First Class Metals plc has completed its 80% earn-in to the Zigzag lithium-rubidium-gallium-tantalum project in northwestern Ontario, Canada.
STRATEGIC
The March 2023 option agreement with Nuinsco Resources Ltd will create a 80-20% joint venture between the two companies.
The company’s work to secure the controlling share of the project included cash, share and exploration expenditure for surface sampling, channel sampling, geochemical surveys and its inaugural drilling programme.
First class is currently evaluating a bulk sampling programme and metallurgical test work to better define potential recoveries.
Zigzag lies within the highly prospective Seymour-Falcon pegmatite corridor.
“The project is located within one of Canada’s emerging hard-rock lithium districts and benefits from proximity to Green Technology Metals’ Seymour project, where development activities continue to advance,” said First Class.
“The board believes this regional development significantly enhances the strategic value of the Zigzag project through the potential future availability of shared infrastructure, processing solutions and regional expertise.”
Executive chairman James Knowles added: “With drill-confirmed lithium mineralisation, valuable critical metal credits, improving lithium market fundamentals and proximity to planned regional processing infrastructure, we believe Zigzag has significant untapped potential.”