VANCOUVER, BC – (March 21, 2018) – FireFox Gold Corp. (“FireFox” or the “Company”) is pleased to provide an exploration update for its Jeesiö-Mustajärvi Gold Project in the Central Lapland Greenstone Belt, Finland (“the Project”). The Project includes the 100%-owned Mustajärvi property and the optioned Jeesiö exploration properties.
In late January the Company initiated an intensive Bottom-of-Till (“BOT”) sampling program at Mustajärvi (see news release dated February 7, 2018). The primary objectives of the program were to infill and extend an area of anomalous gold in historic till sampling around the previously drilled mineralization. Sampling has proceeded as planned, and to date 440 samples have been collected and sent for gold and multi-element geochemical analyses. The program is nearly complete.
Once the Mustajärvi BOT sampling program is complete, the Company plans to initiate an 11 line-kilometer Induced Polarization (IP) survey at the property. The contractor will be GRM-services Ltd, based in Vantaa, Finland, a recognized geophysical services company with extensive experience in northern latitudes. The survey configuration will be dipole-dipole 2D IP with 50 m dipoles, and the depth penetration will be approximately 250 meters. The survey will cover the majority of the Mustajärvi exploration permit area and will be utilized, together with the recently accumulated till geochemical data, for planning the upcoming diamond core drilling program.
Following the completion of the Mustajärvi BOT sampling program in approximately one week, the BOT rig will be re-located to initiate a similar program at the Jeesiö exploration properties. A legally binding exploration permit for Jeesiö was recently received from the Finnish Mining Authority (“Tukes”), allowing the Company to conduct routine exploration work including sampling, trenching and diamond core drilling within this new 1,352.5 hectare permit area. The permit was granted very quickly, within approximately 100 days from its submission, including the 30-day hearing period and separate 30-day objection period. No objections were received.
Carl Löfberg, CEO of FireFox, commented: “Our winter program is advancing very well. The fast processing of the first exploration permit at Jeesiö demonstrates the ability of our experienced in-country team to manage applications, and of Tukes to process them quickly. We expect that the current BOT programs and IP-survey will provide well-defined drill targets for the Mustajärvi and Jeesiö properties, and we look forward to a core drilling program later this year.”
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.
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 approves the technical information in this news release.
About FireFox Gold Corp.
FireFox is an unlisted reporting issuer in British Columbia and is 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 in the Jeesiö, Riikonkoski and Ylöjӓrvi 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 1st ranking in the Investment Attractiveness Index of the 2017 Fraser Institute Survey of Mining Companies. With 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.