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
24 September
2024
Ontario Junior Exploration
Programme-Grant Approval
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, focused in north west Ontario land
holdings, is delighted to announce that it
has been approved to participate in the Ontario Junior
Exploration Program ("OJEP") for work to be completed on
the Dead Otter Trend-North Hemlo. OJEP is supporting junior
mining companies by investing $13 million in 2024-2025 including $4
million for a critical minerals funding stream.
Highlights
· OJEP will fund up
to 50% of eligible expenses incurred on the North Hemlo property
from 1 April 2024, to 15 February 2025, This is
expected to result in OJEP providing up to CAD200,000 of
funds.
· Funding is
conditional upon confirming OJEP's eligibility requirements are
met, execution of a funding agreement and adherence to OJEP's terms
and conditions.
· The Ontario
Government is actively investing in early exploration through OJEP,
creating valuable opportunities for junior companies to identify
future mining prospects.
· First Class Metals
has successfully secured the full OJEP Grant for three consecutive
years, demonstrating the exploration success we have achieved
across the North Hemlo and Zigzag properties.
· Non-dilutive
funding that bolsters our exploration initiatives.
Marc Sale CEO Commented:
"I
want to extend my thanks to the Ontario Ministry of Northern
Development for granting us the maximum award of up to $200,000.
This marks our second OJEP grant for North Hemlo and the third
grant received by FCM overall. The initial grant in 2022 played a
crucial role in advancing our appreciation of the North Hemlo
block's potential through geophysics and our initial geochemical
sampling efforts from rock grabs defining the Dead Otter Trend. We
are excited to utilize these funds to further our exploration on
the Dead Otter Trend, paving the way for a future drill
campaign"
About OJEP: Ontario Junior Exploration Programme
'OJEP' helps junior mining companies
finance early stage exploration projects in Ontario.
Incentivizing early exploration will help the province remain
globally competitive, find new deposits of critical minerals, and
create new economic development and job creation for northern and
Indigenous communities. The 2024 OJEP
intake five, totalled CAD $13m with a maximum allocation of
$200,000 per applicant.
"Our government recognizes that the success of
Ontario's mining sector starts with the important work that junior
mining companies do during early exploration. Through this program,
our government is investing in early exploration to create
meaningful opportunities for junior companies to find the mines of
the future. Incentivizing early exploration will help our province
remain globally competitive, find new deposits of critical
minerals, and create new economic development and job opportunities
for northern and Indigenous communities."-The Honourable George Pirie-Minister of Mines
Ontario
Ends
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:
www.firstclassmetalsplc.com
For further information, please
contact:
Novum Securities Limited (Financial Adviser)
Axis Capital
Markets (Broker)
NOTES TO
EDITORS
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 operated by Barrick Gold (>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 180km² along a 150km strike of the
Hemlo-Schreiber-Dayohessarah greenstone belt, exploring for gold,
base metals, and rare earth element mineralization. In addition,
FCM is carrying out a joint venture with Palladium One on the West
Pickle Lake Property in the region, a drill-proven ultra-high-grade
Ni-Cu project.
The flagship property North Hemlo had a
high-definition low level magnetic Heli-borne survey flown in April
2022, this was followed with ground prospecting which ultimately
defined the 'Dead Otter Trend' which is a discontinuous 4.5km gold
anomalous trend with a 19.6g/t Au peak grab sample. This sampling
being the highest known assay 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 drilled prior to Christmas 2023 and
results have now been released.
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).
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.