- With a total reported gold endowment of only 9.1 million ounces, The Central Lapland Greenstone Belt (CLGB) remains severely underexplored for orogenic gold deposits.
- Studies suggest there could be as much as 30 times the currently known gold resources in the CLGB1
- The Seuru Properties comprise a large portion of the Kittilä Group rocks
- Property adjoins Agnico Eagle’s Kittilä Mine property
- Targets generated and exploration underway
The Seuru Project consists of a four separate mineral exploration reservations covering 46,039 hectares. FireFox can earn a 100% interest in the Properties by making payments of up to CAD $200,000 in cash and the issuance of 1,500,000 shares of the Company to Magnus over a three-year period, while investing CAD $1,500,000 in mineral exploration on the Properties. Magnus will retain a 1.5% NSR royalty on production from the Properties, 0.5% of which can be purchased for 1,000 troy ounces of gold.
Geology & Exploration
The Seuru Project is located within the Central Lapland Greenstone Belt (“CLGB”), a poorly-explored package of Paleoproterozoic-age mafic volcanic and sedimentary rocks which underwent three ductile compressional events around 1.79-1.92 Ga followed by one or more brittle stages.
The earliest two phases of ductile compression produced thrust faults, the most important of which are the Sirkka (STZ) and Venejoki (VTZ) thrust zones, both of which have been traced for >100 km. The third phase of ductile compression (D3) produced NE-striking strike-slip shear zones and reactivated or displaced the earlier thrusts.
Orogenic gold occurrences in the CLGB are associated with the STZ, the VTZ and the D3 shear zones. Suurikuusikko (Agnico-Eagle’s Kittilä mine), with current reserves of 4.5 Moz Au and the most significant gold deposit found to date within the CLGB, is related to one of these NE-striking D3 shear zones (www.agnico-eagle.com; 07/2018)
The Seuru properties are generally underlain by the mafic volcanic rocks of the Kittilä Group. The Properties have seen significant historic investment. The historic geophysical surveys, till geochemistry, and drilling results in the Geological Survey of Finland (GTK) database indicate a number of target areas where structural intersections coincide with gold and trace element geochemical anomalies.