The Seventy Ninth Group, a leading asset management company headquartered in the United Kingdom, is delighted to acknowledge the progress made by First Class Metals PLC (“First Class Metals” or “FCM”), a UK listed company focused on the discovery of economic metal deposits across its exploration properties in Ontario, Canada, in their 2024 exploration programme. You can view the FCM announcement at the following link: Exploration Progress 2024 Season
The Seventy Ninth Group has provided significant financial support to First Class Metals, including a strategic funding loan of £700,000 and a conditional £2.18 million strategic equity funding. This announcement underscores the significant potential of the financial relationship between The Seventy Ninth Group and First Class Metals while the progress achieved by FCM further validates The Seventy Ninth Group’s strategic focus on supporting high-growth opportunities in the natural resources sector.
- Gold (“Au”) results from stripping channel samples, combined with the completion of the soil sampling programme at North Hemlo, have increased the potential width of gold anomalism along the Dead Otter trend (DOT) to approximately 30m, reinforcing significance along its >3km strike length.
- A review of historical drill core from the Sunbeam property, including TerraX (former claim owner) core, supports the gold anomalism in the host porphyry theory as reported in the 1 February 2024 RNS. https://firstclassmetalsplc.com/announcements/6183576.
- Interpretation of the Kerrs Gold Project magnetic geophysical survey, flown in late summer 2024, has been commissioned, with Patterson Grant Watson (“PGW”) undertaking the work.
- Building on the success of the 2024 exploration programme, a winter work programme announced on 23 December 2024 has commenced, featuring lake sediment sampling at the North Hemlo and the extended Sunbeam property, along with a Very Low Frequency (“VLF”) survey at North Hemlo, aimed at identifying/refining exploration targets and unlocking further potential.
- GT Resources (TSXV: GT1) has applied for exploration permits over their Tyko block, which includes the West Pickle Lake JV, a high-grade nickel sulphide discovery.
David Webster, Chairman of The Seventy Ninth Group, commented:
“We are thrilled with the significant progress First Class Metals has achieved during the 2024 exploration season. Their commitment to advancing exploration efforts across their portfolio, particularly the promising developments at North Hemlo and Sunbeam, aligns seamlessly with focus on advancing and supporting undervalued and high-potential assets globally.
“Our strategic investment is clearly contributing to unlocking the potential of First Class Metals’ assets, and we are excited to see how the ongoing winter work programme further enhances these prospects. We remain confident in the ability of the FCM team to deliver outstanding results that drive long-term value for stakeholders.”