TIDMFMET
RNS Number : 5146D
Fulcrum Metals PLC
22 June 2023
22 June 2023
Fulcrum Metals plc
("Fulcrum" or the "Company" or the "Group")
Schreiber - Hemlo Exploration Update
Fulcrum Metals plc (LON: FMET), a company focused on mineral
exploration and development in Canada , is pleased to provide an
update on the progress of the exploration programmes at the Big
Bear and Jackfish properties that are part of the Group's Schreiber
- Hemlo project.
Highlights
Big Bear Property
-- The Big Bear phase two exploration has been completed. This exploration phase comprised 139km of geological
traverses and the collection of 129 rock samples which have been dispatched for laboratory analysis.
-- Work focussed on Cook Lake North, Johnston-McKenna, and Schreiber Pyramid prospects, locating several areas of
shearing or carbonisation - features favourable for gold mineralisation.
-- Both the historic Johnston-McKenna and Schreiber Pyramid underground mines were located, entered, and sampled,
with a potential new quartz vein discovered north of the Johnston-McKenna mine.
-- A large zone of intense shearing was mapped north of the Schreiber Pyramid target which might represent a
structural focus for gold mineralisation in the area.
-- Potential outcrops of the Cook Lake Banded Iron Formation discovered close to the access road which, based on
earlier sampling, could be a gold target.
-- The field team also evaluated track access and sites for the drill programme planned for later in the season.
-- Two soil sampling grids are planned for the coming weeks in areas of limited rock exposure. These will build on
anomalous sample results obtained previously by Panther Metals plc.
Jackfish Property
-- Groundworks to commence later this week along the prospective, but little explored, eastern and northern volcanic
contact zone. Minimal previous exploration demonstrated potential to host significant gold mineralisation with
grab samples of up to 39.8g/t gold.
-- Work will comprise a 2-week programme of geological mapping, prospecting and rock sampling aimed at delineating
potential drill targets.
Ryan Mee, Chief Executive Office of Fulcrum Metals plc,
commented:
"The second phase exploration at Big Bear has provided us with a
wealth of important new data for geological mapping, and rock
samples which are currently at the lab for assay. The results of
this phase of work will be integrated into a robust targeting plan
that will identify drilling and stripping targets.
"Alongside this, groundworks will commence in the next few days
at Jackfish along the prospective eastern and northern margin
concentrating on the contacts surrounding the volcanic rocks.
Previous exploration has demonstrated the potential for gold
mineralisation in this contact zone with high grade samples up to
39.8g/t gold.
"We are entering an extremely busy period of exploration for
Fulcrum, as we set about identifying and developing the significant
potential of our assets through discovery and
commercialisation.
"With two teams on the ground at the Schreiber-Hemlo project we
look forward to providing further updates on progress and results
over the coming months as we progress towards drilling, as well as
updates on exploration programmes across our wider portfolio."
Figure 1 - groundworks team arriving at site and in the
field
Figure 2 - at Johnston - McKenna underground mine, (left) quartz
veining in an area of shearing and (right) shallow dipping vein,
most likely the Johnston McKenna vein.
Figure 3 - at Johnston - McKenna (left) quartz float with vein
exposure in the background and (right) gossanous foliated rocks,
potentially from the Cook Lake Iron Formation, in an interpreted
shear zone.
Figure 4 - at Schreiber - Pyramid (Left) Quartz vein float west
of Schreiber Vein No. 1 and (right) Metasedimentary beds that
divide the Schreiber Pyramid section.
Figure 5 - Schreiber Pyramid entrance and sample (left) and
samples bagged and tagged before submitting to the lab (right).
Figure 6 - proposed soil sampling (pink circles) and existing
historic soil samples (blue circles).
Figure 7 - Jackfish groundworks target area
Figure 8 - Geology and grab sample results from 2021 Jackfish
groundworks programme.
Qualified Person Statement
The technical information in this announcement has been reviewed
by Edward (Ed) Slowey, BSc, PGeo, technical advisor to Fulcrum
Metals Plc. Mr Slowey is a graduate geologist with more than 40
years' relevant experience in mineral exploration and mining and a
founder member of the Institute of Geologists of Ireland. Mr Slowey
has sufficient experience relevant to the style of mineralisation
and type of deposit under consideration and to the activity which
has been undertaken to qualify as a "Qualified Person" in
accordance with the AIM Rules Guidance Note for Mining and Oil
& Gas Companies. Mr Slowey consents to the inclusion in the
announcement of the matters based on their information in the form
and context in which it appears.
-Ends-
For further information please visit https://fulcrummetals.com/
or contact:
Fulcrum Metals PLC
Ryan Mee (Chief Executive Officer) Via St Brides Partners
Limited
Allenby Capital Limited (Nominated
adviser)
Nick Athanas / George Payne T el: +44 (0) 203 328
5656
Clear Capital Markets Limited (Broker)
Bob Roberts T el: +44 (0) 203 869
6081
St Brides Partners Ltd (Financial
PR)
Ana Ribeiro / Paul Dulieu Tel: +44 (0) 20 7236
1177
Notes to Editors
FULCRUM METALS - BACKGROUND
Fulcrum Metals PLC (LON: FMET) is an AIM quoted exploration
company which finances and manages exploration projects focused on
Canada, widely recognised as a top mining jurisdiction.
Fulcrum currently holds a beneficial 100% interest in highly
prospective gold and base metals projects in Ontario and Uranium
projects in Saskatchewan.
Fulcrum's strategy is to focus on discovery and
commercialisation of its Projects through targeted exploration
programmes. The primary focus is to make an economic discovery on
the flagship Schreiber-Hemlo Properties and to establish the
prospectivity of its wider Ontario and Saskatchewan portfolio with
a view to securing potential joint venture and/or acquisition
interest.
The Schreiber - Hemlo properties have a history of prospecting
and localised extraction since the late 19th century. However,
coherent property-level exploration programmes have been limited or
absent, particularly in recent times. Fulcrum has an opportunity to
carry out such a programme and this approach provides the best
opportunity to fully explore the significant prospectivity of the
properties. A recent structural study identified 42 priority
exploration targets, of which 24 targets within the Big Bear
property and 18 in the Jackfish property, with 14 in total (9 on
Big Bear and 5 on Jackfish) being ranked as high priority for
follow-up. The properties have the potential to host a large,
structurally controlled, stratabound-style banded iron formation
(BIF) gold prospect similar to the Musselwhite deposit (McNicoll et
al., 2016), in addition to an Archean greenstone, orogenic-style
lode gold prospect, extending past the bounds of known historical
mineral occurrences.
While highly prospective, Fulcrum's mining assets are in the
exploration phase, so Fulcrum stands to be able to add
significantly to the inherent value through exploration success.
Fulcrum will continually review opportunities with potential and
with a view to increasing shareholder value. It is the Board's
intention to deliver medium and long-term growth and to establish
the Group as a significant exploration company.
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END
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