FREE DAILY STOCK MARKET NEWS

FREE DAILY STOCK MARKET NEWS

First Class Metals begin field work for 2024 exploration season

18 June 2024 17:55
LON: FCM

First Class Metals PLC (FCM), have announced that field work for the 2024 season is now underway. The UK-listed metals exploration company is focused on economic metal discoveries in northern Ontario, Canada.

Sunbeam property

FCM is reviewing and sampling historic Nuinsco and TerraX core samples at their Sunbeam property. The TerraX core includes approximately 1,500m of previously drilled material.

The focus is on identifying gold values in the host rock to assess for additional mineralisation. Historical drilling by TerraX has shown promising results, including intersections with significant gold grades up to 18.8 g/t Au over 0.3m at the Roy zone.

YzYcRccCNXu8QaHr?auto=format%2Ccompress&fit=max&h=800&q=75&s=4b8f7bec994e4df3da28ff63f05e7fff

Figure 1: TerraX core from the Roy zone showing gold grade in the porphyry ‘wall rock’.

Kerrs Gold Property

Prospectair has been commissioned to conduct a magnetic survey over the Kerrs Gold property block, renowned for its historic resource estimate of 386,467 ounces of gold under the NI-43-101 standard. The Kerrs Gold deposit is found in a specific layer of rock where a thick sequence of mafic pillow lavas lies on top of an ultramafic, magnetite-rich layer. Drilling has traced the main zone eight hundred metres and remains open in both directions and at depth.

Survey details include a low-level, high-resolution magnetic survey that will be carried out with 50m traverse lines oriented in order to properly map the dominant magnetic/geological strike. Overall it is expected to cover approximately 736 line-kilometers. The data will refine geological models and assist in future drilling plans.

UIvGRr7HRYFDOvnD?auto=format%2Ccompress&fit=max&h=800&q=75&s=6e4ca7004a889150e5d15fb2976127b2

Figure 2: At property scale showing the significant historical sampling as well as the drill grid.

Dead Otter trend

The Dead Otter trend on the North Hemlo claim block extends for 3km from the historic showing in the northwest (3.1ppm Au and 0.59% Mo) to the ’19 grammer’ in the southeast.

Plans are in place for a stripping program to expose potential gold-bearing structures. The goal is to identify high-grade gold zones along the 3km strike length of the trend.

ViNMP72VdzXs3rRE?auto=format%2Ccompress&fit=max&h=800&q=75&s=1a8ca9d0003067108c694d2baaac111e

Figure 3: The Dead Otter trend at North Hemlo with the significantly anomalous geochemistry along 3km of strike.

There are also plans for the Zigzag Project, with highlights from pre-Christmas drilling including 4.3m at 1.65% lithium (Li20) with 1m at 2.93%. A permit application has been submitted to the Ontario Ministry of Mines with support from the Whitesand First Nation community. This permit will facilitate further exploration and potential drilling.

Management comments

First Class Metals CEO Marc Sale is excited for what lies ahead this season. “I am, as ever, enthusiastic with the speed at which FCM has started the field season, all thanks to EGS support. The review of the Sunbeam Property core, the geophysics survey over Kerrs and the preparation for work at Dead Otter herald an exciting field season for First Class.”

In other updates prospecting efforts are ongoing at the Coco East property to identify new exploration targets. FCM has submitted an application to the Ontario Junior Exploration program (OJEP) for work on the North Hemlo Property, having twice been awarded the maximum grant of CAD$200,000. While lastly a reconnaissance trip was undertaken at the Quinlan property to assess ground access for future exploration, aiming to uncover lithium prospects in this area.

FCM’s London Security Exchange-listed share price is currently trading at 3.17 GBX (6:00 pm 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