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First Class Metals extend West Pickle Lake Sulphides

19 April 2023 17:49
LON: FCM

First Class Metals continue to shore up its Canadian portfolio, with new drill assays from its West Pickle Lake JV with Palladium One showing wide zones of nickel-copper mineralisation with grades up to 10.0% Ni, and 4.47% Cu.

Results continue to reinforce the Company’s confidence in the high-grade nature of the West Pickle zone and the potential for tonnage, with widths and grades logged being similar to Palladium One’s RJ Zone located approximately 2.5 kilometres to West Pickle’s East.

Best intersections include:

  • 0.6% Ni, 0.4% Cu, 0.01% Co, 0.08 g/t Total Precious Metals (“TPM”) (Pt+Pd+Au) over 28.2 meters in hole TK22-114
    • Including 2.0% Ni, 0.6% Cu, 0.04% Co, 0.12 g/t TPM over 3.2 meters
  • 0.43% Ni, 0.26% Cu, 0.01% Co, 0.06 g/t TPM over 27.0 meters in hole TK22-118
    • Including 2.0% Ni, 0.7% Cu, 0.04% Co, 0.14 g/t TPM over 1.0 meters
  • 1.5% Ni, 0.7% Cu, 0.02% Co, 0.30 g/t TPM over 8.0 meters in hole TK22-116
    • Including 10.0% Ni, 4.47% Cu, 0.14% Co, 2.13 g/t TPM over 1.0 meters

Assays also include those from Hole TK22-117, the most easterly hole drilled on the West Pickle zone to date, which intersected high-grade massive nickel-copper sulphides up to 5.7% Ni, 1.9% Cu over 0.8 meters and extended the zone to over 600 metres in length with the potential for further expansion on the east, west and at depth as mineralisation remains open.

Potential still remains for mineralisation at West Pickle Lake to continue on to FCM’s wholly owned North Hemlo property, with a hole drilled just off the North Hemlo property previously, intercepting 43.6 metres of anomalous nickel mineralisation in an east-west trending structure.

Work by Palladium One so far continues to show positive signs for a feeder dyke / chonolith geological model, with first test results showing a wide interval of anomalous nickel, supporting the exploration hypothesis that east-west trending interpreted feeder dykes are mineralized.

The Company said these results are the widest intercepts recorded to date from the Project.

“Importantly, we are still seeing some high-grade material which has been the focal point of the assays released to date. Additionally, we are also seeing the potential for shallower ‘bulk tonnage’ in these wider widths,” Chief Executive Marc J Sale.

“The discovery remains open along strike both to the west and east and down dip/plunge. The results provide further encouragement for our 100% owned contiguous North Hemlo project area and we look forward to developing our own exploration plans in this area through 2023.”

FCM’s London Stock Exchange-listed share price has risen 2.13 per cent today, currently selling at 12 pence (5:47 pm UTC+ 8 hours).

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