First Class Metals plc (FCM) intersected spodumene-bearing pegmatites in nine targeted holes drilled at the Zigzag lithium property in the Seymour-Falcon corridor, northwestern Ontario.
SAMPLING
The company recorded more than 50 metres of pegmatite, exceeding 5m in thickness, and mineralisation remaining open along strike and down dip.
Multiple mineralised pegmatite zones were intersected in holes targeting 400m of the known 800m strike.
All holes will be logged and marked for sampling before cutting and sample collection from with results from the initial batch expected early Q1 2024.
Chief executive Marc J Sale said: “The completion of the drilling at Zigzag has consolidated the undertaking to shareholders / investors that FCM would bring four properties to ‘drill ready status’ and drill one this season.
“I am extremely pleased with the (visual) indications of the drill core and the robust intersections that I have seen so far.
“I look forward with positive anticipation to the first results. We are already planning the next stages of exploration.”
HOLDINGS
FCM also noted that, at the end of June 2023, Power Metal Resources plc which sold some its own properties to FCM no longer holds significant control in the company.
Power Metal’s interim results in June 2023 showed that in late July 2022 it held 28.19%, which after dilution since the listing has become 26%.
Power Metal also held 517,705 warrants to acquire new FCM ordinary shares at 10p per share with an expiry date of 29 July 2023.