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

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:

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.

Figure 1: Grab Sample Results at the Zigzag Lithium Project

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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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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