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First Class Metals Unveils High-Grade Lithium Discoveries at Zigzag Property

28 November 2023 15:34

First Class Metals PLC (LSE:FCM) has unveiled compelling results from its Zigzag Property, with Channel 7 showcasing a notable lithium concentration of 2.36% over 5.5 metres, including a segment reaching 3.44% Li2O.

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Figure 1: Showing the Zigzag property with the recent sampling, both grabs and channels, focussing on the central portion of the claim block.

Lithium Grades Soar

Channel 7, a key exploration site at Zigzag, has delivered impressive results, boasting a 2.36% Li2O over a length of 5.5 metres.

Within this stretch, a 2.5-metre segment revealing an even higher lithium concentration at 3.44% Li2O represents a noteworthy milestone for First Class Metals, reaffirming the Company’s dedication to discovering economically viable metal deposits.

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Figure 2: The extent of outcrop exposed by hand stripping. Also not the change in rock type from mafic volcanics (closest) to granitic-pegmatite.

Analysing Grab and Channel Samples

Nine channels, ranging from under 5 metres to over 10 metres, were cut, with lengths primarily controlled by overburden rather than diminished outcrop.

A total of 80 samples, representing mafic, pegmatitic, granitic pegmatites, and granite categories, were submitted for analysis, including a one-metre sample from the host rock, which varies from mafic volcanics in the north to granitic rocks in the south.

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Figure 3: showing the location of the channels relative to the ‘core 400m’ zone.

These samples reveal concentrations of critical minerals, including caesium, gallium, lithium, rubidium, and tantalum, providing a holistic view of the potential mineral wealth within the Zigzag property.

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Table 1: The 10 highest grab samples along a 400m ‘core’ zone.

Exceeding the 1% Li2O Threshold

The exploration disclosed a noteworthy >1% Li2O zone on the western section of the ‘core’ 400-metre zone, supported by multiple channel samples indicating concentrations exceeding 1% Li2O, highlighting the robust lithium potential within the explored region.

These findings complement the preliminary results from 39 samples received at the Zigzag Project, where numerous results over 1% Li2O were reported, and a concurrent channel sampling campaign covered over 250 metres of strike with nine channels completed, including two in excess of ten metres in length.

Challenges and Future Prospects

The channel sampling results, derived solely from manual vegetation removal, notably highlight persistent outcrops, particularly in channels 5 and 7.

The potential for extensive channel extension through mechanical stripping, along with the likelihood of uncovering pegmatite formations and the allowance for both stripping and drilling activities under the current permit, underscores the promising prospects for further exploration.

Looking Ahead

The success at Zigzag extends beyond the current ‘main’ pegmatite zone. Ongoing prospecting and soil sample lines to the south have identified a subparallel structure, suggesting the existence of a second pegmatite or a related geological feature.

As sample results are pending, the visual evidence hints at a broader horizon for exploration and potential discoveries.

Marc J. Sale, CEO of First Class Metals, expressed enthusiasm about the channel sample results.

“The results from the channel samples have vindicated our enthusiasm to advance the potential of this property,” he said.

Sale further highlighted the increased confidence in the prospectivity over the strike extensions, emphasising the Company’s eagerness to progress with drilling plans, now that the necessary funds have been secured.

“The tenure of the spodumene and therefore the lithium reporting in the central sector of the property gives increased confidence in the prospectivity over the strike extensions. We are eagerly advancing the planning for drilling now the funds have been secured.”

FCM’s London Stock Exchange-listed share price has risen 1.58% today and is currently trading at 6.45 pence (3.15pm UTC+ 8 hours).

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