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First Class Metals Updates on Sunbeam Exploration

15 November 2023 10:08
Feature

First Class Metals PLC (LSE:FCM) continues to advance its Sunbeam exploration with the announcement of returned channel sampling results, prompting the extension of the property to incorporate inferred structural extensions, highlighting the district-scale potential of the area.

Channel Sampling Results

First Class Metals acquired the Sunbeam Project in October last year and have been working towards bringing it to drill ready status.

Commencing in the 1900s and continuing through the final drilling campaign and survey by previous operators, the historical production at the mine has been systematically reviewed by First Class Metals to better ascertain target areas within the Project.

The Sunbeam property is characterised by three mineralised structures, each displaying notable gold anomalism and historic development, notably the Sunbeam high-grade gold mine, which operated until 1905, yielding multi-ounce material.

Following two successful stripping campaigns, the Company reported the identification of visible gold in at least one sample at the Roy Zone.

The results indicated a defined broad zone of shearing, alteration and mineralisation, peaking at 18.8 g/t (ppm) Au in one 0.3 metre channel sample, within interval of 6.2 ppm Au / 1.05 metre.

The Company reports there were numerous results exceeding 1ppm Au, defining the anomalous structure over a strike of 100 metres between the existing shafts and open along strike.

Other results include:

  • 6.27 ppm Au / 0.35 metres in mafic schist with quartz veinlets (within broader interval of 0.94 ppm Au / 3.25 metres)
  • 4.98 ppm Au / 0.5 metres in sheared porphyry (within broader interval of 3.7 ppm Au / 1.55 metres)
  • 5.58 ppm Au / 0.5 metres within a quartz vein

Emerald Geological Services geologist Bruce MacLachlan said that the data obtained during the sampling will help tremendously in the planning of a maiden drill program for the property.

“The 2023 mechanical stripping and channel sampling programs have enhanced our understanding of the geology and mineralization in these historical target areas, uncovering similar rocks to what past workers would have mined,” he said.

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Figure 3: Showing plan of the geology, stripped areas as well as historic workings and gold anomalism from recent channel sampling.

Project Expansion

First Class Metals has additionally announced the expansion of the Project by 25 square kilometres through the staking of a further 119 claims, bringing the total Project area to 72 square kilometres.

The Company decided to expand the Project area after consultations with Emerald Geological Services based upon their geological investigations and conceptualisation inferred from the geology and structures on the existing property.

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Figure 2: Showing the extension of the property with the recent staking

Company Comments

First Class Metals Chief Executive Officer Marc J Sale commented on the update.

“The initial channel results from Roy are encouraging to the extent of justifying the expansion of the Sunbeam property to included inferred structural extensions emphasising the district scale potential of the area,” he said.

“The mineralised structures identified on the property, historically exploited at Sunbeam, Roy and Pettigrew continue to provide tangible encouragement to develop the property towards drilling.”

FCM’s London Stock Exchange-listed share price is currently trading at 6.95 pence (10.00am UTC+ 8 hours).

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