(Alliance News) - First Class Metals PLC on Thursday said that is increasingly optimistic about the potential of the Dead Otter Trend in Ontario, after confirming visible gold underlines at the site.
First Class Metals is a metals exploration company seeking large-scale metal discoveries in Canada. The Dead Otter Trend is located at the North Hemlo site in northwest Ontario, Canada.
Exploration is currently in progress at North Hemlo, with a clear focus on drill preparation.
Most importantly, visible gold has been observed in multiple grab samples from Dead Otter, with gold "panned" from pulverised grabs at the site.
First Class Metals has now submitted an exploration permit to the provincial authorities.
Further, a drill contract is under negotiation, with a site visit already undertaken by a drilling operator to review logistics and access for a diamond drilling rig.
"The confirmation of (visible) gold underlines our increasing confidence in the potential of the Dead Otter Trend. This is a very significant milestone for FCM, as is the submittal of the Exploration Permit after extensive but positive and on going discussions with the First Nations. We intend to drill as soon as all the factors allow," said Chief Executive Officer Marc Sale.
First Class Metals shares were trading 5.3% higher at 11.85 pence each.
By Holly Beveridge, Alliance News reporter
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First Class Met (FCM)