TIDMFCM
RNS Number : 7940V
First Class Metals PLC
06 December 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
6(th) December 2023
Zigzag exploration update - drilling commences
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 a that drilling has commenced on the Zigzag property which
is currently focussed on the lithium (Li), tantalum (Ta) rubidium
(Rb) and gallium (Ga) potential.
Highlights:
-- An Early Exploration Agreement (EEA) has been signed with Whitesand First Nation (WFN).
-- A contract to undertake up to 500m of drilling has been
signed with Rodren Drilling a Whitesand FN approved 'service
provider'.
-- Channel sample results identify a >1% Li(2) O zone on the
western portion of the 'core' 400m zone. Significant number of
channel samples returned >1% Li(2) O, including:
Channel 7 2.36% lithium ( Li(2) O ) over 5.5m
-- Drill operations have commenced on the Company's Zigzag hard
rock lithium (Ta/ Rb/ Ga) prospect.
Marc J. Sale First Class Metals CEO commented:
"The signing of the EEA with Whitesand exemplifies the positive
relationship FCM is building with the First Nations. This agreement
has paved the way for FCM's inaugural drill program, marking an
exciting milestone for our company. We are thrilled to begin
drilling at Zigzag, making it the first property where FCM will
undertake drilling. This demonstrates our commitment to advancing
our exploration efforts and emphasizes our dedication to
responsible resource development."
Figure 1 showing the Zigzag property with the recent sampling,
both grabs and channels, focussing on the central portion of the
claim block, where drilling has commenced.
An Early Exploration Agreement (EEA) has been signed between
Whitesand First Nation and First Class Metals. Under the agreement
FCM is allowed to undertake activities requiring and Exploration
Permit, as awarded by the Province. FCM has agreed to support the
Whitesand community.
Whitesand First Nation Economic Development representative
commented:
" Whitesand First Nation is looking forward to working with
First Class Metals, and the positive relationship that is evolving.
We wish them luck on their drilling program and are excited to see
what the New Year brings."
Drilling Plan
The drill programme preparation commenced on Monday with core
expected today, this maiden programme will be focussed in the
central 400m to explore the areas of high channel sample results,
particularly Channel 7.
Initially 7 drillholes of over 50m are planned with the
provision for a deeper 'step-back' based on visual, encouragement.
The basis for the drilling is the encouraging grab samples and
channel sample results previously reported. Nine channels were cut
with lengths of under 5m to over 10m, channel lengths were usually
controlled by overburden and not necessarily by cessation of
pegmatite geology.
Figure 2 showing the location of the channels relative to the
'core 400m' zone, drilling will extend further to the east of the
channel sample area where >1 % Li(2) O grabs samples were
collected.
The results from the channels are very encouraging. It must be
stressed that only hand stripping of vegetation was undertaken and
often, exemplified by channels 5 and 7, the outcrop persisted but
the vegetation cover was too onerous to be removed by hand.
The results have not only vindicated the grab samples in respect
to the lithium oxide content but also highlighted again the
presence of other important, critical minerals such as tantalum,
gallium and rubidium.
Photo 2 Rodren equipment being mobilised to the Zigzag
property
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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END
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