First Class Metals – Acquires and Expands the Quinlan Lithium Property

First Class Metals PLC has signed an agreement to acquire 100% of the Quinlan Lithium Property, located in northwest Ontario, from Broken Rock Resources Ltd. .

The Quinlan Property contains one of the highest-grade lithium lake sediment values, 966.3 ppm, recorded in Ontario, and the area is considered to be a potential new pegmatite corridor by the annual Ontario Thunder Bay Ontario Geological Survey | Commission géologique de l’Ontario 's Resident Geologist Program.

According to the Ontario Geological Survey in 1964, vast areas of granite pegmatite dike sheets occur in the area near the Sparkling and Mountairy lakes, 12 to 30 km west of Kashishibog Lake, respectively.?

These pegmatites are associated with northeast-trending regional-scale faults that extend for more than 30 km in the Kashishibog and Awkward Lakes area.

FCM Already Expanding the Size of the Quinlan Lithium Property

In addition to acquiring 48 claims from Broken Rock Resources, First Class Metals has expanded the scope of the project by staking an additional 50 claims in the area.

FCM being Transactionally Active

The acquisition of the Quinlan Lithium Property follows hot on the heels of the First Class Metals agreement for the McInnes Lake Gold-Lithium Property.

Acquisitions form an important part of First Class Metals’ business model, and future divestment strategies across the wider portfolio, as it plans to maintain a continuous flow of deals for high-quality prospects that can grow in value over time.

Terms

First Class Metals has agreed to acquire the project through a staged consideration totalling C$140,000 in cash, C$40,000 in shares, and work commitments totalling C$400,000. This staged consideration will be paid over a period of four years.

Thoughts:

The recent deals for McInnes Gold-Lithium Property and Quinlan Lithium Property, combined with the Company’s existing portfolio of projects, including the Zigzag Lithium Project, give it a sizable ground holding in Ontario.

Importantly, First Class Metals is acquiring projects at a low cost with minimal work commitments, allowing it to direct capital where it feels it is best deployed to get the greatest returns.

With these new additions to the portfolio, it will be exciting to discover what the company’s work plans are for the year once it has had time to finalise its plans.

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This newsletter has been published by Mining and Metals Research Corporation (“the Company”). The information used to compile the article has been collected from publicly available sources and the Company cannot guarantee the 100% accuracy of those sources. This communication is intended for information purposes only and does not constitute an offer, recommendation, solicitation, to make any investments.? Nothing in this communication constitutes investment, legal accounting or tax advice, a personal recommendation for any specific investor. The Company do not accept liability for loss arising from the use of this communication. This communication is not directed to any person in any jurisdiction where, by reason of that person's nationality, residence or otherwise, such communications are prohibited. The Company may derive fees from the production of this newsletter.

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