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First Class Metals claiming Canada’s critical metals

13 December 2022 11:08
LON: FCM

First Class Metals are looking to grow its Ontario holdings once again, having entered into an exclusive sixty-day agreement for a highly prospective, strategically located lithium project in the famed mining province.

Exploration will focus on an over 800-metre structure containing pegmatite-hosted lithium mineralisation, identified previously from surface sampling showing grades up to 1.68 per cent lithium oxide over 7.9 metres.

Previous works at the property also identified Tantalum along the entire length of the structure, with one intersection showing 399.8 parts per million tantalum pentoxide over 2.92 metres, with rubidium and caesium mineralisation also reported.

All minerals uncovered at the project have been identified by the Canadian Government as critical minerals, now supported by a US$2.78 billion Critical Minerals Strategy directed at reducing the time to commission mining projects.

The company said it has sixty days to lock in an earn-in deal for the property, with the salient details already established.

“FCM is very encouraged with the opportunity to negotiate entry into this very prospective early-stage lithium prospect and in doing so will significantly augment the portfolio of critical minerals in our exploration focus,” chief executive Marc Sale said.

FCM has also announced it will be raising £300 thousand from a single HNW resource/battery metals investor through a private subscription placement.

FCM’s London Stock Exchange-listed share price was trading at 16.3 British pence today (10.32 am UTC+ 8 hours).

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