TIDMFMET
RNS Number : 3288H
Fulcrum Metals PLC
27 July 2023
Fulcrum Metals plc / EPIC: FMET / Market: AIM / Sector:
Mining
27 July 2023
Fulcrum Metals plc
("Fulcrum" or the "Company" or the "Group")
Results of Big Bear Extension and Tocheri Lake Airborne
Geophysical Surveys
Fulcrum Metals plc (LON: FMET), a company focused on mineral
exploration and development in Canada , is pleased to provide an
update on the results of the recent airborne geophysical surveys at
Big Bear, part of the Groups Schreiber-Hemlo project and Tocheri
Lake properties, Ontario, Canada.
Highlights
Big Bear Property
-- Integration of Fulcrum's newly acquired airborne data with
previous magnetic and Electromagnetic ("EM") data over the full Big
Bear claim block has significantly enhanced the prospectivity of
the property .
-- The recent survey identified 250 new geophysical anomalies,
of which 54 are designated for priority investigation.
-- The addition of the new survey data to the historical survey
data completed by Panther Metals plc in 2020, and taking into
account any areas of overlap, the total number of geophysical
anomalies have increased by 188 from 253 to 441 and those
designated as priority for investigation increased by 33 from 39 to
72 (Figure 1).
-- The infill magnetic mapping, particularly in the area of
Schreiber Pyramid gold target, shows a number of magnetic
structures that correlate with gold mineralisation in bedrock and
soils. These structures could link the gold occurrences and require
further field checking (Figure 2).
-- Numerous conductive EM anomalies were identified (Figures
3-5), both localised and more linear features that appear to be
linked to banded iron formations ("BIF") which could represent gold
targets.
-- The results of the airborne survey will be merged with data
from the recent mapping and sampling programme reported as soon as
assay results are received and assessed (see RNS dated 22 June
2023).
Tocheri Lake Property
-- The survey was particularly aimed at potential Ni-Cu-PGE
mineralisation similar to recently discovered mineralisation on the
Palladium One property immediately to the west (Tyko etc.) related
to a series of mafic/ultramafic feeder dykes.
-- A number of distinct magnetic lineaments were identified
striking discordant to the main linear trend, which may be
indicative of structures of interest for exploration, possibly
analogous to features seen on the Palladium One Mining inc claim
block (Figure 6).
-- These distinct magnetic features represent legitimate targets for ground investigation.
-- Checking of coincident magnetic/weak EM anomalies in the NE
of the survey area is also warranted, as they might be indicative
of more deeply buried massive sulphide bodies Figure 7).
Ryan Mee, Chief Executive Office of Fulcrum Metals plc,
commented:
"The results of the geophysical surveys are very encouraging and
provide us with a clearer understanding of the Big Bear property.
The survey has greatly increased the prospectivity of the Big Bear
property not only increasing the number of priority geophysical
targets by 85% to 72, but also identifying several new structures
and target areas for investigation. Of immediate interest is the
infill mapping in the Schreiber Pyramid area which shows several
magnetic structures correlating with gold in rock and soils adding
to our confidence as a drill target area. We are waiting for the
results of our recently completed sampling and mapping groundworks
in this area, which will be integrated with the new survey data and
provide us with greater visibility over the area.
Results from the Tocheri Lake project, which comprises of a
large, underexplored area are important and allows us to be more
targeted as the Company prepares to commence groundwork later this
year.
Fulcrum continues to make good progress at the Big Bear property
where it prepares to start a drilling program later this year and
to take the first steps at its Tocheri Lake project in what appears
to be an emerging Nickel-Copper district."
Geophysical Survey Details
Heliborne surveys were flown in early May 2023 over the
Company's Big Bear (Big Bear Extension) and Tocheri Lake properties
in the Schreiber-Hemlo Greenstone Belt by Prospectair Geosurveys
using magnetic and time-domain electromagnetic ('EM') methods.
Big Bear Extension
Survey Parameters
This survey was designed as an extension of a previous survey
performed in 2020 covering new claim areas that were recently added
to the Big Bear block and using the same survey parameters. This
new survey is therefore referred to as Big Bear Extension. Four
survey blocks, referred to as East, South, West and Syenite Lake,
were flown for a total of 448 line km. The blocks were flown with
traverse lines at 100m spacing at a nominal survey height of
85m.
