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
7th February
2024
Zigzag exploration
update
Further Lithium &
Critical Metal trend identified
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:
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.
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 Ontario, Canada which
has a robust and thriving junior mineral exploration sector. In
particular, the Hemlo 'camp' near Marathon, Ontario is a proven
world class address for gold exploration, featuring the Hemlo gold
deposit operated by Barrick Gold (>23M oz gold produced), with
the past producing Geco and Winston Lake base metal deposits also
situated in the region.
FCM currently holds 100% ownership of seven
claim blocks covering over 180km² along a 150km strike of the
Hemlo-Schreiber-Dayohessarah greenstone belt, exploring for gold,
base metals, and rare earth element mineralization. In addition,
FCM is carrying out a joint venture with Palladium One on the West
Pickle Lake Property in the region, a drill-proven ultra-high-grade
Ni-Cu project.
The flagship property North Hemlo had a
high-definition low level magnetic Heli-borne survey flown in April
2022, this was followed with ground prospecting which ultimately
defined the 'Dead Otter Trend' which is a discontinuous 4.5km gold
anomalous trend with a 19.6g/t Au peak grab sample. This sampling
being the highest known assay ever recorded on the North Limb of
Hemlo.
In October 2022 FCM completed the option to
purchase the historical high-grade past-producing Sunbeam gold mine
near Atikokan, Ontario, ~15 km southeast of Agnico Eagle's Hammond
Reef gold deposit (3.3 Moz of open pit probable gold
reserves).
FCM acquired the Zigzag Project near Armstrong,
Ontario in March 2023. The property features Li-Ta-bearing
pegmatites in the same belt as Green Technology Metals' Seymour
Lake Project, which contains a Mineral Resource estimate of 9.9 Mt
@ 1.04% Li2O. Zigzag was drilled prior to Christmas 2023 and
results are pending.
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 (Hemlo,
Hammond Reef, Seymour Lake), and either contain known showings,
geochemical or geophysical anomalies, or favourable structures
along strike from known showings (e.g. the Esa project, with an
inferred Hemlo-style shear along strike from known gold
occurrences).
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.