Fulcrum Metals plc announced initial results of the Phase 1 sampling and testing programme at the Teck-Hughes gold tailings project, Canada. A total of 32 samples were taken for testing across six locations and composited into individual samples. Testing of the gold grades within the tailings has been extremely successful with composite samples for each of the six sites sampled, returning an average weighted grade of 0.717g/t Au which is 16.9% higher than historic sampling of the same sites.

First batch leach testing using the Extrakt technology has been completed with 12 samples sent to an external laboratory for gold rate recovery analysis, whilst a second batch leach test run is underway. The Company announced on 30 November 2023 that, inter alia, it had entered into a mining option agreement to acquire the Teck-Hughes gold tailings project. Since this announcement Fulcrum has been advancing its discussions with Extrakt, a sustainable technology company using separation technology to extract metals from tailings without the use of cyanide, about the licensing of its proprietary technology.

In addition, further to the Company's announcement on 24 January 2024, Fulcrum entered into a phased study and testing programme for the Teck-Hughes project and is continuing further discussions in relation to a wider Licensing framework, including the Sylvanite Gold Tailings Project. The Programme is designed to evaluate the efficiency of Extrakt's processing technology in recovering gold and other by-products from the tailings at Teck-Hughes. Phase 1 sampling and testing   Sampling- complete across six locations chosen to provide representative sampling across the tailings with 32 samples (totalling 39kg).

The samples were composited into six individual site composite samples for testing. Grade and composition testing- the six composite samples were sent for ICP multi-element analysis and gold fire assay at the ISO-17025 accredited American Assay Laboratories facility in Sparks, Nevada. Results confirmed gold results with average weighted grade of 0.717g/t Au being 16.9% higher compared to historic sampling at the same sites.

Initial XRDSemi-Quantitative Analysis of the six samples reports primary tailings composition comprising quartz - felspar - carbonate. Further detailed XRD analyses to be carried out.   Gold recovery testing- a composite sample across all six sites grading 0.723g/t Au was then submitted for batch leach testing using Extrakt technology for gold recovery rates.

The First batch leach testing of 12 samples has been run and sent to ISO-17025 accredited American Assay Laboratories facility in Sparks, Nevada for gold recovery rates analysis. A second batch leach test run with further refinement and optimisation is underway that will then also be submitted to American Assay Laboratories for similar analysis. Next steps- Further detailed analysis of the tailings composition is to be undertaken in addition to at least a second batch leach test run using Extrakt Technology to further refine testing parameters, which will also be sent for gold recovery rate analysis at American Assay Laboratories.

Results of the final sampling and testing will feed into Phase 2 conceptual study. Phased development programme outline Phase 1 - High-Level Gold Recovery Investigation: Initial high-level gold recovery investigation will serve as the primary evaluation of the enhanced gold recovery achievable through Extrakt technology. The data collected in this Phase will validate and refine the technology and support the planned Phase 2.   Phase 2 - Conceptual Study: The conceptual study will provide Fulcrum with a first insight into the project's viability using the information developed during Phase 1. According to the information available, the accuracy level of the study is approximately ± 50%.

  Phase 3 - Laboratory Test Work: More detailed test work is required to optimise some of the leach parameters as well as develop necessary scale-up parameters for all the major equipment of the operation.   Phase 4 - Economic Assessment Study: The economic assessment study will provide a more accurate insight into the project viability using the more detailed test work results for the whole of the flowsheet. The study is aimed to be at a pre-feasibility accuracy level of ± 30%.