VANCOUVER, BC – (Sept 29, 2017) – FireFox Gold Corp. (“FireFox” or the “Company”), formerly Silverstone Resources Corp., an unlisted reporting issuer in British Columbia and Alberta, is pleased to announce that it has commenced gold exploration activities on the Jeesio and Ylo ja rvi Projects, key properties in its 60,000 hectare land package in Finland.
The geological team from Magnus Minerals Ltd. (“Magnus”), acting as operator, initiated a program of geological mapping, rock sampling, till sampling, and geophysics on the 40,000 hectare Jeesio Project in the Central Lapland Greenstone Belt. This is some of the first detailed reconnaissance and follow-up exploration work in this area since news of the Aamurusko gold in boulders discovery by Aurion Resources, less than 10 km north from the FireFox survey area.
Similarly, in southern Finland, Magnus geologists have been conducting mapping, sampling, and geophysics on the 10,000 hectare Ylo ja rvi Gold Project, which is located in the Tampere Schist Belt. The Ylo ja rvi Project lies between the currently operating Orivesi Gold Mine and the inactive Haveri Gold Mine. This project includes numerous historical gold showings and previously drilled prospects.
The Company expects to continue this prospecting work as long as weather permits. Combined with follow-up systematic sampling and interpretation, these surveys may lead to maiden drill targets on the Ylo ja rvi Project by Winter of 2017 – 2018. Magnus is funding this first stage of exploration work and will be reimbursed by FireFox as part of the spending commitment related to the option agreement on the Finland properties (See Silverstone Resources Corp. news release dated August 2, 2017).
The Company also reports that it has issued 800,000 common shares of FireFox (“Shares”) by way of private placement to certain FireFox consultants at a price of $0.0001 per Share in recognition of their respective contributions to the initial development of the Company.
Patrick Highsmith, Certified Professional Geologist (AIPG CPG # 11702) and director of the Company, is a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, and has supervised the preparation of the scientific and technical information that forms a portion of this news release.
About FireFox Gold Corp.
FireFox is a new non-listed reporting issuer in British Columbia and Alberta focused entirely on gold exploration in Finland. The Company has entered into an option agreement with Magnus Minerals Ltd., a private prospect generator company in Finland, through which it has an option to acquire 100% interest in three projects (subject to a NSR royalty) that currently encompass approximately 60,000 hectares. In order to complete the option, the Company must invest CAD $2.5 million in exploration on the properties and make cash payments to Magnus of CAD $250,000 over a three year period (See Silverstone Resources Corp. news release dated Aug 2, 2017).
Finland is one of the top mining jurisdictions in the world as indicated by its 5th ranking in the 2016 Fraser Institute Survey of Mining Companies. Having a strong mining law and long mining tradition, Finland remains underexplored for gold. Recent exploration results in the country have highlighted its prospectivity, and FireFox is proud to have a Finland based CEO and technical team.
On behalf of the Board of Directors,
“Carl Lo fberg”
Chief Executive Officer
FireFox Gold Corp.
Forward Looking Statements: The information in this news release contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release may include statements regarding future exploration programs and the timing thereof including maiden drill targets, operation plans and Finnish mining prospects. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary. The forward-looking statements contained in this press release represent the expectations of FireFox as of the date of this press release and, accordingly, are subject to change after such date. Readers should not place undue importance on forward-looking statements and should not rely upon this information as of any other date. FireFox does not undertake to update this information at any particular time except as required in accordance with applicable laws.
It should also be noted that while FireFox’s properties are sometimes adjacent to or nearby operating or historic gold mines or active gold projects being advanced by other companies, the mineralization on properties nearby FireFox’s land packages is not necessarily indicative of mineralization on FireFox’s properties.
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