First Class Metals PLC - metals exploration in Ontario, Canada - Reports progress on exploration activities across north-west Ontario land holdings. Says initial reconnaissance trip at the Zigzag project north-east of Armstrong returned grades of lithium up to 1.00% and of tantalum up to 198 parts per million. At McKellar, near the town of Marathon, channel sampling of diatreme verified historical findings and gave further evidence of a rare earth element system. Company also has completed extensive soil sampling at Esa to build on last year’s successful programme. Historic data and core reviews have been completed at Sunbeam, near the town of Atikokan, as is an ‘extensive prospecting, sampling and mapping’ programme during which a wide quartz vein was rediscovered. Finally the company has commenced exploration at flagship North Hemlo property near Barrick Gold Corp’s Hemlo mine, with focus on the Dead Otter trend.

Chief Executive Marc Sale says: ‘FCM remains focussed on bringing four of our key properties to drill ready status this field season. It is our stated intent, permits notwithstanding, of drilling at least one of these properties this season. The 2023 field season has started well and with the support of [Emerald Geological Services] I feel we are currently on track to accomplishing this objective.’

Current stock price: 11.67 pence, up 6.1% in London on Thursday

12-month change: up 8.6%

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