Riikonkoski Gold Project
The Riikonkoski copper-gold project is located in the Central Lapland Greenstone Belt (CLGB) of northern Finland. An historic focus on copper provides a new opportunity for gold resources in an area with recent gold discoveries and production.
The Riikonkoski Project includes a single exploration permit application covering 117 hectares 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).
Geology and Exploration
The area is prospective for gold and copper mineralization and includes some historic drilling that reported narrow intervals of relatively high grade and copper grades. The project lies very close to the Sirkka Shear Zone, which is a pronounced Au-deposition controlling structure within the Central Lapland Greenstone Belt. In the immediate vicinity of the iikonkoski tenement, two closed mines, Saattopora Au-Cu mine and Sirkka Cu-Ni-Co-Au-Ag mine, have been operated in the past. Further away, 22 kilometers northeast, Agnico Eagle Ltd. is currently operating its Kittilä Gold Mine, the largest primary gold producer in Europe.