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 report initial drill results for holes 1-4 and provisionals for holes 5 and 6 from the drilling at the Roy prospect on the Sunbeam Property.
Highlights
· Bonanza-grade gold intersected in drill hole SUN-26-05, with visible gold observed, highlighting the presence of a high-grade mineralising system
· Provisional Fires assays (“FA”) results have been received from holes SUN-26 01 to 04
· Provisional Photon assay results confirm high-grade gold in holes SUN-26-05 and 06, including the standout bonanza intercept
· Results prove that the Roy lineament is a gold bearing structure, validating the Company’s geological model.
· The drilling has demonstrated geological continuity over >250m of strike, supporting potential for scale along the structure.
· Logging is completed and drill hole interpretation started.
· Very Low Frequency (“VLF”) survey identifies multiple additional conductive targets along strike at Roy.
· The Roy VLF survey to be extended to the northeast to test further strike extensions and unlock additional potential
· VLF survey to commence at Pettigrew early May, targeting a parallel mineralised structure
· Additional assay results pending, with further updates to follow as results are received
Marc J. Sale CEO First Class Metals Commented:
“The initial assay results from the drilling at Roy have vindicated our belief that the Sunbeam property contains significant gold potential. The drilling at Roy has tested only 1% of the known strike extent of the mineralised lineaments. To put Roy in perspective one must recall that Hammond Reef, only 10km to the northwest, has an average grade of 0.84g/t gold, with no reported ‘high grade’. At Roy we have identified low grade zones as well as importantly bonanza grade gold values. I feel confident that, as we grow our understanding based on the information generated by FCM’s new approach at Roy we can not only upgrade the Roy values but mirror this across the property.”
https://firstclassmetalsplc.com/link/Pmddar
Roy structure
The lineament that the Roy occurrence / development is located on is a district scale structure. It has now been traced through historic work and prospecting by Emerald Geological Services (“EGS”) towards the 111ppb lake sediment sample, some 5km northeast along strike of the Roy mine shaft. The structure also hosts historic shafts B43 and B45. The recent VLF interpretation shows multiple conductors sub parallel to the Roy trend, which further enhances the potential, see Figure 1.
Figure 1 Showing the soil (and coincident VLF) grid, locations of historic shafts, including Roy, and drill holes around the Roy shaft as well as the strike extension to the NE.
Drill results
The Fire Assay for the first four drill holes have been received.
The initial hole which attempted to twin the historic drill hole (SP-11-12 4g/t Au over 1.85m) contained ~2m @1.3g/t Au; the second hole contained 1.1m @ 2.3g/t. Holes three and four both contained a metre at roughly 0.5g/t Au.
The photon assay results have also been received for the three sections of core with reported VG.
Hole 06 (second reported dual occurrence of VG) contained two consecutive samples giving 0.6m @ 2.2g/t Au. Significantly hole 05 which contained the initial report of VG, returned 0.3m @ 45g/t gold which would equate to almost 5 ounces of gold over one metre, 150g/m (gram metres).
Figure 2 Showing the initially reported VG in hole 05, with strong association to galena (lead mineral).
The fire assays for holes 05 and 06 are still to be received, given the coarse nature of the gold and the different quite distinctive assay methods some discrepancy with the photon assays are expected.
Initial plots of the anomalous gold assay result confirm the continuity of the mineralised package over >150m, see Figure 3.
All 12 holes intersected the targeted ‘structure’ or the potentially mineralised package which is now confirmed over a strike length exceeding 300m, see Figure 3 and remains open along strike to the northeast and southwest.
Figure 3 showing the 12 drill holes at Roy with initial interpretation of the potentially mineralised package which extends over 300m.
The initial 4 drill hole results, all contain anomalous to +2g/t Au and are considered encouraging. Even more so give the bonanza value in the photon assay of almost one and a half ounces in hole 05.
The strike extent of the drilling covers ~300m but the soil sampling (and in part VLF) grid extends over 1,500m to the northwest. A highly anomalous lake sediment sample collect in 2023 containing 111ppb Au is a further 1,500m along strike from the end of the soil grid. There is also a string of grab samples along strike to the southwest with a +1ppm samples 5 km along strike. All these factors continue to build up the expectation of a +10km mineralised structure. The Roy lineament is one of three structures on the Sunbeam property with proven gold occurrences.
The initial results from the LiDAR study have shown the Roy lineament is a very robust structure. It is intended to extend the VLF grid to cover the northern soil survey area and potentially. Provisionally both could be extended further to the northeast.
The visible gold is seen in association with galena, potentially an important pathfinder. The lead (Pb) and gold when plotted on the soil grid indicate several ‘bullseyes’ along strike where highly anomalous Au and Pb assay results are recorded, see Figure 4
Figure 4 showing the coincident Pb and Au anomalism.
Work is ongoing integrating the VLF, LiDAR and geochemistry with the local geology and structure.
As the weather is steadily improving in northwest Ontario, the ‘thaw’ heralds the start of the field season. Work will continue at Roy as described above and it is intended to undertake work on the parallel lineament that hosts the Pettigrew development. Historic drilling by TerraX produced 19.4 g/t Au over 0.63m and 15.17 g/t over 1.37m in two zones separated by 15m in hole 57751. Channel and grab samples from FCM exploration have returned significant gold grades, including:13.0 g/t Au grab sample from quartz rubble dug up beside the stripped outcrop. 3.5 g/t Au in a channel over 0.2m in a quartz vein (with galena and chalcopyrite); 1.82 g/t Au in a channel over 0.75m in sheared porphyry.
The growing understanding of the structural controls to the mineralisation gleamed from the ongoing work at Roy will be used to explore the area immediately around the Pettigrew shafts and pits as this zone is all-weather accessible.
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.
Glossary of Technical Terms
|
Term |
Explanation |
|
Alteration |
Chemical changes to rock caused by mineralising fluids, often associated with ore-forming processes. |
|
Bonanza Gold |
A Bonanza gold grade refers to exceptionally high-concentration gold ore, typically exceeding 34 grams per tonne (g/t) or over 1 troy ounce per ton (opt). These rare, high-value deposits often feature visible gold |
|
Core |
Cylindrical rock recovered during diamond drilling, used to examine geology and mineralisation. |
|
Drill Hole |
A hole drilled into the ground to obtain rock samples (core) for geological logging, sampling and analysis. |
|
Galena |
A lead sulphide mineral (PbS) that can be associated with precious metal mineralisation in some geological systems. |
|
Logging |
The detailed geological description and recording of drill core, including rock type, alteration and mineralisation. |
|
Mineralised Package |
A sequence of rocks containing minerals associated with potential economic metal deposits. |
|
Schist |
A metamorphic rock characterised by strong foliation and alignment of minerals. |
|
Sampling |
The process of cutting and collecting sections of drill core for laboratory analysis to determine metal content. |
|
Structure / Structural Zone |
A geological feature such as a fault or shear zone that may control the movement of mineralising fluids and the location of mineral deposits. |
|
Assay |
Laboratory analysis used to determine the concentration of metals within a rock sample. |
|
Quartz Vein |
A fracture or crack in rock that has been filled with quartz. Quartz veins are commonly associated with gold mineralisation. |
|
Strike Length |
The horizontal distance over which a geological structure or mineralised zone can be traced. |
|
Tonalite |
A coarse-grained intrusive igneous rock similar to granite, commonly found in mineralised geological terranes. |
|
Visible Gold (VG) |
Gold that can be seen with the naked eye in drill core or rock samples. Visible gold does not necessarily indicate economic grades but is considered a positive indicator in gold exploration. |
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:www.firstclassmetalsplc.com
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
