REG - First Class Metals - High Grade Nickel Assays from West Pickle Lake
05/10/2022 09:34
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RNS Number : 7688B First Class Metals PLC 05 October 2022
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
5(th) October 2022
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 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 delighted to report preliminary assay results form the
new West Pickle massive sulphide discovery. The assays from the first hole
reported TK-22-059 are of an exceptionally high grade at 4.8% Ni ("Nickel"),
3.7% Cu ("Copper") (6.8% Nickel Equivalent) over 1.8m from Massive Nickle
Copper Sulphides, see Table 1
A total of twelve holes have been drilled from which lab assays remain
outstanding for eleven holes TK-22-058/TK-22-060 to TK-022-070, visual
observations of the core are detailed in see Table 2.
Highlights Reported by Palladium One
· 4.8% Nickel, 3.7% Copper (6.8% Nickel Equivalent) over 1.8 meters
from Massive Nickel Copper Sulphides .
· Massive to semi massive pentlandite-chalcopyrite-pyrrhotite sulphide
discovered at the 600-meter long VTEMmax Electromagnetic ("EM") anomaly known
as the 'West Pickle Zone':
o 12 diamond drill holes completed to date
· Preliminary assay results return:
o 3.4% Nickel Equivalent ("Ni Eq") over 3.7 meters (2.3% Ni, 1.8% Cu, 0.45
g/t Total Precious Metals ("TPM") (Pt+Pd+Au)) in hole TK-22-059
o Including 6.8% Ni Eq over 1.8 metres (4.8% Ni, 3.7% Cu, 0.87 g/t TPM)
o And 9.4% Ni Eq over 0.6 metres (8.2% Ni, 1.6% Cu, 1.62 g/t TPM)
· Visual results for holes TK-22-070, which intersected 1.7 meters of
massive sulphide mineralization from 165.4 to 167.1 meters down hole.
· The new discovery closely resembles the Palladium One extremely
high-grade Smoke Lake Zone located 20 kilometers to the east which has
returned up to:
o 10.2% Ni Eq over 3.8 meters (8.1% Ni, 2.9% Cu, 0.1% Co, 0.61g/t Pd,
0.71g/t Pt, and 0.02g/t Au) in hole TK-20-023) (see news release January 19,
2021
(https://palladiumoneinc.com/news/2021/palladium-one-additional-massive-magmatic-sulphide-intersections-up-to-99-ni_eq-218-lbstonne-over-38-meters-at-tyko)
)
Table 1: Assay Results: Drill Results from the West Pickle Zone
Hole From (m) To (m) Width (m) Ni_Eq % Ni % Cu % Co % TPM g/t (Pd+Pt+Au) Pd g/t Pt g/t Au g/t
TK-22-059 184.0 187.7 3.7 3.37 2.33 1.85 - - - 0.45 0.21 0.21 0.03
Inc. 185.3 187.0 1.8 6.84 4.79 3.67 - - - 0.87 0.41 0.41 0.05
Inc. 185.3 185.9 0.6 9.40 8.21 1.60 - - - 1.62 0.80 0.79 0.03
(1) Reported widths are "drilled widths" not true widths.
