West Pickle Lake: Nickel Drill Results

First Class Metals PLC

02 February 2024

 

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

2 February 2024

West Pickle Lake: Nickel Drill Results

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 and Zigzag land holding is pleased to report that Palladium One continues to intersect potentially economic Ni-Cu mineralisation in and around the West Pickle Lake ("WPL") Joint Venture area.

Highlights adapted from Palladium One release¹

·      In the West Pickle Lake area, chonolith / feeder dyke structures now extend over more than five kilometres of strike length.

·      Drilling along the eastern margin of the West Pickle Zone targeted bore hole electromagnetic anomalies ("BHEM") returned 1.8% Ni and 1.0% Cu over 1.5 meters in hole TK23-134 (Figure 1).

·      A new nickel zone has been identified with intercepts returning up to 0.4% Ni and 0.2% Cu over 2.7 meters including 1.0% Ni and 0.4% Cu over 0.9 meters in hole TK23-128 in an area with soil anomalies as high as 0.15% Ni, 0.27% Cu and 86 parts per billion ("ppb") Pd + Pt (Figure 1).

¹Palladium One Drilling Confirms Mul | Palladium One Mining Inc. (palladiumoneinc.com)

Of significance are holes TK23-134, on the eastern extent of the WPL JV area and hole TK23-128, to the north-west of WPL and close to the 100% owned North Hemlo block of FCM.

Marc J. Sale CEO commented:

"I remain encouraged with the progress the Palladium One exploration is making in the WPL zone and the wider discovery area. Particularly the success near to the FCM claim boundary with the results from TK23-128."

"FCM will continue to pursue third party interest in this sector of North Hemlo."

Figure 1 extracted from Palladium One news release 01/02/24. Showing the position of drill hole TK23-134. In the JV area, as well as TK23-128 to the NW of WPL and close to the North Hemlo property boundary.

ENDS

For further information, please contact:

James Knowles, Executive Chairman	[e-mail]	07488 362641
Marc J Sale, CEO	[e-mail]	07711 093532

Novum Securities Limited

(Financial Adviser)

David Coffman/ George Duxberry

www.novumsecurities.com

(0)20 7399 9400

Qualified Person

The technical disclosures contained in this announcement have been drafted in line with the  Canadian Institute of Mining, Metallurgy and Petroleum standards and guidelines and approved by Marc J. Sale, who has more than 30years in the gold exploration industry and is considered a Qualified person owing to his status as a Fellow of the Australian Institute of Mining and Metallurgy.

NOTES TO EDITORS

First Class Metals PLC - Background

First Class Metals listed on the LSE in July 2022 and is focused on exploration in Ontario, Canada which has a robust and thriving junior mineral exploration sector. In particular, the Hemlo 'camp' near Marathon, Ontario is a proven world class address for gold exploration, featuring the Hemlo gold deposit operated by Barrick Gold (>23M oz gold produced), with the past producing Geco and Winston Lake base metal deposits also situated in the region.

FCM currently holds 100% ownership of seven claim blocks covering over 180km² along a 150km strike of the Hemlo-Schreiber-Dayohessarah greenstone belt, exploring for gold, base metals and rare earth element mineralization. In addition, FCM is carrying out a joint venture with Palladium One on the West Pickle Lake Property in the region, a drill-proven ultra-high grade Ni-Cu project.

The flagship property North Hemlo had a high definition low level magnetic Heli-borne survey in April 2022, this was followed with ground prospecting which ultimately defined the 'Dead Otter Trend' which is a discontinuous 4.5km gold anomalous trend with a 19.6g/t Au peak grab sample. This sampling being the highest ever recorded on the North Limb of Hemlo

In October 2022 FCM completed the option to purchase the historical high-grade past-producing Sunbeam gold mine near Atikokan, Ontario, ~15 km southeast of Agnico Eagle's Hammond Reef gold deposit (3.3 Moz of open pit probable mineral gold reserves).

FCM acquired the Zigzag Project near Armstrong, Ontario in March 2023. The property features Li-Ta-bearing pegmatites in the same belt as Green Technology Metals' Seymour Lake Project, which contains a Mineral Resource estimate of 9.9 Mt @ 1.04% Li¬2O. Zigzag was drilled prior to Christmas 2023 and results are pending.

The significant potential of the properties for precious, base and battery metals relates to 'nearology', inasmuch as all properties lie in the same districts as known deposits (Hemlo, Hammond Reef, Seymour Lake), and either contain known showings, geochemical or geophysical anomalies, or favourable structures along strike from known showings (e.g. the Esa project, with an inferred Hemlo-style shear along strike from known gold occurrences).

 

END