High-Grade Gold at Pettigrew; Drilling Imminent
Summary by AI BETAClose X
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
12 November 2026
High-Grade Gold at Pettigrew; Drilling Imminent
First Class Metals PLC ("FCM" or the "Company") the UK listed company focused on the discovery of economic metal deposits across its exploration properties in Ontario, Canada, is pleased to report the results of sampling along the Pettigrew trend with bonanza and high grades >600m and 1,600m from the historic shafts. An initial 1,000-metre drilling programme is due to commence imminently at Pettigrew.
Highlights
- Grab samples return gold grades of up to 40.00 g/t Au, with further results of 16.70 g/t Au and 10.20 g/t Au, highlighting the high-grade gold potential of the Pettigrew trend.
- Two distinct areas of gold anomalism identified approximately 650 metres and 1,600 metres northeast of the historic Pettigrew shafts, highlighting exploration potential beyond the historic workings.
- An initial 1,000-metre drilling programme is due to commence imminently at Pettigrew, with the Forage P.L. Inc. drill rig expected on site this week and mobilisation of equipment to the drill site already underway.
- A strong Very Low Frequency (“VLF”) conductor and lead anomalies in soil samples provide supporting exploration targets along the trend and guide follow-up prospecting.
- Historical drilling at Pettigrew returned 19.4 g/t Au over 0.63 metres and 15.17 g/t Au over 1.37 metres in separate intersections in hole 57751, providing context for the current exploration programme.
Marc J. Sale CEO First Class Metals Commented:
“These latest grab sample results, returning up to 40.00 g/t gold, highlight Pettigrew’s potential beyond the historic workings, with gold anomalism identified approximately 650 metres and 1,600 metres northeast of the shafts.
“Together with this year’s drilling and subsequent high-grade discoveries along the Roy trend, these results strengthen our confidence in Sunbeam’s district-scale exploration potential. Our integrated geological, geochemical and geophysical approach is helping us identify and prioritise targets across the wider property.
“With an initial 1,000-metre drilling programme due to commence imminently at Pettigrew, we are moving into the next phase of testing, while continuing to investigate the substantial exploration opportunity across the Roy, Pettigrew and Sunbeam trends.”
For more information navigate to our Interactive Investor hub here: https://firstclassmetalsplc.com/link/y0K5kP
Prospecting the Pettigrew trend
Exploration along the Pettigrew trend has focused on areas of the interpreted lineament extension northeast from the shaft area, focussed on the strong VLF response, see Figure 1.
Figure 1 showing the virtual grid on the Pettigrew trend VLF conductors and the soil sample points
FCM previously undertook stripping and channel sampling in the area of the historic shafts. Results confirmed the presence of widespread gold mineralisation.
Channel sample results were of the order of 3.5 g/t Au over 0.2 m from quartz veining immediately east of the shaft, 1.8 g/t Au over 0.75 m in sheared porphyry west of the shaft, and 0.26 g/t Au over 7.8 m on the opposite side of the ridge from the shaft, in sheared porphyry. However, a grab sample of quartz rubble dug up near the shaft returned 13 g/t Au demonstrating the potential for high grade intercepts.
Reported historic drilling in the area of the shafts is limited, with two holes being notable. In 1983, Canico reported partial drill assay results including 19.4 g/t Au over 0.63 m and 15.17 g/t Au over 1.37 m near surface, together with shorter intersections of approximately 3 g/t Au over approximately 0.5 m. One hole also reportedly intersected 1.81 g/t Au over 18.5 m, suggesting the presence of a broader zone grading approximately 1–2 g/t Au with higher-grade intervals. In 1987, following dewatering of the shaft, Canico undertook underground mapping and collected bulk samples, which returned 0.45–4.3 g/t Au. These results indicate that the Pettigrew shear hosts gold mineralisation over considerable widths, although its distribution is uneven.
Very little subsequent exploration is reported in the area since. Which effectively means no modern exploration of consequence. The recently completed geophysical survey by Rosor Exploration for FCM is probably the most comprehensive remote survey ever conducted over the core area of the three trends on the property.
