TIDMFCM
RNS Number : 7734R
First Class Metals PLC
31 October 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
31(th) October 2023
Zigzag Lithium-High Grade Grab Samples
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 an update on the progress on the Zigzag property which is
currently focussed on the lithium potential.
Highlights:
-- Final results from the initial thirty-nine samples from the
first phase of exploration received with significant number of
results over 1% Lithium ( Li(2) O). ( see table 1) .
-- Grab samples identify a strike of over 350m with >1% Li(2)
O and remains open in both directions.
-- Channels sampling completed in central area of property,
results pending from over 80 samples cut from almost 60m of
channels over strike of 150m.
-- Prospecting continues on the main trend and subparallel zones.
First Class Metals' stated aim was to bring four properties to
drill ready status with the intention of drilling one property this
field season. The Zigzag property is maintaining this intention as
it is advanced towards 'drill ready'.
Marc J. Sale First Class Metals CEO commented:
"I am buoyed by the progress we are making at Zigzag. The
excellent results from these initial systematic grab samples have
further supported our confidence in the property's potential. We
await with confident anticipation the results from the channel
sampling. The grab samples have I feel 'proved-up' a core area of
the known structure which remains open in both directions and has
yet to be explored at depth."
Figure 1 showing the Zigzag property with the recent work
conducted, focussing on the central portion of the claim block.
The final results from the 39 grab samples from recent
prospecting are considered very encouraging and the full results
are now available: there are 19 samples reporting over 1% Li(2) O
and a further 3 over 0.5% Li(2) O defining almost 400m of strike of
>1% Li(2) O in the central portion of the property. The
structure remains open along strike in both directions.
Furthermore, there were, (some in coincident samples) 6 samples
>250ppm tantalum (Ta) . Nine samples reported >1000ppm
rubidium (Rb) with the highest reported valuer being 3800ppm Rb.
Several samples were also anomalous in caesium (Cs). See table of
the more significant values. Note some samples were of iron
formations not pegmatite and are not included.
Sample_No. Caesium Gallium Lithium Rubidium Tantalum
Cs_ppm Ga_ppm Li_ppm Rb_ppm Ta_ppm
F006543 92.6 107 17000 820 75.2
-------- -------- -------- --------- ---------
F006544 109 105 16300 1200 235
-------- -------- -------- --------- ---------
F006545 128 101 16500 1190 115
-------- -------- -------- --------- ---------
F006547 48.3 92.2 11500 695 162
-------- -------- -------- --------- ---------
F006548 100 87 12300 1110 50.3
-------- -------- -------- --------- ---------
F006549 77 118 21200 302 80.6
-------- -------- -------- --------- ---------
F006550 128 69.9 13200 795 90.9
-------- -------- -------- --------- ---------
F006572 146 81.6 12600 1630 84.3
-------- -------- -------- --------- ---------
F006573 85 112 17800 536 179
-------- -------- -------- --------- ---------
F006574 102 152 29700 404 57.3
-------- -------- -------- --------- ---------
F006575 256 133 469 3810 136
-------- -------- -------- --------- ---------
F006576 81.7 124 22300 514 467
-------- -------- -------- --------- ---------
F006579 96.8 95.9 236 1390 104
-------- -------- -------- --------- ---------
F006580 70 113 18500 650 145
-------- -------- -------- --------- ---------
F006581 82.3 99 10900 2000 51.3
-------- -------- -------- --------- ---------
F006582 19.4 87.1 16200 277 79.6
-------- -------- -------- --------- ---------
F006583 36.5 108 20100 255 235
-------- -------- -------- --------- ---------
F006584 89.6 100 8250 1510 5220
-------- -------- -------- --------- ---------
F006585 54.3 84 13200 938 67.4
-------- -------- -------- --------- ---------
F006586 44.5 117 18300 846 724
-------- -------- -------- --------- ---------
F006592 66.9 153 27500 587 54.3
-------- -------- -------- --------- ---------
F006593 65 77.4 7240 736 246
-------- -------- -------- --------- ---------
F006594 46.4 60.8 5820 748 69.3
-------- -------- -------- --------- ---------
F006596 34.5 78 10200 458 126
-------- -------- -------- --------- ---------
Table 1, showing the higher Li(2) O, results reported . All
samples are of pegmatite with varying amounts of visible spodumene.
Highlighted samples are those of selected spodumene crystals.
Two of the grab samples submitted (F006574 & F006592) were
'benefaction' samples constituting almost entirely of spodumene
crystals. They returned 2.97% and 2.75% Li(2) O, (maximum for
spodumene is about 8% Li(2) O). One 'ordinary' pegmatite sample
retuned 2.23% Li(2) O by comparison. Other potential lithium
minerals have not yet been positively identified.
Photo 1 showing sample F006576 an 'ordinary pegmatite which
reported 2.23% Li(2) O.
Further Exploration
Following the successful completion of the systematic grab
sampling, we are pleased to confirm that our channel sampling
program has also concluded. A total of over 80 samples, obtained
from nearly 60m of channels, are currently undergoing analysis at
the laboratory. We anticipate receiving the results of the analysis
next month.
Visually, we have observed significant encouragement during the
channel sampling process, most notably due to the presence of
spodumene, which was previously reported. This adds further to our
enthusiasm for the project's potential.
Hand stripping and channel sampling does not allow continuous
sampling of the structure as it is obscured by soil, moss and other
vegetation. It is believed that once mechanical stripping is
undertaken the continuity of outcrops will be further enhanced.
Photo 2 - showing outcrop of the main pegmatite after removal of
the moss cover. Note the scale of the large spodumene crystals,
(pale grey / green).
There is currently a prospecting team still onsite which is
undertaking ground reconnaissance to the north and south of the
main trend with >50 grab samples taken to date during this
programme, some of which are from a sulphitic iron formation
subparallel to the pegmatite. The programme also included 6 lines
of soil samples covering both strike extensions of the main zone as
well as an inferred subparallel structure to the south.
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, t he 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 180km(2) 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.
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