First Class Metals PLC, the UK-listed company focused on the discovery of economic metal deposits across its exploration properties in Ontario, Canada, is pleased to provide a drilling update for drilling at the Roy prospect on the Sunbeam Property (“Roy”).
Highlights
· To date, 5 holes have been completed for approximately 490m
· A minimum of 1,000m is anticipated to be drilled on the Sunbeam property
· The drill programme currently consists of 11 holes
· LiDAR (Light Detecting and Ranging) interrogation ongoing with initial feedback most encouraging
· The results from the Very Low Frequency (“VLF”) magnetic survey are still being reprocessed
· Prime strategic location between Agnico Eagle’s (NYSE:AEM) Hammond Reef and regional holdings
· Sunbeam lies directly between, and is contiguous with, two Agnico Eagle properties and just ~15km from the Hammond Reef gold deposit, with open pit probable mineral reserves estimated to be 3.3 million oz. of gold (123.5 million tonnes grading 0.84 g/t gold (Au), underscoring its exceptional position within a highly endowed, infrastructure-accessible gold district.
Marc J. Sale CEO of First Class Metals Commented:
“The drilling at Roy has progressed very satisfactorily with five holes completed all of which to date have intersected potential mineralised structure(s). Visually I am very encouraged by the deformation and associated veining.Obviously without the benefits of assays, we are reliant on the visual assessment of the prospectivity by the technical crew. However, we all remain enthusiastic and positive at this juncture.“
Roy structure
The lineament where the Roy occurrence / development is located is a district scale structure and has now been traced through historic work and Emerald Geological Services, (“EGS”) prospecting towards the 111ppb lake sediment sample some 5km northeast along strike of the mine shaft. The structure also hosts historic shafts B43 and B45, which further enhances the potential see Figure 1.
Figure 1 illustrating the soil (VLF) grid and locations of historic shafts, including Roy.
Drilling
The planned 1,000m programme has paused for the Prospectors and Developers Association of Canada (“PDAC”) convention and will recommence on or about the 7th March.
Drilling has commenced with hole SUN-26-01 which is a twin of historic hole SP-11-12, see Figure 2 for a snapshot of the core.
Figure 2 showing the core from the drill hole twining’ SP-11-12, on an azimuth of 150o as per historical drilling.
Importantly, the majority of the holes drill will adopt a new azimuth at variance to the historical one of 150o, see Figure 3, this we believe is a far better azimuth / angle to intersect the mineralisation based on the structural understanding FCM has developed through ground observations and thorough review of the historical geological and drill data.
Figure 3 showing core from the newly adopted drill azimuth
A further hole to test geology, mineralisation and structure has been trialled, see Figure 4.
Figure 4 showing core from the drill hole drilled at a significantly different azimuth to this programme and previous drilling.
In early March, these holes will include a new (to previous drilling) azimuth as well as a ‘structural hole’ to test the hypothesis of the intersecting structures. The proposed drill programme was supported by the ‘brainstorming’ panel.
All the drilling at Roy is centred around the historic shafts in the vicinity of the 18.8g/t channel samples as well as the outcrop containing visible gold.
VLF / magnetic survey
In parallel with the soil sampling, a combined VLF and magnetic survey was undertaken. The ‘central grid’ has been completed for 192 stations over a combined 3.8km of line survey. This data is being reprocessed given the initial processing was deemed unsatisfactory.
LiDAR
The LiDAR information for the Sunbeam property and environs is still under interpretation by a third-party consultant. The initial findings are most encouraging and support the concept of gold ‘hotspots’ and structural intersections.
OJEP (Ontario Junior Exploration Programme)
FCM remains optimistic in respect of its application for a fourth consecutive for the maximum grant under the OJEP.
Sunbeam Property background
The Sunbeam property, which now extends to almost 100km2, is situated between two Agnico Eagle properties both of which have gold discoveries, including the Hammond reef resource of 3.3Mozs gold. The mineralisation on all three properties is associated with northeast orientated structures interpreted as splays off the Quetico fault to the south, see Figure 5
Figure 5 showing the similar orientations of the mineralised structures on the three properties emanating from the Quetico fault to the south.
The property contains three historic development sites: i) Sunbeam, the most exploited and the only site with recorded production, ii) Roy and iii) Pettigrew; these all sit on previously identified mineralised, district scale, structures, see Figure 6.
In addition, along these three mineralised structures a number of other significant gold bearing sites have been identified, such as Road zone and AL 308. A potential fourth lineation, the Burger structure, has not yet been explored by FCM.
The historic developments as well as the widespread occurrence of gold emphasises the gold endowment of the property and the potential for a major discovery.
Figure 6 showing the mineralised trends on the Sunbeam property and with the locations of the lake sediment samples, the area of soil / VLF survey as well as the recently staked and optioned claims.
Regionally the property is located about 230km west of Thunder Bay, roughly 30km northeast of Atikokan and is accessible 40km north off highway 11 by the Premier Lake (gravel) road, which transects the property and runs within one mile of the Roy shaft.
Qualified Person
The technical disclosures contained in this announcement have been drafted in line with the Canadian Institute of Mining, Metallurgy and Petroleum standards and guidelines and approved by Marc J. Sale, who has more than 30 years in the gold exploration industry and is considered a Qualified Person owing to his status as a Fellow of the Australian Institute of Mining and Metallurgy.
For Further Information:
Engage with us by asking questions, watching video summaries, and seeing what other shareholders have to say. Navigate to our Interactive Investor hub here: https://firstclassmetalsplc.com/link/rDG2Ge
For further information, please contact:
James Knowles, Executive Chair
Email: JamesK@Firstclassmetalsplc.com
Tel: 07488 362641
Marc J Sale, CEO
Email: MarcS@Firstclassmetalsplc.com
Tel: 07711 093532
