First Class Metals PLC McKellar & Enable Granting of Exploration Permits (9640T)

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RNS Number : 9640T

First Class Metals PLC

20 November 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

November 20(th) 2023

McKellar & Enable Granting of Exploration Permits

First Class Metals PLC ("First Class Metals" "FCM" or the "Company") the UK metals exploration company seeking economic metal discoveries across its extensive Canadian Schreiber-Hemlo, Sunbeam and Zigzag land holdings is pleased to announce that its 100% owned subsidiary First Class Metals Canada Inc. ("FCMC") has received notification from the Ontario Province of the granting of two further Exploration Permits.

The permits are effective for a period of three years until expiry on the 16(th) November 2026. The permitted activities are: stripping, trail cutting and diamond drilling,

HIGHLIGHTS

   --    Exploration permits for Enable and McKellar received from the Ontario Ministry of Mines. 
   --    FCMC now holds six exploration permits over properties of great merit. 

-- The area covered by valid exploration permits has expanded significantly, encompassing nearly 200km(2) of land. Within this vast area, we have identified numerous priority drill targets across each of our properties. These targets hold immense potential for exploration and discovery.

Enable

The Enable property is transected by a regional structural contact with an inferred extent of 5km, within the property, with proven mineralisation. Historical showings on the property include Perch Lake reporting 1.85ppm Au. FCM has validated that assay as well as several hundred metres away identified outcrop with assays up to 7ppm Au and 80ppm Ag. Further work, initially stripping is warranted.

McKellar

The 12.5km(2) McKellar property only 25km from Marathon and adjacent to highway I17 contains a plethora of historic showings including gold, silver (Old Pic silver mine historical reports over 20oz Ag) a REE bearing diatreme and importantly a >400m mineralised trend, open along strike, containing >4% zinc (Zn) As well as associated anomalies in lead and copper. Previous work by Noranda postulated this anomalous structure was a potential VMS - volcanic massive sulphide.

Marc J. Sale, CEO of FCM commented:

"I am gratified and humbled that the relationship with the First Nations with whom we interact has been recognised in the granting of these Permits. Currently we now have six permits, along with three Memorandums of Understanding (MoUs) and an Exploration agreement signed with four separate First Nation groups. I would also like to extend my thanks to the staff of the Ontario Ministry of Mines for their diligent work in issuing the permits.

These permits will enable us to conduct focused exploration efforts, with the ultimate aim of further refining delineating drill targets and commencing drilling operations. The mutual respect and collaboration we have fostered with the First Nations is of utmost importance to us, and we are honoured to have made such significant progress across the majority of our portfolio."

Other currently active Permits include:

-- Sunbeam (two Permits), gold focus. Stripping and channel sampling completed across thee zones of interest, results still outstanding for the Sunbeam & Pettigrew areas.

   --    Zigzag, hard rock lithium/critical metals. Channel sampling results pending 
   --    Esa, predominately gold. Extensive soil sampling campaign across the 4.5km shear pending. 

-- North Hemlo, gold base / battery metals. Exploration plan for stripping on the Dead Otter Trend in progress.

For further information, please contact:

 
 James Knowles, Executive 
  Chairman                        [e-mail]    07488 362641 
 Marc J Sale, CEO                 [e-mail]     07711 093532 
                                 --------------------------------  ------------- 
 Ayub Bodi, Executive Director    [e-mail]     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, t he 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'.

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November 20, 2023 02:05 ET (07:05 GMT)