First Class Metals Secures Exploration Permits for North Hemlo & Esa Properties

27 October 2023 09:38

First Class Metals PLC (LON:FCM) have reached another step forward in its goal of bringing its ‘Big Four’ properties to drill ready status by the end of this field season, announcing it has received approval for two Exploration Permits for its North Hemlo and Esa Properties, located in the Hemlo area of Ontario.

North Hemo Map

Figure 1: First Class Metals’ North Hemo Au, Ni, Mo, Cu Project map

First Class Metals Flagship: North Hemlo

The Company’s flagship North Hemlo Project comprises of 427 contiguous single cell mining claims across an area of 90 square kilometres.

Work at the North Hemlo Project has included prospecting, sampling, and mapping undertaken along the Dead Otter trend. The granting of the Exploration Permits will allow consolidation of this extensive work.

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

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

First Class Metals, under the new permits, believe stripping off of the overburden will allow a far more quantitative appraisal of the structure, specifically in the area of the historical showing and the extension along strike to the south east.

It reports the area recording 19.6ppm Au over three kilometres to the south east will also be the focus of stripping, in addition to drill pad construction in preparation of drilling.

The Esa Project

The Esa Project encompasses 20 square kilometres, located 11 kilometres north of Barrick’s 23Moz Hemlo Gold Mine, one of Canada’s most prolific producing gold mines.

Like the North Hemlo Project, the Exploration Permit for the Esa property enables stripping of the overburden in selective parts of the shear, where soils samples have indicated strong gold and pathfinder element anomalism.

First Class Metals sees this as a substantial step in advancing the Esa property toward drill readiness, aligning with the Company’s primary objectives for the year.

In 2022, First Class Metals wrapped up the field season with an impressive achievement, amassing more than 500 soil samples along eleven lines, each spaced approximately 400 metres apart.

The results were promising, clearly delineating an anomalous zone that closely resembles the inferred location of the shear. Notably, the analysis of the latest soil sampling results from the Company has not yet been disclosed to the market.

ESA Soil Sampling Map

Figure 2: First Class Metals’ Esa Gold Project soil sampling map

Future Outlook

First Class Metals has entered into a period of significant news and progress across its four core properties, making strides towards achieving its desired “drill ready status.”

The Company reports plans are underway to initiate a drilling campaign on one of the properties before the end of the year.

First Class Metals’ CEO Marc J. Sale commented on the exploration progress.

“With the granting of the Permits for these two key properties it allows FCM to advance the aim to bring its four core properties to drill ready status this year,” he said.

“This is a very positive move and one that would not be possible without the support of the Ontario Mines Department but importantly the First Nations for which I am personally grateful”.

FCM’s London Stock Exchange-listed share price is currently trading at 7.90 pence (9.30am UTC+ 8 hours).

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