First Class Metals PLC (LSE:FCM) has reached a significant milestone by announcing the initiation of drilling on its Zigzag property in the Canadian Schreiber-Hemlo region, targeting lithium (Li), tantalum (Ta), rubidium (Rb), and gallium (Ga) potential.
Figure 1: The Zigzag property with the recent sampling, both grabs and channels, focussing on the central portion of the claim block, where drilling has commenced.
Early Exploration Agreement
One of the key developments achieved by the Company is the signing of an Early Exploration Agreement (EEA) with Whitesand First Nation.
This agreement allows First Class Metals to conduct activities requiring an Exploration Permit, demonstrating the Company’s commitment to fostering positive relationships with indigenous communities. In return, First Class Metals has pledged support for the economic development of the Whitesand community.
The Whitesand First Nation Economic Development representative expressed optimism about the evolving relationship, wishing First Class Metals success in its drilling program and expressing excitement about the prospects for the upcoming year.
Furthermore, a contract has been inked with Rodren Drilling, a Whitesand First Nation approved service provider, to conduct up to 500 metres of drilling at the Zigzag property.
The decision to focus on the central 400-metre zone is supported by encouraging channel sample results, with Channel 7 revealing a notable lithium oxide content of 2.36% over 5.5 metres.
The drilling plan encompasses seven holes of over 50 metres initially, with provisions for deeper exploration based on visual cues and encouraging findings.
Figure 2: The location of the channels relative to the ‘core 400m’ zone, drilling will extend further to the east of the channel sample area where >1% Li2O grabs samples were collected.
Encouraging Channel Sample Results
Results from channel samples, even with the limitation of hand stripping vegetation, have been highly encouraging.
The outcrop persistence, especially in channels 5 and 7, reinforces the lithium oxide content and highlights the presence of critical minerals such as tantalum, gallium, and rubidium.
Figure 3: Rodren equipment being mobilised to the Zigzag property
First Class Metals CEO Marc J. Sale emphasised the positive relationship the Company is establishing with First Nations, stating, “The signing of the EEA with Whitesand exemplifies the positive relationship First Class Metals is building with the First Nations. This agreement has paved the way for First Class Metals’ inaugural drill program, marking an exciting milestone for our company.”
“We are thrilled to begin drilling at Zigzag, making it the first property where First Class Metals will undertake drilling. This demonstrates our commitment to advancing our exploration efforts and emphasises our dedication to responsible resource development.”
FCM’s London Stock Exchange-listed share price is currently trading at 6.15 Great British Pence (9.15am UTC+ 8 hours).