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
1 February
2024
Sunbeam Property: High-Grade
Gold Assay Results
High Grade Gold Results Up
to 18.8 g/t Au
First Class Metals PLC ("First Class Metals" "FCM" or the
"Company") the UK metals exploration
company seeking large scale metal discoveries across its extensive
Canadian Schreiber-Hemlo Sunbeam and Zigzag land holding is
pleased to announce high-grade gold assays from channel sampling
undertaken following the recently completed exploration at the
Company's 100% owned Sunbeam property ("the Property").
The Property contains three
subparallel mineralised structures, each identified over 10km
traversing the property; these are inferred to continue to the
northeast into the recently staked area where prospective
structural features are inferred. FCM now commands a district scale
land package of over 70km².
The Property hosts several sites of
historic mine development and gold mining: the Sunbeam Mine, the Roy
Development, and the Pettigrew
Development. Multiple other gold occurrences are
also known including the Road Zone, AL198 Zone, WN2 Occurrence and
the Rubble Occurrence.
Given the discovery of significant
gold within the tonalite to diorite porphyry which hosts the main mineralised structures across
the property, First Class Metals will be moving swiftly to relog
and assay core from previous drilling on the property for its
potential gold endowment within any intervals of prospective
porphyry which have not previously been assayed.
HIGHLIGHTS
·
First Class Metals announced on 14 November 2023
the results from the Company's recently completed channel sampling
programme from the Roy prospect which confirmed high grade gold
mineralisation in the vicinity of the old workings.
·
Results from the stripping at Roy have confirmed
high grade gold assays up to 18.8
g/t gold (Au) / 0.3m channel sample at Roy. Other highlights
include:
o 6.27
g/t Au channel / 0.35m in mafic schist with quartz
veinlets;
o 4.98
g/t Au channel / 0.5m in sheared porphyry; and
o 5.58g/t Au channel / 0.5m within a quartz vein.
·
At Pettigrew channel and grab samples returned
significant gold grades, including:
o 13.0 g/t Au grab
sample from quartz rubble dug up
beside the stripped outcrop.
o 3.5
g/t Au channel / 0.2m in a quartz vein with galena and
chalcopyrite;
o 1.82
g/t Au channel / 0.75m in sheared porphyry; and
o 0.32
g/t Au channels / 3.95 m within sheared porphyry.
These results are considered very
encouraging and typify this style of mineralisation.
·
Mineralisation (up to 4.98
g/t Au over 0.5m) discovered in the
porphyry at Roy which hosts the main mineralised structures has the
potential to add a wider envelope (10m+) of alteration
(silicification and ankeritisation) and gold mineralization. The
discovery of gold within the sheared and altered porphyry could add
significant upside to what was thought to be predominantly a high
grade vein system hosted in mafic schist, from which the known
historic production was mined.
·
The reported historical drilling at Pettigrew was
encouraging, with two holes returning significant gold assays
including: Hole 57751:
19.4 g/t Au over 0.63m at
5.33m.
A further announcement will be made
once the Company has decided on the most appropriate exploration
programme to continue to advance the Company's knowledge of the
mineralisation at the Sunbeam Property. This is anticipated to
culminate in drilling at Roy and Pettigrew.
Marc J Sale Chief Executive
Officer commented:
"Since we optioned Sunbeam in late 2022, we have made quick
and significant progress in developing the Property both in terms
of understanding the mineralisation and increasing its
scale."
"The channel results from Roy and Pettigrew are most
encouraging and have identified drill targets at both locations.
The auriferous porphyry hosing the shear zone at Roy and Pettigrew
further enhances the significant potential that this Property can
deliver."
"As a result of the encouraging results from the recent
stripping programs, FCM has staked 119 contiguous claims, along
strike to the northeast I look forward to sharing further
information on this Property, including our plans for the 2024
field season, as soon as possible."
Background &
Update
Since the announcement of the
Sunbeam acquisition in early October 2022, FCM through Emerald
Geological Services (EGS) have been working to advance the Property
to drill ready status.
The pre-exploration phase included a
review of historic core; however, recent work has identified the
potential of the porphyry to host significant gold mineralisation,
therefore further review of the Sunbeam (Nuinsco) core is now
recommended with additional samples taken if warranted.
The Sunbeam Property is dominated by
three mineralised structures, all of which host significant gold
anomalism as well as historic development, including the Sunbeam
high grade gold mine which operated until 1905 and reportedly
produced multi ounce material.
In July 2021, Nuinsco reported
grades up to 93.3g/t Au
from a drill programme conducted predominantly in the vicinity of
the Sunbeam Mine area. Significant results include:
o NS-21-01 - 3.98g/t Au over 0.6m (from 96.0m) within 3.39m of
strongly gold anomalous deformation zone.
o NS-21-02 - 13.8g/t Au over 0.15m (from 80.85m) within 2.83m of
strongly gold anomalous deformation zone.
o NS-21-03 - 93.3g/t Au over
0.44m (from 99.5m) within 3.19m of strongly anomalous deformation
zone.
o NS-21-05 - 2.94g/t Au over 0.5m (from 118.5m) within 7.50m of
strongly anomalous deformation zone.
Historical drilling at Pettigrew was
also encouraging, with two holes returning significant gold assays
including: Hole 57751:
19.4 g/t Au over 0.63m at
5.33m.