Recent exploration of the Pettigrew trend by FCM includes the ground VLF survey as well as an extensive soil sampling programme. Following on from these positive results specifically strong VLF conductors a prospecting exercise was initiated and is ongoing, refer back to Figure 1 for the VLF conductors. The response has also highlighted a strong north-northeast suite of conductors which will be the basis of a future prospecting programme.
Soil sampling along the trend has highlighted anomalies associated with the main, strong VLF conductor immediately northeast of the Pettigrew shaft, particularly for lead. Soil sampling coverage in the central area remains incomplete, as some survey lines have yet to be completed and others encountered waterlogged or marshy ground. The absence of recorded anomalies in this area therefore reflects gaps in sampling coverage. However, the VLF conductor remains strong through this zone, see Figure 2.
Figure 2 showing the soils sampling results with the VLF and LiDAR structures, note extensive Pb anomalies.
Prospecting along the trend, guided by the soil sampling results, has identified two distinct zones of gold anomalism (see Figure 3). The geological model developed at Roy is currently less clearly defined at Pettigrew. This is interpreted as being due to the weaker expression of structural features in the LiDAR data and incomplete soil sampling results. However, the encouraging gold values returned from the prospecting campaign support the exploration potential of the survey area and, more broadly, the Pettigrew trend.
Figure 3 showing the distribution of anomalous grab samples on the Pettigrew specifically the new grabs 650m to the NE of the historic shafts.
The follow-up prospecting described above has delivered two strong concentrations of high-grade gold results, reinforcing the potential of the Pettigrew trend and allows a viable comparison to the Roy trend, see Figure 4.
Figure 4 showing the detailed gold (sample) distribution along the trend and detail of the gold assays to the northeast of the Pettigrew shafts, note the area bereft of geochemical data in the central portion.
Exploration Potential and Next Steps.
The high-grade gold results mark an important step forward in the exploration of Pettigrew. FCM has identified two distinct zones of gold anomalism approximately 650 metres and 1,600 metres northeast of the historic shafts, with grab samples returning up to 40.00 g/t Au. Both zones remain open along strike, highlighting the potential to extend exploration beyond the historically and currently investigated areas.
The ground between these zones has received limited prospecting, while soil sampling coverage remains incomplete. This intervening ground represents a priority for follow-up prospecting to assess the extent of mineralisation and the possible relationship between the two zones.
To the best of FCM’s and Emerald Geological Services’ (“EGS”) knowledge, no historical drilling has specifically targetted the newly identified high-grade occurrences.
An initial 1,000-metre drilling programme is due to commence imminently at Pettigrew, marking the next phase of investigation. Further prospecting will target the intervening ground and extend northeast along the soil and VLF survey grid, as well as southwest of the Pettigrew drilling area.
Together with the progress at Roy, these results strengthen the case for systematic exploration across the wider Sunbeam property. The geological, geochemical and geophysical approach is helping to prioritise targets along the Pettigrew and Roy trends, with scope to apply the knowledge gained to the Sunbeam trend as the programme advances.
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 30 years 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.
Glossary of Technical Terms
This glossary defines geological, drilling, sampling and geophysical terms used in mineral exploration reporting.
