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First Class Metals Start the Canadian Field Season Strong

8 June 2023 17:36
LON: FCM

First Class Metals have hit the Canadian field season running, with the explorer uncovering a number of compelling new discoveries from across its extensive landholdings in northwest Ontario.

Chasing Canadian Lithium

Located on an emerging lithium belt, the explorer’s Zigzag Lithium Project showed early promise when samples were taken from an old trench identified in an initial reconnaissance trip showed lithium values up to 1.00% Li2O and Tantalum up to 198 ppm.

The team did not set out to gather these samples, with the visit to the site being an access appraisal visit. While these samples might not seem impressive at the outset, the fact that the samples were collected from under heavy snow cover and still demonstrated such compelling results has given the explorer confidence in the Projects wider mineralisation.

The explorer is determined to bring Zigzag to drill-ready status by the end of the season, planning to conduct a programme of sawn channel sampling to quantify the distribution of metals (Li / Ta) along the known 800m strike and width which is estimated at up to 20m.

Rearing on Rare Earth

The explorer also saw compelling results at its Mckellar REE property, with results of a recent channel sampling project of the Mckellar diatreme both confirming and enhancing the results of historic sampling programs.

A total of 18 channel samples and five grab samples were collected from across the diatreme and compared to results from the 2013 prospecting program, with all values for REEs in-line with historical results and with results for Strontium Yttrium and Cerium surpassing historical hits.

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Figure 1: Showing the historical showings at McKellar

With results continuing to demonstrate the potential for Mckellar to host an REE system, the Company is now in the process of preparing an exploration permit for the 12.5 square kilometre project which will allow for drilling if justified.

Glowing Gold

Exploration is also heating up across FCM’s three gold properties in the region, with the Company intending to bring Esa, North Hemlo and the recently acquired historical Sunbeam high-grade gold mine to drill-ready status for this season.

First Class is now awaiting the assays for 534 soil samples and 5 rock chip samples collected from areas of high Au anomalism and sub-parallel to an inferred shear identified last field season with the discovery of a boulder that returned a grade of 702ppb gold.

Exploration at North Helmo has also fired up once again, with the team now focused on unveiling the potential of the Dead Otter trend which was previously reported with grades over 19ppm gold, with over 20 samples having already been collected and showing visually encouraging signs.

Sunbeam has already shown itself to be a worthy investment, with a historic review demonstrating the Project’s potential.

The review noted a visit to the historic mine by a geologist from the Ontario Survey who took a sample of the dump which reported 26.16 ounces of gold and 5.8 ounces of silver, potentially reinforcing the belief that the historic site could still hold 70,000t of gold grading up to 13.0g/t Au in the old workings.

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Figure 2: Showing historical Sunbeam drill core from Nuinsco drilling

The review also highlighted the lack of drilling the Project has seen recently despite promising results, with historic near-surface drill results studied in the review showing grades up to 19.4 g/t Au.

Looking Forward

The Company said that it is determined to bring four of its properties to drill-ready status this season.

“FCM remains focussed on bringing four of our key properties to drill-ready status this field season. It is our stated intent, permits notwithstanding, of drilling at least one of these properties this season. The 2023 field season has started well and with the support of EGS I feel we are currently on track to accomplishing this objective,” Chief Executive Marc J Sale said.

FCM’s London Stock Exchange-listed share price has risen 2.27 per cent today, currently selling at 11.25 pence (4:09 pm UTC+ 8 hours).

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