Mark Fairbairn spoke to First Class Metals PLC CEO Marc Sale who discussed the £85,000 raised in a private placing & its deployment towards the stripping program at the Dead Otter Trend.
https://youtu.be/-b-3CT9Frfc?si=kZxXBm-70Brh2oaH
The video titled “First Class Metals Raise £85k In Private Placing & Start #gold Exploration in Ontario” features an interview with Mark, the CEO of First Class Metals. The key points discussed include:
- Fundraising: The company raised £85,000 in a private placing at a slight premium, primarily supported by existing shareholders. This unusual amount was due to a last-minute withdrawal of a £15,000 pledge. Despite the premium, the shareholders were supportive, reflecting their loyalty and understanding that discounted shares could harm the share price.
- Use of Funds: The funds will be used for the Dead Otter Trend stripping program, aiming to expose and sample bedrock in four key locations. The program involves stripping vegetation and soil to reveal bedrock, which will be washed and sampled.
- Environmental Considerations: The company plans to use a smaller excavator to minimize environmental impact and intends to mulch vegetation to maintain a cleaner site. This approach is appreciated by local First Nations communities.
- Exploration Goals: The objective is to strip in four locations, including areas with historical gold showings and new anomalous pathfinder areas. They aim to confirm known mineralization and uncover new potential.
- Future Plans and Results: The stripping program is expected to be completed by August, with results anticipated by September. Additional assay results from the Sunbeam core and a high-resolution magnetic survey on K’s gold are also expected soon. The focus remains heavily on gold projects, given the strong gold prices.
- Lithium Projects: Although the current focus is on gold, the company remains optimistic about its lithium projects, like Zigzag, and continues to receive inquiries about them.
- Success Metrics: Success will be measured by confirming existing mineralization and potentially uncovering new prospects, which will inform more targeted exploration efforts.
Overall, the interview highlights the company’s proactive approach to exploration, environmental responsibility, and commitment to delivering value to its shareholders through strategic use of funds and ongoing projects.