(2) Cobalt analysis have not yet been received
(3) * Ni_Equivalent is calculated for comparison purposes using recent spot
prices, $8.5lb nickel, $4.25lb copper, $25/lb cobalt, $1,700/oz palladium,
$1,100/oz platinum, $1,800/oz gold as per Palladium One's May 2022 NI 43-101
report on the LK Project (see news release April 25, 2022
(https://palladiumoneinc.com/news/2022/palladium-one-announces-mineral-resource-estimate-for-the-lk-pge-cu-ni-project)
)
Table 2: Visual Results: 2022 Drill Results from the West Pickle Zone
Hole From (m) To (m) Width (m) Au g/t
TK-22-058 213.0 221.7 8.7 Minor Disseminated and Stringer Sulphide Zone
TK-22-059 184.0 187.7 3.7 Strong Disseminated and Stringer Sulphide Zone
Including 185.3 187 1.7 Massive and Semi-Massive Sulphide Zone
TK-22-060 184.3 188.5 4.7 Strong Disseminated and Stringer Sulphide Zone
Including 186.6 188.5 1.9 Semi-Massive, locally Massive Sulphide Zone
TK-22-061 188.7 192.0 3.3 Strong Disseminated and Stringer Sulphide Zone
TK-22-062 207.5 215.9 8.4 Moderate Disseminated and Stringer Sulphide Zone
TK-22-063 149.5 151.0 1.5 Moderate Disseminated and Stringer Sulphide Zone
TK-22-064 219.8 246.6 26.8 Minor Disseminated and Stringer Sulphide Zone
TK-22-065 224.3 247.7 23.4 Minor Disseminated and Stringer Sulphide Zone
TK-22-066 156.5 164.3 7.8 Moderate Disseminated and Stringer Sulphide Zone
TK-22-067 197.0 212.0 15.0 Minor Disseminated and Stringer Sulphide Zone
TK-22-068 132.0 140.4 8.4 Minor Disseminated and Stringer Sulphide Zone
TK-22-069 No Mineralization
TK-22-070 164.0 107.1 6.1 Strong Disseminated and Stringer Sulphide Zone
Including 165.4 167.1 1.7 Massive and Semi-Massive Sulphide Zone
Figure 1. Massive pentlandite-pyrrhotite-chalcopyrite sulphide intersection in
hole TK-22-070 from 165.4 to 167.1 meters down hole. Wall rock is tonalite.
Figure 2. Closeup of massive pentlandite-pyrrhotite-chalcopyrite in hole
TK-22-070.
Figure 3. Long section looking south of the West Pickle Zone
Marc J Sale, First Class Metals CEO commented:
'The reporting of the initial results from FCM's West Pickle Lake prospect JV,
add additional evidence that a new district scale nickel (copper) sulphide
discovery is emerging on our North Hemlo property.
Furthermore, as indicated by Palladium one the prospectivity remains open to
the west, ground held 100% by FCM.
Given only the results of the first of twelve holes have been reported and the
visual estimation of other drill holes, particularly hole TK-22-70 are equally
encouraging FCM anticipates continued support for the potential of the
project.
We eagerly await further assay results and the results of the BHEM (Bore Hole
Electro Magnetic) survey which should enable better definition of the
conductor (sulphide) 'plates' and allow further drilling to focus on zones of
potential mineralisation.
FCM continues to explore the North Hemlo block and currently efforts are focus
in the target area between the West Pickle Lake prospect and the Dotted Lake
prospect of Panther Metals, 10 km to the south west.'
For further information, please contact:
First Class Metals PLC
James Knowles, Executive Chairman JamesK@Firstclassmetalsplc.com (mailto:JamesK@Firstclassmetalsplc.com) 07488 362641
Marc J Sale, CEO MarcS@Firstclassmetalsplc.com (mailto:MarcS@Firstclassmetalsplc.com) 07711 093532
Ayub Bodi, Executive Director AyubB@Firstclassmetalsplc.com (mailto:AyubB@Firstclassmetalsplc.com) 07860 598086
First Equity Limited (Financial Adviser & Broker)
020 7374 2212
Jonathan Brown
Jason Robertson
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 180km².
Figure 4. 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.
*Nickel Equivalent ("NiEq")
Nickel equivalent is calculated using US$1,700 per ounce for palladium,
US$1,100 per ounce for platinum, US$1,800 per ounce for gold, US$4.25 per
pound for copper, US$8.50 per pound for nickel and US$25 per pound for Cobalt.
This calculation is consistent with the commodity prices used in the Palladium
One 2022 NI 43-101 LK resource estimate (see their news release April 25,
2022
(https://palladiumoneinc.com/news/2022/palladium-one-announces-mineral-resource-estimate-for-the-lk-pge-cu-ni-project)
).
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