First Class Metals PLC (LSE:FCM) said it has been awarded two exploration permits for its Sunbeam gold project in Ontario, Canada.
The permits are for a three-year period and include the 'Sunbeam Extension' located in the Ramsey-Wright Townships, the core of the property.
“Initial focus will be on the known, underexplored but exciting targets, across this highly prospective property,” said chief executive Marc Sale.
The Sunbeam property includes the historic Sunbeam mine, a high-grade underground mine which operated from 1898 to 1905.
Sampling of dump material from the Sunbeam mine by previous operator Nuinsco Resources Limited had returned assay results of up to 122 grammes a tonne (g/t) gold and 24.8 g/t silver.
First Class Metals said it expects to review historical data.
“To have these permits issued so soon after our recent purchase option over the property is a great success for First Class and shows we are really hitting the ground running,” added Sale.
“Now these permits are in place we are able to proceed with meaningful exploration towards advancing this highly prospective project: the aim would be to conduct an initial drill programme in the coming field season.”