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First Class Metals make first-class find

8 September 2022 16:05
LON: FCM

A high-grade nickel-copper sulphide zone has been discovered along a 600-metre-long electromagnetic anomaly at First Class Metals Pickle Lake joint venture on Ontario’s world-renowned Schreiber-Hemlo greenstone belt.

Referred to as West Pickle Lake, this new discovery was made by joint venture partner Palladium One, closely resembling its high-grade Smoke Lake zone 20 kilometres away.

Drilling intercepted sulphide mineralisation over 5.5 meters, including massive to semi-massive sulphide over 1.75 meters at a grade of up to 34 per cent nickel.

This new zone represents FCM’s first major discovery since listing on the LSE earlier this year, the company said this new find has energised it for future exploration across over 180 square kilometres of holdings in the Schreiber-Hemlo belt.

“Early-stage examination of the drill core from the first two holes have exceeded our expectations and substantiate the vector from the previous results further east of the Pickle Lake JV,” chief executive Marc Sale said.

“The findings achieved along this 20km long mineralised system within our flagship North Hemlo property, gives us confidence that we will be able to further vector in on target anomalies delineated from our own exploration activities at North Hemlo.”

The company is anticipating the results of a 4200 line-kilometre survey flown over the Pickle Lake and North Hemlo projects which the company hopes will extend the mineralised zone onto First Class Metals wholly-owned properties.

FCM’s London Stock Exchange-listed share price has risen 8.51 per cent today, selling at 12.75 pence (1.40 pm UTC+ 8 hours).

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