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First Class Metals Identify Further Lithium & Critical Metal Trends at Zigzag

8 February 2024 09:41

First Class Metals PLC (LSE:FCM) has announced the results of a mobile metal ion (MMI) soil sampling programme, in addition to an accompanying rock-grab samples on its Zigzag Property, located in the Seymour-Falcon corridor in northwestern Ontario in Canada, reporting further lithium and a critical mineral trend has been identified.

High-Grade Sampling Program

First Class Metals outlines soil samples were collected along six north-north-west to south-south-east soil sample lines between 100-200 metres in length, with 12.5 metre sample station spacing.

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Figure 1: Showing the location of the MMI samples as well as the response ratio (RR) for caesium, which overall is the most representative of the anomalism

The sampling included four lines along strike to the west and east of the main 400 metre ‘core zone,’ which the Company drilled during December last year.

The drill program focused on the core zone where a non-mechanised stripping and channel sampling program reported up to 2.36% lithium (Li2O) over 5.5metres in certain areas.

Drilling was highly successful, identifying spodumene in all nine drill holes, with pegmatite thickness exceeding five metres downhole, suggesting a potentially multiphase mineralised system.

The soil sampling programme additionally included two lines starting ~200 metres orthogonal to the dominant strike and to the south of the trend of the main zone were sampled.

All soil samples were analysed using the Mobile Metal Ion (MMI) method of SGS Labs, with the results supporting the belief that the ‘core 400 metre zone’ is open along strike and confirm the mineralisation is open.

MMI Sampling results

Power reports the highest lithium RR received was 11 and the highest caesium RRs were 15 and 30, obtained at consecutive stations ~100 metres along strike to the west of the western extent of sampling on the main zone.

Promisingly the MMI also returned multiple anomalies in other elements, especially on the eastern and southern lines, zinc RRs up to 40, silver up to 50, molybdenum up to 51, copper up to 21.

Grab Sample Results

The grab samples of pegmatites at two sites across strike to the south of the main zone returned up to 2600 ppm lithium, 4290 ppm Rubidium, and 686 ppm Tantalum, and 920 ppm caesium.

These results were the highest value recorded during the 2023 sampling.

The Company hypothesizes that sampled dykes could represent offshoots of a parallel zone to the main zone.

Emerald Geological Services and the Project Geologist for the Zigzag Property, Coleman Robertson was encouraged by these results.

“There is compelling geochemical evidence to indicate that a second subparallel trend at Zigzag could be present,” he said.

The combined results of both the soil sampling programme and the associated ‘grab’ samples support the belief that the ‘core zone/ Main zone’ is open to both the west and east.

The Next Steps

The Company has received and reported to market the results of 64 rock-grab and 68 soil samples collected late last year.

The grab samples were anomalous in lithium and other pegmatite associated elements, which indicate a possible third trend which Power intends to explore.

It anticipates the assay results from the recent drill programme in the coming days, which will provide better clarity on how exploration should proceed.

Additional work is needed to expand and confirm the anomalism identified, in addition to follow up sampling to confirm the presence of a possible third trend currently identified in anomalous rare element results in grab samples.

A significant silver anomaly was identified over the two eastern most MMI lines off the Main Zone which Power also intends to investigate further.

Company Comments

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

“The results from this combined sampling programme validate the belief by FCM that the ‘Main Zone’ is open along strike for a considerable distance,” he said.

“Furthermore, the strong evidence of a second structure to the south with the possibility of a third structure compels FCM to engage in discussions with the First Nations to initiate the application for an Exploration Permit to be able to fully evaluate these new zones.”

FCM’s London Stock Exchange-listed share price has risen 1.37% and is currently trading at 3.70 pence (9.00am UTC+ 8 hours).

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