9th Jun 2025 10:30
(Alliance News) - First Class Metals PLC on Monday said its 2024-2025 winter exploration programme produced "exceptional" results, identifying multiple high-priority targets across its Ontario gold projects, particularly at North Hemlo and Sunbeam.
Shares in First Class Metals were up 5.1% at 2.26 pence in London on Monday morning.
The London-listed gold and critical metals explorer in Ontario said five very low frequency geophysical surveys were completed across its North Hemlo property, including the high-potential H Lake and Rogers Lake zones, with strong conductors identified that will guide further fieldwork.
The company also launched a post-winter survey along the Dead Otter trend, targeting high-grade gold zones and new structures 30 metres from previously identified mineralisation. Grab samples and soil surveys are underway, with structural reviews planned to optimise drill targeting.
First Class Metals confirmed it has now secured full ownership of the OnGold claims, consolidating North Hemlo into an 81 square kilometre package. The OnGold area includes a lake sediment sample showing 103 parts per billion of gold, one of the highest recorded in the Hemlo camp.
At its Sunbeam property, lake sediment sampling results led to the staking of an additional 78 claims, expanding the landholding to more than 88 square kilometres. A recent visit from a structural geology expert provided new insights into mineralisation controls at the Roy Zone, which will guide a cost-effective drill programme between historic holes.
"The winter work programme was an operational success and the results it has produced are exceptional," said Chief Executive Officer Marc Sale. "We remain encouraged with the potential of the Roy structure at Sunbeam after the property visit with a renowned structural geologist – potentially a eureka moment."
At its Kerrs gold project, a resource update is underway, incorporating drilling data post-2011. Meanwhile, a beneficiation study has been proposed for the Zigzag lithium property, and additional anomalous results at the Quinlan property's pegmatite-rich northwest sector may prompt further investigation.
By Eva Castanedo, Alliance News reporter
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