TIDMFCM
RNS Number : 1070X
First Class Metals PLC
18 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
18(th) December 2023
Spodumene visible in all nine drill intersections at Zigzag
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 that spodumene-bearing pegmatites have been intersected in
every targeted hole drilled at First Class Metals' Zigzag lithium
Property. The identified m ineralization remains open along strike
and down dip.
HIGHLIGHTS
-- Spodumene (a high-grade lithium mineral - Li[AlSi (2) O(6)
].) bearing pegmatite intersected in all nine targeted holes
drilled.
-- Over 50m of pegmatite intersections recorded (see figure 1 for area of drilling)
-- Multiple mineralised pegmatite zones were intersected in
holes targeting 400m of the known 800m strike.
-- Pegmatite thickness exceeded 5m thick, down hole, and the
potentially multiphase mineralised system remains open along strike
and down dip / plunge.
-- All holes are being systematically logged and marked up for
sampling before cutting / sample collection.
First Class is pleased to announce the completion of the final
hole of its inaugural drill programme at the Company's Zigzag
Property (the "Property"), located in the Seymour-Falcon corridor
in northwestern Ontario, Canada. The drill programme included 9
holes targeting the pegmatite bearing zone and one hole (the tenth,
final hole) being a scissor to ZIG-23-06, to confirm the
interpreted dip of the structure. The 10-hole, 450-metre drill
programme was completed successfully on the 16(th) December within
budget and time schedules
Photo 1 Drill rig completing FCM-23-09, step back to
FCM-23-05
The drilling targeted the 400m central section of the property
which had been subject to a non-mechanised stripping and channel
sampling programme reporting up to 2.36% lithium (Li(2) O) over
5.5m (See RNS 28th November), see figure 1. Historic drill holes
also reported an intersection grading 1.08% Li(2) O over 6.1m from
12.45m and a separate intersection of 399.8ppm Ta(2) O (5) over
2.92m from 15.50m.
Figure 1 - Drilling covered the area of channel sampling and
'grabs' on roughly 50 m centres (note historic grid lines are on
200ft (60m) centres).
Visual observations undertaken whilst logging the core have
recorded spodumene-bearing pegmatite in all holes which targeted
the pegmatite, (see Photo 2-drill hole FCM-23-01) The core is now
being logged in detail then it will be 'marked-up' for cutting
(sampling), it is anticipated that circa 100 samples will be sent
for analyses in Thunder Bay. Results from the initial batch are
expected in early Q1 2024.
Photo 2- Shallow intersection of pegmatite hosting spodumene
(pale green 'blades' in hole ZIG-23-01).
Marc J Sale Chief Executive Officer Commented-
"The completion of the drilling at Zigzag has consolidated the
undertaking to shareholders / investors that FCM would bring 4
properties to 'drill ready status' and drill one this season. I am
extremely pleased with the (visual) indications of the drill core
and the robust intersections that I have seen so far. I look
forward with positive anticipation to the first results. We are
already planning the next stages of exploration."
For further information, please contact:
James Knowles, Executive
Chairman JamesK@Firstclassmetalsplc.com 07488 362641
Marc J Sale, CEO MarcS@Firstclassmetalsplc.com 07711 093532
-------------------------------- -------------
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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