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First Class Metals Reveal High-Grade Gold Assays at Sunbeam

2 February 2024 09:23
Gold

First Class Metals PLC (LSE:FCM) has announced further high grade gold assays from its channel sampling program conducted across the Sunbeam property, reporting significant assays us to 18.8 g/t gold from 0.3 metres at the Roy Prospect.

High-Grade Channel Samples

First Class Metals announced in November the results from the Company’s channel sampling which prompted the extension of the property to incorporate inferred structural extensions, highlighting the district-scale potential of the area.

The sampling was successful in confirming the Roy Prospect has high grade gold mineralisation in the vicinity of the old workings.

The Property contains three subparallel mineralised structures, each identified over 10 kilometres, where First Class Metals commands a district scale land package of over 70 square kilometres.

Sunbeam additionally hosts several sites of historic mine development and gold mining including the Sunbeam Mine, the Roy Development, and the Pettigrew Development.

First Class Metals has reported multiple other gold occurrences across the Property including the Road Zone, AL198 Zone, WN2 Occurrence and the Rubble Occurrence, all bolstering the Project’s potential and prospectivity.

Channel Sampling Results

The results from the channel sampling are highly encouraging for the Company, considering the typify style of mineralisation.

Results from the stripping at Roy include:

  • 18.8 g/t Au channel / 0.3 metre channel sample
  • 6.27 g/t Au channel / 0.35 metres in mafic schist with quartz veinlets
  • 4.98 g/t Au channel / 0.5 metres in sheared porphyry
  • 5.58g/t Au channel / 0.5 metres within a quartz vein

Results from channel and grab samples at the Pettigrew Prospect include:

  • 13.0 g/t Au grab sample from quartz rubble dug up beside the stripped outcrop
  • 3.5 g/t Au channel / 0.2 metres in a quartz vein with galena and chalcopyrite
  • 1.82 g/t Au channel / 0.75 metres in sheared porphyry
  • 0.32 g/t Au channels / 3.95 metres within sheared porphyry

First Class Metals believes the mineralisation discovered in the porphyry at the Roy Prospect is the main mineralised structure, and has the potential to add a wider envelope over 10 metres of alteration gold mineralisation to the area.

The discovery of gold within the sheared and altered porphyry could add significant upside to what was thought to be predominantly a high grade vein system hosted in mafic schist, from which the known historic production was mined.

Given the discovery of significant gold within the tonalite to diorite porphyry which hosts the main mineralised structures across the Property, First Class Metals will be moving swiftly to relog and assay core from previous drilling for its potential gold endowment within any intervals of prospective porphyry which have not previously been assayed.

Company Comments

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

“Since we optioned Sunbeam in late 2022, we have made quick and significant progress in developing the Property both in terms of understanding the mineralisation and increasing its scale,” he said.

“The channel results from Roy and Pettigrew are most encouraging and have identified drill targets at both locations. The auriferous porphyry hosing the shear zone at Roy and Pettigrew further enhances the significant potential that this Property can deliver.”

“As a result of the encouraging results from the recent stripping programs, FCM has staked 119 contiguous claims, along strike to the northeast I look forward to sharing further information on this Property, including our plans for the 2024 field season, as soon as possible.”

FCM’s London Stock Exchange-listed share price is currently trading at 4.05 pence (9.15am UTC+ 8 hours).

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