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Wide Zones Nickel-Copper Mineralisation from WPL

19 Apr 2023 11:30

RNS Number : 7349W
First Class Metals PLC
19 April 2023
 

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

19th April 2023

Wide Zones of Nickel-Copper Mineralisation from West Pickle Lake

 

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, Ontario focussed land holding is pleased to provide an update on activities in respect to the Company's West Pickle Lake project into which Palladium one has Earn In/Joint Venture (JV) rights, ("Pickle Lake JV" "West Pickle Lake (zone)" "WPL") with Palladium One Inc (TSXV:PDM) ("Palladium One").

 

Highlights Reported by Palladium One

 

 

· Wide zones of nickel-copper mineralization intersected at West Pickle Lake Include:

 

0.6% Ni, 0.4% Cu, 0.01% Co, 0.08 g/t Total Precious Metals ("TPM") (Pt+Pd+Au) over 28.2 meters in hole TK22-114

§ Including 2.0% Ni, 0.6% Cu, 0.04% Co, 0.12 g/t TPM over 3.2 meters

0.43% Ni, 0.26% Cu, 0.01% Co, 0.06 g/t TPM over 27.0 meters in hole TK22-118

§ Including 2.0% Ni, 0.7% Cu, 0.04% Co, 0.14 g/t TPM over 1.0 meters

1.5% Ni, 0.7% Cu, 0.02% Co, 0.30 g/t TPM over 8.0 meters in hole TK22-116

§ Including 10.0% Ni, 4.47% Cu, 0.14% Co, 2.13 g/t TPM over 1.0 meters

 

· The most easterly hole to date on West Pickle returns high grade:

 

1.9% Ni, 1.04% Cu, 0.03% Co, 0.58 g/t Total Precious Metals ("TPM") (Pt+Pd+Au) over 2.6 meters in hole TK22-117

§ Including 5.7% Ni, 1.9% Cu, 0.07% Co, 1.57 g/t TPM over 0.8 meters

§ West Pickle remains open for expansion to the east toward the RJ Zone

 

First Class Metals is delighted to report the latest assay results form the West Pickle Lake massive sulphide discovery. These drill results reinforce both the high-grade nature of the West Pickle Lake Zone and the potential for tonnage as reported in hole TK22-114, the widths and grades are similar to the Palladium One RJ Zone approx. 2.5km to the East and further develops the theory of the chonolith / feeder dykes in the area to host significant mineralisation.

 

Marc J Sale, First Class Metals CEO commented:

"This latest results from WPL are the widest intercepts reported to date from the discovery, but importantly we are still seeing some high grade material which has been the focal point of the assays released to date. Additionally, we also are seeing the potential for shallower 'bulk tonnage' in these wider widths. The discovery remains open along strike both to the west and east and down dip / plunge. The results provide further encouragement for our 100% owned contiguous North Hemlo project area and we look forward to developing our own exploration plans in this area through 2023."

 

 

 

The most easterly hole drilled to date on the West Pickle Lake Zone (Hole TK22-117), intersected high-grade massive nickel-copper sulphides and has extended the zone to over 600 meters in length, and it remains open for further expansion on the east, west and at depth.

 

 

Table 1: Assay Results: Selected Drill Results from the West Pickle Lake Zone

 

Hole

 

From (m)

To (m)

Width (m)

Ni %

Cu %

Co %

TPM g/t (Pd+Pt+Au)

Pd g/t

Pt g/t

Au g/t

TK22-059

 

184.0

187.7

3.7

2.33

1.85

0.06

0.45

0.21

0.21

0.03

 

 

185.3

187.7

2.4

3.49

2.73

0.09

0.64

0.30

0.30

0.04

 

 

185.3

187.0

1.8

4.79

3.67

0.12

0.87

0.41

0.41

0.05

 

 

185.3

185.9

0.6

8.21

1.60

0.24

1.62

0.80

0.79

0.03

TK22-060

 

183.7

196.3

12.6

0.72

0.34

0.02

0.14

0.06

0.06

0.02

 

 

184.3

189.0

4.7

1.77

0.63

0.03

0.27

0.12

0.12

0.03

 

 

186.6

189.0

2.4

3.18

0.99

0.06

0.39

0.18

0.19

0.02

 

