TIDMFMET
RNS Number : 6838M
Fulcrum Metals PLC
18 September 2023
18 September 2023
Fulcrum Metals plc
("Fulcrum" or the "Company" or the "Group")
Drilling Programme Update on Tully Gold Project and Big Bear
Fulcrum Metals plc (LON: FMET), a company focused on mineral
exploration and development in Canada , is pleased to provide an
update on the Company's proposed drilling programmes for the Tully
Gold Project ("Tully") and the Big Bear Project ("Big Bear"), which
are both part of the Group's Ontario projects.
Highlights
Schreiber-Hemlo project - Big Bear
Results from the recent mapping and prospecting campaign across
the Schreiber-Pyramid area have exceeded the Company's initial
expectations. A 3km gold mineralised corridor has been identified
with rock samples of up to 45g/t Au, soil samples of up to 0.92g/t
Au along with favourable geology, shear zones and structures. This
has generated 4 drill ready prospects and a further 5 prospects for
further follow-up, whilst remaining open for additional discoveries
along strike and to the north.
This all lends itself to a larger drill programme than that was
originally envisaged and which the Company had planned to commence
by October 2023. As such, subject to funding, the Company is now
planning an exploration programme to progress the drill prospects
to drill ready followed by a drilling campaign across multiple
drill targets during 2024 to discover the potential of this newly
identified gold corridor. This will benefit the Company through a
wider high impact multi target drilling campaign and the approach
will result in operational savings due to mobilisation costs. The
Company have now commenced preparation of this larger programme
which includes the recent submission of additional drill
permits.
Tully Gold project
The Tully Gold project, which the company recently acquired
(announced by the Company on 7 August 2023), is optimised in terms
of mobilisation and drilling costs through the winter due to less
marshy ground conditions. Tully is located within the world-class
Timmins-Porcupine Gold Camp, with an established gold resource,
local infrastructure, and expansion opportunities through
drilling/infill drilling and re-interpretation of historical data
to confirm grade and continuity of mineralisation. The drill
preparation is underway which not only includes planning but data
analysis and verification as set out under drilling and
pre-drilling sections below. The Company intend to commence the
drill operations at Tully as soon as possible, with winter ground
conditions usually occurring late November / early December,
however further guidance on this will be provided by the company in
due course.
Project highlights
-- Established mine camp with excellent infrastructure
-- Along the prolific Timmins-Porcupine Gold Belt which has produced >70Moz (Figure 2)
-- Historic gold resource of 107,000 ounces; with 76,000 ounces
at 6.56g/t Au in Indicated category and 31,000 ounces at 5.17g/t Au
in Inferred category, reported consistent with NI--43--101
reporting requirements (Francis Minerals Ltd, December 2013), which
is considered an economic grade for underground mining
-- Gold resource delineated over 600 metres of 1,600 metres of
traced strike length through drilling
-- High grade potentially 'free milling' gold associated with
pyrite in quartz-carbonate veins - may be amenable to simple
gravity separation, subject to recovery test work
-- Opportunity to expand resource by strategic infill drilling,
drilling along strike and drilling down plunge to the Northeast
-- Drilling by SGX Resources in 2013 extended the deposit 100m
eastward and to depth by 250m from limits of previous drilling with
peak intercept in drill hole SGX-13-15 of 14.1m at 20.1g/t gold
from 247.35m which included 472g/t gold over 0.5m (Figure 3)
-- Visible gold identified in historical drill core (Figure 4)
-- Prospective structures splaying off the Porcupine-Destor
Fault are highly prospective for gold and several are yet to be
evaluated
-- Historical development of similar deposits in the Timmins
camp have significantly expanded the deposits once under
development and many extend to considerable depth
-- New underground mine development at Bradshaw within 2km of
Tully and nearby processing facility at Timmins provides potential
commercial opportunities
Drilling
-- Proposed 1,500 metres+ drill programme targeting priority
locations to support resource definition; this will include
re-drilling of mineralised intercepts excluded from the current
resource at locations that should help confirm continuity and
orientation of the mineralisation including at depth. Historical
records support this approach as follows: -
o holes excluded from resource include holes 69-04 with 203.3g/t
Au over 0.6m, 69-069A with 36.4g/t Au over 3.5m and 69-12 with
11.2g/t Au over 5m.
o holes at depth down plunge to the northeast beyond the current
resource include hole 13-22 with 8.00g/t Au over 6.5m at 600 metres
depth.
o hole 13-15 reported 20.1g/t Au over 14.1m at 247.35m which
indicates potential for resource extension at depth and to the
east.
Pre-drilling
-- The Company will conduct a Hyperspectral scan of select
historic drill cores. This technology has successfully assisted
other active exploration companies in the Timmins camp by
conducting complete logging analysis to identify alteration and
mineralisation that may have been missed in visual logging and
assist understanding of the mineralisation controls.
-- From this exercise, and consulting the data base of drill
core sampling, samples will be selected for fire assay screen
metallic analysis to determine coarse, fine, and total gold in the
samples. Such analysis can pick up coarse nuggety gold that may
have been excluded in the original analysis.
-- The Company is currently in the process of preparing for the proposed drill programme.
Ryan Mee, Chief Executive Office of Fulcrum Metals plc,
commented:
"Exploration in the Schreiber-Pyramid area at the Big Bear
property has been extremely successful confirming a gold
mineralised corridor of some 3km in length, multiple drill targets
and potential for strike extensions. The results have exceeded our
expectations, and therefore warrants a larger drill program which
we are now planning for 2024.
Meanwhile, to capitalise on our ability to drill Tully during
the winter months and to optimise costs whilst accelerate the
development of this quality project, we are planning to start
drilling at Tully as soon as possible. The project, which is our
most advanced project by far, with an initial gold resource of
107,000 ounces at potentially economic grade of over 6g/t Au, in a
world class gold camp which has historically produced more than 70
million ounces of gold, is a truly exciting project to start work
on.
We will be updating the market as we progress and hit key
milestones towards drilling Tully."
Company presentation
The Company has also updated its corporate presentation which
can be found on the Company's website or by using the following
link: - bit.ly/3ZlBeO2
Figure 1- Location of the Tully project, Timmins, Ontario
Figure 2 - Prolific Porcupine-Destor camp, Timmins, Ontario
Figure 3 - Composite cross section of drilling in 2013 by SGX
Resources
Figure 4 - Examples of Visible gold in drill hole 13-07 at
104.25 metres
Technical Glossary
"Au" Gold
"EM" Electromagnetics
------------------------------
"g/t" Grams per tonne of milled ore
------------------------------
"Moz" A million troy ounces
------------------------------
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.
The Tully property, 458 hectares in area, is located 30
kilometres northeast of Timmins, Ontario and includes the Tully
(Timmins North) deposit, which has been the focus of several
drilling campaigns since its discovery in 1969. The Tully deposit
is located 2 kilometres southwest of the Bradshaw Gold Project of
Gowest Gold Ltd., currently in development. The property is
accessed by an all-weather gravel road that extends 15 kilometres
to the east off of highway 655.
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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END
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