First Class Metals plc (FCM) has received full payment of its 2022-23 Ontario junior exploration grant (OJEP) for work carried out on its flagship North Hemlo property.
DISCOVERY
OJEP helps junior mining companies finance early stage exploration projects in Ontario.
The payment of CA$140,000 of the maximum $200,000 grant to FCM is for the successful completion of its programme.
The funds assisted with exploration costs of the high definition low-level magnetic survey and field work across the property, which led to the discovery of the Dead Otter Lake gold and molybdenum trend.
FCM has also become the first UK-listed company to complete a successful application from the Ministry of Northern Development, Mines, Natural Resources and Forestry.
SUNBEAM
The company added that its application is pending for funding from the 2023-24 OJEP to use on its Sunbeam gold project.
“A detailed historical review of all the data pertaining to the Sunbeam property is in its final stages: and we eagerly await the conclusions which will help define our exploration programme in the coming season,” said chief executive Marc Sale.