Once the new data were processed, they were merged with the
previous survey data to produce unified plots of the entire Fulcrum
Big Bear property.
Magnetic Results
Throughout the blocks, it is possible to detect structural
features offsetting observed magnetic lineaments and causing abrupt
interruption or changes of the magnetic response, typically caused
by faults, fractures and shear zones. Most of the survey blocks are
affected by linear magnetic features characteristic of alternating
sequences of mafic volcanics with sedimentary or intermediate to
felsic volcanic rocks, with probably some small size intrusive
stocks or dykes locally. The strongest anomalies of the survey are
found in the eastern part of the West block and possibly relate to
magnetite rich iron formations or ultramafic rocks.
The infill magnetic mapping, particularly in the area of
Schreiber Pyramid gold target, shows a number of magnetic
structures that correlate with gold mineralisation in bedrock and
soils. These structures could link the gold occurrences and require
further checking in the field.
EM Results
Numerous EM anomalies of varying strength were identified by the
survey. Many conductive lineaments show a positive correlation to
magnetic lineaments at least locally. In these instances, the good
correlation of EM and magnetic anomalies suggest that sulphides,
including pyrrhotite, are likely to compose at least part of the
anomalies 'sources. EM anomalies of this type are considered as
prospective targets in the Big Bear exploration context. The
anomalies of greatest interest are found in the West block, to the
northeast and west of Schreiber, as well as in the Syenite Lake
block. The most magnetic conductors are likely related to iron
formations, while the less magnetic ones could pertain to
mineralised veins or smaller sulphide occurrences with less
pyrrhotite or graphitic horizons.
Numerous conductive anomalies and horizons were identified,
including:
-- Two areas of strong conductance in the Syenite Lake area that
have not been covered by previous prospecting work (Figure 3).
-- Rongie Lake area - 855m long, strong, late channel EM anomaly (Figure 4).
-- In the central area a 2.2km NW trending anomaly is associated
with iron formation. No work has been done on this as yet by
Fulcrum (Figure 4).
-- Two discrete anomalies to the south are near the Lamont Lake
occurrence. Historic work here encountered zones of graphite and
trace-elevated base metal mineralisation (Figure 4).
-- Closer to Schreiber, another conductor is related to
pyrrhotite and pyrite rich iron formation which requires further
follow-up for gold potential (Figure 4).
-- In the South area a 550m long mid-channel conductor located
just south of the Trans-Canada Highway, with mapping showing the
presence of felsic volcanics with nearby iron formation. (Figure
5)
-- A EM occurrence on the East side of the road lines up with
exposures of banded iron formation on the highway near the Harkness
Hays Mine which warrants follow-up (Figure 5).
Figure 1 - Magnetic survey map integrating new survey areas 2023
with existing survey area from 2020 showing priority VTEM
targets.
Figure 2 - Infill survey in the Schreiber area showing
interpreted shear zones.
Figure 3 - New survey area, Northern Block, showing conductive
trends in Syenite Lake area yet to be investigated.
Figure 4 - New survey area, Western Block, showing EM conductors
at Rongie Lake, Central area and near to Schreiber.
Figure 5 - showing EM occurrences South and East of Highway
17
Tocheri Lake
Survey Parameters
One survey block was flown for a total of 197 line km, utilising
the same technical parameters as for the Big Bear Extension survey.
The survey was particularly aimed at potential Ni-Cu-PGE
mineralisation similar to recently discovered mineralisation on the
Palladium One property immediately to the west (Tyko, Smoke Lake,
RJ Zone, West Pickle Zone) related to a series of mafic/ultramafic
feeder dykes.
Magnetic Results
The results are characteristic of areas dominated by
meta-sedimentary or intermediate to felsic intrusive rocks. A
number of stronger magnetic anomalies, occurring either in compact
or linear shapes, are found locally and could pertain to
intermediate/mafic intrusive rocks or meta-volcano-sedimentary
horizons enriched in magnetic minerals. Magnetic lineaments are
very variable in strike in the area, with stronger anomalies being
associated with linear features likely related to mafic dykes. The
main family of lineaments is trending NW-SE but there are also a
number of isolated lineaments striking at varying angles, some
being curved, possibly indicative of deformation structures which
could be of interest for exploration, possibly analogous to
features seen on the Palladium One claim block. Magnetic breaks are
observed throughout the block, which are typically caused by
faults, fractures and shear zones.
