TIDMFMET
RNS Number : 2314M
Fulcrum Metals PLC
13 September 2023
13 September 2023
Fulcrum Metals plc
("Fulcrum" or the "Company" or the "Group")
Schreiber - Hemlo phase 2 exploration update on Big Bear
3km gold mineralised corridor and new drill targets
identified
Fulcrum Metals plc (LON: FMET), a company focused on mineral
exploration and development in Canada , is pleased to provide an
update on the exploration programme at the Big Bear property, part
of the Group's Schreiber-Hemlo project in Ontario.
During the summer of 2023, Fulcrum has undertaken a phase 2
exploration program consisting of rock sampling and detailed
geological mapping across the Schreiber-Pyramid area of the Big
Bear property followed by an extended phase 2 program focussed on
infill soil sampling of areas with limited or no bedrock
exposure.
Highlights of extended phase 2
-- A total of 141 rock samples taken reporting up to 17.6g/t Au including: -
o High--grade gold at Schreiber No. 1 vein north (7.17g/t Au,
13.6g/t Au, 1.91 g/t Au) and south (12.9g/t Au and 1.74g/t Au).
o High grade float vein material <150m west-northwest of the
vein No.1 trench (17.6 g/t Au) suggesting possible vein
extension.
o A newly discovered vein north of the former Johnston--McKenna
Mill yielded gold assay values in initial grab samples up to 1g/t
Au - given the nuggety nature of the gold veins at Big Bear this
has the potential to be a significant discovery.
o Anomalous gold in gossanous sheared basalts between the
Johnston--McKenna Mill and Cook Lake Iron Formation (0.33g/t Au)
represent a new target for a possible bulk tonnage gold
deposit.
o Gold in sheared basalts 140m west-southwest of the Twomey
Powerline Occurrence (1.28 g/t Au) again pointing to a possible
larger-scale target in this area.
-- Out of the 329 soil samples taken 38 returned highly
anomalous values in excess of 20ppb Au and up to 929ppb Au (0.93g/t
Au), which now outlines 9 soil anomalies: -
o 3 very strong soil anomalies and 3 soil anomalies with
recommended further detailed work around the Schreiber-Pyramid and
Twomey areas.
o 2 anomalies around the Johnston-McKenna area recommended for
further investigation.
o An additional very strong soil anomaly to the west of the
Schreiber-Pyramid, known as Schreiber-gap, which is open further to
the west beyond existing soil coverage.
Results of the exploration programme to date in the
Schreiber-Pyramid area
-- A gold bearing corridor of 3km open along strike and to the north.
-- A database of over 25 (37) rock samples in excess of 1g/t Au
with 11 (15) high-grade samples in excess of 10g/t up to 45g/t
(139g/t) - the numbers in brackets include those reported by
Panther Metals plc in 2020.
-- 9 areas of highly anomalous soil values ranging up to 0.92g/t Au
-- Successful detailed mapping of important shear zones with the
potential for the discovery and development of an economic mineral
deposit.
-- Structural observations between the Cook Lake and Pyramid
Schreiber showings have identified a potential regional-scale shear
zone passing through this area on a single mineralised structural
system.
-- Based on the geological and structural setting of the
property, it may have 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.
-- Drill target pipeline established (as summarised below).
Drill target pipeline
-- 4 drill ready prospects have been identified with significant
gold assays at Schreiber-Pyramid No.1 North and No.1 South,
Johnston-McKenna and Cook Lake
-- A further 5 prospects for further development to drill target
status at Johnston-McKenna Mill, Johnston-McKenna South,
Schreiber-Pyramid South, Twomey Powerline, Schreiber-Johnston Gap
and the extension to the west
-- Open for further drill target generation along strike and to the north
Additional exploration target pipeline outside the
Schreiber-Pyramid area
-- The geophysical survey completed earlier in the year
identified a significant number of priority targets for
investigation in addition to the more advanced Schreiber-Pyramid
area: -
o Syenite - two areas of strong conductance with magnetic highs
and strong VTEM targets.
o North - conductive zone with magnetic highs and strong VTEM
targets.
o Schreiber West - a 2.2km north western trending anomaly is
associated with iron formation with coincident magnetic highs and
strong VTEM targets.
o Rongie - a 855 metre long, strong, late channel EM
anomaly.
o West Hays - a 550m long mid-channel conductor, with mapping
showing the presence of felsic volcanics with nearby iron
formation.
Ryan Mee, Chief Executive Officer of Fulcrum Metals plc,
commented:
"The phase 2 exploration campaign over the Schreiber-Pyramid
area and the geophysical surveys conducted over the wider Big Bear
property have materially progressed this project forward.
Not only have we developed a high grading gold mineralised
corridor of some 3km in length, which is open along strike and to
the north, but 4 drill ready prospects have been defined with the
possibility of several more subject to further groundworks.
The exploration results have greatly exceeded our expectations
and we will now need to make a decision on the next steps of our
exploration programme.
We look forward to providing guidance and further information on
the next operational stages in due course."
Figure 1 - Schreiber-Pyramid area of focus at Big Bear
Figure 2 - Schreiber-Pyramid area soil anomalies
Figure 3 - Schreiber-Pyramid area drill targets and prospects
for further development towards drill target definition
Figure 4 - Big Bear property geophysical target areas
Technical Glossary
"Au" Gold
"EM" Electromagnetics
---------------------------------------
"g/t" Grams per tonne of milled ore
---------------------------------------
"ppb" Parts per billion
---------------------------------------
"VTEM" Versatile Time Domain Electromagnetics
---------------------------------------
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.
The Tully property, 458 hectares in area, is located 30
kilometres northeast of Timmins, Ontario and includes the Tully
(Timmins North) deposit, which has been the focus of several
drilling campaigns since its discovery in 1969. The Tully deposit
is located 2 kilometres southwest of the Bradshaw Gold Project of
Gowest Gold Ltd., currently in development. The property is
accessed by an all-weather gravel road that extends 15 kilometres
to the east off of highway 655.
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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