- The property is proximal to the Sirkka Thrust Zone (STZ) that is established as the controlling feature for the majority of the orogenic gold deposits in Lapland
- The property partially surrounds the historic Saattopora Mine
- Historic data with neglected gold potential may provide a path to gold resources
The Riikonkoski Project includes a single exploration reservation proximal to the historic Saattopora Mine, held by Outokumpu Oyi.
FireFox is earning a 100% interest in the Riikonkoski property from Magnus Minerals Ltd., (“Magnus”) as part of the agreement that includes properties in the Jeesiö and Ylöjӓrvi Projects. The agreement requires a combination of common shares issuance (completed) plus $250,000 cash and $2.5M in exploration expenditures over a four year period. Magnus Minerals retains a 1.5% NSR which may be reduced by 1% in return for the payment to Magnus of 1000 troy ounces of gold. For the current status of payments and expenditures please refer to the latest Financial Statements.
Location, Access and Infrastructure
The Riikonkoski project is in Lapland, the northernmost province of Finland. The property is accessible via paved highway and secondary paved roads. The nearest towns are Sodankyla (pop 8,556) and Kittilä (pop. 6,358). Two historic mines, Saattopora Au-Cu Mine and Sirkka Cu-Ni-Co-Au-Ag mine, are in the vicinity of the Riikonkoski tenement. To the north-east, Agnico Eagle Ltd. (TSE:AEM) is operating the Kittilä Gold Mine, with approximately 4.5 million ounces of gold in reserves (www.agnicoeagle.com 1/29/18).
FireFox cautions that proximity to a discovery, past-producing mine, or mineral resource, 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 to help prioritize the acquisition of these properties.
Geology and Exploration
The property is located proximal to the Sirkka Thrust Zone – the Au-deposition controlling structure of the Central Lapland Greenstone Belt (CLGB). The property partially surrounds the historic Saattopora Mine, held by Outokumpu Oyj. The now-idled Saattopora Mine produced over 220,000 oz of gold and more than 5,650 t copper between 1989-19951. The tenement hosts 39 historical diamond drill holes.
1Papunen, H., Haapala, I.(2015) A History of Exploration For and Discovery of Finland’s Ore Deposits. In W.D. Maier, R. Lahtinen, H. O’Brien, Eds., Mineral Deposits of Finland (pp1-38). Elsevier Inc.