FCM grows portfolio with Quinlan lithium earn-in

First Class Metals plc has grown its portfolio with a 100% earn-in agreement of the Quinlan lithium property comprising 98 claims in NW Ontario.

FAVOURED

The cash-shares deal with Broken Rock Resources Ltd involves “low execution costs” and a commitment to year one field work.

FCM has staked 50 claims and has an option over 48 for an aggregate $140,000 and 40,000 FCM ordinary shares, with a total work commitment of $400,000 over four years.

The company said that Quinlan held “one of the highest lake sediment lithium values of “966.3 ppm which forms the ‘Nine-Sixty-Six lake sediment anomaly”, recorded in the province in an Ontario Geological Survey (OGS) survey.

The property’s potential was also highlighted to be a “prime underexplored potential new pegmatite corridor” by the Ontario Thunder Bay OGS resident geologist programmme.

Chief executive Marc Sale added that the acquisition was a ‘new’ but fertile area for pegmatite / lithium focused exploration.

“The company now holds a significant land package, providing a cost-effective entry into an area that is highly favoured by the provincial OGS resident geologists for its lithium prospectivity.

“In line with FCM’s future corporate plans and divestment strategies across the wider portfolio, it is crucial for the company to maintain a continuous flow of high-quality prospects that can grow in value over time.

“FCM is optimistic about the potential of this new lithium prospect and is committed to actively progressing and exploring its value.”