First Class Metals plc’s existing loan has further increased from £500,000 to £700,000 for the North Hemlo and Sunbeam gold projects in Ontario, Canada.
DRILLING
The money from Seventy Ninth Group Ltd, which initially loaned £230,000 in June, adds to the investor’s proposed £2.18 million financing.
Funds will be drawn in a single tranche and used for FCM’s Winter exploration plans.
The programme includes a very low frequency geophysical survey across priority targets and lake sediment sampling to identify additional targets at North Hemlo.
Additionally, wide-scale lake sediment sampling across newly staked claims at Sunbeam will identify new targets.
“I am excited that we can initiate a funded Winter work programme which will ensure that, when the spring field season starts, we can maximise the efforts on the two main properties,” said chief executive Marc Sale.
“The Winter work programme in conjunction with the stripping and the results from the recently completed soil sampling programmes at North Hemlo and Sunbeam will provide focus in the coming months, the intention being to drill one or both properties.”