First Class Metals plc has signed an earn-in for up to 80% with OnGold Investment Corp for the Pickle Lake property in McGill township, Ontario.
EXPLORATION
The property, of 163 single cell mining claims over 3,455ha, lies north of FCM’s West Pickle Lake nickel-copper discovery and contiguous to its North Hemlo property and Palladium One’s Tyko project.
A total of 11 “high priority targets” have been identified on the property from previous operators’ work programmes.
Payments for the exercise of the option are one million FCM shares to be issued by the 31 October 2023 and a work commitment spend of $300,000 over three years.
The company said it expected to create a joint venture at the end of earn-in period.
Chief executive officer Marc Sale added that the deal significantly increased the company’s area of exploration.
“Furthermore a share-issue deal for such an asset further confirms the industries [sic] confidence in our ability to deliver success.
“FCM will now formulate an exploration programme to follow on from the excellent work by OnGold.”