Acquisition of Carib Creek East

RNS Number : 3464W

Fulcrum Metals PLC

17 April 2023

 

 

17 April 2023

Fulcrum Metals plc

("Fulcrum" or the "Company" or the "Group")

Acquisition of Carib Creek East increases Winston Lake Project's footprint

-     Fulcrum acquires a total of 42 Mining Claims -  

Fulcrum Metals plc (LON:FMET), a company focused on mineral exploration and development in Canada , is pleased to announce the acquisition of 42 claim cells covering 8.9km² (the "Claim Cells" or "Carib Creek East") thereby extending the Company's Winston Lake Project in Ontario, Canada, which is located eastwards of the Carib Creek property.

Highlights

·   A sedimentary-volcanic contact zone has been traced across the length of the property exhibiting alteration reportedly similar to that of the high-grade zinc-copper deposit at Winston Lake (Figure 1).

·   Historic soil sampling at Carib Creek East has previously returned anomalous copper values over an area of approximately 2 square kilometres, with values ranging up to 1,100ppm Cu (Figure 2).

·   Copper mineralisation was previously discovered on the property in quartz-carbonate veins, returning grab sample assays from 0.97% to 1.35% Cu, with separate veins containing semi-massive iron sulphides, however no drilling was carried out.

·   Structural zones of interest have been highlighted by airborne electromagnetic surveying.

·   Using the Winston Lake-Pick Lake analogy, Fulcrum intends to follow-up the known bedrock and soil targets for base metals and possible gold potential with a view to identifying early drill targets.

Aidan O'Hara, Corporate Development Director of Fulcrum Metals, commented:

"As a Group we believe in identifying and, where possible, capitalising on opportunities that we feel have the potential to increase shareholder value in the long term. The acquisition of Carib Creek East incorporating 42 claim cells not only extends the company's footprint in the Winston Lake area, but also provides additional presence over a highly prospective regional mineralised area. The area, which is underexplored, has had minimal historical work undertaken with promising results including  copper in soils of up to 1,100ppm and in rock up to 1.35%.  

"We are finalising exploration plans for the Carib Creek-Winston Lake project area and will update the market in due course. "

 

Winston Lake Project

Winston Lake Project is an early-stage exploration project with two key asset areas, Beavertrap and Carib Creek. Properties in the Winston Lake greenstone belt adjacent to Metallum Zinc Resources Superior Lake Zinc Project (historic Winston & Pick Lake mines) which contain a VMS style high-grade zinc deposit with a JORC Resource of 2.35 Mt @ 17.7% Zn, 0.9% Cu, 0.38 g/t Au & 34 g/t Ag and a Probable Ore Reserve of 1.96Mt @ 13.9% Zn, 0.6%Cu, 0.2g/t Au & 26.2g/t.

Multiple high priority airborne magnetic and Electromagnetic Conductors exist within the property that have not previously been drill tested and may relate to the volcanic stratigraphy that hosts both base metal and gold mineralisation to the south and east. Reconnaissance prospecting over one anomaly in the south west area of Carib Creek located quartz veins assaying up to 0.54 per cent. Pb, 0.32g/t Au.

Transaction details

The Claim Cells were acquired by Ryan Mee, Chief Executive Officer of Fulcrum Metals, on 2 January 2023 prior to the Company being admitted to trading on AIM in February 2023. A total of CA$2,100 has been incurred by Ryan Mee in purchasing these Claim Cells. Fulcrum Metals plc has acquired the Claim Cells, from Ryan Mee for a cash consideration  of CA$2,100 , with effect from 15 April 2023.

The next anniversary date for the Claim Cells is 2 January 2025, for which working assessment credits of CA$16,800 are required to have been expended in order to keep the property in good standing and remain in the ownership of the Group.

Figure 1 - regional map setting out eastern extension of Carib Creek

Figure 2 - Eastern extension detailing historic soil and rock samples

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
Aidan O'Hara (Corporate Development Director)	Via St Brides Partners Limited
Allenby Capital Limited (Nominated adviser)
Nick Athanas / George Payne	T el: [phone]
Clear Capital Markets Limited (Broker)
Jonathan Critchley	T el: [phone]
St Brides Partners Ltd (Financial PR)
Ana Ribeiro / Paul Dulieu	Tel: [phone]

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 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 establishing 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.

