TIDMFMET
RNS Number : 6650U
Fulcrum Metals PLC
27 November 2023
Fulcrum Metals plc / EPIC: FMET / Market: AIM / Sector:
Mining
27 November 2023
Fulcrum Metals plc
("Fulcrum" or the "Company" or the "Group")
Update on Saskatchewan uranium projects
Fulcrum Metals plc (LON: FMET), a company focused on mineral
exploration and development in Canada, is pleased to announce an
update on its Saskatchewan exploration assets. Through a
combination of staking 29,362 hectares and acquiring an option over
a further 11,481 hectares, the Company has increased its
Saskatchewan uranium footprint by a potential 221% from 18,468
hectares (184.5km(2) ) to 59,310 hectares (593.1km(2) ), which now
consists of the Charlot-Neely Lake, Fontaine Lake, Snowbird and
South Pendleton projects.
Highlights
-- Charlot-Neely Uranium project - an additional 2,703 hectares
staked covering the highly prospective Black Bay Fault contiguous
to the Charlot-Neely uranium project and 1,188 hectares optioned
covering an area to the west of Charlot-Neely which now totals
16,372 hectares (+31%).
-- Snowbird project - 24,187 hectares staked and option over
8,649 hectares, totalling 32,835 hectares. The property includes
several uranium airborne anomalies and rare earth lake sediment
anomalies along major faulting on trend with historic uranium mines
and major uranium projects.
-- South Pendleton - 2,472 hectares staked and option over 1,644
hectares, totalling 4,116 hectares. The area is sparsely mapped but
within the property are several airborne uranium anomalies in the
highly prospective Needle Falls Shear Zone and major faulting on
trend with historic uranium mines such as Rabbit Lake and further
projects having recently obtained significant partnerships.
-- The option agreement totals 11,481 hectares and has a close
date of 30 June 2024. The Company has paid CA$5,000 in cash
immediately, with CA$60,000 payable in either cash or equity should
the option agreement be exercised.
-- The cost of the staking totalled CDN$17,889 with these
properties having no work requirements until October 2025, whilst
the optioned properties have work requirements of CDN$57,073
through to the end of 2024.
-- Following the addition of the new staked and areas under
option, the Company's Saskatchewan uranium footprint has the
potential to cover 59,310 hectares (593km(2) ).
-- Fulcrum has a significant, highly prospective, uranium
exploration footprint in Saskatchewan, a recognised leading uranium
exploration jurisdiction, and is now reviewing its options with
interested parties with regards to its uranium properties in
Saskatchewan. These options include, but are not limited to, a
potential spin out of the Saskatchewan assets as a separate
business listed on a recognised exchange and other partnerships.
Discussions remain at an early stage and further details will be
announced at the appropriate time.
Ryan Mee, Chief Executive Office of Fulcrum Metals plc,
commented:
"The staking and option agreements provides Fulcrum with a
significant and highly prospective footprint with critical mass of
strategic uranium assets in Saskatchewan, one of the best
jurisdictions globally for uranium. The projects are very well
placed being on trend with major structures, historical mines and
projects that are being developed by well-established uranium
companies that have attracted significant investment.
"This is an exciting time as we now begin the process of
unlocking the inherent value in our Saskatchewan assets and I look
forward to providing further updates as we progress."
Transactional Terms of option agreements
Fulcrum has entered into an option agreement to acquire 11,480
hectares across three Uranium properties at Snowbird, South
Pendleton and Charlot West from independent local prospectors.
Fulcrum will pay the vendors CA$5,000 in cash as consideration
for the option to acquire 100% of the properties, and a further
CA$60,000 either in cash or in equity in Fulcrum Metals or a new
uranium vehicle to be listed on another recognised exchange. In the
event that the CA$60,000 is settled through the issue of new
ordinary shares in Fulcrum Metals this would be at a price per
share based on the ten day volume weighted average price of shares
in Fulcrum Metals prior to exercise. The option agreements have a
close date of 30 June 2024.
Should the option be exercised and Fulcrum acquire a 100%
interest in the properties under option, the vendors shall retain a
royalty of 2% of the net smelter returns on three of the mining
claims (MC00017090, MC00017453 and MC00017455) subject to the
option agreement.
Additional project information
Map of all project locations
Charlot-Neely Lake
-- New staking
o Covers a significant segment of the highly prospective Black
Bay Fault.
o Includes a 2km zone of historical EM conductors.
o Includes several hyperspectral targets.
-- Option areas
o Partially covered by existing Fulcrum dataset which outlines
hyperspectral targets.
o Covers extensions of faults that run through the Fulcrum
Charlot-Neely Lake project.
-- The expanded project area now includes 16km of historic EM
conductors and covers 20km of the Black Bay Fault which is believed
to be associated with at least 14 past producing mines along
strike.
Snowbird Project
-- The project covers 32,836 hectares of the largely
underexplored Cora Lake and Legs Lake Shear zones between major
North-East and South-West Snowbird faults and the Black Lake
Fault.
-- The Black Lake structure can be traced for at least 200km
across the entire Athabasca Basin and is associated with Cameco's
Centennial deposit (up to 33.9m averaging 8.78% U(3) O(8) as
reported on the Formation Metals website)
-- The project is on trend with the historic Nisto Uranium Mine
and notable projects Fir Island held by Forum Energy, Cree Bay held
by F3 Uranium, projects held by Kobald Metals, the Black Lake
project held by UEC and recent staking by Dennison Mines.
-- Mining first occurred at the Nisto Uranium Mine in 1950-51.
In 1959, Haymac Mines restarted mining and shipped 500 tons of
high-grade ore to the Lorado Mill at Uranium City, SK. One shipment
of 106 tons of ore graded 1.6% U(3) O(8) (Source: Saskatchewan
Mineral Deposits Index, Mineral Property #1621).
-- Limited historic airborne radiometric surveys located uranium
anomalies that have not been followed up.
-- Limited lake sediment surveys identified a number of highly
prospective REE targets and limited rock sampling identified the
Bompas lake uranium occurrence suggesting a significantly wide zone
of anomalous mineralisation for which the source of the anomalies
had not been identified.
-- A couple of very shallow holes on the north shore of Cora
Lake hit very wide 20m and 30m graphitic zones, with carbonate,
quartz, pyrite along with chlorite, jasperiod, and chert
alteration, potentially favourable for Uranium and REE
mineralization. There was also a lot of lost drill core, typical in
drilling clay-filled uranium zones. Back in the 1960 and 1970s,
exploration was not focussed on uranium or REE's. Alteration
recorded is considered to be potentially similar to the Ranger
uranium mine in Australia.
South Pendleton project
-- The project covers 4,116 hectares of the Needles Fall shear zone.
-- An underexplored area that is sparsely mapped.
-- Covers 20km of major faulting.
-- Several airborne Uranium anomalies are within the property that are yet to be investigated.
-- Radioactive boulders of up to 7.17% U308 to the North.
-- In an area that is seeing substantial recent investment and development.
Technical Glossary
"cps" Counts per second
"EM" Electromagnetic
-------------------------------------------
"ppm" Parts per million
-------------------------------------------
"REE" Rare-earth element
-------------------------------------------
"U(3) 0(8) Triuranium octoxide, a compound of uranium
"
-------------------------------------------
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.
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 Tel: +44 (0) 203 328
5656
Clear Capital Markets Limited (Broker)
Bob Roberts Tel: +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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