Zigzag Lithium-High Grade Grab Samples

First Class Metals PLC

31 October 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

31^th October 2023

Zigzag Lithium-High Grade Grab Samples

First Class Metals PLC ("First Class Metals" "FCM" or the "Company") the UK listed metals exploration company seeking economic metal discoveries across its extensive Canadian Schreiber-Hemlo, Sunbeam and Zigzag land holdings is pleased to announce an update on the progress on the Zigzag property which is currently focussed on the lithium potential.

Highlights:

·    Final results from the initial thirty-nine samples from the first phase of exploration received with significant number of results over 1% Lithium (Li₂O). (see table 1).

·    Grab samples identify a strike of over 350m with >1% Li₂O and remains open in both directions.

·    Channels sampling completed in central area of property, results pending from over 80 samples cut from almost 60m of channels over strike of 150m.

·    Prospecting continues on the main trend and subparallel zones.

First Class Metals' stated aim was to bring four properties to drill ready status with the intention of drilling one property this field season. The Zigzag property is maintaining this intention as it is advanced towards 'drill ready'.

Marc J. Sale First Class Metals CEO commented:

"I am buoyed by the progress we are making at Zigzag. The excellent results from these initial systematic grab samples have further supported our confidence in the property's potential. We await with confident anticipation the results from the channel sampling. The grab samples have I feel 'proved-up' a core area of the known structure which remains open in both directions and has yet to be explored at depth.''

Figure 1 showing the Zigzag property with the recent work conducted, focussing on the central portion of the claim block.

The final results from the 39 grab samples from recent prospecting are considered very encouraging and the full results are now available: there are 19 samples reporting over 1% Li₂O and a further 3 over 0.5% Li₂O defining almost 400m of strike of >1% Li₂O in the central portion of the property. The structure remains open along strike in both directions.

Furthermore, there were, (some in coincident samples) 6 samples >250ppm tantalum (Ta) . Nine samples reported >1000ppm rubidium (Rb) with the highest reported valuer being 3800ppm Rb. Several samples were also anomalous in caesium (Cs). See table of the more significant values. Note some samples were of iron formations not pegmatite and are not included.

Sample_No.	Caesium Cs_ppm	Gallium Ga_ppm	Lithium Li_ppm	Rubidium Rb_ppm	Tantalum Ta_ppm
F006543	92.6	107	17000	820	75.2
F006544	109	105	16300	1200	235
F006545	128	101	16500	1190	115
F006547	48.3	92.2	11500	695	162
F006548	100	87	12300	1110	50.3
F006549	77	118	21200	302	80.6
F006550	128	69.9	13200	795	90.9
F006572	146	81.6	12600	1630	84.3
F006573	85	112	17800	536	179
F006574	102	152	29700	404	57.3
F006575	256	133	469	3810	136
F006576	81.7	124	22300	514	467
F006579	96.8	95.9	236	1390	104
F006580	70	113	18500	650	145
F006581	82.3	99	10900	2000	51.3
F006582	19.4	87.1	16200	277	79.6
F006583	36.5	108	20100	255	235
F006584	89.6	100	8250	1510	5220
F006585	54.3	84	13200	938	67.4
F006586	44.5	117	18300	846	724
F006592	66.9	153	27500	587	54.3
F006593	65	77.4	7240	736	246
F006594	46.4	60.8	5820	748	69.3
F006596	34.5	78	10200	458	126

Table 1, showing the higher Li₂O, results reported. All samples are of pegmatite with varying amounts of visible spodumene. Highlighted samples are those of selected spodumene crystals.

Two of the grab samples submitted (F006574 & F006592) were 'benefaction' samples constituting almost entirely of spodumene crystals. They returned 2.97% and 2.75% Li₂O, (maximum for spodumene is about 8% Li₂O). One 'ordinary' pegmatite sample retuned 2.23% Li₂O by comparison. Other potential lithium minerals have not yet been positively identified.

Photo 1 showing sample F006576 an 'ordinary pegmatite which reported 2.23% Li₂O.

Further Exploration

Following the successful completion of the systematic grab sampling, we are pleased to confirm that our channel sampling program has also concluded. A total of over 80 samples, obtained from nearly 60m of channels, are currently undergoing analysis at the laboratory. We anticipate receiving the results of the analysis next month.

Visually, we have observed significant encouragement during the channel sampling process, most notably due to the presence of spodumene, which was previously reported. This adds further to our enthusiasm for the project's potential.

Hand stripping and channel sampling does not allow continuous sampling of the structure as it is obscured by soil, moss and other vegetation. It is believed that once mechanical stripping is undertaken the continuity of outcrops will be further enhanced.

Photo 2- showing outcrop of the main pegmatite after removal of the moss cover. Note the scale of the large spodumene crystals, (pale grey / green).

There is currently a prospecting team still onsite which is undertaking ground reconnaissance to the north and south of the main trend with >50 grab samples taken to date during this programme, some of which are from a sulphitic iron formation subparallel to the pegmatite. The programme also included 6 lines of soil samples covering both strike extensions of the main zone as well as an inferred subparallel structure to the south.

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 has 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 currently holds 100% ownership of seven claim blocks covering over 180km² along a 150km strike of the Hemlo-Schreiber-Dayohessarah greenstone belt which also contains the >23M oz shear hosted Hemlo gold mine operated by Barrick Gold. Late last year FCM completed the option to purchase the historical high grade (gold) Sunbeam past producing mine

The significant potential of the properties for precious, base and battery metals relate to: 'nearology' insomuch that all properties lie close to identified mineral anomalism, for example Palladium One's RJ and Smoke Lake nickel projects are close to the FCM's West Pickle Lake drill proven Ni-Cu project. This also demonstrates the second critical asset the properties hold: vector, anomalies, be they geological, geochemical, or geophysical that have demonstrated mineral potential extend on to FCM's properties.

The inferred shear on the Esa property is being explored by neighbours both to the west and east where it crosses into their properties. Furthermore, the properties have not been extensively explored either historically or more contemporaneously. This is attributable to the overall lack of outcrop. However, modern exploration techniques are better able to 'see through' the ground cover and to identify anomalies.

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.

 

END