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 announce that it has completed the final cash payment under the Kerrs Gold Property option agreement and has now secured 100% ownership of the Kerrs Gold Project in northeastern Ontario.
Importantly, the Company has accelerated completion of the acquisition significantly ahead of the original staged earn-in schedule announced on 22 April 2024.
Highlights
• FCM now owns 100% of the Kerrs Gold Project.
• All option obligations completed materially ahead of the original three-year schedule.
• The claims are in the process of being transferred to First Class Metals Canada Inc.
• Acceleration reflects the Company’s confidence in the strategic value of the asset and its broader portfolio positioning initiatives.
• Kerrs hosts a historic NI 43-101 inferred gold resource estimate of 386,467 ounces grading 1.71 g/t Au.
• Full ownership provides maximum strategic and corporate flexibility as FCM advances initiatives focused on unlocking shareholder value.
The Kerrs Gold Project is situated within the highly prolific Timmins Mining Camp in Ontario, Canada, one of the world’s premier gold producing regions, surrounded by major mining operations including Newmont’s Hoyle Pond and Hollinger mines and McEwen Mining’s Black Fox Complex.
By accelerating the acquisition timetable, FCM has consolidated outright ownership of a significant gold asset within a Tier-1 mining jurisdiction at a time when the Company continues to evaluate multiple avenues to maximise value across its Ontario project portfolio.
James Knowles, Executive Chairman of First Class Metals, commented:
“We believe outright ownership of quality projects in established mining jurisdictions, particularly those with defined gold inventory and resource expansion potential, will become increasingly important as new models for recognising and financing resource-backed gold assets continue to emerge.”
Further Information on the Kerrs Gold Project
The Kerrs Gold Project comprises 36 units covering approximately 665 hectares located approximately 90 kilometres east-northeast of Timmins, Ontario within the Abitibi Greenstone Belt.
The Project hosts a historic inferred resource estimate, prepared in accordance with NI 43-101 by Kirkham Geosystems Ltd. in 2011, of:
7,041,460 tonnes grading 1.71 g/t Au for 386,467 ounces of gold at a 0.5 g/t cut-off grade, using a gold price significantly below the current price.
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://firstclassmetalsplc.com/link/PbqQnr
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
