First Class Metals Raises ￡0.6m to drill Zigzag Lithium Project

First Class Metals PLC has raised ￡603,000 (gross) at a price of 6 pence per share, through the issue of 10 million shares and satisfied $48,000 in fees through the issue of an additional 1,940,665 shares.

Due to restricted head room, First Class Metals Directors, James Knowles and Ayub Bodi, have agreed to loan a number of shares amounting, in aggregate, to the Placing Shares, to the Company by means of a share loan agreement. James Knowles and Ayub Bodi, will receive a fee, equal to 8.25% per annum of the values of the Placing Shares on the day of Placing for the period of the loan.

First Class Metals plans to use the funds to commence a drill programme at the Zigzag Lithium Project, located in Ontario and repay an existing ￡500,000 convertible loan note.

The Zigzag Project, is located in the Seymour-Crescent-Falcon Lithium Belt of Ontario, a district containing numerous pegmatite-hosted lithium deposits, including:

• Green Technology Metals ’ 9.9 million tonne (1.04% Li2O) Seymour Lithium Project.
• Rock Tech Lithium ’s, 14.8 million tonne (0.91% Li2O) Georgia Lake Lithium Project.
• Imagine Lithium Inc. ’s Jackpot Lithium Project
• Battery Age Minerals ’ Falcon Lake Lithium Project
• Ultra Lithium Inc. ’s Forgan Lake and Georgia Lake Lithium Projects
• MIDEX RESOURCES LTD. ’s Crescent Lake Lithium Project
• Volta Metals Ltd. (CSE:VLTA) ’ Falcon West Lithium Project

First Class Metals has already defined numerous lithium-bearing pegmatite outcrops over a strike length of 700 meters, at the Zigzag Project. Initial grab samples returned assay results greater than 1% Li2O over 400 meters (Figure 1) and the target remains open along strike and at depth.

Source: First Class Metals PLC

Several shallow historic drill holes at the Project returned significant lithium and tantalum mineralisation, including:

????????????? 1.08% Li2O over 6.1 meters from a depth of 12.45 meters

????????????? 399.82 ppm Ta2O5 over 2.92 meters from a depth of 15.50 meters

Assay results from a channel sampling programme are pending and expected to be announced shortly. Once announced, First Class Metals plans to provide a more detailed update on its drill plans for the Zigzag Project.

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