First Class Metals plc (FCM) has signed an earn-in agreement of up to 80% with OnGold Investment Corp for the Pickle Lake property in McGill Township, Ontario, Canada.
PICKLE LAKE
The property, of 163 single cell mining claims over 3,455ha, lies north of FCM’s West Pickle Lake nickel-copper discovery and contiguous to FCM’s North Hemlo property and Palladium One’s Tyko project.
A total of 11 “high priority targets” have been identified on the property from previous operators’ work programmes.
EXPLORATION
Payments for the exercise of the option are 1,000,000 FCM shares to be issued by the 31 October 2023 and a work commitment spend of $300,000 over three years.
The company said it expected the creation of a joint venture at the end of earn-in period.
Chief executive officer Marc Sale added that the earn-in significantly increased the company’s area of exploration.
“Furthermore a share-issue deal for such an asset further confirms the industries [sic] confidence in our ability to deliver success.
“FCM will now formulate an exploration programme to follow on from the excellent work by OnGold.”
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