Fulcrum Metals plc, a mining company focused on mineral exploration and development in Canada, has announced its unaudited interim results for the six-month period ended 30 September 2023. During this period, the company conducted extensive exploration programs across its Schreiber-Hemlo projects, Big Bear, and Jack Fish. Initial exploration results confirmed the prospectivity of the Big Bear project, with notable high-grade rock sample results. The company also acquired Carib Creek East, extending its Winston Lake project and footprint across a highly prospective mining area. Field operations at Schreiber-Hemlo were initiated to further refine and evaluate previously identified targets. The completion of Big Bear phase two exploration found a 3km mineralized corridor, with four drill prospects identified and five prospects needing further investigation. Fulcrum also acquired the Tully Gold project, which has an established mine camp, infrastructure, and historic gold resource of 107,000 ounces of gold, making it the company's most advanced project. The company raised £520,000 through the issue of unsecured convertible loan notes to fund the acquisition of the Tully Gold project.
In the post-period, Fulcrum increased its Saskatchewan uranium footprint by approximately 221%, from 18,468 hectares to 59,310 hectares. The company announced that it was reviewing its options with interested parties on its Saskatchewan uranium properties, including the potential spin-out of the uranium properties. Fulcrum also entered into an option to acquire 100% of the Teck-Hughes Gold Tailings Project in Ontario, which has historically milled 9,565,302 tons of ore and produced 3,700,007 ounces of gold. The company is in advanced discussions with Extrakt Process Solutions to license its sustainable gold leaching technology to be used at the Teck-Hughes gold tailings project, which has the potential to become Fulcrum's first cash-generative project.
Ryan Mee, CEO of Fulcrum, stated that the company's objective when it listed on AIM was to provide shareholder value through the development of highly prospective mining projects alongside complementary acquisitions. He highlighted the company's progress in discovering and scaling exploration assets across Canada, particularly in Ontario, with notable results and the identification of multiple structural targets. Mee also mentioned the strengthening of the company's asset portfolio through acquisitions, including the Tully Gold project and Carib Creek East. He expressed excitement about the potential of the Teck-Hughes Gold Tailings Project, which has over 6 million tonnes of tailings ready to be processed and the potential to become a cash-generative asset in a relatively short space of time.
Operationally, Fulcrum has focused on its three defined pillars: Explore, Discover, and Scale. The company has conducted successful exploration programs at the Big Bear property, yielding high-grade results, and identified multiple structural targets at the Big Bear and Jackfish properties. Fulcrum has continued to advance its projects across Ontario and Saskatchewan, with airborne surveys and the identification of geophysical anomalies. The company's contacts, sector knowledge, and ability to move quickly have enabled it to capitalize on prospects that may not be widely available to others. The option to acquire the Teck-Hughes Gold Tailings Project, along with the use of innovative technology, presents an opportunity for Fulcrum to accelerate its growth and become cash generative.