First Class Metals Earn Into Critical Minerals

10 March 2023 10:45

First Class Metals continue to grow its critical mineral holdings in Canada, having reached a deal with Nuinsco Resources for an earn-in deal with respect to the ZigZag Lithium Project in Ontario.

Zigzag includes the 800m mapped Tebishogeshik occurrence, which contains pegmatite-hosted lithium-tantalum mineralisation surrounded by significant rubidium and cesium mineralisation, all of which are identified as critical minerals by the Canadian and UK governments.

Previous workings at Tebishogeshik identified lithium and tantalum mineralisation across the entire surface of the occurrence which is estimated to be 20 metres thick, with surface sampling showing grades up to 1.68 per cent Li2O over 7.9m and 0.168 per cent Ta2O5 over 2.54m.

More recent sampling undertaken by Nuinsco returned strongly anomalous lithium, tantalum, and rubidium grade, peaking at 3.55% Li20 with significant tantalum, and rubidium results at 836 ppm Ta₂O5, and 4,003 ppm Rubidium Rb₂2O.

Even with these promising results, Tebishogeshik still has room to grow, with exploration showing that the structure remains both open along strike and to depth, giving FCM more avenues for exploration.

Zigzag is located just 10.5km away from the 2.13 Mt at 1.29 per cent Li2O Seymour Project and is surrounded by numerous other hard-rock lithium projects as well as being close to current key infrastructure which is expected to be bolstered in the future by the planned Jackfish Hydro plant and a Spodumene processing plant planned for Seymour.

The Company said that it already has an exploration permit in place for Zigzag, allowing for a variety of exploration activities including stripping, trenching and drilling.

“FCM is very enthused with the opportunity to have executed the agreement on this very prospective lithium prospect. FCM has now significantly augmented their portfolio of critical minerals within our exploration focus. Given the worldwide shift toward greener and cleaner economies, the acquisition of additional property assets such as Zigzag Lake is a strategic progression for FCM” Chief Executive Marc Sale said.

FCM’s London Stock Exchange-listed share price is currently selling at 14.00 pence (9.05 am UTC+ 8 hours)

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