|
Term |
Explanation |
|
Along Strike |
In the direction of the horizontal extent of a geological structure or mineralised zone. |
|
Alteration |
Chemical changes to rock caused by mineralising fluids, often associated with ore-forming processes. |
|
Assay |
Laboratory analysis used to determine the concentration of metals within a rock sample. |
|
Au |
The chemical symbol for gold. |
|
Azimuth |
The compass direction in which a drill hole or geological feature is oriented, measured in degrees from north. |
|
Bedrock |
Solid rock beneath soil, glacial sediments or other loose surface material, which may also be exposed at surface. |
|
Bonanza Grade |
Exceptionally high gold grades, typically over an ounce - 31g/t Au or higher. |
|
Channel Chip / Chip Channel Sample |
A rock sample collected by systematically chipping material along a continuous, measured channel across exposed bedrock, usually using a hammer and chisel. A consistent channel width and depth are sought to improve sample representativeness. |
|
Channel Cut / Cut Channel Sample |
A rock sample removed from a continuous groove cut into exposed bedrock, commonly using a rock saw, over a measured interval. The defined channel helps control the amount of material collected along the sample. |
|
Channel Sampling |
Systematic collection of rock along a continuous channel cut across an exposed geological feature, with samples taken over measured intervals to assess metal content. |
|
Core |
Cylindrical rock recovered during diamond drilling, used to examine geology and mineralisation. |
|
Diamond Drill Hole (DDH) |
A hole drilled using a diamond drill bit to recover continuous rock core for geological logging, sampling and analysis. |
|
Fire Assay (FA) |
The industry-standard laboratory method that uses high-temperature fusion to separate and concentrate precious metals, such as gold and silver, for accurate measurement. Typically, only a small sub-sample (commonly 50 g) is analysed. |
|
Float / Float Sample |
Loose rock fragments detached from their original bedrock source and potentially moved by ice, water or gravity. A float sample is collected from this loose material; its original source may be uncertain and its assay may not represent nearby bedrock. |
|
Galena |
A lead sulphide mineral (PbS) that can be associated with precious metal mineralisation in some geological systems. |
|
Geochemical Anomaly |
A concentration of an element above the local background level in soil, rock or sediment. An anomaly may help identify exploration targets but does not by itself establish a mineral deposit. |
|
Geophysics |
The measurement and interpretation of physical properties of rocks, such as magnetism or electrical conductivity, to investigate geology and identify exploration targets. |
|
Grab / Grab Sample |
An individual rock sample collected from a selected location for analysis. Grab samples may be selective and their results may not represent the average grade of the surrounding rock or mineralised zone. |
|
Grade |
The concentration of a metal in a sample or body of rock. Gold grades are commonly expressed in grams per tonne (g/t). |
|
Grams per Tonne (g/t) |
A unit of metal concentration expressing the number of grams of metal in one metric tonne of material. For solid samples, 1 g/t is equivalent to 1 part per million (ppm). |
|
High-Grade Gold |
Gold concentrations typically ranging from 10 to >20 g/t Au. |
|
Host Rock |
The rock in which mineralisation or a geological feature, such as a quartz vein, occurs. |
|
LiDAR |
Light Detection and Ranging, a remote sensing technique that uses laser pulses to produce highly detailed maps of surface topography. |
|
Lineament |
A linear feature identified in topographic, remote sensing or geophysical data that may reflect an underlying geological structure, such as a fault or shear zone. |
|
Logging |
The detailed geological description and recording of drill core, including rock type, alteration and mineralisation. |
|
Mineralisation |
The occurrence of minerals containing metals of interest within rock. Mineralisation does not necessarily indicate an economically viable deposit. |
|
Mineralised Package |
A sequence of rocks containing minerals associated with potential economic metal deposits. |
|
Open Along Strike |
Describes a mineralised zone whose limits have not yet been established along its strike direction. Further exploration is required to determine whether the zone continues. |
|
Outcrop |
An exposure of bedrock at the ground surface. |
|
Overburden |
Soil, glacial sediment and other loose or weathered material covering bedrock. |
|
Parts per Million (ppm) |
A unit of concentration representing one part of a substance in one million parts of the material analysed. For solid samples measured by mass, 1 ppm is equivalent to 1 g/t. |
|
Photon Assay (PA) |
A non-destructive analytical method that uses high-energy X-rays to measure gold in a prepared sample, commonly around 500 g. Its larger sample mass can reduce sampling variability associated with coarse or visible gold. |
|
Prospecting |
The search for evidence of mineralisation through field examination of rocks and surface features, often supported by sampling. |
|
Quartz Vein |
A fracture or crack in rock that has been filled with quartz. Quartz veins are commonly associated with gold mineralisation. |
