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First Class Metals Updates on ‘Big Four’ Exploration Projects

16 October 2023 16:13
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First Class Metals PLC (LON:FCM) has launched its systematic exploration campaign at the Zigzag Lithium Project in the Province of Ontario, Canada, whilst continuing to make advancements in its four core project’s across the region in the hopes of drilling at one of the ‘Big Four’ this season.

The Big Four Exploration Update

First Class Metals’ has stated its aim was to bring the four properties to ‘drill ready status’ with the intention of drilling one property during this field season.

It reports it will meet these targets with the exception of the Esa Project, which still requires soil samples to be received before reaching this status.

The Zigzag Project

The preliminary results from 39 samples received at the Zigzag Project have reported numerous results over 1% Li2O, with the full results still pending.

In parallel to the prospecting, a channel sampling campaign was undertaken with nine channels completed, and two in excess of ten metres in length with over 250 metre of strike being covered.

First Class Metals has submitted over 80 samples for analysis.

The Company has reported its extensive channel sampling campaign indicated visual observations of coarse spodumene evidenced across many of the samples collected.

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Figure 1: Channel at Zigzag with the sample next to tape. Sampling entered the host of the pegmatite in order to check the selvages for possible mineralisation.

North Hemlo Project

Work at the North Hemlo Project has included prospecting, sampling, and mapping undertaken along the Dead Otter trend.

Historical exploration has identified 3.1ppm Au 0.59% Mo, proving a target for expoloration works at the Project.

While sampling to date has not returned the same historic values, the Company attributed this to the limited outcrop exposed. Other assay methods are being investigated to continue exploration.

It’s reported over 750 metres Southeast along trend from the historic, showing an isolated outcrop returned 2.29ppm Au, which confirms the trend is auriferous.

First Class Metals will conduct future work including detailed prospecting along the trend to prove the continuity of the structure along strike from the known gold occurrences, leading to stripping and drilling once permitting allows.

The Sunbeam Project

The Company reports initial stripping and channel sampling programme at the historic production sites of Pettigrew and Roy has been completed with provisional results received.

Promisingly some of the results from Roy demonstrate a semi continuous zone across strike of multi-gramme material.

First Class Metals anticipates more stripping and sampling will need to be conducted to better define the potential drill targets, which it is currently undertaking.

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Figure 2: Showing one of the ‘quartz blowouts’ in the new area

The Esa Project

First Class Metals concluded the 2022 field season having collected over 500 soil samples along eleven lines, on average 400 metres apart.

The results were encouraging as it defined an anomalous zone mimicking the inferred position of the shear.

This season ‘infill’ sampling lines were conducted in two programmes again totalling over 500 samples. The analysis results for the last programme, only recently completed, are not yet available.

It is anticipated that the results of the infill lines will ‘tighten-up’ the potential target location to enable a more focussed stripping and trenching programme once permits are granted.

First Class Metals plans to dril the most encouraging sectors in the next exploration phase.

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Figure 3: Map showing the historical as well as ’23 season infill soil lines.

CEO Comments

First Class Metals CEO Marc J. Sale said he is pleased with the progress of the Company during the field season.

“I feel we are well on track to achieve the Company’s intentions,” he said.

“Both Sunbeam and Zigzag properties are permitted for drilling and with the support of the First Nations either of these properties or indeed North Hemlo (permit notwithstanding) are veritable maiden drill targets for FCM.”

“Furthermore, the preliminary results from Zigzag have added significantly to our confidence in the property.’”

FCM’s London Stock Exchange-listed share price has risen 3.82% and is currently trading at 0.815 pence (4pm UTC+ 8 hours).

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