First Class Metals Receives Two Additional Exploration Licenses

21 November 2023 12:55
Agreement 1

First Class Metals PLC (LSE:FCM) has received two additional Exploration Permits for Enable and McKellar, granted by the Ontario Ministry of Mines, bringing the Company’s total exploration permit holding over the properties to six.

The Enable Property

The addition of the two new permits has increased First Class Metals land holdings by a significant 200 square kilometres.

The Company has already outlined it has identified numerous priority drill targets within the area which hold immense potential for exploration and discovery.

The Enable property is transected by a regional structural contact with proven mineralisation and an inferred extent of five kilometres.

Historical work within the Project area has identified gold mineralisation as high as 1.85ppm Au, 7ppm Au and 80ppm Ag. The Company has validated these assays but notes further work is needed including initial stripping.

The McKellar Property

The McKellar property encompasses an estimated 12.5 square kilometres, and is strategically located 25 kilometres away from Marathon, and adjacent to highway I17.

The McKellar historical exploration reflects promising potential for the property, recording showings of gold and silver, with a Rare Earth Element (REE) bearing diatreme and >400 metre mineralised trend, open along strike.

It’s reported this trend contains >4% zinc in addition to associated anomalies in lead and copper.

Previous work by Noranda postulated this anomalous structure was a potential volcanic massive sulphide.

Company Comments

First Class Metals CEO Marc Sale commented on the two permits granted.

“I am gratified and humbled that the relationship with the First Nations with whom we interact has been recognised in the granting of these Permits,” he said.

“Currently we now have six permits, along with three Memorandums of Understanding (MoUs) and an Exploration agreement signed with four separate First Nation groups. I would also like to extend my thanks to the staff of the Ontario Ministry of Mines for their diligent work in issuing the permits.”

“These permits will enable us to conduct focused exploration efforts, with the ultimate aim of further refining delineating drill targets and commencing drilling operations. The mutual respect and collaboration we have fostered with the First Nations is of utmost importance to us, and we are honoured to have made such significant progress across the majority of our portfolio.”

FCM’s London Stock Exchange-listed share price has risen 2.73% and is currently trading at 7.15 pence (12pm UTC+ 8 hours).

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