First Class Metals plc has signed an exclusive 60-day agreement to finalise a potential 40% earn-in on the McInnes Lake gold property in northwest Ontario.
GREENFIELD
The company paid CA$5,000 to Emerald Geological Services Ltd to complete negotiations within the period.
The figure will be deducted from FCM’s year one work programme expected to cost $50,000.
Emerald will undertake the geological work on the property with no charge for their personnel’s time.
FCM said it would have a “relatively low-cost entry into what is considered to be a highly prospective greenfield project”, with no further cash commitments.
The company noted that the Red Lake mining district is “renowned for its rich gold mining history and impressive production” with a collective production as of 2020 of more than 26 million ounces gold.·
Chief executive Marc Sale added: “This is an exciting development for FCM greenfield exploration opportunities on a property which potentially contains the same structure that is present at Red Lake.
“The lack of previous systematic or comprehensive exploration in a favourable geological setting presents realistic expectation for a significant discovery.”