First Class Metals (LSE:FCM) shares jumped 17.9% to 3.3p after it completed the Zigzag earn-in, securing an 80% interest in the lithium‑critical minerals project in northwestern Ontario.
The London-listed exploration company, focused on assets in Ontario, said it had completed the required cash, share and exploration expenditure commitments under a March 2023 option agreement, and Zigzag will now operate as an 80:20 joint venture with Nuinsco Resources.
Drilling at Zigzag returned intersections including 4.3m at 1.65% Li2O, 5m at 1.50% Li2O and 6.5m at 1.09% Li2O, and remains open along strike and at depth. Drilling also confirmed elevated concentrations of tantalum, rubidium, caesium and gallium, which could provide by‑product value in any development scenario.
FCM said it intends to undertake metallurgical test work on a large representative bulk sample to better understand lithium and critical metal recoveries and to evaluate potential development pathways.
"The completion of the Zigzag earn-in secures FCM's 80% interest and operational control of a strategically located lithium and critical minerals asset," said James Knowles, Executive Chairman.
The Zigzag Project lies about 10km from Green Technology Metals' Seymour Project and proposed processing infrastructure.
