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First Class Metals secures CAD$200,000 exploration grant

20 March 2024 18:00

First Class Metals PLC (LSE:FCM) has announced the successful grant approval from the Ontario Junior Exploration Programme (“OJEP”), totalling $200,000 CAD, designated for its exploration efforts on the Zigzag lithium and critical metals Property.

Today’s announcement follows yesterday’s news of the company signing a sixty-day exclusivity agreement with Emerald Geological Services Limited for the McInnes Lake Property.

Government support for exploration

Under the OJEP, First Class Metals has been granted a maximum of CAD $200,000 for its work on the Zigzag lithium and critical metals Property in Northwest Ontario.

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Figure 1: Zigzag Property Oct 2023 MMI soil and rock sampling results

This grant covers up to 50% of the exploration expenditures incurred from April 1, 2023, to February 15, 2024, subject to the submission of an approved report to OJEP.

The Ontario Government’s investment in early-stage exploration through the OJEP underscores its commitment to fostering growth within the mining sector by providing financial support to junior companies like First Class Metals, aiming to stimulate exploration activities and potentially lead to the discovery of valuable mineral deposits.

Continued success

Specifically designed to assist junior mining companies in financing early-stage exploration projects throughout Ontario, the Ontario Junior Exploration Programme aims to expedite the discovery of new mineral deposits and thereby stimulate regional economic development and job creation.

This commitment is exemplified by the 2023 intake of the program, which totalled CAD $5 million, with each applicant eligible for a maximum allocation of $200,000.

First Class Metals‘ consecutive receipt of the full OJEP Grant, along with its distinction as the sole UK company to have secured the grant, further underscores its prominent standing within the industry.

CEO Commentary

Marc Sale, CEO of First Class Metals, expressed his appreciation for the grant approval, emphasising its crucial role for the company.

“I would like to thank the Ministry of Northern Development for the approval of the maximum amount which can be awarded of $200,000 relating to the OJEP. The work completed in 2023 on Zigzag was pivotal in advancing the property to its current stage, culminating in a successful drill programme,” he said.

“Furthermore, the work under the Grant last year identified a significant new discovery on our North Hemlo property.”

Sale acknowledged the collaborative efforts of the exploration team and reiterated First Class Metals commitment to utilising the grant funds effectively to drive further exploration activities.

“I personally see this award as a firm inditement of the successful exploration team formed by Emerald Geological Services and First Class Metals. As the work has been conducted and the monies expended First Class Metal is not restricted in the use of this Grant money going forward,” he stated.

FCM’s London Stock Exchange-listed share price is currently trading at 3.30 pence (3.00 pm UTC+ 8 hours).

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