SODANKYLÄ, FINLAND – (September 16th, 2020) – FireFox Gold Corp. (“FireFox” or the “Company”) is pleased to announce that it has added two new properties to its exploration portfolio in the Central Lapland Greenstone Belt (CLGB) of Finland (see Figure 1: https://bit.ly/2E4DOD5). During the course of FireFox’s 2020 summer field season, the Company has applied for and been granted two new exploration reservations, the Kolho and the Kelontekemä Properties. These new reservations bring FireFox’s tenement holdings in northern Finland to approximately 1,720 km2, among the largest holdings of gold explorers in Lapland. Field programs have been initiated at both properties.
Kolho Property - Eastern margin of CLGB
On September 3rd, the Finnish mining authority granted FireFox Gold a large new exploration reservation covering approximately 148.15 km2 within the counties of Kittilä and Sodankylä. The new property lies approximately 21 km from the Kittilä mine (Agnico Eagle) and 4 km from the Pahtavaara Mine (Rupert Resources). Geologically, the area is located along the eastern margin of the Kittilä Suite of rocks. The area is characterized by a major thrust fault between allochthonous oceanic crust (Kittilä Suite) thrusted onto older rocks to the east. The Kittilä Suite consists of Kautoselkä and Vesmajärvi mafic volcanic rocks and Porkonen mafic graphite tuffs (the same sequence of rocks hosting the gold deposits at the Kittilä Mine). The leading edge of the thrusted sheet consists of Savukoski Group ultramafic volcanics, Matarakoski black schists and Sodankylä Group arkosic quartzites (the lithological association that hosts Rupert’s Ikkari discovery). The autochthonous rocks to the east are comprised of older Archean basement rocks.
FireFox cautions that proximity or similar geology to an active or past-producing mine does not indicate that mineralization will occur on FireFox’s property, and if mineralization does occur, that it will occur in sufficient quantity or grade that would result in an economic extraction scenario. These facts were simply used as elements of the prospectivity analysis of these properties.
In spite of its prospective lithological and structural setting, the Kolho area has not seen significant gold exploration activity in the past. FireFox has already initiated a mapping and sampling campaign in Kolho. Associated with the NW-SE striking shear zone, the teams have identified brittle quartz-limonite-pyrite veins, sheeted veins and quartz stockwork within moderately to strongly silicified mafic volcanics and tuffs. Assays for the first round of rock samples are pending. FireFox geologists have also identified and assayed 128 historical bottom-of-till (BOT) samples collected by the Geological Survey of Finland (GTK), for gold and pathfinder elements. The GTK samples yielded anomalous gold and multielement anomalies warranting further prospecting.
Kelontekemä Property – West of Jeesiö Project
On July 27th, the Finnish mining authority granted FireFox Gold another new exploration reservation encompassing approximately 71.06 km2 in the counties of Kittilä and Sodankylä. The new property lies between the Company’s Jeesiö (east) and Mustajärvi (west) Projects, just south of the Sirkka Shear Zone. Apart from a few gold anomalies in till samples, there is no evidence of significant historic gold exploration at Kelontekemä, but FireFox teams are conducting reconnaissance mapping and sampling in the area as part of the 2020 field season. This application was competitive with other groups, such as Rupert Resources, who hold ground to the east and north.
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.
Dr. Petri Peltonen, Exploration Manager of FireFox Gold, is a qualified person as defined by National Instrument 43-101. Dr. Peltonen has supervised the collection and interpretation of the technical data generated in the Company’s field program and has helped prepare, and approves, the technical information in this news release.
About FireFox Gold Corp.
FireFox Gold Corp is listed on the TSX Venture stock exchange under the ticker symbol FFOX. The Company is focused entirely on gold exploration in Finland where it is exploring its project portfolio that includes over 170,000 hectares of prospective ground.
Finland is one of the top mining investment jurisdictions in the world as indicated by its multiple top-10 rankings in recent Fraser Institute Surveys 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.
For more information, please refer to the Company’s website and profile on the SEDAR website at www.sedar.com.
On behalf of the Board of Directors,
Chief Executive Officer
FireFox Gold Corp.
Forward Looking Statements
The information herein 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, the extent of work stoppage and economic impacts that may result from the COVID 19 virus, 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: the current and future work program, including the extent and nature of exploration to be conducted in 2020, as well as receipt of survey results on the properties described. Although we believe the expectations reflected in our forward-looking statements are reasonable, results may vary. The forward-looking statements contained herein represent the expectations of FireFox as of the date of dissemination 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.