First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK listed metals exploration company seeking economic metal discoveries across its extensive North West Ontario land holdings is pleased to announce that is has signed an agreement with Broken Rock Resources Limited  (“BRR”) in respect of the Quinlan Lithium Property (“Quinlan”) in NW Ontario.

HIGHLIGHTS

Marc J. Sale CEO commented:

“Following the success of Zigzag, FCM has expanded its portfolio by adding a further lithium prospect in what is considered a ‘new’ but fertile area for pegmatite / lithium focussed exploration”.

The Company now holds a significant land package, providing a cost-effective entry into an area that is highly favoured by the Provincial OGS Resident Geologists for its lithium prospectivity.

In line with FCM’s future corporate plans and divestment strategies across the wider portfolio, it is crucial for the Company to maintain a continuous flow of high-quality prospects that can grow in value over time. The acquisition of additional property assets like Quinlan ensures that FCM is well-positioned for future growth and development.

FCM is optimistic about the potential of this new lithium prospect and is committed to actively progressing and exploring its value.”

Table1—Option costs for the Quinlan property

Cash (CAD$) Ordinary FCM Shares (CAD$) Annual Work Commitment (CAD$)
On signing 10,000 15,000* 0.00
Within one year anniversary 5,000 10,000 50,000
Within two-year anniversary 10,000 5,000 50,000
Within three-year anniversary 15,000 10,000 150,000
Within four-year anniversary 100,000 NIL 150,000
Total 140,000 40,000 400,000

*- These shares are to be issued within 30 days of publishing an FCA approved prospectus.

Background

On August 30, 2023, Liane Boyer (Broken Rock Resources Limited) and Dorothy Campbell (Regional Resident Geologist) visited the Nine-Sixty-Six site, by helicopter. Descriptions of these sites are given below. All UTM co-ordinates reported in this article are in NAD83, Zone 16.

The Nine-Sixty-Six lake sediment anomaly (OGS sample site 1109, Jackson and Dyer 2000b; 287642E 5527869N) was collected from a small lake north of Kashishibog Lake. The sample returned 966.3 ppm Li, 38.57 ppm Rb and 9.53 ppm Cs. The area surrounding site Nine-Sixty-Six is covered by thick till and a few granitic pegmatite boulders were noted and sampled. Most of these pegmatitic boulders are rounded, ranging in size from 0.5 to 2 m, and composed mainly of quartz and feldspar with local minor biotite.

Although no outcrop was found in this area, large outcrops of granitic pegmatite were observed and sampled in an area 2 km to the northwest. These quartz-feldspar pegmatites are buff to white, massive, and mostly coarse-grained to pegmatitic with minor finer grained phases. Coarse-grained magnetite was noted in one outcrop. Historically, the Kashishibog Lake area has seen very little exploration and geological mapping.

According to the Ontario Geological Survey in 1964, vast areas of granite pegmatite dike sheets occur in the vicinity of Sparkling and Mountairy lakes, 12 to 30 km west of Kashishibog Lake, respectively.  The pegmatites are situated near the Western Wabigoon–Winnipeg River terrane boundary and along the northeast-trending regional-scale faults that extend for more than 30 km in the Kashishibog and Awkward lakes area.

Ends

For further information, please contact:

James Knowles, Executive Chairman JamesK@Firstclassmetalsplc.com 07488 362641
Marc J Sale, CEO MarcS@Firstclassmetalsplc.com 07711 093532

Novum Securities Limited (Financial Adviser)

David Coffman/ George Duxberry  www.novumsecurities.com (0)20 7399 9400

 

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