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First Class Metals announce major advancements in exploration activities

4 July 2024 10:53
LON: FCM

First Class Metals PLC (LSE:FCM) has shared significant updates on their exploration projects and in field activities to start the season.

Coco East

The Coco East property not only has potential for precious metal targets but also base metals. Extensive fieldwork has been concluded, revealing a geophysical anomaly in the northern sector that suggests the possibility of an eastern extension of the zinc belt from the Winston Lake area.

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Figure 1: Showing the recently re-discovered adit – mine working – in the norther area of the Coco East property.

FCM through Emerald Geological Services (‘EGS’) undertook a prospecting programme, where a previously unknown adit was encountered. The team is investigating its historical significance, and several rock samples have been collected for analysis.

The property’s positive standing is ensured into the 2025 field season thanks to the successful exploration program.

North Hemlo, Dead Otter Trend

The Dead Otter Trend has a discontinuous outcrop along the identified >3km strike. Where the outcrop allows sampling, initial results show high gold content, with some samples reporting up to 19.6 g/t Au.

To address potential discrepancies in gold assay results due to coarse gold, 25 samples are being re-assayed using Photon Assay. The Photon Assay method, utilising a 500g sample size, is expected to provide a more accurate assessment of gold content, particularly for samples from areas showing visible gold.

It is anticipated that this new method of analysis will enhance the potential of the Dead Otter trend and help focus the stripping programme planned this field season.

Sunbeam Project

A total of 85 core samples from the historic Nuinsco diamond core drilling have been sent for assay. The initial focus was on reviewing the TerraX core, leading to a significant discovery of gold in the host porphyry from the stripping at Roy and Pettigrew, with one grab sample reporting over 4ppm Au.

Zigzag Lithium

A new three-year exploration permit submitted to the Ontario Ministry has been granted at the Zigzag prospect. This will enable further exploration and drilling on the main zone identified by FCM’s previous prospecting and sampling in 2023.

Previously reported results from an MMI soil sampling programme indicated not only is the main zone open past FCM drilling and channel sampling locations, but that there exists the possibility of a subparallel or spur structure to the south. The granted permit will allow this to be stripped and if warranted drilled.

Management comments

Marc Sale, CEO of First Class Metals, expressed his enthusiasm about the advancements. “The field work at Coco East ensures the property’s positive standing beyond 2024, furthermore we eagerly await the results from the prospecting in a new area of historic potential. The review of the historic drill core from the Sunbeam Property was our initial focus this year after EGS ‘found’ the TerraX core.”

“The award of a further three years Exploration Permit at Zigzag, supported by the Whitesand First Nation is a welcome event. The permit opens up the new structure we delineated in the south and gives us more options on the core structure that we drilled last December.”

FCM’s London Security Exchange-listed share price is currently trading at 2.72 GBX (10:45 am UTC+ 8 hours).

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