First Class Metals PLC (LON: FCM) the UK metals exploration company focused on the discovery of economic metal deposits across its extensive Canadian – northwest Ontario, land holding is pleased to provide an update on exploration activities.
Highlights
· Exploration currently in progress at North Hemlo, with a clear focus on drill preparation.
· Visible gold has been observed in multiple grab samples from the Dead Otter Trend (‘DOT’) on North Hemlo.
· Gold ‘panned’ from pulverised grabs taken from the DOT.
· Exploration permit submitted to the Provincial authorities, reflecting our confidence in our exploration progress and our commitment to fulfilling all necessary regulatory requirements.
· Drill contract under negotiation, with site visit undertaken by a drilling operator to review logistics and access for a diamond drilling rig.
Marc J. Sale CEO First Class Metals Commented:
“The confirmation of (visible) gold underlines our increasing confidence in the potential of the Dead Otter Trend. This is a very significant milestone for FCM, as is the submittal of the Exploration Permit after extensive but positive and on going discussions with the First Nations. We intend to drill as soon as all the factors allow”.
North Hemlo Exploration Progress:
A field team, working from Manitouwadge, is focussed on the Dead Otter Trend. Initially, exploration is focussed around the historic showing which reported 3.1 g/t Gold (Au) and 0.59% Molybdenum (Mo). Over 100 samples have now been taken and ready for dispatch.
After the completion of the intensive, detailed sampling of the ‘northern’ area, a similar exercise will be conducted to the southeast, in the vicinity of the previously reported new discovery of 19.6g/t Au (as seen in the news release of January 26, 2023). The two areas are separated by approximately 3km, and the structure has been discontinuously traced along the extent and reports other >1g/t Au and anomalous Mo as other ‘pathfinder’ elements.
The Company’s stated objective is to advance the Dead Otter Trend to drill ready status this season with the intention of undertaking stripping then a scout drilling programme once permitting is secured.
Visible Gold (VG) in sampling across the Dead Otter Lake Trend:
Systematic grab samples have been collected along the favourable ‘horizon’ in the area of the old showing. A high percentage of the rock composing each sample are scrutinized for presence of visible gold, see photo 1.
Please follow the link for a photomicrograph of a sample exhibiting visible gold, from work earlier this week. https://images.squarespace-cdn.com/content/v1/609bd256aea691347dbcf1ed/2c18daa8-94d3-4d80-8e0f-180ae1a10b6b/Photomicrograph-of-visible-gold-from-the-Dead-Otter-Lake-Trend.jp
Photo 1-showing geologist reviewing the rocks from intensive sampling of the Dead Otter Trend
Photo 2-Visible gold in a second sample in a photomicrograph of rock from the Dead Otter Trend
Panned gold
Rock samples collected randomly from the zone of intensive sampling were ‘dollied’ then panned-off. A number of gold flecks were seen in the ‘tail’ in the panning dish (see Photo’s 3 -5). This is significant in not only proving the presence of gold in the Dead Otter Trend but also signifies that (some of) the gold present is free-milling, a very important metallurgical aspect for future possible extraction.
Photo 3 -showing the fine gold in the ‘tail’ in the panning dish.
Photo 4-photomicrograph of minute gold specs seen in the panned rock
Photo 5-photomicrograph of further minute gold specs seen in the panned rock
Exploration Permits Submitted
The Exploration Permit which would allow stripping and drilling of the Dead Otter Trend has been submitted to the Mines department for review and consultation. This is after FCM has had, and ongoing, detailed discussions with the pertinent First Nations (FN) groups with traditional land claims over the North Hemlo claim block.
Drill Contract Discussions
Advanced discussions have commenced with a local drilling company, and a review of the contract has been initiated, which included a site visit to assess access for a drill program upon the receipt of a successful permit application.
FCM remains committed to undertaking a scout drill programme on the Dead Otter Trend as soon as logistics and permitting allow.
FCM is committed to exploring the properties currently under its control in order to add value and bring where warranted to a drill point. For further information on our near term plans we would like to signpost investors to our recently created presentation ‘The Big Four’ link: FCM-Report-The-Big-Four-How-we’re-moving-towards-drilling.pdf (squarespace.com)
