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First Class Metals’ Soil Sampling Unveils Promising Potential for Gold Mineralisation

4 May 2023 14:47
LON: FCM

First Class Metals (LSE:FCM) has announced the positive results of its 2022 soil sampling on the Esa property, revealing the potential for gold mineralisation.

Soil sampling results confirm gold mineralisation potential

The property, which comprises 86 claims covering approximately 20.6 square kilometres, is situated approximately 11km northeast from the Barrick Hemlo gold mine, and directly south of First Class Metals’ North Hemlo property.

The Company collected a total of 478 soil samples from 11 predominantly subparallel, north-south soil lines, and identified an intermittent 4 kilometre anomalous zone corresponding to the surface expression of the inferred shear. This structure is one of three similar structures located in the North Hemlo Limb, two of which also transect the North Hemlo block. The soil sampling revealed multiple 10-95 ppb gold and key pathfinder elements including molybdenum, antimony and arsenic.

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Figure 01 the district setting of the Esa property showing the Hemlo gold mine and particularly the arcuate subparallel inferred shears to the north.

Hemlo look-alike boulder support shear zone theory

In addition, the soil sampling disclosed anomalous trends, with higher concentrations of results occurring where roughly north-south to north-northeast structures intersect the shear. The identification of a Hemlo look-alike angular boulder with 0.7 ppm Au is also considered significant.

Marc J Sale, CEO of First Class Metals, remarked that the results support the theory of potential gold mineralisation associated with robust structures.

“We are very encouraged with the correlation between these results and the previously announced geophysical interpretation. Planned work will further aide delineation of priority targets along with the submission of an Exploration permit.”

FCM’s London Stock Exchange-listed share price has risen by 2 per cent to 11.48 GBX (2:30 pm UTC+ 8 hours).

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