First Class Metals plc (FCM) has discovered high grade nickel sulphide at its earn in/joint venture (JV) project at Pickle Lake within the Schreiber-Hemlo region, Ontario, Canada.
JOINT VENTURE
The project comprises 33 single cell mining claims over which Palladium One has the option to earn-in to an 80% interest subject to a three-year work programme.
The JV sits on the eastern flank of FCM’s flagship North Hemlo project.
Power Metal Resources plc holds 28.19% of FCM.
SIZE AND SCALE
FCM discovered massive to semi-massive pentlandite-chalcopyrite-pyrrhotite sulphide along a 600-metre long east-west trending electromagnetic (EM) anomaly within Pickle Lake.
Mineralisation remains open in multiple directions.
The company said that drill hole TK-22-059 in the West Pickle Zone intersected sulphide mineralisation over 5.5 metres, including massive to semi-massive sulphide over 1.75m from 185.25 to 187.00m down hole.
“This new West Pickle Zone discovery closely resembles Palladium One’s very high-grade Smoke Lake Zone located 20km to the east – highlighting the potential size and scale of the mineralised system.
“The West Pickle Lake Zone is interpreted to be an extension of Palladium One’s historic RJ showing, located 2.7km to the east along a potential feeder dyke system which has returned up to 1.04% nickel and 0.23% copper over 16.2m.”
FCM is waiting results from a high resolution 4,200km geophysics survey over the project and its flagship North Hemlo property to identify further extension of the east-west trending mineralised zones.
The company expects to report the survey’s results shortly.
EXPECTATIONS
Chief executive Marc J. Sale added that the new massive sulphide discovery gave credence that a new district-scale sulphide nickel play was opening.
“The visual results and early-stage examination of the drill core from the first two holes have exceeded our expectations and substantiate the vector from the previous results further east of the Pickle Lake JV.”