RE: Nice set of assets here, potentially a huge upside5 May 2025 18:31
They have plenty at the moment did you read the latest rns? Winter season in process and will be reported on in the short term and interested parties already at the table... I think you need to read this, posted in the fcm share group ... First Class Metals PLC – Asset Portfolio Overview (June 2022 – Present)
First Class Metals PLC (FCM) is a UK-listed exploration company focused on northwestern Ontario, Canada – notably the prolific Hemlo-Schreiber greenstone beltresearch-tree.com. Since its IPO in July 2022, FCM has assembled and advanced a portfolio of gold, base metal, and battery metal projects. The current assets (excluding the sold Enable and McKellar properties) include North Hemlo, West Pickle Lake JV, Sunbeam, Esa, Magical, Coco East, Sugar Cube, Zigzag, Kerrs Gold, and the OnGold (McGill Township) property. Below is a detailed review of each asset, including geological context, exploration activities since mid-2022, key results, ownership structure, and valuation considerations grounded in peer comparisons and project milestones.
North Hemlo (Flagship Gold & Base Metals Project)
Project Summary & Geology: The North Hemlo property is FCM’s flagship, covering ~83 km² research-tree.com in the Hemlo-Schreiber greenstone belt – the same district that hosts Barrick’s giant Hemlo gold mine (>23 Moz gold produced)research-tree.com. North Hemlo lies along the “North Limb” of the Hemlo belt and exhibits geology prospective for shear-zone hosted gold and associated molybdenum and base metals. In 2022, high-resolution airborne magnetics outlined structural features, and ground prospecting discovered the Dead Otter Lake gold trendinvestegate.co.uk. Dead Otter is a 4.5 km long discontinuous gold anomaly trend with quartz veins and visible gold occurrences, accompanied by pathfinder elements like molybdenum and telluriumresearch-tree.com. A grab sample of 19.6 g/t Au was obtained – the highest gold assay recorded on Hemlo’s north limb to dateinvestegate.co.uk. This trend, along with historical showings (e.g. 3.1 g/t Au with 0.59% Mo in outcrop), indicates a potentially significant gold-bearing structureresearch-tree.com.
Recent Exploration Timeline (since mid-2022):
• H1 2022: Completed low-altitude magnetic heli-borne survey (April 2022) to map structuresinvestegate.co.uk. Initial field prospecting identified the Dead Otter gold trend, including multiple high-grade grab samples (up to 19.6 g/t Au) along 4.5 kminvestegate.co.uk.
• H2 2022: Follow-up mapping and sampling expanded the gold-anomalous trend. FCM applied for exploration permits to allow stripping, trenching, and drilling along Dead Otter. The North Hemlo project was established as the core focus.
• 2023: Continued prospecting and soil sampling. An exploration permit covering the 3.7 km central Dead Otter trend was granted in October 2023, valid for 3 yearsresearch-tree.comresearch-tree.com. This permit enables mechanized stripping of overburden and dri