|
Sampling |
The collection of portions of rock, drill core, soil or sediment for laboratory analysis to determine metal content. |
|
Schist |
A metamorphic rock characterised by strong foliation and aligned mineral grains. |
|
Shear Zone |
A zone of rock deformed by movement between adjacent rock masses. Shear zones can provide pathways for mineralising fluids and may host mineralisation. |
|
Soil Geochemistry |
The collection and chemical analysis of soil samples to identify variations in element concentrations that may indicate nearby or underlying mineralisation. |
|
Strike |
The compass direction of a geological feature, such as a vein or shear zone, measured along its horizontal extent. |
|
Strike Length |
The horizontal distance over which a geological structure or mineralised zone can be traced. |
|
Stripping |
The removal of vegetation and overburden to expose bedrock for geological mapping and sampling. |
|
Structure / Structural Zone |
A geological feature, such as a fault or shear zone, that may control the movement of mineralising fluids and the location of mineral deposits. |
|
Till Sample |
A sample of unconsolidated glacial sediment collected to identify mineral grains or geochemical anomalies that may indicate mineralisation in the underlying or nearby bedrock. |
|
Tonalite |
A coarse-grained intrusive igneous rock similar to granite, commonly found in mineralised geological terranes. |
|
Very Low Frequency (VLF) |
A ground or airborne electromagnetic geophysical survey method that uses very low frequency radio signals from distant transmitters to detect conductive geological features, such as faults, shear zones or sulphide-bearing zones, that may be associated with mineralisation. |
|
Visible Gold (VG) |
Gold that can be seen with the naked eye in drill core or rock samples. Visible gold does not necessarily indicate economic grades but is considered a positive indicator in gold exploration. |
For further information, please contact:
James Knowles, Executive Chair
Email: JamesK@Firstclassmetalsplc.com
Tel: 07488 362641
Marc J Sale, CEO and Executive Director
Email: MarcS@Firstclassmetalsplc.com
Tel: 07711 093532
AlbR Capital Limited (Financial Adviser)
David Coffman/Dan Harris
Website: www.albrcapital.com
Tel: (0)20 7469 0930
Axis Capital Markets (Broker)
Richard Hutchinson
Website: Axcap247.com
Tel: (0)203 026 0449
First Class Metals PLC – Background
First Class Metals PLC listed on the LSE in July 2022 and is focused on metals exploration in Ontario, Canada which has a robust and thriving junior mineral exploration sector.
FCM currently holds 100% ownership of seven claim blocks covering over 260km² in northwest Ontario. A further three blocks are under option and cover an additional 60km². Two Joint Ventures also exist: West Pickle Lake (a drill-proven high-grade Ni-Cu project) and Zigzag
FCM is focussed on exploring for gold but has base metals and critical metals exploration projects.
The flagship properties, Sunbeam, and North Hemlo are gold focussed. North Hemlo has a significant discovery in the Dead Otter trend which is a discontinuous 3.5km gold anomalous trend with a 19.6g/t Au peak grab sample. This sampling being the highest known assay from a grab sample 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 gold reserves). The Sunbeam property is now 100% owned by FCM.
The Hemlo 'camp' near Marathon, Ontario is a proven world class address for gold exploration, featuring the Hemlo gold deposit previously operated by Barrick Mining (>23M oz gold produced), with the past producing Sugar Zone (>1M oz gold), Geco and Winston Lake base metal deposits also situated in the region.
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% Li2O. Zigzag was successfully drilled prior to Christmas 2023.FCM now owns 80% of the property and has entered into a JV with Nuinsco Resources Limited.
The significant potential of the properties for precious, base and battery metals relates to ‘nearology’, since 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).
The Kerrs Gold property is located in northeastern Ontario within the Abitibi Greenstone Belt, one of the world’s most prolific gold-producing regions. The project holds a historical inferred resource of approximately 386,000 ounces of gold, underscoring its potential as a meaningful addition to FCM’s expanding gold portfolio. Kerrs Gold complements the Company’s exploration strategy and provides exposure to a well-established mining district. FCM achieved 100% ownership of the property in H1 2026. In June 2026, FCM and nGRND Inc. (www.ngrnd.io) completed the closing conditions under a definitive Site Programme and Alternative Land Use Rights Agreement, establishing a non-dilutive monetisation framework while FCM retains full ownership of the project and its underlying mineral claims, together with exposure to future resource growth.
For further information see the Company’s presentation on the web site:
www.firstclassmetalsplc.com
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 statements. Given these risks 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 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.
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