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
2 February
2024
West Pickle Lake: Nickel
Drill Results
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 report that Palladium
One continues to intersect potentially economic Ni-Cu
mineralisation in and around the West Pickle Lake ("WPL") Joint
Venture area.
Highlights adapted from
Palladium One release1
· In the
West Pickle Lake area, chonolith / feeder dyke structures now
extend over more than five kilometres of strike length.
· Drilling along the eastern margin of the West Pickle Zone
targeted bore hole electromagnetic anomalies ("BHEM")
returned 1.8% Ni and 1.0% Cu
over 1.5 meters in hole TK23-134 (Figure 1).
· A new
nickel zone has been identified with intercepts returning up to
0.4% Ni and 0.2% Cu over 2.7 meters including 1.0% Ni and 0.4% Cu over 0.9
meters in hole TK23-128 in an area with soil anomalies
as high as 0.15% Ni, 0.27% Cu and 86 parts per billion ("ppb") Pd +
Pt (Figure 1).
1Palladium
One Drilling Confirms Mul | Palladium One Mining Inc.
(palladiumoneinc.com)
Of significance are holes TK23-134,
on the eastern extent of the WPL JV area and hole TK23-128, to the
north-west of WPL and close to the 100% owned North Hemlo block of
FCM.
Marc J. Sale CEO
commented:
"I remain encouraged with the
progress the Palladium One exploration is making in the WPL zone
and the wider discovery area. Particularly the success near to the
FCM claim boundary with the results from TK23-128."
"FCM will continue to pursue third
party interest in this sector of North Hemlo."
Figure 1 extracted from
Palladium One news release 01/02/24. Showing the position of drill
hole TK23-134. In the JV area, as well as TK23-128 to the NW of WPL
and close to the North Hemlo property boundary.
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 listed on the LSE
in July 2022 and 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
ultra-high grade Ni-Cu project.
The flagship property North Hemlo
had a high definition low level magnetic Heli-borne survey in April
2022, this was followed with ground prospecting which ultimately
defined the 'Dead Otter Trend' which is a discontinuous 4.5km gold
anomalous trend with a 19.6g/t Au peak grab sample. This sampling
being the highest ever recorded on the North Limb of
Hemlo
In October 2022 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 in March 2023. 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. Zigzag was drilled prior to
Christmas 2023 and results are pending.
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).