TIDMFCM
RNS Number : 8977N
First Class Metals PLC
26 January 2023
The information contained within this announcement is deemed to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain.
FIRST CLASS METALS PLC
26(th) January 2023
Gold & Molybdenum Trend Identified on North Hemlo
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 North Hemlo property.
Marc J Sale, Chief Executive Officer of First Class Metals
commented:
"I am delighted to report on what has been a highly successful
first field season for FCM across the North Hemlo property. The
newly defined extension of the Dead Otter Lake occurrence into a
trend of over 3km is a significant event. This trend with several
gold assays over 1g/t and the incredible +19 g/t. Furthermore the
associated molybdenum as a key pathfinder is very positive, given
the Mo associated at Hemlo, only 20km to the south on a similar
structural trend.
Alongside our own work on the property which has been majority
focussed on the south, Palladium One have achieved some outstanding
successes with high grade nickel sulphides from several drill
intercepts on the West Pickle Lake JV. We are preparing for the
2023 season with the encouragement to develop an exploration
programme to further this highly prospective project".
HIGHLIGHTS:
Identification of the Dead Otter Lake gold & molybdenum
trend
-- Identification of a +3km long gold (Au) and molybdenum (Mo)
anomalous trend to the southeast of the historic Dead Otter Lake
occurrence. Grab samples recorded up to 19.6g/t Au along the
trend.
Sampling of the Dead Otter Lake trend ("DOLT") has extended
anomalous Au/Mo mineralisation for +3km to the SE from the historic
showing (3.7 g/t Au, 0.59% Mo). The mineralised structure closely
mimics the granite contact. The 19.6 g/t Au sample, (see Photo 1),
in the extreme SE of the trend could be where one of potentially
two subparallel arcuate trends intersects the DOLT, see Figure
1
The Dead Otter Lake area is situated 20.5km North of the iconic
Barrick Hemlo 23m Oz Au producing mine.
Photo 1 Sample from the DOLT trend which has reported a
double-digit g/t gold assay.
Figure 1 the 'DOLT' with potential for subparallel /
intersecting trends
Drilling at the West Pickle Lake JV
-- Drilling at West Pickle Lake by Palladium One has
demonstrated that the high-grade nickel-copper sulphide occurrence
hold's potential to be extended both east towards their RJ showing
as well as west onto or close to the 100% owned FCM North Hemlo
property. This area will also be a focus for reconnaissance in the
upcoming field season and is currently being explored via
collection of lake sediment samples and grab samples. See Table
1.
Drill Hole ID Intersection (% Ni Eq.)
TK22-059 5.27% over 2.4m from 185.3m
--------------------------------------
TK22-060 3.94% over 2.4m from 186.6m
--------------------------------------
TK22-070 12.76% over 2.3m from 165.4m
--------------------------------------
7.2% Ni & 2.0% Cu over 2.6m of massive
TK22-073 sulphides from 137.5m
--------------------------------------
Table 1 Highlights of the to date significant drilling intercept
results, from West Pickle Lake
Photo 2 Massive nickel-copper sulphides in drill core from West
Pickle Lake, drill hole TK22-059
Figure 2 West Pickle Lake area showing the potential for
extension to the east and west on to the FCM property.
High-Definition Magnetic Survey
-- High-definition magnetic survey (HDMS) has shown that there
are additional linear anomalies which require further exploration
throughout the property, especially where intersected by
north-south and north west structures. The survey highlighted the
structure hosting the DOLT, as well as other potentially
interesting features such as the extension of the Dotted Lake
mineralised zone. The intersections of the N-S and NW-SE structures
in the central north area are veritable exploration targets as are
the structures paralleling the DOLT in the south.
Figure 3 hi resolution magnetic survey across the entire block,
highlighting potential exploration targets.
Winter Exploration Activities
-- In January 52 Lake sediment samples and 8 rock samples have
been collected to date as part of the Winter exploration programme
on North Hemlo currently focussed in the north central sector but
which will continue to the south as well as on other properties
thereafter. During the exploration season of 2022 there were
significant anomalous samples reported from Olga Lake on the Dotted
Lake / Fairservice trend, proving the viability of this exploration
method in the Hemlo area.
First Class Metals is extremely excited about the DOLT
'discovery' an enthusiasm shared by Bruce MacLachlan, head of
Emerald Geological Services(1) (FCM geological lead) who commented
that to the best of his understanding "this is one of the highest
grab sample results ever recorded on the Hemlo north limb."
Further work including reconnaissance and detailed sampling is
required in order to define the trend as well as the potential and
role that the 'subparallel' trends play in the mineralisation.
Exploration on the remainder of the claim area is ongoing and
this field season will see a focus not only on the DOLT but also
the area around the anomalous lake sediment samples reported and
anticipated. This area is exciting as it is on strike from not only
interesting magnetic features evidenced by the (HDMS) but also the
interpreted extension of the Fairservice showing to the SW.
Future work in 2023 will focus on
-- Dead Otter Lake trend and potential subparallel structures highlighted in soil samples.
-- West Pickle Lake extension on to 100% owned FCM area of North Hemlo.
-- Extension of the Dotted Lake / Fairservice structure.
-- Other areas with potentially mineralised structures
identified by the high-definition magnetic survey.
-- Completion of the exploration Permit process
Background:
Historic exploration and to an extent contemporary data was
limited and sporadic across the property, however, the pre field
season deep review of the historic data did reveal that some
encouraging 'showings', exist on the property or on structures
interpreted to continue to the property, including Dotted Lake,
Dead Otter Lake as well as the West Pickle Lake on Pezim II. The
historic 'showings' identified on North Hemlo as well as the
vectors from successful of exploration on neighbouring properties
highlighted the potential for discovery of both gold and base
metals and were what drove the exploration effort in the 2022 field
season . The most important historical showing is the gold /
molybdenum showing at Dead Otter Lake.
The Flagship North Hemlo property historically comprised of
three claim areas:
Pezim I & II, and Wabikoba, which weren't contiguous, but
the additional of the Hemlo north block, acquired from Power Metals
Plc. brought North Hemlo together as one cohesive block. The
property now extends across 427 claims covering 90km(2) . The North
Hemlo block is located in the north limb of the Hemlo greenstone
belt, the comprising volcano-sedimentary rocks occur in an
antiformal pattern, mimicking the 'southern limb' hosting the
Barrick Hemlo gold mine.
Three parallel mineralised trends, potentially occupying shears,
have been identified north of the Barrick Hemlo gold trend,
interpreted as lying within proximity to magnetic anomalies. This
is a similar signature to the Hemlo mine which is defined as 'shear
hosted'.
The North Hemlo (and Esa) properties are situated in an
extremely prospective geological setting, as three of these
inferred shears pass through the claim blocks, See figure 4.
Figure 4 the simplified regional structure of the Hemlo areas
highlighting the subparallel trends in the north Hemlo Limb
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)
Jonathan Brown 0207 3742212
Jason Robertson 0207 3742212
-------------
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 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
eight claim blocks which comprise over 225km(2).
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.
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.
(1) Emerald Geological Services--
www.emeraldgeologicalservices.com
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