TIDMFCM
RNS Number : 3050T
First Class Metals PLC
14 November 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
14(th) November 2023
Sunbeam Update of Exploration Activities
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 and Zigzag land holding is pleased to provide an update on
the Sunbeam past producing high grade gold mine.
Highlights
-- Initial results from the Roy prospect have been received,
including 18.8 g/t Gold (Au) grade from a 0.3m channel sample
-- An additional 119 contiguous claims staked, expanding the
Sunbeam Property by 25km(2). The Sunbeam Property now covers
72km(2), encompassing district scale structures.
-- Final 'English Option' payment has been agreed with the
intention of transferring 100% of the claim ownership across to
FCM
-- Channel sampling results still from the Sunbeam Mine & Pettigrew Working still pending.
Marc J Sale Chief Executive Officer commented:
"The initial channel results from Roy are encouraging to the
extent of justifying the expansion of the Sunbeam property to
included inferred structural extensions emphasising the district
scale potential of the area. The mineralised structures identified
on the property, historically exploited at Sunbeam, Roy and
Pettigrew continue to provide tangible encouragement to develop the
property towards drilling"
Background & Update
Since the announcement of the Sunbeam acquisition in early
October 2022, we have been working to advance the project to drill
ready status.
The exploration phase commenced with a comprehensive historical
review of all available data from the time historical production
commenced in the early 1900's through to the last drilling campaign
and geophysical survey by the previous operators. This included a
detailed review of the available core.
As part of our commitment to uphold key Environmental, Social,
and Governance (ESG) objectives and in recognition of the local
First Nation Peoples who have an interest in the area, a Stage 1,
Archaeological Heritage Review (AHR) was conducted and submitted to
the FN and the Provincial authorities.
Granting of an updated Exploration Permit was achieved in June
2023 and one aspect was the increased areas available for
stripping, particularly in the vicinities of the three historical
development areas.
The Sunbeam property is dominated by three mineralised
structures all of which host significant gold anomalism as well as
historic development, including the Sunbeam high grade gold mine
which operated until 1905 and reportedly produced multi ounce
material.
Figure 1-Sunbeam Property and the extent of the overall project
including the Perry English Option area.
In July 2021, Nuinsco reported grades up to 93.3g/t from a drill
programme of eight drill holes totalling 1,091 metres conducted
predominantly in the vicinity of 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.
FCM has staked a further 119 claims, covering 25km(2) and
contiguous to the northeast of the English option area.
The newly staked claims remain in good standing for two years
before requiring assessment credits derived from field work.
Additionally, as they are contiguous to the 'English Option'
assessment credits can be spread across the new claims.
The rationale for staking the claims was following a
recommendation by and discussions with Emerald Geological Services
based on geological investigations and conceptualisation inferred
from the geology and structures on the existing property.
The Sunbeam property contains three subparallel mineralised
structures, each identified over 10km traversing the property;
these are inferred to continue to the northeast into the new area
where prospective structural features are inferred. FCM now
commands a district scale land package of over 70km(2)
Figure 2 showing the extension of the property with the recent
staking.
Roy Zone-Channel Sampling Results Summary
FCM has undertaken two stripping campaigns and the gold (Au)
results from the Roy zone are now available. Most of the samples
were 1m or less, with a minimum of 0.1m and a maximum of 1.4 m. The
results have defined a broad zone of shearing, alteration and
mineralization, peaking at 18.8 g/t (ppm) Au in one 0.3m channel
sample (within interval of 6.2 ppm Au / 1.05 m).
There are a significant number of other results exceeding 1ppm
Au that define the anomalous structure over a strike of 100m
between the existing shafts and open along strike. These include:
6.27 ppm Au / 0.35 m in mafic schist with quartz veinlets (within
broader interval of 0.94 ppm Au / 3.25 m); 4.98 ppm Au / 0.5 m in
sheared porphyry (within broader interval of 3.7 ppm Au / 1.55m);
and 5.58 ppm Au / 0.5 m within a quartz vein (See Figure 3)
The high-grade gold mineralisation is hosted in quartz veining
in sheared 'mafics' within a sheared, folded felsic to intermediate
porphyry which often exhibits quartz veining, silicification and
ankerite alteration, and which also frequently contains anomalous
gold concentrations as noted above.
Figure 3 showing plan of the geology, stripped areas as well as
historic workings and gold anomalism from recent channel
sampling.
Visible gold was identified in at least one sample at Roy during
the sawn channel programme.
Bruce MacLachlan of Emerald Geological Services commented : "The
2023 mechanical stripping and channel sampling programs have
enhanced our understanding of the geology and mineralization in
these historical target areas, uncovering similar rocks to what
past workers would have mined. The data we have obtained will help
tremendously in the planning of a maiden drill program for the
property."
Photo 1 showing the area stripped at Roy (looking NE)
The results from the channel sampling at Roy, in conjunction
with the encouraging geology encountered in the stripping at both
Pettigrew and the Sunbeam mine area validate the Company's efforts
this season to bring the property to drill ready stage. Further
results will be announced as they are received. It should be noted
that there has been no significant drilling at Roy, furthermore the
reported drilling at Pettigrew was encouraging, with Two holes
returned significant gold assays:
Hole 57751 : 19.4 g/t Au over 0.63m at 5.33m and 15.17 g/t Au
over 1.37m at 21.44m.
These results are comparable with the channel sample results
from Roy.
Photo 2 showing close up of the channels where visible gold was
encountered.
In December 2023 the final payment of $25,000 to exercise the
Option over the Perry English claims is due. Currently, FCM intends
to proceed with the payment and thereafter the claims will be
transferred 100% to First Class Metals Canada Inc. The Company will
then have 100% control of a potential district scale property block
with multiple structures, hosting potentially high grade gold
bearing system, extending over 72km(2)
S
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, 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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