TIDMFCM
RNS Number : 5454M
First Class Metals PLC
12 January 2023
The information contained within this announcement is deemed to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain.
FIRST CLASS METALS PLC
12(th) January 2023
High Grade Nickel Sulphide Assays from West Pickle Lake
First Class Metals PLC ("First Class Metals" "FCM" or the
"Company") the UK metals exploration company seeking large scale
metal discoveries across its extensive Canadian Schreiber-Hemlo
& Sunbeam Project land holding is pleased to provide an update
on activities in respect to the West Pickle Lake Earn In/Joint
Venture (JV) ("Pickle Lake JV" "West Pickle Lake") with Palladium
One Inc (TSXV:PDM) ("Palladium One").
First Class Metals is pleased to report further high-grade
drillhole intercepts from the West Pickle Lake massive sulphide
discovery in Ontario, Canada. The assay results include the high
grade reported from hole TK-22-073 at 10.3% Nickel (Ni), 2.9%
Copper (Cu) over 1.8 meters, see Figure 1.
Three further holes are reported (TK22-071 to TK22-073), the
latter two have reported significant nickel/copper sulphides, see
Table 1 for full details of the program to date.
Figure 1 . Massive pentlandite-pyrrhotite-chalcopyrite sulphide
intersection in hole TK-22-073 from 137.5 to 139.3 meters down hole
(core is dry). Wall rock is tonalite breccia.
Highlights Reported by Palladium One from the West Pickle
Zone.
-- 7.2% Ni, 2.0% Cu , 0.10% Co, 0.56 g/t Total Precious Metals
("TPM") (Platinum (Pt) + Palladium (Pd) + Gold (Au)) over 2.6
meters of massive sulphides in hole TK-22-073
o Including 10.3% Ni, 2.9% Cu , 0.15% Co, 0.80 g/t TPM over 1.8
meters
-- 2.0% Ni, 0.9% Cu , 0.04% Co, 0.36 g/t Total Precious Metals
("TPM") (Pt+Pd+Au) over 4.1 meters of massive and semi-massive
sulphides in hole TK-22-072
o Including 5.3 Ni%, 1.5% Cu , 0.12% Co, 0.67 g/t TPM over 1.5
meters
-- To date a total of 32 holes, totalling 6,766 meters have been
drilled in the vicinity of the West Pickle Discovery. The West
Pickle mineralization has now been defined over more than 500
meters of strike length and remain open in all directions
Figure 2. Area map showing the location of the West Pickle Lake
Discovery
Table 1: Assay Results: Drill Results from the West Pickle Zone,
Holes TK22-071-073 reported in this news release.
From To Width Ni Cu Co TPM g/t Pd Pt Au
Hole (m) (m) (m) % % % (Pd+Pt+Au) g/t g/t g/t
------ ------ --------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
TK22-058 214.1 214.6 0.5 0.04 0.02 0.00 0.00 0.00 0.00 0.00
---------------------- ------ ------ --------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
TK22-059 184.0 187.7 3.7 2.33 1.85 0.06 0.45 0.21 0.21 0.03
185.3 187.7 2.4 3.49 2.73 0.09 0.64 0.30 0.30 0.04
185.3 187.0 1.8 4.79 3.67 0.12 0.87 0.41 0.41 0.05
185.3 185.9 0.6 8.21 1.60 0.24 1.62 0.80 0.79 0.03
--------------------- ------ ------ --------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
TK22-060 183.7 196.3 12.6 0.72 0.34 0.02 0.14 0.06 0.06 0.02
184.3 189.0 4.7 1.77 0.63 0.03 0.27 0.12 0.12 0.03
186.6 189.0 2.4 3.18 0.99 0.06 0.39 0.18 0.19 0.02
188.0 188.5 0.5 7.60 1.25 0.12 0.41 0.18 0.20 0.03
--------------------- ------ ------ --------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
TK22-061 188.7 190.8 2.1 0.75 0.43 0.01 0.28 0.14 0.11 0.03
190.2 190.8 0.6 1.62 0.67 0.03 0.47 0.25 0.20 0.02
--------------------- ------ ------ --------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
