First Class Metals (LON:FCM) Spodumene in all nine Zigzag drill intersections

First Class Metals PLC the UK listed metals exploration company seeking economic metal discoveries across its extensive Canadian Schreiber-Hemlo, Sunbeam and Zigzag land holdings is pleased to announce that spodumene-bearing pegmatites have been intersected in every targeted hole drilled at First Class Metals’ Zigzag lithium Property.

The identified mineralization remains open along strike and down dip.

HIGHLIGHTS

·      Spodumene (a high-grade lithium mineral – Li[AlSi ₂O₆].) bearing pegmatite intersected in all nine targeted holes drilled.

·      Over 50m of pegmatite intersections recorded (see figure 1 for area of drilling)

·      Multiple mineralised pegmatite zones were intersected in holes targeting 400m of the known 800m strike.

·      Pegmatite thickness exceeded 5m thick, down hole, and the potentially multiphase mineralised system remains open along strike and down dip / plunge.

·      All holes are being systematically logged and marked up for sampling before cutting / sample collection.

First Class is pleased to announce the completion of the final hole of its inaugural drill programme at the Company’s Zigzag Property (the “Property”), located in the Seymour-Falcon corridor in northwestern Ontario, Canada. The drill programme included 9 holes targeting the pegmatite bearing zone and one hole (the tenth, final hole) being a scissor to ZIG-23-06, to confirm the interpreted dip of the structure. The 10-hole, 450-metre drill programme was completed successfully on the 16^th December within budget and time schedules

Photo 1 Drill rig completing FCM-23-09, step back to FCM-23-05

The drilling targeted the 400m central section of the property which had been subject to a non-mechanised stripping and channel sampling programme reporting up to 2.36% lithium (Li₂O) over 5.5m (See RNS 28th November), see figure 1. Historic drill holes also reported an intersection grading 1.08% Li₂O over 6.1m from 12.45m and a separate intersection of 399.8ppm Ta₂O ₅ over 2.92m from 15.50m.

Figure 1–Drilling covered the area of channel sampling and ‘grabs’ on roughly 50 m centres (note historic grid lines are on 200ft (60m) centres).

Visual observations undertaken whilst logging the core have recorded spodumene-bearing pegmatite in all holes which targeted the pegmatite, (see Photo 2-drill hole FCM-23-01) The core is now being logged in detail then it will be ‘marked-up’ for cutting (sampling), it is anticipated that circa 100 samples will be sent for analyses in Thunder Bay. Results from the initial batch are expected in early Q1 2024.

Photo  2-Shallow intersection of pegmatite hosting spodumene (pale green ‘blades’ in hole ZIG-23-01).

Marc J Sale Chief Executive Officer Commented-

“The completion of the drilling at Zigzag has consolidated the undertaking to shareholders / investors that FCM would bring 4 properties to ‘drill ready status’ and drill one this season. I am extremely pleased with the (visual) indications of the drill core and the robust intersections that I have seen so far. I look forward with positive anticipation to the first results. We are already planning the next stages of exploration.”

For further information, please contact: