Seuru Gold Project
The Seuru Project includes two properties (Sarvi and Lehto) in the Central Lapland Greenstone Belt of northern Finland.
Studies suggest there could be as much as 30 times the currently known gold resources in the CLGB1.
Targets occur in mafic volcanic rocks, similar to the host rocks at Kittila Mine Agnico Eagle Kittilä Mine (Suurikuusikko), the largest primary gold producer in Europe.
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.
Sarvi: The Sarvi property was identified as having gold potential in studies by the Finnish geologial survey (GTK), including drill results from 2009 that intersected up to 3.57 g/t Au over 0.45 m (U441/2009/R8)4. In addition, micro panning of a 10kg heavy mineral sample revealed 118 gold micronuggets resulting in anomalous Au and As - a clear indication of the gold prospectivity of the area. Assays from percussion till samples (GTK & recent FireFox) indicate enrichment of pathfinder elements such as Bi and As.
Location, Access and Infrastructure
The Seuru project is in Lapland, the northernmost province of Finland. The project is road accessible and the area is serviced by two local towns, Kittila and Sodankylä. Agnico Eagle’s Kittilä Mine property, an underground gold mine and Europe's largest primary gold producer, is situated proximal to part of the land package.
The Seuru Project consists of two properties (Sarvi and Lehto) covering a total of 14.4km2. FireFox can earn a 100% interest in the properties by the issuing 1,500,000 shares of the Company to Magnus Minerals (completed) and making payments of up to CAD $200,000 in cash by October 2021, while investing CAD $1,500,000 in mineral exploration on the Properties by the same date. 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 on these properties. For the current status of payments and expenditures please refer to the latest Financial Statements.
- Despite the long Iron and Manganese-ore exploration history of the area, the promising gold potential of the area is still not well explored.
- GTK performed geophysical surveys, till geochemistry, and drilling results in the Geological Survey of Finland (GTK) database indicate several target areas where structural intersections coincide with gold and trace element geochemical anomalies.
- The most recent studies by Geological Survey of Finland (2009-2010) indicated gold potential in the southern part of Porkonen formation which continues through the Sarvi property. GTK drill cores from 2009 reached anomalous grades up to 3.57 ppm Au @ 0.45 m (U441/2009/R8)
Work Completed by Firefox to January 2020
2018-19: FireFox completed compilation of historic GTK Data, performed limited percussion geochemical till sampling and collected surface grab and heavy mineral samples.
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.
Bedrock in the Sarvi-Lehto area consists of sulphide bearing rocks of Porkonen formation and mafic volcanites of Vesmajärvi and Kautoselkä formation. The most recent studies by Geological Survey of Finland (2009-2010) shows gold potential in the southern part of Porkonen formation which continues through the Sarvi property.