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First Class Metals seeks to acquire Quinlan lithium property

22nd March 2024

By: Sabrina Jardim

Creamer Media Online Writer

     

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LSE-listed metals exploration company First Class Metals (FCM) has signed an agreement with exploration company Broken Rock Resources (BRR), giving FCM the right to earn 100% of the highly prospective Quinlan lithium property, in Ontario, Canada, from BRR with low execution costs and a one-year field work commitment.

The property holds one of the highest lake sediment lithium values – 966.3 ppm constituting the 'Nine-Sixty-Six lake sediment' anomaly – recorded in the province during an Ontario Geological Survey (OGS).

The property potential was highlighted by the yearly Ontario Thunder Bay OGS Resident Geologist Program – Target 11 – 'Recommendations for Exploration' publication to be a prime underexplored potential new pegmatite corridor.

A total number of 98 claims are involved in the transaction, with FCM staking 50 claims and 48 claims being optioned from BRR.

Funding for the execution payment and the first year's work commitment is currently in place.

"Following the success of Zigzag, FCM has expanded its portfolio by adding a further lithium prospect in what is considered a 'new' but fertile area for pegmatite- or lithium-focussed exploration,” says FCM CEO Marc Sale.

The company now holds a significant land package, providing a cost-effective entry into an area that is highly favoured by the provincial OGS resident geologists for its lithium prospectivity.

In line with FCM's future corporate plans and divestment strategies across the wider portfolio, the company says it is crucial for it to maintain a continuous flow of high-quality prospects that can grow in value over time.

“The acquisition of additional property assets like Quinlan ensures that FCM is well-positioned for future growth and development. FCM is optimistic about the potential of this new lithium prospect and is committed to actively progressing and exploring its value,” the company expresses.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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