First Class Metals completes Kerrs Gold option and takes 100% ownership

First Class Metals PLC (FCM) announced a change in ownership of the Kerrs Gold Project in northeastern Ontario.

• The final cash payment under the Kerrs Gold Property option agreement is complete, and FCM now owns 100% of the Kerrs Gold Project.
• The company says all option obligations were completed materially ahead of the original three-year schedule announced on April 22, 2024.
• The claims are in the process of being transferred to First Class Metals Canada Inc.
• The Kerrs Gold Project comprises 36 units covering approximately 665 hectares, located approximately 90 kilometres east-northeast of Timmins, Ontario.
• The project is within the Abitibi Greenstone Belt and Timmins Mining Camp in Ontario, Canada, surrounded by Newmont's Hoyle Pond and Hollinger mines and McEwen Mining's Black Fox Complex.
• The historical inferred resource estimate under NI 43-101 is 7,041,460 tonnes grading 1.71 g/t Au for 386,467 ounces of gold at a 0.5 g/t cut-off grade.

The company is reviewing plans to advance the project and further unlock its value while evaluating multiple avenues across its Ontario project portfolio. Kirkham Geosystems Ltd. prepared the resource estimate in 2011. The announcement says the estimate used a gold price significantly below the current price.