 

188.0

188.5

0.5

7.60

1.25

0.12

0.41

0.18

0.20

0.03

TK22-070

 

164.6

174.7

10.1

2.47

0.99

0.04

0.27

0.14

0.10

0.02

 

 

164.6

168.4

3.8

6.42

2.40

0.09

0.64

0.35

0.25

0.04

 

 

165.4

167.6

2.3

10.41

3.40

0.14

0.92

0.53

0.34

0.04

 

 

165.4

167.1

1.7

12.58

2.49

0.17

0.94

0.60

0.30

0.04

 

 

165.4

166.3

0.9

12.90

2.70

0.16

1.05

0.67

0.34

0.04

TK22-072

 

149.0

153.1

4.1

2.05

0.89

0.04

0.36

0.11

0.22

0.03

 

 

150.4

153.1

2.7

3.08

1.18

0.07

0.45

0.14

0.29

0.02

 

 

151.7

153.1

1.5

5.33

1.48

0.12

0.67

0.17

0.48

0.02

 

 

151.7

152.3

0.7

7.39

2.22

0.16

0.95

0.24

0.69

0.03

TK22-073

 

137.5

140.1

2.6

7.19

2.01

0.10

0.56

0.32

0.20

0.05

 

 

137.5

139.3

1.8

10.32

2.88

0.15

0.80

0.46

0.27

0.07

 

 

138.5

139.3

0.8

11.90

0.98

0.16

0.64

0.33

0.26

0.05

TK22-074

 

148.9

150.8

2.0

3.94

2.50

0.05

0.55

0.36

0.17

0.02

 

 

149.9

150.8

0.9

8.14

2.84

0.11

1.05

0.71

0.31

0.03

TK22-109

130.0

140.0

10.0

0.32

0.14

0.01

0.03

0.01

0.01

0.00

 

130.0

131.0

1.0

1.52

0.26

0.03

0.11

0.08

0.03

0.01

 

163.0

167.2

4.2

0.14

0.06

0.01

0.02

0.01

0.01

0.00

TK22-110

131.6

135.3

3.7

0.78

0.12

0.02

0.13

0.04

0.09

0.00

 

132.6

133.6

1.0

1.63

0.10

0.05

0.28

0.06

0.22

0.00

TK22-112

146.0

148.0

2.0

0.16

0.07

0.01

0.02

0.01

0.01

0.00

 

170.0

174.0

4.0

0.11

0.05

0.01

0.01

0.01

0.00

0.00

TK22-113

Abandoned due to deviation

TK22-114

 

116.6

144.8

28.2

0.65

0.38

0.01

0.08

0.03

0.04

0.01

 

117.6

138.8

21.2

0.84

0.49

0.02

0.10

0.04

0.05

0.01

 

117.6

120.8

3.2

2.05

0.61

0.04

0.12

0.06

0.05

0.01

TK22-115

115.8

118.6

2.8

0.16

0.11

0.01

0.05

0.02

0.03

0.00

 

116.8

117.6

0.8

0.34

0.05

0.02

0.11

0.04

0.07

0.00

TK22-116

 

137.0

145.0

8.0

1.49

0.71

0.02

0.30

0.11

0.04

0.14

 

137.0

140.0

3.0

3.87

1.71

0.06

0.76

0.29

0.10

0.37

 

 

137.0

138.0

1.0

10.01

4.47

0.14

2.13

0.82

0.22

1.09

TK22-117

106.5

109.0

2.6

1.91

1.05

0.03

0.58

0.33

0.24

0.02

 

107.2

108.0

0.8

5.66

1.94

0.07

1.57

0.97

0.55

0.05

TK22-118

 

101.0

128.0

27.0

0.43

0.26

0.01

0.06

0.03

0.03

0.01

 

107.0

123.0

16.0

0.58

0.36

0.02

0.09

0.04

0.04

0.01

 

115.0

116.0

1.0

2.03

0.73

0.04

0.09

0.04

0.05

0.01

TK22-119

104.0

105.0

1.0

0.28

0.23

0.01

0.07

0.02

0.03

0.02

TK22-120

173.1

175.8

2.7

0.76

0.37

0.03

0.16

0.09

0.06

0.01

 

174.1

175.0

0.8

1.71

0.79

0.09

0.39

0.21

0.16

0.02

TK22-121

No significant values

TK22-122

No significant values

 

(1) Reported widths are "drilled widths" not true widths. Italicised grey shaded values are previously reported.