The Sunbeam Property contains three
subparallel mineralised subparallel structures, each identified
over 10km traversing the property; these are inferred to continue
to the northeast into the new area of claims where prospective
structural features are inferred. FCM now commands a district scale
land package of over 70km².
Figure
1 showing the combined Sunbeam and
English claims as well as the recent staking.
FCM has undertaken two
stripping campaigns and the gold (Au) results from the second
campaign at the Pettigrew zone are now available. Most of the
samples were 1m in length or less, with a minimum of 0.2m and a
maximum of 1.0 m. The Pettigrew results are similar to those from
Roy, (previously reported) and have defined a broad zone of
shearing, alteration, and mineralization, peaking at 3.5 g/t Au in
channel samples and 13.0 g/t Au in grab samples (highest grade at
Roy was 18.8 g/t Au).
Visible gold was identified in at
least one sample at Roy during the sawn channel
programme.
The results indicate the potential
for both high-grade gold mineralization hosted in quartz veins and
lower-grade gold mineralization hosted in sheared, altered porphyry
or chlorite schist. Lithologies hosting the mineralization are
often well-sheared and exhibit isoclinal or near-isoclinal
folding.
Photo 1 Showing sheared mafic
and felsic rocks hosting quartz veining. Note the Pettigrew shaft
in the background.
At Roy there were a significant
number of results exceeding 1ppm Au that define the anomalous
structure over a strike of 100m between the existing shafts which
remains open along strike. One sample of sheared porphyry reported
4.98ppm Au over 0.5m - as the porphyry is considered the host this
is significant, as the potential mineralised package would be
appreciably wider (10m+). FCM now intends to review the historic
core again with the intention of sampling more of the porphyry
hosting the mineralised shear zone.
At both Pettrigrew and Roy the
high-grade gold mineralisation is hosted in quartz veining in
sheared 'mafics' within a broader envelope of sheared, folded
felsic to intermediate porphyry which often exhibits irregular
quartz veining, silicification and ankerite alteration associated
with up to 1% pyrite, and which also frequently contains anomalous
gold concentrations as noted above.
Photo 2 showing quartz veining
at Pettigrew containing galena (Pb) and chalcopyrite (Cu). The
sample reported 3.5 g/t Au.
Photo 3 showing sheared,
silicified and ankeritised porphyry with pyrite and quartz veining,
4.98 g/t Au / 0.5m channel.
Future work will focus on expanding
the potential mineralisation with the sampling of any prospective
porphyry.
The results from the channel
sampling at Roy and Pettigrew, in conjunction with the encouraging
geology encountered in the stripping at both locations (as well as
the geology / geochemistry at the Sunbeam mine area) validate the
Company's efforts to bring the property to drill ready
stage.
The 'English claims have now been
transferred 100% to First Class Metals Canada Inc. The Company now
has 100% control of a potential district scale property block with
multiple structures, hosting potentially high-grade gold bearing
systems, extending over 72km². We believe this gives First Class
Metals a true 'District Scale' gold project that could potentially
host multiple significant gold deposits.
ENDS
For further
information, please contact:
Novum Securities Limited
(Financial Adviser)
David Coffman/ George
Duxberry
|
www.novumsecurities.com
|
(0)20 7399 9400
|
Qualified
Person
The technical disclosures contained
in this announcement have been drafted in
line with the Canadian Institute of
Mining, Metallurgy and Petroleum standards and guidelines
and approved by Marc J. Sale, who has more than
30years in the gold exploration industry and is considered a
Qualified person owing to his status as a Fellow of the Australian
Institute of Mining and Metallurgy.
NOTES TO
EDITORS
First Class Metals PLC -
Background
First Class Metals is focused on
exploration in Ontario, Canada which has a robust and thriving
junior mineral exploration sector. In particular, the Hemlo 'camp'
near Marathon, Ontario is a proven world class address for gold
exploration, featuring the Hemlo gold deposit operated by Barrick
Gold (>23M oz gold produced), with the past producing Geco and
Winston Lake base metal deposits also situated in the region. FCM
currently holds 100% ownership of seven claim blocks covering over
180km² along a 150km strike of the Hemlo-Schreiber-Dayohessarah
greenstone belt, exploring for gold, base metals and rare earth
element mineralization. In addition, FCM is carrying out a joint
venture with Palladium One on the West Pickle Lake Property in the
region, a drill-proven Ni-Cu project.
Late last year FCM completed the
option to purchase the historical high-grade past-producing Sunbeam
gold mine near Atikokan, Ontario, ~15 km southeast of Agnico
Eagle's Hammond Reef gold deposit (3.3 Moz of open pit probable
mineral gold reserves).
FCM acquired the Zigzag Project near
Armstrong, Ontario in2023. The property features Li-Ta-bearing
pegmatites in the same belt as Green Technology Metals' Seymour
Lake Project, which contains a Mineral Resource estimate of 9.9 Mt
@ 1.04% Li¬2O.
The significant potential of the
properties for precious, base and battery metals relates to
'nearology', inasmuch as all properties lie in the same districts
as known deposits (Hemlo, Hammond Reef, Seymour Lake), and either
contain known showings, geochemical or geophysical anomalies, or
favourable structures along strike from known showings (e.g. the
Esa project, with an inferred Hemlo-style shear along strike from
known gold occurrences).
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.