First Class Metals keep up the pace in Canada, as exploration continues to progress at its flagship North Hemlo property as it prepares to put the drill to the promising gold project.
Exploration at North Hemlo for the ongoing field season is focused on unveiling the potential of the 3-kilometre-long extension of the historic Dead Otter Trend the Company uncovered in January, with initial exploration focusing on a historic showing of 3.1 g/t gold and 0.59% molybdenum.
The Company has already collected over 100 samples from this historic showing, with a high percentage of grab samples demonstrating visible gold.
Figure 1: Sample taken from Dead Otter showing visible gold
Alongside the visible gold, gold flakes were also extracted from rock samples that were subsequently pulverised and then panned, demonstrating that not only does the Dead Otter Trend host gold but also that at least some of the gold is free-milling, which the Company says is an important metallurgical aspect when considering future possible extraction.
Once the sampling of this area is complete, FCM’s field team will move to the south-east where it recently recorded a new discovery grading up to 19.6g/t Au and conduct a similarly detailed sampling program.
With these positive gold results occurring more and more frequently, the Company is now working furiously to accelerate the exploration of the Canadian project, having submitted an exploration permit to allow for stripping and drilling of the Dead Otter Trend to the Mines Department for review and consultation.
In anticipation of the permit being successful, the explorer is already in advancing discussions with a local drilling company for a planned scout drilling program, with the drilling company having already made a visit to the site to assess access for a drill program.
The Company said that it intends to put the drill to the Dead Otter Trend as soon as logistics and permitting allow, with the Company determined to bring at least four of its compelling Canadian properties to drill-ready status this season.
“The confirmation of (visible) gold underlines our increasing confidence in the potential of the Dead Otter Trend. This is a very significant milestone for FCM, as is the submittal of the Exploration Permit after extensive but positive and ongoing discussions with the First Nations. We intend to drill as soon as all the factors allow,” Chief Executive Marc J Sale said.
FCM’s London Stock Exchange-listed share price is currently selling at 11.25 pence (2.41 pm UTC+ 8 hours)