First Class Metals PLC (LSE:FCM) shares rose 11.5% to 1.9p after the company reported progress on its maiden drill programme at the North Hemlo property in Ontario, Canada.
Nine drillholes have been completed along the Dead Otter trend, testing four priority target areas across a 3.5km strike. Drilling is currently paused but is set to resume next week to complete the programme.
Around 200 core samples have been submitted for assay, with results expected in the New Year. The company said several logged intersections displayed encouraging geological features, including deformation zones and sulphide mineralisation.
“The maiden drill programme on the Dead Otter trend has been both technically and logistically successful... early indications from the core are encouraging,” said chief executive officer Marc J. Sale.
The North Hemlo Project is located within the Hemlo Greenstone Belt, an established gold-producing district. The Dead Otter trend lies adjacent to exploration holdings of Hemlo Mining Corporation, which recently acquired the nearby Hemlo Mine from Barrick Gold in a deal worth up to US$1.09 billion.