TK22-062 202.0 213.5 11.5 0.06 0.08 0.00 0.04 0.01 0.01 0.01
203.6 204.4 0.8 0.16 0.35 0.01 0.14 0.05 0.07 0.02
--------------------- ------ ------ --------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
TK22-063 149.0 152.0 3.0 0.07 0.24 0.00 0.13 0.04 0.05 0.05
149.5 150.5 1.0 0.15 0.54 0.00 0.32 0.09 0.12 0.11
--------------------- ------ ------ --------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
TK22-064 219.8 245.5 25.8 0.04 0.02 0.00 0.01 0.00 0.00 0.00
219.8 220.3 0.5 0.65 0.27 0.03 0.21 0.10 0.11 0.01
--------------------- ------ ------ --------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
TK22-065 224.3 246.0 21.7 0.04 0.02 0.00 0.01 0.00 0.00 0.00
240.8 246.0 5.2 0.10 0.05 0.00 0.02 0.01 0.01 0.00
240.8 241.2 0.4 0.40 0.18 0.01 0.06 0.04 0.02 0.00
--------------------- ------ ------ --------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
TK22-066 150.3 178.5 28.2 0.06 0.02 0.00 0.01 0.00 0.00 0.00
158.9 162.9 4.0 0.19 0.07 0.01 0.02 0.01 0.01 0.00
161.2 162.9 1.7 0.35 0.12 0.01 0.04 0.02 0.01 0.00
--------------------- ------ ------ --------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
TK22-067 200.2 200.7 0.5 0.06 0.01 0.00 0.00 0.00 0.00 0.00
---------------------- ------ ------ --------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
TK22-068 134.3 139.5 5.3 0.11 0.08 0.01 0.03 0.01 0.01 0.00
135.3 135.8 0.5 0.25 0.25 0.01 0.08 0.04 0.03 0.01
--------------------- ------ ------ --------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
No Significant
TK22-069 Assays
--------------------- ------------------------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
TK22-070 164.6 174.7 10.1 2.47 0.99 0.04 0.27 0.14 0.10 0.02
164.6 168.4 3.8 6.42 2.40 0.09 0.64 0.35 0.25 0.04
165.4 167.6 2.3 10.41 3.40 0.14 0.92 0.53 0.34 0.04
165.4 167.1 1.7 12.58 2.49 0.17 0.94 0.60 0.30 0.04
165.4 166.3 0.9 12.90 2.70 0.16 1.05 0.67 0.34 0.04
--------------------- ------ ------ --------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
TK22-071 151.7 156.9 5.2 0.72 1.07 0.01 0.28 0.10 0.10 0.08
155.7 156.9 1.2 2.00 2.51 0.04 0.21 0.06 0.13 0.02
155.7 156.2 0.6 4.10 3.81 0.06 0.27 0.09 0.16 0.03
--------------------- ------ ------ --------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
TK22-072 149.0 153.1 4.1 2.05 0.89 0.04 0.36 0.11 0.22 0.03
150.4 153.1 2.7 3.08 1.18 0.07 0.45 0.14 0.29 0.02
151.7 153.1 1.5 5.33 1.48 0.12 0.67 0.17 0.48 0.02
151.7 152.3 0.7 7.39 2.22 0.16 0.95 0.24 0.69 0.03
--------------------- ------ ------ --------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
TK22-073 137.5 140.1 2.6 7.19 2.01 0.10 0.56 0.32 0.20 0.05
137.5 139.3 1.8 10.32 2.88 0.15 0.80 0.46 0.27 0.07
138.5 139.3 0.8 11.90 0.98 0.16 0.64 0.33 0.26 0.05
--------------------- ------ ------ --------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
(1) Reported widths are "drilled widths" not true widths.
(2) Italicised grey shaded values are previously reported, see previous news releases.
Interpretation of the VTEM data by Palladium One infers there is
potential for further discoveries, specifically to the west of WPL,
in the area of TK22-076 which was previously reported as a
significant exploration hole, see Figure 3
Figure 3 Plan and long section looking north perpendicular to
the interpreted chonolith structure linking the West Pickle and RJ
zones, showing potential for massive sulphide mineralization beyond
the depth detectable by the 2021 VTEM airborne survey.
