First Class Metals plc has signed the earn-in agreement for the Kerrs gold project in the Larder Lake mining division, northeastern Ontario.
APPEALING
The property, located in the Timmins mining camp, holds a historic resource estimate of 386,467 oz gold over 36 units across 665 hectares.
FCM has begun a comprehensive historical data review with results expected to help plan an initial summer field campaign.
Chief executive Marc Sale said that the deal signified two important events for the company.
“Firstly reinforcing the concept of identifying opportunities to add value then monetise, secondly the potential acquisition of the Kerrs gold project catapults FCM from an explorer to a company with a resource.
“Given the continuous rise in gold prices, with new all-time highs being reached, the opportunity to earn into Kerrs gold is an incredibly appealing proposition for FCM.”
The largest shareholder in FCM is Power Metal Resources plc with 23.4%, followed by executive chairman James Knowles, former director Ayub Bodi 12.39%, Asif Bodi 4.46% and Afzal Valli (4.4%) who helped the company acquire the Sunbeam property.
The shares are based on 81,886,294 shares in issue as at 23 December 2023.