 

 

Figure 1. Blebby and stringer nickel-copper sulphide in altered clinopyroxenite in hole TK22-114 ~130m down hole.

 

The West Pickle Lake mineralised zone continues to expand and be enhanced by the drill intersections reported by Palladium One and remains open to the west, east and at depth.

 

Figure 2. Long section looking south of the West Pickle Lake Zone, note importantly open to the west.

 

Palladium One has identified positive results for a property wide feeder dyke / chonolith geological model with first test returning wide interval of anomalous nickel, which supports the exploration hypothesis that east-west trending interpreted feeder dykes are mineralized (hole TK22-076, located 2 kilometers to the west of the West Pickle Lake Zone), see Figure 3

 

 

Figure 3. Plan and long section looking north perpendicular to the interpreted chonolith structure linking the West Pickle Lake and RJ zones, showing potential for massive sulphide mineralization beyond the depth detectable by the 2021 VTEM airborne survey.

 

To date a total of 32 holes, totalling 6,766 meters have been drilled in the vicinity of the West Pickle Lake Discovery. At present, West Pickle Lake mineralization has been defined over more than 600 meters of strike length (Figure 2,3). th. The potential for further discovery to the west is highlighted by the anomalous results from hole TK22-076, see Figure 4

 

 

 

 

 

Figure 4 showing the whole of the FCM North Hemlo property with WPL and hole TK22-076

 

 

 

 

QA/QC

The quality assurance and control reported by Palladium One are considered in line with industry guidelines.

 

 

 

For further information please contact:

James Knowles, Executive Chairman

JamesK@Firstclassmetalsplc.com

07488 362641

Marc J Sale, CEO

MarcS@Firstclassmetalsplc.com

07711 093532

Ayub Bodi, Executive Director

AyubB@Firstclassmetalsplc.com

07860 598086

 

First Equity Limited

(Financial Adviser & Broker)

 

Jonathan Brown

0207 3742212

Jason Robertson

0207 3742212

 

 

First Class Metals PLC - Background

First Class Metals is focussed on exploration in Ontario, Canada which is considered a top global destination for exploration with a robust and thriving junior mineral exploration sector. Specifically, the Hemlo 'camp' is a proven world class address for gold /VMS exploration. This geological terrane has significant production, both base / precious metals and a prolific number of exploration projects and numerous prospector's showings.

FCM has commenced exploration programmes based on the detailed historical data review of available information on and around its seven claim blocks which comprise over 180km².

 

Figure 5. The original claim blocks that formed the 'North Hemlo Property'. Note Pezim II (33 claims) are now the renamed 'West Pickle Lake' Palladium One JV/earn in property. 

 

FCM-PDM JOINT VENTURE/EARN IN BACKGROUND

In July 2021 FCM secured a JV with Palladium One over the Pickle Lake Project area (comprising 33 single cell mining claims and the "Project") Palladium One have the option to earn-in to an 80% interest in the Project subject to a three-year work program commitment. The JV sits on the Eastern flank of FCM's Flagship North Hemlo Project.

Palladium One has the option to earn up to an 80% undivided working interest and a royalty Buy-Back Right, in the Earn-In Properties, over a 3-year earn-in period by incurring Canadian Exploration Expenses as follows:

Year 1 - an amount of not less than C$25,000 on or before the 1st anniversary of the Effective Date:

Year 2 - an amount of not less than C$135,000 (for an aggregate amount of $160,000) on or before the second anniversary of the Effective Date to earn a 51% interest; and

Year 3 - an amount of not less than C$165,000 (for an aggregate amount of not less than $325,000) and by preparing a National Instrument 43-101 ("NI43-101") Technical Report with respect to the Earn-In Properties on or before the third anniversary of the Effective Date to earn an additional 29% (for a total aggregate 80% interest).

 

Forward Looking Statements

Certain statements in this announcement may contain forward-looking statements which are based on the Company's expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts. Such forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as 'aim', 'anticipate', 'target', 'expect', 'estimate', 'intend', 'plan', 'goal', 'believe', or other words of similar meaning. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

 

Links to External Sites

The document may contain links to other websites; these external websites are not under FCM's control. FCM's shall not be held responsible for such websites and do not make any warranties regarding the same. FCM's do not endorse these websites in any manner.

