First Class Metals (LON:FCM) Dead Otter Gold Trend

First Class Metals PLC (LON: FCM), the UK-listed company focused on the discovery of economic metal deposits across its exploration properties in Ontario, Canada, is pleased to provide an exploration update.

This update follows on from the news release of 24 July 2024 in which FCM announced the ‘upgrade’ of the Dead Otter trend within its 100% owned North Hemlo Property to a high-profile target. The planned stripping and channel sampling at three locations along the 3.7 km strike identified, has now been successfully completed.

EXPLORATION PROGRAMME HIGHLIGHTS:

·    Stripping and channel sampling have been completed at three locations along the Dead Otter trend

·    Extensive channel sampling at the 19gramme location.

o 18 channels cut for 70 samples.

·    Channel samples are currently being analysed at a laboratory in Thunder Bay.

·     First assay results are expected within the month, with subsequent batches of additional results to be received over the coming weeks.  Further market updates will be provided as results are received, analysed and interpreted and verified if required.

·    Results of 25 total Fire assay of selected 2023 season pulps received

·    In addition to the channel sampling in August, 127 coarse residues from the highly successful 2022/23 sampling programs were submitted for Photon assay.

Marc J. Sale CEO First Class Metals Commented:

“The exploration work on the Dead Otter trend continues to deliver positive results, visually the channels cut show that the 19 grammer is potentially not an isolated high-grade occurrence. The anticipated results from the stripping / sampling will allow a decision to drill specific locations and to expand the footprint of the mineralised structure with additional stripping along strike.”

FURTHER INFORMATION

Dead Otter Trend

·    The Company has confirmed the presence of a discontinuous 3.7km long gold trend at Dead Otter (open along strike so potentially larger) in the south of the North Hemlo Property.

·    North Hemlo property covers ~90km² and contiguous with the OnGold property, 35km² and contains the GT Resources JV over West Pickle Lake 7km².

·    The Property is only 20km north of Barrick’s Hemlo 23 million ounce gold (“Au”) mine.

·    The structure forming the Dead Otter trend is considered to be subparallel to a district scale structure identified in the magnetics that has similarities to the structure hosting the Barrick Hemlo gold mine, see Figure 1; furthermore, the Dead Otter showing contains significant molybdenum, also a characteristic of the Hemlo mineralisation.

·    Visible gold has been observed in multiple grab samples from the Dead Otter trend, a grab sample reported 19.6g/t Au with a 13.6g/t Au sample in the near vicinity.

·    Exploration Permit covering the North Hemlo block, including the 3.7km gold trend at Dead Otter was granted in November 2023 and is valid for three years. The permit allows mechanical stripping and diamond core drilling, and a drilling operator has successfully reviewed site logistics and access for a diamond drill rig.

·    The Company believes that this work programme will be the last exploration step that should be required for delineation of actual drill hole locations.

Figure 1 showing the district setting with the vast Barrick Hemlo gold mine on the south limb and the Dead Otter trend on FCM’s 100% owned property containing the high grade ’19gramme’ location.

North Hemlo Exploration Progress:

A field team, working from Manitouwadge spent five weeks supervising the clearing and then the channel sampling in three distinct locations on the Dead Otter trend.

An access trail was cleared to each area which was then stripped – the removal of the soil and vegetation (over burden). Then the bare rock was pressured washed before the geologist mapped and marked out the samples for diamond saw cutting.

At the 19 grammer, 10 separate channels were cut up to 3.1m for a total of 55 samples.

At the historic showing which reported 3.1 g/t gold (Au) and 0.59% molybdenum (Mo), three channels were cut for cumulative 5 samples.

At the 2.3g/t ‘showing’ 750m to the southeast a further 5 channels were cut for 10 samples. Trenches were cleared over the 2.3g/t location as well as 25m to the east and west.

See figure 2, below for relative locations of channels

Figure 2, showing the Dead Otter trend with details of the location of the channels and samples

Channel Sampling Process Detailed

Channels samples are taken by cutting two parallel diamond sawn ‘groves’ in the rock up to 4cm deep and 4cm wide. The rock between the cut grooves is then chipped out bagged, see figures 3 to 9 for a sequential account of the stripping / sampling process.

The programmes were extended at the 19 gramme location with a significant increase in the number of samples taken, in line with previous announcements of the expanded stripping programme.

Figure 3 initial stages of ‘stripping’: mechanical removal of overburden

Figure 4 overburden removed, bare rock – outcrop revealed

Figure 5 washing off the soil to clean outcrop

Figure 6 The cleaned outcrop is mapped and ‘marked-up’ for cutting samples

Figure 7 cutting samples with diamond saw.

Figure 8 showing two parallel cuts for sampling

Figure 9 collecting and bagging samples

The results from 25 ‘total pulp assay’ whereby up to 500g was assayed, as compared to the standard 50g Fire Assay, have been received. The results validate and, in some cases, have enhanced the original results.  These pulps were submitted as FCM believes there is the potential for ‘coarse gold’ at Dead Otter.

Whilst the ‘total pulp’ assays confirm the previous assays the coarse gold situation is still not addressed. Hence over 100 samples from the 2022/23 programme were submitted for Photon Assay, these results are anticipated shortly.

The initial results from the completed stripping programme are expected within the month with further announcements as deemed appropriate. Depending on the findings of the Photon Assay results selected samples will be re assayed using this methodology.

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://fcm-l.investorhub.com/link/MP7o0P

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