6g/t). However, there are areas where, whilst gold has been visibly identified in rock samples, the assays have not reflected the apparent potential to report significant gold values. There is possibly a 'coarse gold issue' in the northern sector. Additionally, the presence of silver and gold telluride (calaverite) further suggests that the assays are not reflecting the true gold content of the quartz / shear.
Given the relatively small fraction of the overall samples that are used in a standard 50g Fire Assay method, FCM through EGS has selected 25 samples for Photon Assay which utilises a 500g sample in the assay. The sample is run through a high energy X-ray machine which excites the atomic nuclei in the rock, causing them to emit gamma rays at specific energy levels. These emitted gamma rays allow for the detection of gold and silver within the rock sample and, is a non-destructive methodology, as opposed to traditional fire assay, allowing the sample to be retained for further analysis.
The samples are from the original Dead Otter Showing (3.1ppm Au), the '19 grammer' as well as samples from Bobby's Showing which reported 2.2ppm Au.
It is anticipated that this new method of analysis will enhance the potential of the Dead Otter trend and help focus stripping programme the planned this field season.
Sunbeam
After a review of the historic TerraX and Nunisco drill core a total of 83 half core samples (plus one standard and a blank) have been submitted to assay for gold by Fire Assay and a silver / multi element package.
The basis for the additional review and sampling of the core results from the stripping programmes at Roy and Pettigrew that identified that the hosting porphyry was anomalous in gold, with one grab sample reporting over 4ppm Au.
Zigzag
The Exploration Permit application to the Ontario Ministry has been approved for a further three years. The granting of the Permit allows for stripping and further drilling on the main zone identified by FCM's prospecting, channel sampling and drilling in 2023. The zone remains open in all directions, including down dip.
Previously reported results from an MMI soil sampling programme indicated not only is the main zone open past FCM and historical drilling and channel sampling locations but that there exists the possibility of a subparallel or spur structure to the south (anomalous values reported included Li, up to: 2,600ppm; 4,290ppm Rubidium; 920ppm Cs. The granted permit will allow this to be stripped and if warranted drilled.
Ends
For further information, please contact:
James Knowles, Executive Chairman |
07488 362641 |
|
Marc J Sale, CEO |
07711 093532 |
Novum Securities Limited
(Financial Adviser)
David Coffman/ George Duxberry |
www.novumsecurities.com |
(0)20 7399 9400 |
NOTES TO EDITORS
First Class Metals PLC - Background
First Class Metals listed on the LSE in July 2022 and is focused on metals exploration in
FCM currently holds 100% ownership of seven claim blocks covering over 180km² along a 150km strike of the
The flagship property
In October 2022 FCM completed the option to purchase the historical high-grade past-producing Sunbeam gold mine near
FCM acquired the Zigzag Project near
The significant potential of the properties for precious, base and battery metals relates to 'nearology', since all properties lie in the same districts as known deposits (
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.
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