 

 

*Nickel Equivalent ("NiEq")

Nickel equivalent is calculated using US$1,700 per ounce for palladium, US$1,100 per ounce for platinum, US$1,800 per ounce for gold, US$4.25 per pound for copper, US$8.50 per pound for nickel and US$25 per pound for Cobalt. This calculation is consistent with the commodity prices used in the Palladium One 2022 NI 43-101 LK resource estimate (see their news release April 25, 2022).

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
DRLFZGMDNLRGFZG
12
Date   Source Headline
19th Apr 20237:00 amRNSHolding(s) in Company
29th Mar 20237:00 amRNSOntario Junior Exploration Program-Grant Receipt
24th Mar 202312:00 pmRNSHolding(s) in Company
15th Mar 20238:40 amRNSWarrant Conversion & Issue of Equity
9th Mar 20237:00 amRNSZigzag Lithium Property Earn-In & Issue of Equity
2nd Mar 20237:00 amRNSMcKellar & Magical Exploration Update
27th Feb 20237:00 amRNSAppointment of European Corporate Advisor
23rd Feb 20231:00 pmRNSChange of Auditor
7th Feb 20237:00 amRNSSunbeam 2nd Instalment, Funding & Issue of Equity
6th Feb 202311:38 amRNSHigh Grade Nickel Assays from West Pickle Lake
26th Jan 20237:00 amRNSGold & Molybdenum Trend Identified on North Hemlo
23rd Jan 20234:29 pmRNSExercise of Warrants and Issue of Equity
17th Jan 20237:00 amRNSNew Gold ‘Showing’ on the Enable Claim Block
12th Jan 202311:30 amRNSHigh Grade Nickel Sulphide Assays-West Pickle Lake
10th Jan 202310:00 amRNSExercise of Warrants and Issue of Equity
3rd Jan 20234:40 pmRNSSecond Price Monitoring Extn
3rd Jan 20234:35 pmRNSPrice Monitoring Extension
28th Dec 20227:00 amRNSPublication of Inaugural ESG Statement
23rd Dec 202212:00 pmRNSExercise of Warrants & Issue of Equity
23rd Dec 202211:00 amRNSHolding(s) in Company
12th Dec 20224:50 pmRNSWarrant Conversion & Issue of Equity
12th Dec 20227:00 amRNSExclusivity for Lithium property & Issue of Equity
29th Nov 202211:30 amRNSHigh Grade Nickel Sulphide Assays-West Pickle Lake
28th Nov 20227:00 amRNSEsa Property Geophysical (VTEM) Reinterpretation
25th Nov 20224:55 pmRNSExercise of Warrants and Issue of Equity
21st Nov 20221:00 pmRNSFurther High-Grade Assays from West Pickle Lake
19th Oct 20227:00 amRNSAward of exploration Permits-Sunbeam Project
17th Oct 20224:41 pmRNSSecond Price Monitoring Extn
17th Oct 20224:36 pmRNSPrice Monitoring Extension
17th Oct 20222:06 pmRNSSecon Price Monitoring Extn
17th Oct 20222:06 pmRNSSecond Price Monitoring Extn
17th Oct 20222:01 pmRNSPrice Monitoring Extension
17th Oct 20222:01 pmRNSPrice Monitoring Extension
14th Oct 20222:40 pmRNSHolding(s) in Company
5th Oct 20227:00 amRNSHigh Grade Nickel Assays from West Pickle Lake
4th Oct 20227:00 amRNSSunbeam Acquisition, Financing & Subscription
15th Sep 20227:00 amRNSUpdate on REE Potential of the McKellar Property
9th Sep 20227:00 amRNSAppointment of Director to Canadian Subsidiary
7th Sep 202211:30 amRNSHigh Grade Nickel Sulphide Discovery-Pickle Lake
18th Aug 20227:00 amRNSExploration Program Update-Esa Property
4th Aug 20227:00 amRNSExploration Program Update
29th Jul 20227:00 amRNSFirst Class Metals PLC Initial Admission
12

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