FREE DAILY STOCK MARKET NEWS

FREE DAILY STOCK MARKET NEWS

First Class Metals Reports Final Zig-Zag Lithium Grab Samples

31 October 2023 15:13

First Class Metals PLC (LON:FCM) is advancing steadily towards its goal of drilling one of its ‘Big Four’ Projects this field season, with promising lithium results from the final samples of phase one exploration at the Zig-Zag Project in Ontario, Canada, inching the Project closer to ‘drill-ready’ status.

JFe0AQpM2PbwbWPt?auto=format%2Ccompress&fit=max&h=800&q=75&s=c3d7ed79c1978b6dfe18b74078fd4be0

Figure 1: Pegmatite K-feld interstitial grey quartz blebs flaky deformed spodumene altered in greenish muscovite, found at the First Class Metals Zig-Zag Project

The Zigzag Project

Earlier this month, the Company disclosed encouraging preliminary results from the Zig-Zag sampling program. Now, with the reception of the final results from the 39 samples, First Class Metals reports that 19 of them contained over 1% Li2O, and an additional three registered over 0.5% Li2O, with the highest sample recording 2.97% and 2.74% Li2O.

null

Photo 1: Showing sample F006576 an ‘ordinary pegmatite which reported 2.23% Li2O.

These sample findings have proven invaluable in deciphering the property’s geological characteristics and have significantly contributed to defining an impressive stretch of over 400 metres with lithium concentrations exceeding 1% Li2O in the property’s central area.

Additional notable sample results:

  • Samples F006574 & F006592 were ‘benefaction’ samples constituting almost entirely of spodumene crystals returning 2.97% and 2.75% Li2O
  • One ‘ordinary’ pegmatite sample retuned 2.23% Li2O
  • Six samples >250ppm tantalum (Ta)
  • Nine samples reported >1000ppm rubidium (Rb), with the highest reported value being 3800ppm Rb
  • Several samples anomalous in caesium (Cs).

Concurrently with the prospecting, a channel sampling campaign was conducted, involving the completion of nine channels, two of which exceeded ten meters in length, effectively covering more than 250 metres of strike.

null

Figure 1: Showing the Zigzag property with the recent work conducted, focussing on the central portion of the claim block

Grab samples at the Project reveal a lithium-rich strike exceeding 350 metres, which remains open in both directions.

First Class Metals has successfully executed channel sampling in the central part of the property, with results pending for over 80 samples extracted from approximately 60 metres of channels extending across a 150-metre strike. The channel sampling campaign notably revealed visual observations of coarse spodumene in many of the collected samples.

2jrfru77dxL5BWbJ?auto=format%2Ccompress&fit=max&h=800&q=75&s=511e26df857e24e24b33e6b95198300d

Figure 2: Channel cutting at Zig-Zag Project, colar 20230914

Future Exploration

Upon the completion of the grab sampling and channel sampling phases, over 80 samples have been submitted for analysis, with results expected in the next month.

First Class Metals reports that visual observations made during the program were highly encouraging, indicating the presence of spodumene and bolstering the Project’s potential.

Additionally, First Class Metals plans to undertake further ground reconnaissance to the north and south of the main trend, working toward bringing the Project to a ‘drill-ready‘ status.

CEO Comments

First Class Metals CEO Marc J. Sale commented on Zig-Zag’s promising results.

“I am buoyed by the progress we are making at Zigzag,” he said.

“The excellent results from these initial systematic grab samples have further supported our confidence in the property’s potential.”

“We await with confident anticipation the results from the channel sampling. The grab samples have I feel ‘proved-up’ a core area of the known structure which remains open in both directions and has yet to be explored at depth.’”

FCM’s London Stock Exchange-listed share price is currently trading at 7.25 pence (3.10pm UTC+ 8 hours).

The Market Bull Logo

FREE DAILY STOCK MARKET NEWS

Join our mailing list to receive the latest stock market news.

You have Successfully Subscribed!

Share This