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First Class Metals stake claim in Ontario

1 August 2022
Tim Cornish

After raising £1.13 million pounds in its initial public offering on the London Stock Exchange and £300,000 CLN converted, First Class Metals (LSE: FCM) has its eyes set on becoming the next big player in the Ontario mining sector.

With claims comprising 7 projects covering over 182 square kilometres of the Helmo-Schreiber-Harte greenstone belt, chief executive Marc Sale said the company is electrified by both its London listing and the prospect of unlocking the area’s enormous potential.

“We are one of the largest stakeholders in the area and with the money raised through the IPO, we can look at further exploring our substantial claims as well as expanding our presence in Ontario,” he says.

The Helmo-Schreiber-Harte belt is renowned for exploration potential — home to numerous successful projects with successful firms like Barrick Gold, Generation mining, Silverlake Resources, and Palladium One all active in the miner-friendly province.

First Class claims in the area begin with its North Hemlo flagship, noted for the incredible gold and base metal potential revealed through historic data and exploration of bordering properties.

Hemlo is backed up numerous enticing prospects, including Mckellar, holding historic high-grade silver assays, and the Esa project — resting only 11km away from Barrick Gold’s massive 23-million-ounce mine.

Sale added that despite the area being highly prospective it remains relatively unexplored, and First Class Metals is poised to take full advantage of the region.

“Explorers in the area have been playing it safe and picking off the low-hanging fruit, we want to change this by developing a new model of science-driven and environmentally conscious mineral exploration and applying these new techniques to our claims on the belt.”

 

Map of claims and surrounding projects.

 

 With a portfolio prospective for gold, silver, zinc, copper, nickel and rare earth elements, the freshly listed explorer prides itself on holding a manifold spread of commodities.

“Diversity is key when it comes to mining and exploration,” Sale noted.

“Putting all your eggs in one basket is risky if that particular market dives.”

The company is particularly interested in the region’s potential for battery metals, eyeing the copper and nickel so essential in a global power transition to fight the effects of climate change.

While producing value for shareholders remains first and foremost — the company wants to change public perception of the entire mining industry by focusing on the operation’s sustainability.

By opening dialogue with the First Nations population of Ontario — it will ensure traditional rights are respected alongside the land’s cultural history.

Accounting for a tenth of the mining sector’s workforce, First Class will have the crucial input of Ontario’s indigenous population as it fires up exploration over the province.

FCM’s London Stock Exchange-listed share price was trading at 10.75 British pence today (11.25 am UTC+ 8 hours).

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