Last checked at 2 Feb 2024 09:57
The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
FIRST CLASS METALS PLC
2 February 2024
Director Change
First Class Metals PLC ("First Class Metals" "FCM" or the "Company") the UK metals exploration company seeking large scale metal discoveries across its extensive Canadian Schreiber-Hemlo Sunbeam and Zigzag land holdings, announces that Ayub Bodi ceases to be a director with immediate effect.
ENDS
For further information, please contact:
James Knowles, Executive Chairman | JamesK@Firstclassmetalsplc.com | 07488 362641 |
Marc J Sale, CEO | MarcS@Firstclassmetalsplc.com | 07711 093532 |
Novum Securities Limited
(Financial Adviser)
David Coffman/ George Duxberry | www.novumsecurities.com | (0)20 7399 9400 |
NOTES TO EDITORS
First Class Metals PLC - Background
First Class Metals listed on the LSE in July 2022 and is focused on exploration in Ontario, Canada which has a robust and thriving junior mineral exploration sector. In particular, the Hemlo 'camp' near Marathon, Ontario is a proven world class address for gold exploration, featuring the Hemlo gold deposit operated by Barrick Gold (>23M oz gold produced), with the past producing Geco and Winston Lake base metal deposits also situated in the region.
FCM currently holds 100% ownership of seven claim blocks covering over 180km² along a 150km strike of the Hemlo-Schreiber-Dayohessarah greenstone belt, exploring for gold, base metals and rare earth element mineralization. In addition, FCM is carrying out a joint venture with Palladium One on the West Pickle Lake Property in the region, a drill-proven ultra-high grade Ni-Cu project.
The flagship property North Hemlo had a high definition low level magnetic Heli-borne survey in April 2022, this was followed with ground prospecting which ultimately defined the 'Dead Otter Trend' which is a discontinuous 4.5km gold anomalous trend with a 19.6g/t Au peak grab sample. This sampling being the highest ever recorded on the North Limb of Hemlo
In October 2022 FCM completed the option to purchase the historical high-grade past-producing Sunbeam gold mine near Atikokan, Ontario, ~15 km southeast of Agnico Eagle's Hammond Reef gold deposit (3.3 Moz of open pit probable mineral gold reserves).
FCM acquired the Zigzag Project near Armstrong, Ontario in March 2023. The property features Li-Ta-bearing pegmatites in the same belt as Green Technology Metals' Seymour Lake Project, which contains a Mineral Resource estimate of 9.9 Mt @ 1.04% Li¬2O. Zigzag was drilled prior to Christmas 2023 and results are pending.
The significant potential of the properties for precious, base and battery metals relates to 'nearology', inasmuch as all properties lie in the same districts as known deposits (Hemlo, Hammond Reef, Seymour Lake), and either contain known showings, geochemical or geophysical anomalies, or favourable structures along strike from known showings (e.g. the Esa project, with an inferred Hemlo-style shear along strike from known gold occurrences).