Magnetic anomalies of interest have not been investigated during
the 2022 field campaign and represent legitimate targets for ground
investigation.
EM Results
A cluster of weak, early time anomalies are found trending NE-SW
in the NE portion of the survey area. These responses are likely
not strong enough to indicate the presence of near surface massive
sulphide but require investigation as they are coincident with two
magnetic anomalies. Location of any mafic-ultramafic intrusions
associated with the magnetic anomalies would strongly enhance the
prospectivity of the property.
Follow-up of the coincident magnetic/weak EM anomalies is
warranted, as well as ground checking and possible soil traverses
over discordant stand-alone magnetic anomalies that might be
indicative of more deeply buried massive sulphide bodies.
Figure 6 - Magnetic Lineaments for follow up.
Figure 7 - Early Off Time channels for follow up.
Qualified Person Statement
The technical information in this announcement has been reviewed
by Edward (Ed) Slowey, BSc, PGeo, technical advisor to Fulcrum
Metals Plc. Mr Slowey is a graduate geologist with more than 40
years' relevant experience in mineral exploration and mining and a
founder member of the Institute of Geologists of Ireland. Mr Slowey
has sufficient experience relevant to the style of mineralisation
and type of deposit under consideration and to the activity which
has been undertaken to qualify as a "Qualified Person" in
accordance with the AIM Rules Guidance Note for Mining and Oil
& Gas Companies. Mr Slowey consents to the inclusion in the
announcement of the matters based on their information in the form
and context in which it appears.
-Ends-
For further information please visit https://fulcrummetals.com/
or contact:
Fulcrum Metals PLC
Ryan Mee (Chief Executive Officer) Via St Brides Partners
Limited
Allenby Capital Limited (Nominated
adviser)
Nick Athanas / George Payne T el: +44 (0) 203 328
5656
Clear Capital Markets Limited (Broker)
Bob Roberts T el: +44 (0) 203 869
6081
St Brides Partners Ltd (Financial
PR)
Ana Ribeiro / Paul Dulieu Tel: +44 (0) 20 7236
1177
Notes to Editors
FULCRUM METALS - BACKGROUND
Fulcrum Metals PLC (LON: FMET) is an AIM quoted exploration
company which finances and manages exploration projects focused on
Canada, widely recognised as a top mining jurisdiction.
Fulcrum currently holds a beneficial 100% interest in highly
prospective gold and base metals projects in Ontario and Uranium
projects in Saskatchewan.
Fulcrum's strategy is to focus on discovery and
commercialisation of its Projects through targeted exploration
programmes. The primary focus is to make an economic discovery on
the flagship Schreiber-Hemlo Properties and to establish the
prospectivity of its wider Ontario and Saskatchewan portfolio with
a view to securing potential joint venture and/or acquisition
interest.
The Schreiber - Hemlo properties have a history of prospecting
and localised extraction since the late 19th century. However,
coherent property-level exploration programmes have been limited or
absent, particularly in recent times. Fulcrum has an opportunity to
carry out such a programme and this approach provides the best
opportunity to fully explore the significant prospectivity of the
properties. A recent structural study identified 42 priority
exploration targets, of which 24 targets within the Big Bear
property and 18 in the Jackfish property, with 14 in total (9 on
Big Bear and 5 on Jackfish) being ranked as high priority for
follow-up. The properties have the potential to host a large,
structurally controlled, stratabound-style banded iron formation
(BIF) gold prospect similar to the Musselwhite deposit (McNicoll et
al., 2016), in addition to an Archean greenstone, orogenic-style
lode gold prospect, extending past the bounds of known historical
mineral occurrences.
While highly prospective, Fulcrum's mining assets are in the
exploration phase, so Fulcrum stands to be able to add
significantly to the inherent value through exploration success.
Fulcrum will continually review opportunities with potential and
with a view to increasing shareholder value. It is the Board's
intention to deliver medium and long-term growth and to establish
the Group as a significant exploration company.
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