FREE DAILY STOCK MARKET NEWS

FREE DAILY STOCK MARKET NEWS

First Class Metals Intersects Spodumene in all Nine Zigzag Drill Holes

18 December 2023 15:37
First Class Metals PLC Intersects Spodumene In All Nine Zigzag Drill Holes

First Class Metals PLC (LSE:FCM) has reported successful intersections of spodumene-bearing pegmatites in all nine targeted drill holes at its Zigzag Lithium Property in Canada, signifying a notable development in the Company’s efforts toward economic metal discoveries.

RokBTbLATFnJQxgh?auto=format%2Ccompress&fit=max&h=800&q=75&s=2708d42236cff4e81b1be901e24861d3

Photo 1: Drill rig completing FCM-23-09, step back to FCM-23-05

Drill Program Details

The drill program focused on the central 400 metre section of the Zigzag Property, located in the Seymour-Falcon corridor in northwestern Ontario, Canada, following a non-mechanised stripping and channel sampling program that reported up to 2.36% lithium (Li2O) over 5.5metres in certain areas.

The targeted pegmatite-bearing zone yielded over 50 metres of intersections across multiple mineralised zones.

N3axhabxsYVWSc6n?auto=format%2Ccompress&fit=max&h=800&q=75&s=a02fd5300858a450848af4d99a13667b

Figure 1: Drilling covered the area of channel sampling and ‘grabs’ on roughly 50 metre centres (note historic grid lines are on 60 metres centres).

Key Highlights

Spodumene, a high-grade lithium mineral, was identified in all nine drill holes.

The pegmatite thickness exceeded 5 metre downhole, suggesting a potentially multiphase mineralised system.

Importantly, mineralisation remains open along both strike and down dip, indicating further exploration potential.

Drill Program Completion

The 10-hole, 450-metre drill program, which included nine holes targeting the pegmatite-bearing zone and one scissor hole to confirm the interpreted dip of the structure, was completed on December 16th.

The program was also executed within budget and adhered to the specified time schedules.

Exploration Potential

Visual observations during core logging confirmed the presence of spodumene-bearing pegmatites in all targeted holes.

FcOze3cH9qz9UO8I?auto=format%2Ccompress&fit=max&h=800&q=75&s=ff6d6a3cd0e2735b87a6fa5af53dc722

Photo 2: Shallow intersection of pegmatite hosting spodumene (pale green ‘blades’ in hole ZIG-23-01).

The core is currently being logged in detail and marked up for sampling, with approximately 100 samples expected to be sent for analysis in Thunder Bay, with results anticipated in the first quarter of 2024.

Company Comments

First Class Metals CEO, Marc J Sale, expressed satisfaction with the drilling outcomes.

“The completion of the drilling at Zigzag has consolidated the undertaking to shareholders / investors that FCM would bring 4 properties to ‘drill ready status’ and drill one this season,” he said.

“I am extremely pleased with the (visual) indications of the drill core and the robust intersections that I have seen so far.”

“I look forward with positive anticipation to the first results. We are already planning the next stages of exploration.”

FCM’s London Stock Exchange-listed share price is currently trading at 6.15 Great British Pence (3.00pm 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