First Class Metals Ltd (FCM) said that drilling was soon due to start at its precious metals Pickle Lake property in North Hemlo in Ontario, Canada.
PICKLE LAKE
Pickle Lake comprises 33 single cell mining claims for which FCM has now received an exploration permit, ahead of earn-in partner Palladium One beginning a drill programme.
Within Pickle Lake is the West Pickle Lake anomaly which FCM said likely represented a continuation of the Palladium One RJ and Tyko zones.
Soil samples collected at West Pickle Lake have returned up to 153ppm Cu and 116ppm Ni.
DRILL PROGRAMME
The permit allows 20 diamond drill holes, line cutting and mechanised stripping at the property which lies near White River.
Palladium One plans a 15,000 metre diamond drill programme which will include the West Pickle Lake target (20 holes).
FCM said that drilling was scheduled to begin this month, subject to securing a suitable drilling rig.
BUSINESS STRUCTURE
The project is a joint venture (JV) signed in July 2021 between FCM and Palladium One Inc.
FCM’s flagship North Hemlo property comprises 423 single cell mining claims covering more than 90km².
In September 2021, Power Metal Resources plc sold its Schreiber-Hemlo interests to FCM in which it acquired circa 36.3% interest.
Historically the block consisted of four claim areas: Pezim I & II, Wabikoba and North Hemlo block (acquired from Power Metal).
FCM is seeking a London listing prior to the end of second quarter 2022.
NORTH HEMLO
The property includes the Pickle Lake JV as well as exploration of the Esa, Sugar Cube, McKellar, Magical, Enable and Coco East projects.
These comprise in total 180km2 in the Hemlo – Harte gold mines region in the Western portion of the Wawa-Abitibi gold belt of Ontario, Canada.
The blocks lie within the Schreiber-Hemlo Greenstone Belt with target minerals of gold, silver, base and battery metals.