Marc J Sale, First Class Metals CEO commented:
"The West Pickle Lake nickel-copper sulphide discovery continues
to report high grade nickel assays and FCM remains further
encouraged by these results which includes over 7% Nickel and 2%
Copper Cu over 2.6 meters in hole TK22-073. The success to date and
accordingly the potential of the discovery continues to grow and,
significantly for FCM, remains open to the west in the direction of
the 100% FCM owned North Hemlo property. I look forward to
reporting on the progress and remaining assays in due course".
For further information, please contact:
First Class Metals PLC
James Knowles, Executive
Chairman JamesK@Firstclassmetalsplc.com 07488 362641
Marc J Sale, CEO MarcS@Firstclassmetalsplc.com 07711 093532
-------------------------------- -------------
Ayub Bodi, Executive Director AyubB@Firstclassmetalsplc.com 07860 598086
-------------------------------- -------------
First Equity Limited
(Financial Adviser & Broker)
Jonathan Brown 0207 3742212
Jason Robertson 0207 3742212
-------------
First Class Metals PLC - Background
First Class Metals is focussed on exploration in Ontario, Canada
which is considered a top global destination for exploration with a
robust and thriving junior mineral exploration sector.
Specifically, the Hemlo 'camp' is a proven world class address for
gold /VMS exploration. This geological terrane has significant
production, both base / precious metals and a prolific number of
exploration projects and numerous prospector's showings.
FCM has commenced exploration programmes based on the detailed
historical data review of available information on and around its
seven claim blocks which comprise over 180km(2).
Figure 3. The original claim blocks that formed the 'North Hemlo
Property'. Note Pezim II (33 claims) are now the renamed 'West
Pickle Lake' Palladium One JV/earn in property.
FCM-PDM JOINT VENTURE/EARN IN BACKGROUND
In July 2021 FCM secured a JV with Palladium One over the Pickle
Lake Project area (comprising 33 single cell mining claims and the
"Project") Palladium One have the option to earn-in to an 80%
interest in the Project subject to a three-year work program
commitment. The JV sits on the eastern flank of FCM's Flagship
North Hemlo Project.
Palladium One has the option to earn up to an 80% undivided
working interest and a royalty Buy-Back Right, in the Earn-In
Properties, over a 3-year earn-in period by incurring Canadian
Exploration Expenses as follows:
Year 1 - an amount of not less than C$25,000 on or before the
1st anniversary of the Effective Date:
Year 2 - an amount of not less than C$135,000 (for an aggregate
amount of $160,000) on or before the second anniversary of the
Effective Date to earn a 51% interest: and
Year 3 - an amount of not less than C$165,000 (for an aggregate
amount of not less than $325,000) and by preparing a National
Instrument 43-101 ("NI43-101") Technical Report with respect to the
Earn-In Properties on or before the third anniversary of the
Effective Date to earn an additional 29% (for a total aggregate 80%
interest).
Forward Looking Statements
Certain statements in this announcement may contain
forward-looking statements which are based on the Company's
expectations, intentions and projections regarding its future
performance, anticipated events or trends and other matters that
are not historical facts. Such forward-looking statements can be
identified by the fact that they do not relate only to historical
or current facts. Forward-looking statements sometimes use words
such as 'aim', 'anticipate', 'target', 'expect', 'estimate',
'intend', 'plan', 'goal', 'believe', or other words of similar
meaning. These statements are not guarantees of future performance
and are subject to known and unknown risks, uncertainties and other
factors that could cause actual results to differ materially from
those expressed or implied by such forward-looking statements.
Given these risks and uncertainties, prospective investors are
cautioned not to place undue reliance on forward-looking
statements. Forward-looking statements speak only as of the date of
such statements and, except as required by applicable law, the
Company undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Links to External Sites
The document may contain links to other websites; these external
websites are not under FCM's control. FCM's shall not be held
responsible for such websites and do not make any warranties
regarding the same. FCM's do not endorse these websites in any
manner.
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