First Class Metals plc has started field work on the gold-base metal Coco East property, comprising 30 single cell claims, 25km north of Terrace Bay town in northwest Ontario.
FUNDS
The 6.3km2 block lies on the eastern sector of the Big Duck Lake Porphyry which contains “a number of historic showings” on the Schreiber-Hemlo greenstone belt.
FCM said it had also assumed 100% of the claim block following the 2023 earn-in deal with OnGold Investment Corp.
OnGold will be granted shares to the value of £100,000 in FCM subject to publication of an FCA approved prospectus.
FCM chief executive Marc Sale said: “In true FCM fashion we are endeavouring to put as much of the available funds ‘into-the-ground’, though gold prices are soaring the Coco East property has real potential for base metals.
“However, the very anomalous gold in lake sediment samples on the OnGold property constitute a significant target which too demands follow-up when appropriate.”
The company’s parent Power Metal Resources plc first acquired Coco East in 2021.
FCM also announced that 300 ordinary shares of 0.1p each, issued in connection with the exercise of warrants announced on 23 January 2023, were not admitted to trading.
Following application and admission, the company’s issued ordinary share capital shall comprise 82,046,029 shares with voting rights.