Fulcrum Metals PLC, a company focused on mineral exploration and development in Canada, has announced that its subsidiary, Fulcrum Metals (Canada) Ltd, has entered into an option agreement to acquire a 100% interest in the Sylvanite Gold Tailings project located in Kirkland Lake, Ontario, Canada. This strategic move expands the company's footprint in the Kirkland Lake Gold Camp, one of the most productive gold camps in Canada. The Sylvanite project, an ex-producing mine, is situated 3km from Fulcrum's Teck-Hughes Gold Tailings project, the company's first tailings investment.

The Sylvanite Gold Tailings Project is the fourth largest gold producing mine in the Kirkland Lake gold camp, having milled 4.58 million tonnes of ore and produced 1.67 million ounces between 1927 and 1961. The historic tailings resource estimate of up to 67,051 ounces of gold cannot be currently classified in accordance with NI 43-101. Recovery test work undertaken in 2008 suggested that a combination of gravity, grinding, and flotation techniques might be able to boost the recovery of gold from tailings to 70%.

Fulcrum is also in discussions with Extrakt Process Solution ("EPS") to license efficient and sustainable separation technology to enhance recoveries of precious metals and de-water the tailings after the process. The company aims to become cash generative using Extrakt's proven tailings technology, and the potential acquisition cost is estimated to be less than USD$3.80 per ounce, while the current gold spot price is around USD$2,200 per ounce.

Under the terms of the Mining Option Agreement, Fulcrum will make payments to the Optionor totaling $340,000 over four years. This includes cash payments and Fulcrum shares in CA$ value. Fulcrum retains the right to pay part or all of the share payments in cash. The company plans to conduct sampling at Sylvanite and test work with Extrakt Process Solutions once the current test work program at Teck-Hughes is completed. Fulcrum aims to evolve into a significant exploration and development company through these strategic acquisitions.