First Class Metals PLC (LSE:FCM, FRA:WN9) said final drilling results from the Roy prospect have confirmed high-grade gold at its Sunbeam property in Ontario, while also pointing to a much larger untested structural corridor.
The company said double fire assays validated earlier photon assay results from diamond drill hole SUN26-05, including a visible-gold sample previously reported at 45 grams per tonne gold. The same hole returned 5.1 metres at 4.14g/t gold from 13.9 metres depth and a broader 16.95 metres at 0.45g/t gold from 5 metres, though the company noted the latter was oblique to mineralisation.
FCM said gold mineralisation has now been confirmed over roughly 300 metres of strike at Roy, with anomalous to potentially ore-grade values remaining open along strike and at depth. The drilled area represents around 1% of the interpreted Nahanni Shear Zone, a district-scale structure the company said shows similarities to the Marmion Shear Zone, which hosts the 3.3Moz Hammond Reef gold deposit.
Chief executive Marc J. Sale said the assays supported the company’s confidence in the “high-grade nature of the mineralisation” and had improved its understanding of the wider Nahanni Shear Zone.
Further work is continuing across Roy and the parallel Pettigrew trend. FCM said its VLF and soil survey grid has been extended by about 1.5 kilometres to the northeast, an exploration permit has been submitted for winter drilling on the frozen lake adjacent to Roy, and a quote has been sought for detailed airborne geophysics over the core Sunbeam area.
In London, FCM shares were down 28% on Tuesday, changing hands at 2.4p.
