Sunbeam Property Drilling Update
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
2 March 2026
Sunbeam Property Drilling Update
First Class Metals PLC ("First Class Metals", "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 provide a drilling update for drilling at the Roy prospect on the Sunbeam Property ("Roy").
Highlights
· To date, 5 holes have been completed for approximately 490m
· A minimum of 1,000m is anticipated to be drilled on the Sunbeam property
· The drill programme currently consists of 11 holes
· LiDAR (Light Detecting and Ranging) interrogation ongoing with initial feedback most encouraging
· The results from the Very Low Frequency ("VLF") magnetic survey are still being reprocessed
· Prime strategic location between Agnico Eagle's (NYSE:AEM) Hammond Reef and regional holdings
· Sunbeam lies directly between, and is contiguous with, two Agnico Eagle properties and just ~15km from the Hammond Reef gold deposit, with open pit probable mineral reserves estimated to be 3.3 million oz. of gold (123.5 million tonnes grading 0.84 g/t gold (Au), underscoring its exceptional position within a highly endowed, infrastructure-accessible gold district.
Marc J. Sale CEO of First Class Metals Commented:
"The drilling at Roy has progressed very satisfactorily with five holes completed all of which to date have intersected potential mineralised structure(s). Visually I am very encouraged by the deformation and associated veining.
Obviously without the benefits of assays, we are reliant on the visual assessment of the prospectivity by the technical crew. However, we all remain enthusiastic and positive at this juncture."
Roy structure
The lineament where the Roy occurrence / development is located is a district scale structure and has now been traced through historic work and Emerald Geological Services, ("EGS") prospecting towards the 111ppb lake sediment sample some 5km northeast along strike of the mine shaft. The structure also hosts historic shafts B43 and B45, which further enhances the potential see Figure 1.
Figure 1 illustrating the soil (VLF) grid and locations of historic shafts, including Roy.
Drilling
The planned 1,000m programme has paused for the Prospectors and Developers Association of Canada ("PDAC") convention and will recommence on or about the 7th March.
Drilling has commenced with hole SUN-26-01 which is a twin of historic hole SP-11-12, see Figure 2 for a snapshot of the core.
Figure 2 showing the core from the drill hole twining' SP-11-12, on an azimuth of 150o as per historical drilling.
Importantly, the majority of the holes drill will adopt a new azimuth at variance to the historical one of 150o, see Figure 3, this we believe is a far better azimuth / angle to intersect the mineralisation based on the structural understanding FCM has developed through ground observations and thorough review of the historical geological and drill data.
Figure 3 showing core from the newly adopted drill azimuth
A further hole to test geology, mineralisation and structure has been trialled, see Figure 4.
Figure 4 showing core from the drill hole drilled at a significantly different azimuth to this programme and previous drilling.
In early March, these holes will include a new (to previous drilling) azimuth as well as a 'structural hole' to test the hypothesis of the intersecting structures. The proposed drill programme was supported by the 'brainstorming' panel.
All the drilling at Roy is centred around the historic shafts in the vicinity of the 18.8g/t channel samples as well as the outcrop containing visible gold.
VLF / magnetic survey
In parallel with the soil sampling, a combined VLF and magnetic survey was undertaken. The 'central grid' has been completed for 192 stations over a combined 3.8km of line survey. This data is being reprocessed given the initial processing was deemed unsatisfactory.
LiDAR
The LiDAR information for the Sunbeam property and environs is still under interpretation by a third-party consultant. The initial findings are most encouraging and support the concept of gold 'hotspots' and structural intersections.
OJEP (Ontario Junior Exploration Programme)
FCM remains optimistic in respect of its application for a fourth consecutive for the maximum grant under the OJEP.
Sunbeam Property background
The Sunbeam property, which now extends to almost 100km2, is situated between two Agnico Eagle properties both of which have gold discoveries, including the Hammond reef resource of 3.3Mozs gold. The mineralisation on all three properties is associated with northeast orientated structures interpreted as splays off the Quetico fault to the south, see Figure 5
Figure 5 showing the similar orientations of the mineralised structures on the three properties emanating from the Quetico fault to the south.
The property contains three historic development sites: i) Sunbeam, the most exploited and the only site with recorded production, ii) Roy and iii) Pettigrew; these all sit on previously identified mineralised, district scale, structures, see Figure 6.
In addition, along these three mineralised structures a number of other significant gold bearing sites have been identified, such as Road zone and AL 308. A potential fourth lineation, the Burger structure, has not yet been explored by FCM.
The historic developments as well as the widespread occurrence of gold emphasises the gold endowment of the property and the potential for a major discovery.
Figure 6 showing the mineralised trends on the Sunbeam property and with the locations of the lake sediment samples, the area of soil / VLF survey as well as the recently staked and optioned claims.
Regionally the property is located about 230km west of Thunder Bay, roughly 30km northeast of Atikokan and is accessible 40km north off highway 11 by the Premier Lake (gravel) road, which transects the property and runs within one mile of the Roy shaft.
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.
For Further Information:
Engage with us by asking questions, watching video summaries, and seeing what other shareholders have to say. Navigate to our Interactive Investor hub here:
https://firstclassmetalsplc.com/link/rDG2Ge
For further information, please contact:
James Knowles, Executive Chair
Email: JamesK@Firstclassmetalsplc.com
Tel: 07488 362641
Marc J Sale, CEO
Email: MarcS@Firstclassmetalsplc.com
Tel: 07711 093532
AlbR Capital Limited
David Coffman / Dan Harris
Website: www.albrcapital.com
Tel: (0)20 7469 0930
Axis Capital Markets (Broker)
Lewis Jones
Website: Axcap247.com
Tel: (0)203 026 0449
First Class Metals PLC - Background
First Class Metals 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. In particular, the Hemlo 'camp' near Marathon, Ontario is a proven world class address for gold exploration, featuring the Hemlo gold deposit previously owned by Hemlo Mining Corp., (>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 250km² in northwest Ontario. A further three blocks are under option and cover an additional 30km2.FCM is focussed on exploring for gold but has base metals and critical metals mineralisation. FCM is maintaining a joint venture with GT Resources on the West Pickle Lake Property a drill-proven ultra-high-grade Ni-Cu project.
The flagship properties, North Hemlo and Sunbeam, 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).
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 and results have now been released.
The Kerrs Gold property, acquired under option by First Class Metals in April 2024, 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 is currently reviewing plans to advance the project and further unlock its value.
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).
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 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.
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