First Class Metals plc (FCM) reported high grade results from its Pickle Lake nickel project in Ontario, Canada.
PROSPECTIVITY
Partner Palladium One has the option to earn-in to an 80% undivided working interest in the project, subject to a three-year work programme commitment.
The project, comprising 33 single cell mining claims, sits on the eastern flank of FCM’s flagship North Hemlo project.
FCM said Paladium One reported preliminary assay results from the first hole TK-22-059 of an “exceptionally high grade” at 4.8% nickel, 3.7% copper (6.8% nickel equivalent) over 1.8m from massive nickle copper sulphides.
From 12 holes drilled, assays from 11 remain outstanding.
The operator discovered “massive to semi massive” pentlandite-chalcopyrite-pyrrhotite sulphide discovered at the 600-metre long VTEMmax electromagnetic anomaly known as the West Pickle zone.
Results returned include 3.4% nickel equivalent over 3.7m (2.3% Ni, 1.8% Cu, 0.45 g/t total precious metals (TPM) (Pt+Pd+Au)) in hole TK-22-059.
The company also noted visual results for hole TK-22-070, which intersected 1.7m of massive sulphide mineralisation from 165.4 to 167.1m down hole.
The new discovery closely resembles the Palladium One “extremely high-grade” Smoke Lake Zone located 20km to the east.
Chief executive Marc J Sale added that the prospectivity remained open to the west on the FCM’s ground.
“The reporting of the initial results from FCM’s West Pickle Lake prospect JV, add additional evidence that a new district scale nickel (copper) sulphide discovery is emerging on our North Hemlo property.”
Power Metal Resources plc holds 18,516,097 FCM shares, representing 28.19% of FCM.
In addition, Power Metal holds 517,705 warrants to subscribe for a further 517,705 FCM shares each at an exercise price of 10p, with an expiry date of 29 July 2023.