VANCOUVER, BC – (December 6, 2017) – FireFox Gold Corp. (“FireFox” or the “Company”) is pleased to report results from its maiden exploration program at its 100%-controlled Ylo ja rvi Gold Project (“Ylo ja rvi” or the “Project”) in Southern Finland. The Project is located in the Tampere Schist Belt, a well known historical and active gold mining belt. The 107 km2 (10,700 ha) Ylo ja rvi property covers almost half of this very prospective belt and shares its western boundary with the historic Haveri Gold Mine property. The currently operating Orivesi Gold mine, (owned by Dragon Mining), lies approximately 30km to the east and to date has produced more than 500,000 oz of gold.
FireFox initiated a limited exploration program at Ylo ja rvi in June 2017 that focused on geological mapping, prospecting, sampling and geophysics. Field crews targeted five areas where historic work had encountered high-grade gold in boulders, outcrop, or drilling.
Results were very promising and FireFox geologists identified new multi-element anomalies that extended the Oks gold trend by more than 1,000 metres. Rock outcrop is scarce on the property due to glacial overburden, nevertheless, one rock sample taken from outcrop returned 7.35 g/t Au. Seven rock samples exceeded 1 g/t Au, five of which were taken from local boulders, and the remaining two were sampled from outcrops.
Geophysical surveys also identified several areas with strong indications of sulfide mineralization at depth. The Company intends to follow up this successful initial program with detailed till sampling, mapping, and sampling in several areas.
Carl Lo fberg, CEO of FireFox, commented on the first technical result from the newly launched company, “Our field teams moved quickly to initiate work at Ylöjärvi. It was a modest program, but we are very pleased to have extended several of the historical anomalies and provided focus in multiple areas that could lead to drilling sooner than we had expected. We are also excited by the preliminary indications from our geophysics, suggesting the need for follow-up over large areas at our Harhala and Paronen targets.”
About the Ylöjärvi Project
The Ylo ja rvi Project is comprised of two large granted exploration reservations as well as a smaller exploration permit application, covering approximately 10,700 ha of the prospective volcano-sedimentary Tampere Schist Belt. The Company is currently targeting five key areas on the Project that have strong similarities in geochemistry, alteration and structural geology to the nearby historic and operating gold mines, particularly the Orivesi Mine. Gold in the area is usually associated with pyrite or arsenopyrite and hosted by quartz veins in altered volcanic rocks or shear zones in granodiorite. The prospectivity of the Project is supported by the presence of 85 glacial boulders on the property containing greater than 1 g/t Au, as well as strong gold anomalies in till samples, as reported in the Geological Survey of Finland (GTK) database.
Summary of the 2017 Field Program
The 2017 program focused on five target areas: Harhala, Lava, Kivija rvi, Paronen, and Oks. The work program included: geological mapping, prospecting with rock and boulder sampling, soil and till sampling, and self-potential (SP) surveys. Altogether, the geologists and field teams collected over 140 samples and 40 line-kilometres of SP geophysics. The Oks and Harhala targets returned the most promising results to date.
The Oks target hosts a gold-bearing altered quartz-sericite-pyrite schist that typically measures 50-to-150 metres wide and is now traced over a strike length of approximately 2.7 kilometres. Previously, narrow zones of high-grade gold were encountered in limited trenching and drilling on the Oks zone by the GTK and other companies, including Oy Lohja Ab, Outokumpu Oy, Oy SES Finland Ltd, and Polar Mining Oy. FireFox geologists identified new multielement anomalies that extended the Oks gold trend by more than 1,000 metres. The sampling included two rock chip from outcrops that contained 7.35 g/t and 1.84 g/t Au, respectively.
Using portable Cobra drills for sampling deep glacial till, the FireFox team identified anomalous gold as well as associated silver, arsenic, antimony, tellurium, and lead. Company geologists will return to the Oks Target to conduct additional structural geology analysis, mapping, and basal till sampling before proposing targets for diamond core drilling.
The Harhala Target lies approximately 10 kilometres west of Oks, near the historic Haveri Mine. The GTK database includes a historic boulder sample containing 31 g/t Au taken from Harhala, as well as two outcrop samples that yielded 9.2 and 23.0 g/t Au. The detailed FireFox SP survey outlined a conductive anomaly covering approximately 0.5 km2. In the same area, geologists discovered two new glacial boulders assaying 0.4 and 1.9 g/t Au. The team is planning to return to Harhala to advance these initial favorable findings.
FireFox geologists have conducted the sampling reported in this news release according to standard industry practice and with due attention to quality assurance and quality control. ALS Laboratories, a leading international provider of assay and analytical data to the mining industry, provided the assay and geochemical data presented in this news release. In addition to many local accreditations, ALS operates globally to ISO 17025 standards.
Dr. Petri Peltonen, Exploration Manager of FireFox Gold, is a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Dr. Peltonen has supervised the collection and interpretation of the technical data generated in the Company’s 2017 field program at the Ylöjärvi Project and has helped prepare and approve the technical information in this news release. Patrick Highsmith, Certified Professional Geologist (AIPG CPG # 11702) and director of the Company, is a qualified person as defined by National Instrument 43-101. Mr. Highsmith has helped prepare and approve the technical information in 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., (“Magnus”) a highly-experienced private prospect generator company in Finland that continues to provide project management and technical expertise to the Company. The Company has an option to acquire 100% interest (subject to a NSR royalty) in the Riikonkoski, Ylo ja rvi and Jeesio Projects that currently encompass approximately 60,000 hectares. All three projects are in important gold belts, and collectively have prior exploration expenditures in excess of $5 million.
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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