VANCOUVER, BC – (February 7, 2018) – FireFox Gold Corp. (“FireFox” or the “Company”) is pleased to report that it has commenced a base-of-till (BOT) sampling program at its 100%-owned Mustajärvi gold property (“Mustajärvi” or the “Property”) in the Central Lapland Greenstone Belt of Finland. Mustajärvi occurs along the Venejoki Fault, a southern splay of the Sirkka Gold Line, which is a deep crustal structure that controlled the emplacement of more than 40 gold deposits in the region.
The present sampling program consists of approximately 250 closely spaced sample points in an area where bedrock is covered by 5 to 8 metres of glacial overburden. The basal till and the bedrock surface will be targeted using a percussion drill mounted on a tracked Bandwagen vehicle. Company geologists will submit the resulting samples for gold and ultratrace multi-element analyses. The drill contractor is Mäckling Ltd., a renowned company with 30 years of experience in deep till sampling in glaciated terrains.
This sampling program has several objectives:
- Duplicate historical sampling over the known mineralization identified by the Geological Survey of Finland (GTK);
- Expand the sampling further east and west along the interpreted strike of the mineralization;
- Infill historical sampling in the NE part of the license area where high-grade gold-in-till anomalies were reported in the historic GTK database; and
- Systematically sample an area in the southern part of the license, where the GTK reported abundant native gold grains in historic till samples.
While the Company believes the preceding historical sampling data are reliable, readers are cautioned that a “qualified person” (as defined by National Instrument 43-101) has not yet completed sufficient work to be able to verify the historical information, and therefore the information should not be relied upon.
Following the successful execution of this sampling program, the Company expects to refine and expand upon existing targets for diamond drilling at Mustajärvi. FireFox is planning to begin diamond drilling at its Lapland projects during the summer of 2018. Testing for continuity of the historic Mustajärvi gold mineralization down dip and along strike will be a priority for the Company.
Carl Löfberg, CEO of FireFox, commented on the news, “We are excited about our growing portfolio of assets in Lapland. The 2018 program is launching at Mustajärvi and will move on to Jeesiö. BOT Sampling has been shown to be very effective in Finland and other glaciated terrains for following up on regional geochemical anomalies and geophysical targets. We look forward to adding these detailed data to our growing database, so that we can refine our drill targets in advance of the core drilling program expected later this year.”
The Mustajärvi Property includes a historical prospect discovered by Outokumpu Oyj (a previous owner of the Property) based on reported high gold content in local till. The native gold in till attracted artisanal gold miners, who exploited small surficial deposits. The mineralization is consistent with other orogenic gold deposits in Lapland. Gold occurs in pyrite-bearing quartz and quartz-carbonate-tourmaline veins, which are hosted by albitized schist and volcaniclastic rocks. Previous owners, Outokumpu Oyj and Aurora Exploration Ltd., conducted ground geophysical surveys [magnetics, induced polarization (IP), and self-potential (SP)], trenching, systematic till geochemistry, and drilled 12 shallow diamond drill holes to depths up to 72 metres.
Geophysical surveys highlighted the NE-SW striking shear zone, with known mineralization being spatially associated with magnetic, IP, and chargeability gradients. However, previous drilling tested less than 200 metres strike of the interpreted two-kilometer anomaly and only the upper 50 metres of depth. The Outokumpu drilling yielded some high-grade intersections, including: 2.7m @ 14.6 g/t Au (from 20.7 m), 12.0m @ 2.7 g/t Au (from 21.0 m), and 1.0m @ 18.8 g/t Au (from 41.0 m). The drilling suffered from significant core loss due to faulting and fracturing, so true thickness of mineralization is unknown. Subsequent owners collected grab samples during the 2017 field season from trenches and boulders; one sample of sulfide-rich quartz vein material assayed 79.8 g/t Au. The drilled Mustajärvi deposit is open in all directions.
While the Company believes the preceding historical exploration and drilling data are reliable, readers are cautioned that a “qualified person” (as defined by National Instrument 43-101) has not yet completed sufficient work to be able to verify the historical information, and therefore the information should not be relied upon.
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 prepared the technical information in this news release. Dr. Peltonen is not independent of the Company, as he is a shareholder and its exploration manager.
Patrick Highsmith, Certified Professional Geologist (AIPG CPG # 11702), is a qualified person as defined by National Instrument 43-101. Mr. Highsmith has also helped prepare and approves the technical information in this news release. Mr. Highsmith is not independent of the Company as he is a shareholder and director.
About FireFox Gold Corp.
FireFox is an unlisted reporting issuer in British Columbia and focused entirely on gold exploration in Finland. The Company holds a 100% interest (subject to a NSR royalty) in the 147-hectare Mustajärvi Property in Lapland. In addition, 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 a 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,
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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