First Class Metals PLC on Wednesday said it has launched the next stage of development at the Dead Otter trend at North Hemlo with immediate effect, after upgrading the target to high profile status.
According to the Blackburn, England-based metal discovery company, which has operations in northern Ontario, this upgrade could also include a ‘potentially significant’ impact exploration programme.
Tests confirmed the presence of a discontinuous 3.7-kilometre-long gold trend at Dead Otter, in the south of the North Hemlo property. Visible gold was observed in multiple grab samples, including a result of 19.6 grams per tonne of gold, with a 13.6 grams per tonne gold sample in the near vicinity.
These results were considered particularly significant, due to the robust structure, tenure of gold reported and similarities to other mineralisation in the area.
Accordingly, stripping and channel sampling across several high priority targets has now been commissioned. First Class Metals believes the work programme should be the last exploration step required for the delineation of drill targets.
‘Sawn channels, the work we are proposing, are comparable to horizontal drill holes and can be utilised in resource calculations. The work is exciting as it could significantly elevate the importance of this substantial gold bearing structure which is now one of the high-profile targets within the company’s portfolio of strategic exploration interests,’ said Chief Executive Officer Marc Sale.
Shares in First Class Metals were trading 12% lower at 4.25 pence each in London on Wednesday afternoon.
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