First Class Metals plc has expanded its Sunbeam gold exploration property in Ontario with an option for two further blocks, called Sunbeam South East (SE), taking the total acreage to around 90km2.
LOCATION
The company will pay C$31,000 cash and C$55,000 in ordinary shares of £0.001, each over three years.
On signing the agreement, First Class paid $10,000 by issuing 276,924 shares at a price of 1.95 pence per share.
Following admission, the company’s issued ordinary share capital will comprise 233,932,820 ordinary shares.
Chief executive officer Marc J. Sale said: “The accretion of this parcel of claims to the expanding Sunbeam property is a sensible addition to our project portfolio.
“The new claims have added ~4km2 to the property further progressing the district scale potential.”
Sunbeam contains three historic development sites of past producing Sunbeam, Roy and Pettigrew which all sit on previously identified mineralised, district scale structures.
Other identified gold bearing sites include Road zone and AL 308 with potential at the Burger structure and the Rubble zone, neither of which have been explored by First Class.
The property lies between Agnico Eagle’s Hammond Reef deposit, which hosts “3.3 million ounces of open pit probable reserves” and Agnico Eagle’s regional holdings.
First Class said the location gave Sunbeam “exceptional potential within a highly endowed and infrastructure-accessible gold district.”