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First Class Metals in ascent

28 October 2022 14:48
LON: FCM

Despite entering the market at an inopportune time, First Class Metals was still able to bring in £1.13 million pounds in its entry to the London Stock Exchange in July and has been going from strength to strength since.

 

FCM

The company’s share price has been increasing steadily, currently sitting at 15.90 pence, a 59 per cent increase from where it was at the start of August.

FCM floated on the LSE with licences covering over 182 square kilometres of Ontario’s renowned Schreiber-Hemlo greenstone belt with a portfolio targeting gold, silver, zinc, copper, nickel and rare earth elements.

And with cash in hand from its IPO, the explorer wasted no time getting to work exploring its holdings.

Things really kicked off in September when a 600-metre-long electromagnetic anomaly was encountered at the explorer’s JV with Palladium One at Pickle Lake.

Follow-up drilling at Pickle Lake showed grades of up to 4.8 per cent nickel, 3.7% copper, and 6.8% nickel equivalent over 1.8m from massive nickel-copper sulphides.

While these are exciting grades, the work done by Palladium One indicated the prospectivity flowed onto property wholly owned by FCM.

With such a strong opening, the explorer’s ambition has only grown further, recently adding the Sunbeam project to its already bountiful portfolio.

The project is named after the legendary gold mine covered by the license, estimated to still hold up to 70,000 tonnes of gold with grades up to 13g/t in the old workings alone.

The structures hosting these workings remain open in all directions, allowing First Class an intriguing new avenue for exploration.

First Class have already gotten to work planning an initial drill program for Sunbeam, and with exploration well underway across its holdings, it will claim the attention of all eyes as it puts the drill into this highly prospective region.

Share price accurate as of 2:28pm (UTC +8 hours).

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