TIDMFMET
RNS Number : 6689A
Fulcrum Metals PLC
24 January 2024
Fulcrum Metals plc / EPIC: FMET / Market: AIM / Sector:
Mining
24 January 2024
Fulcrum Metals plc
("Fulcrum" or the "Company" or the "Group")
Start of Teck-Hughes Gold tailings sampling programme - first
phase testing and study agreement with Extrakt Processing
Solutions
Fulcrum Metals plc (LON: FMET), a company focused on mineral
exploration and development in Canada, is pleased to announce the
start of a strategic sampling programme at the Teck-Hughes gold
tailings project ("Teck-Hughes"), Canada. This milestone marks a
significant step forward as the Company enters the first phase of a
testing and study agreement with Extrakt Process Solutions LLC
("Extrakt"), which moves the Company closer to agreeing a licencing
agreement with Extract. Extrakt is a sustainable technology company
using separation technology to extract metals from tailings without
the use of cyanide.
The tailing's sampling programme is designed to evaluate the
efficiency of Extrakt's processing technology in recovering gold
and other by-products from the tailings at Teck-Hughes, estimated
to be approximately 6,531,300 tonnes at 0.66g/tonne Au for 138,460
ounces contained Au.
As announced by the Company on 30 November 2023, Fulcrum has an
option in place to acquire a 100% interest in the Teck-Hughes gold
tailings project. In line with the terms of the grant of the option
agreement, Fulcrum made the initial payment of CDN$15,000 within 10
days of the date of signing the agreement. In addition, the Company
is in dialogue with the Ministry of Energy, Northern Development
and Mines pertaining to the award of the mineral recovery permit
for Teck-Hughes and will update the market in due course. Please
refer to the 30 November 2023 announcement to view the full terms
of the mining option agreement.
Highlights
-- Start of hand auger sampling programme planned across five
sites of the project to obtain representative samples
o Sampling programme is expected to be completed within a week
of the starting date
-- Composite samples of at least 5kg in tailing material from
each of the five sites to be sent to the Extrakt testing facility
in Kentucky, USA
o Test work is expected to take approximately 8-12 weeks from
the delivery date
-- Historical tailing gold grades at Teck-Hughes average 0.66g/t ranging up to 1.73g/t
-- Extrakt test work incorporates a full suite of metallurgical
characterisation including ICP (minimum 40 elements, including
gold), XRD mineralogical analysis and batch leach testing
-- Potential to recover multi-commodities from the tailings. The
Teck-Hughes project has historically only been assayed for gold
-- Phase 1 results will feed into a Phase 2 conceptual study
-- Four-phased testing agreement with Extrakt is the first step
to a licencing technology agreement
Ryan Mee, Chief Executive Office of Fulcrum, commented:
"This marks an exciting and important first phase in advancing
the Teck-Hughes gold tailings project, which Fulcrum currently has
an option to acquire, towards a cash generative opportunity and
cementing our relationship with Extrakt.
"Fulcrum is a dynamic exploration company committed to
responsible and sustainable mining practices. We are delighted to
be working with Extrakt and using their innovative technology which
recovers metals from tailings without the use of cyanide.
The Teck-Hughes project is reported to contain over 100,000
ounces of gold in the tailings which offers potential for
considerable return on investment and perhaps more significantly,
further opportunity in the extracting industry, which is
effectively metals extraction without the risks of mining."
Phased development program
Phase 1 - High-Level Gold Recovery Investigation
Initial high-level gold recovery investigation will serve as the
primary evaluation of the enhanced gold recovery achievable through
Extrakt technology. The data collected in this phase will validate
and refine the technology and support the planned Phase 2.
Phase 2 - Conceptual Study
The conceptual study will provide Fulcrum with a first insight
into the project viability using the information developed during
Phase 1. According to the information available, the accuracy level
of the study is approximately +/- 50%.
Phase 3 - Laboratory Test Work
More detailed test work is required to optimize some of the
leach parameters as well as develop necessary scale-up parameters
for all the major equipment of the operation.
Phase 4 - Economic Assessment Study
The economic assessment study will provide a more accurate
insight into the project viability using the more detailed test
work results for the whole of the flowsheet. The accuracy of the
study is aimed to be at a pre-feasibility level of +/- 30% accuracy
level.
Teck-Hughes Gold Tailings Project Background
On 30 November 2023, the Company announced that it had entered
into an option to acquire 100% of the Teck-Hughes Gold Tailings
project. Concurrently, it also entered advanced discussions with
Extrakt to test its proprietary sustainable processing technology
on the tailings found at the project. Historic sampling and auger
drilling campaigns were conducted at the project, the first in 1980
and the most recent between 2018 and 2022 which produced a
non-complaint resource estimation.
As part of the most recent campaign a total of 95 auger samples
were collected and assayed at Actlabs in Timmins. The highest
sample assayed 1.73g/tonne Au with 72 of the 95 samples assaying
between 0.5 to 0.8 g/tonne Au, the average being 0.66g/tonne
Au.
Based on the data from this sampling along with that of the
drill programme from 1980 an estimate of the tonnage was calculated
over the north, west and northeast arm of the tailings totalling
6,531,300 tonnes of material at 0.66g/tonne Au for 138,460 ounces
contained Au.
Further information
The various historic non-compliant resource estimates cited
above have not been verified by Fulcrum and the tailings body
requires detailed follow-up sampling along with appropriate QAQC
and estimation by an independent qualified resource geologist in
order to be able to report a resource compliant with established
resource codes.
Technical Glossary
"Au" gold
"g" gram
-----------------------------------------------
"g /t" grams per metric tonne
-----------------------------------------------
"ICP" Inductively Coupled Plasma - an analytical
technique that can be used to measure
elements at trace levels
-----------------------------------------------
"Kg" kilogram
-----------------------------------------------
"QAQC" Quality Assurance and Quality Control
-----------------------------------------------
"XRD" X-Ray Diffraction analysis - a non-destructive
technique that provides detailed information
about the crystallographic structure,
chemical composition, and physical
properties of a material
-----------------------------------------------
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.
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 Tel: +44 (0) 203 328
5656
Clear Capital Markets Limited (Broker)
Bob Roberts Tel: +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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