Business
Operations update - Coco East and OnGold Earn-in
Operations update - Coco East and OnGold Earn-in.
About this update from First Class Metals Plc
[{"type":"text","content":"\n\nThe information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the \"UK MAR\") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n\n \nFIRST CLASS METALS PLC\n26 June 2024\nOperations update - Coco East and OnGold Earn-in.\nAdmission of Shares\n \nFirst Class Metals PLC (\"First Class Metals\" \"FCM\" or the \"Company\") the UK listed metals exploration company seeking economic metal discoveries across its extensive land holdings, remains focused in northern Ontario, Canada, is pleased to announce that field work on the Coco East base / precious metal property is now underway.\n \nHighlights\n· Field work has commenced on the Coco East property, base metal potential\n \n· The Earn-in deal with OnGold Invest Corp (\"OnGold\") has been renegotiated, FCM has now acquired 100% of the property as a result the exploration work commitment has been removed.\n \nMarc Sale First Class Metals CEO Commented:\n\"In true FCM fashion we are endeavouring to put as much of the available funds 'into-the-ground', though gold prices are soaring the Coco East property has real potential for base metals. However, the very anomalous gold in lake sediment samples on the OnGold property constitute a significant target which too demands follow-up when appropriate.'\n \nCoco East\nThe Coco East block of 30 single cell claims covering ~6.3km² situated about 25km north of the town of Terrace Bay. Geologically the property is on the eastern sector of the Big Duck Lake Porphyry. The Big Duck Lake Porphyry contains a number of historic showings as well as the Coco Estelle gold deposit.\nThe one showing located within the Coco East property boundary, the Big Birch occurrence, where two pits are reported with a 5m spacing, striking east-west. The main pit exposes a 10cm-wide quartz and calcite vein and contains pyrite and possible chalcopyrite mineralisation; historic assay results have returned values of 0.56 g...