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Relighting Sunbeam

7 November 2022 14:20
LON: FCM
First Class Metals' historic Sunbeam Mine

Gold has held the fascination of humanity for thousands of years.

Outside of its beauty, gold is an unremarkable metal, one that throughout history we have insisted on digging up and burying once again in halls of stone and steel.

But it has never lost its shine, and in the rolling hills of north-west Ontario, First Class Metals are reclaiming a golden resource lost to the last century.

The Sunbeam mine was fully operational in 1904, using relatively Luddite methods to pull some 650 shallow tonnes from the earth at an average grade of 12.2 grams per tonne.

Then, in 1905, gold was suddenly not worth so much.

Sunbeam’s New York-based owners picked up their bags, never returning, but held onto a century-long lease forbidding anyone else relighting operations.

In the time past, mining technology advanced and the province developed into one of the world’s eminent mining jurisdictions, surrounded by infrastructure and new discoveries.

Then in the mid-2000’s, the lease expires and Nuinsco jump in, who follow up on high grade sampling of underground waste rocks with drilling, returning grades up to 93.3 grams per tonne in zones of strong deformation extending to the untested depths as historic mines are reclaimed worldwide.

But gold lost its shine to Nuinsco, who opted for a strategic shift towards the future-facing promise of rare earths.

Here enters First Class Metals, who see opportunity on a site highly prospective a safe haven metal forecast to enjoy strong demand over all time frames as uncertainty lingers worldwide.

The London-based explorer saw an immediate fit, a project with underexplored upside that had been building for over a century.

Previous estimates have Sunbeam holding up to 70,000 tonnes grading up to 13 grams per tonne, and being home to 30 kilometres of mineralised trend representing 15 kilometres of target domain, offers immense opportunity on top.

The problem is where to begin across a truly enormous area of potential blue sky gold exploration.

First Class Metals says whatever way you look, it has plenty to work on — and plenty of ways to unlock the golden value of Sunbeam.

Read the full First Class Metals report.

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