FireFox Gold Expands Its Gold Exploration Portfolio With Three New Tenements In Central Lapland Of Finland
VANCOUVER, BC – (December 14, 2017) – FireFox Gold Corp. (“FireFox” or the “Company”) is pleased to advise that it has added 3 new tenement blocks to its gold exploration portfolio in the Central Lapland Greenstone Belt of Finland. The Company can earn a 100% interest in the 73.2 km2 (7,320 hectares) reservation applications as a result of an addendum to the existing option agreement with Magnus Minerals Ltd (see Company news release dated August 2, 2017 under the former name of Silverstone Resources Corp). The new tenements are located adjacent to the Sirkka Gold Line – a major crustal structure that has controlled the emplacement of the majority of the orogenic gold deposits in Lapland.
Carl Lo fberg, CEO of FireFox, commented, “We have further strengthened FireFox’s gold portfolio in Finland with no cost to the Company. Now controlling more than 57,000 hectares in the Central Lapland Greenstone Belt and a total of more than 67,000 hectares in Finland, we see many gold in till and geophysical anomalies that will warrant follow-up during our Winter program. This new acquisition also shows the value of the Geological Survey of Finland database, which helps us accelerate the pace of work on these greenfield projects.”
Two of the blocks are located adjacent to the Company’s existing Jeesio Project. These two blocks are considered as greenfield exploration targets, but they are known to host prospective geology and gold anomalies from historical work reflected in the Geological Survey of Finland (GTK) database. FireFox geologists identified the new properties as targets based on an internal review of Company and GTK data. Drilling at a nearby target called Kiekero maa yielded near surface gold intercepts of up to 5 metres at 5.8 g/t associated with the contact between metasediments and mafic intrusive rocks. The newly acquired FireFox tenements include two prominent multi-point till anomalies (0.58 and 0.38 g/t Au) in close proximity to similar lithologic contacts. Originally, this data was collected by Outokumpu Oyj and later transferred to the GTK database. Outokumpu Oyj also identified significant gold in the heavy mineral fraction of till from these properties. These prospective areas have not been subject to any known historical drilling. FireFox is currently planning its winter exploration program, which will include follow-up of a number of significant anomalies on the Jeesio Project.
The third new block is located further west along the Sirkka Gold Line. It adjoins the Company’s Riikonkoski Project and partially surrounds the historic Saatopora Mine, held by Outokumpu Oyj. The now-idled Saatopora Mine produced approximately 220,000 oz Au and 5,650 t Cu between 1988-1995. The newly acquired tenement near Saattopora hosts 39 historical diamond drill holes, which the Company will be reviewing in detail during its Winter program. (All sampling and production results noted above are reported in, and were recovered from, the GTK database.)
Summary of Transaction
The Company has agreed with Magnus Minerals Ltd. to add the new tenements to the existing option agreement, dated August 1, 2017, through a letter agreement as an addendum. The properties will be subject to the existing terms of that agreement (see below) with no additional cost to the Company.
About the Jeesiö Project
The Jeesio Project is comprised of approximately 45,500 hectares of the prospective Central Lapland Greenstone Belt, including two large granted exploration reservations, two smaller applications for exploration permits, and the two new reservations covering approximately 5,580 hectares. The property is adjoined on the eastern end by Aurion Resources and Anglo-American. The Company is currently developing targets based on data generated during its maiden exploration program during Summer and Fall of 2017 as well as the historic data reported in the Geological Survey of Finland (GTK) database. Based on GTK mapping and company fieldwork, Jeesio hosts an extensive section of the Sirrka Gold Line as well as abundant mafic volcanic and metasedimentary rocks.
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 technical review of the newly acquired properties 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., 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 67,000 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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