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.

ONTARIO - GOLD AND BASE METALS

Schreiber-Hemlo project - Big Bear and Jackfish properties

Covers a significant combined 113km² within a portion of the significantly mineral endowed portion of the Schreiber-Hemlo greenstone belt which contains the >23Moz shear-hosted Hemlo gold mine operated by Barrick Gold (80km east) and Generation Mining's Palladium project (60km east).

Big Bear

The Big Bear Project is situated over the western end of the Schreiber-Hemlo Greenstone belt. Geology consists of packages of metavolcanic rocks with mafic intrusions and banded iron formations, broadly folded about an east-southeast trending synclinal axis. The granitoid intrusive boundary of the Terrace Bay Batholith runs along the southern edge of the property whilst the Syenite Lake Pluton borders Big Bear Lake.

A total of 253 geophysical anomalies have been identified from recent airborne surveys, with 39 designated for priority investigation. Gold bearing quartz veins have been outlined within seven separate areas (two with rock and vein samples grading 1 to 5g/t Au, four with quartz vein sample assays above 5g/t Au, and two quartz samples collected at 50m separation on an E-W trending vein open in both directions returning 105.5g/t Au and 112g/t Au respectively). Gold in soil anomalies in have been identified in five areas, ranging up to 710ppb Au, extending up to 250m wide and open along strike.

The Little Bear Lake and Schreiber prospects are of particular interest. Historic work programmes in 2010 and 2011 targeted an intense magnetic response from both. Assays returned from sampling along the 1.6km long gold trend included 6m at 1.5g/t Au, up to 53.7g/t Au and 19.25g/t Ag in rock chip and 18.9g/t Au and 1.03g/t Ag in soil. Historical bulk sampling reported 150t averaging 17.6g/t Au, while historical drill intersections include 0.55m at 19.2% Zn and 4.6% Cu from 15.2m depth.

Jackfish Lake

Contains multiple gold (+silver-lead-copper) occurrences in quartz veins/stockworks and altered granodiorite. Exploration covering an area of 1km x 1km returned widespread mineralisation with sampling results of up to 39.8g/t Au, 114g/t Ag and 1.01% Cu along with anomalous lead and pathfinder minerals molybdenum, barium, and tellurium.

Winston Lake Project - Beavertrap and Carib Creek

Properties in the Winston Lake greenstone belt adjacent to Metallum Zinc Resources Superior Lake Zinc Project (historic Winston & Pick Lake mines) which contains a VMS style high-grade zinc deposit with a JORC Resource of 2.35 Mt @ 17.7% Zn, 0.9% Cu, 0.38 g/t Au & 34 g/t Ag and a Probable Ore Reserve of 1.96Mt @ 13.9% Zn, 0.6%Cu, 0.2g/t Au & 26.2g/t.

Wawa Project - Dog Lake

Located in the South-Eastern limb of the Wawa / Michipicoten greenstone belt approximately 30km east of two million+ ounce gold deposits - Alamos Gold's Island deposit (1.3Moz measured at 10.12g/t Au), and Argonaut Gold's Magino project (1.3Moz measured at 0.98g/t Au).

Dayohessarah Project - Tocheri Lake in the Dayohessarah Greenstone Belt (Base Metals)

Occupies a strategic position in a relatively unmapped and underexplored part of the Dayohessarah greenstone belt adjacent to Palladium One's Tyco Project. Palladium One identified high priority VTEM targets at Cupa Lake within 500 metres of the Tocheri Lake property with soil samples of up to 512ppm Cu and 132ppm Ni.

ATHABASCA BASIN - URANIUM, GOLD, AND RARE EARTHS

Charlot - Neely Lake

An area not explored since the 1970s. Uranium potential, with grab samples of up to 6.22% U308, trenching samples up to 0.15% U308, and a gold target in the south Neely Lake area with noted gold mineralisation according to historic unverified drilling summary reports.

Fontaine Lake

Contains the East Addie Lake target area identified by CanAlaska and recommended for further evaluation in 2008. Grab samples of up to 1.28% U308 including anomalous rare earth samples associated with a radiometric anomaly.

The Group's projects are at an exploration stage of development and do not currently include any JORC

compliant Mineral Resources or Proved Ore Reserves.

 

END

 

 

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