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First Class Metals see shear at Esa

28 November 2022 15:25
LON: FCM

First Class Metals continue to validate its faith in Ontario’s Hemlo-Schrieber belt, with reinterpretation of a previous VTEM survey further identifying a potential east-west shear zone at the company’s Esa project.

The now-named “Esa shear zone” is approximately 350 metres wide, dissects the entire central area of the property, and has noted similarity to the gold deposit at the 23-million-ounce Barrick Hemlo mine just 11 kilometres away.

Reinterpretation also indicated that mineralisation at Esa appeared closely related to a number of magnetic anomalies which have shown high geochemical gold values.

Results have spurred FCM to kick off an extensive soil and rock chip campaign across the project, with over 450 soil samples and 10 rock chip samples to be collected by the end of this field season.

The company said it had acquired the valuable data at negligible cost.

“The PGW reinterpretation is significant due to its findings giving credence to the postulated theory an inferred ‘Hemlo style’ arcuate east-west shear across the property,” chief executive Marc Sale said.

“This reinforcement has led us to undertake very late into the season a soil sampling campaign that extended previous work and now covers the entire length of the shear — I am grateful to the field team for their efforts in indulging me during progressively worsening conditions.”

After receiving assay results, First Class Metals will interpret the data into its model.

FCM’s London Stock Exchange-listed share price was trading at 14.6 British pence today (2.05 pm UTC+ 8 hours).

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