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First Class Metals Kick Off 2023 Field Season

9 May 2023 15:26
LON: FCM
First Class Metals' historic Sunbeam Mine

First Class Metals are once again firing up exploration across its Canadian holdings, with the Company’s 2023 field season having now commenced with three exploration teams deployed to a number of its projects in Ontario’s renowned Schreiber-Hemlo belt.

Rare Opportunity

Of note is the team being sent to the Mckellar property for a channel sampling program of the project rare earth element diatreme, where it previously reported historic assays of various REEs including neodymium and strontium, with peak grades of up to 300ppm and 1280ppm respectively.

The program looks to follow up on a rock sampling program from last year, where 10 rock grabs were collected and showed anomalous grades for REES.

A Golden Sunbeam

Alongside the exploration of Mckellar, a team has also been sent to the Company’s recently acquired Sunbeam Gold property for an extensive historical review that’s scope has been widened to include the review of a number of historical drill cores, including a core grading up to 93.3g/t uncovered in July of 2021.

The review will focus on that core and others taken from the same campaign which targeted the historical Sunbeam Mine area, which produced 650 tonnes of gold at an average grade of 12.2 grams per tonne over its lifetime and is estimated to still hold up to 70,000 tonnes of gold grading at 13g/t in old workings.

The review will be followed up by a wider prospecting campaign, with the Company intending efforts at Sunbeam for this field season will result in the delineation of drill targets.

Preparing to Drill

One of the FCM’s major priorities for this field season will be to bring it’s North Hemlo and Esa Projects to drill-ready status, with an exploration team set to mobilise Esa next week to follow up on the anomalous soil sample results in the company-returned last week.

The team currently working at Mckellar will be sent to North Hemlo once work is completed in order to bring the Project to drill-ready status by following up on the three-kilometre-long Dead Otter Trend, which returned grabs of up to 19.6 grams per tonne of gold alongside numerous other assays over 1g/t and lies just 20 kilometres away from the world-class Barrick Hemlo 23 million ounces producing gold mine.

Field base set-up is now underway at both properties, with the Company in advanced discussions with a number of drilling contractors.

Looking Foward

The Company said it hopes this field season will follow up on last year’s performance.

“We have a vigorous programme planned to follow up on last year’s stellar performance, specifically at North Hemlo and Esa with the intention to define drill targets. FCM will also undertake exploration at Sunbeam to define drill targets as well as prospect the wider licence. The priority remains to drill at least one location this season,” Chief Executive Marc Sale said.

FCM’s London Stock Exchange-listed share price is currently selling at 13.25 pence (3.05 pm UTC+ 8 hours)

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