SODANKYLÄ, FINLAND – (January 16, 2025) – FireFox Gold Corp. (TSX.V: FFOX)(OTCQB: FFOXF)(“FireFox” or the “Company”) is pleased to announce details from two new targets at its 100%-controlled Mustajärvi Project. FireFox has been growing the land position at the project over the last three years, and Company geologists have identified several structural targets in new areas that are hundreds of metres from previous drilling. In addition to strongly mineralized grab samples, the Triangle Target has benefitted from a modest trenching program that revealed highlights of 1.83 g/t and 1.425 g/t gold over one metre diamond saw cuts. The second new target is called Pikkulehto, and it is located approximately four kilometres east of the main Mustajärvi permit. Pikkulehto is ideally situated among splays of the important Venejoki Shear Zone (VSZ), but glacial sediment cover obscures outcrop.
The Triangle Target lies approximately 700 metres northwest from the high-grade gold mineralization of the East Target (Figure 1). During the fall exploration program, the team excavated a single thirteen-by-six-metre exploration trench near the location of several grab samples that returned 4.82 and 4.41 g/t gold, as previously reported (see Company news release September 17, 2024). The target was discovered by prospecting along an interpreted fault zone that follows a topographic depression that strikes NNW-SSE. The new trench exposed altered bedrock, but deeper overburden in the drainage prevented a full test of the interpreted structure.
Pikkulehto is the easternmost of several new permits that comprise the Mustajärvi Project. Regional magnetics suggests a favourable setting in the area as faults appear to juxtapose magnetic highs and lows, similar to the Mustajärvi Shear Zone, from which FireFox has been reporting high-grade gold since 2019. During the fall of 2024, Company geologists completed detailed ground magnetics surveys over the Pikkulehto permit. A subsequent interpretation of the detailed data suggests the presence of hydrothermal alteration and possible dilatancies related to through-going faults, including splays of the crustal-scale Venejoki Shear Zone. Since there is little or no outcrop, the new Pikkulehto target will be tested with base-of-till (BoT) sampling, the exploration tool that led to the Ikkari discovery by Rupert Resources.
FireFox CEO Carl Lofberg commented, “These new results are significant because Mustajärvi has been perceived as a small target. Along only two kilometres of strike length of the Mustajärvi Shear Zone, we have reported numerous high-grade drill holes and two trenches containing better than 10 g/t gold mineralization. The +4 g/t gold samples at the Triangle Target are more than 500 metres from any previous drilling. Pikkulehto is 4 kilometres from the Mustajärvi drilling. Both of these targets add several more kilometres of undrilled controlling structure to the already-rich Mustajärvi discovery. Stay tuned for further results and drilling from these areas in 2025.”
Figure 1 - Mustajärvi exploration permits and new targets over regional total magnetic intensity.
Triangle Target Details
The FireFox team discovered the area during the 2024 exploration program through systematic detailed mapping, during which they encountered an outcrop of massive to semi-massive hematite, later confirmed by assay to be gold mineralized. The anomalous grab samples and the trench sit on the margin of an interpreted NNW-SSE striking fault zone that runs through a topographic depression. Since the excavator could not penetrate the deeper cover in the depression, the full width and extent of the alteration and fault zone are not known at this time. Even though gold mineralization is only known so far on the margin of the structure, the target is believed to have room to grow because the magnetic low (and topographic low) persists for hundreds of metres to the south (Figure 2).
Trench1
The first trench excavated in the Triangle Target was thirteen metres long and six metres wide, oriented WSW-ENE (see Figure 3). The orientation was determined based on the preliminary interpretation of a NNW-SSE striking fault zone located in the adjacent topographic low. The trenching confirmed the mapping observations and also provided useful information about the orientation of the mineralization.
The trenching revealed a zone of significant alteration, including massive to semi-massive hematite, clay, and cross cutting quartz veins. The rocks exposed in the trench were weakly to strongly mineralized in gold, including 1.83 and 1.425 g/t in the channel cuts and 1.37 and 0.59 g/t in grab samples.
Figure 2 - The Triangle Target relative to the East and Northeast Targets over detailed ground magnetics.
The trench clearly revealed multiple NNW-SSE trending zones of alteration parallel to the interpreted fault zone and topographic depression. The rocks are deeply weathered, so much of the original textures and mineralogy are destroyed. The host bedrock is interpreted to be metasediments of the Sodankylä group. The presence of abundant iron oxide suggests that some of that oxidation may have come from supergene alteration of sulphide minerals, but sampling encountered no fresh pyrite in the excavation.
FireFox geologists mapped the trench from west to east (least altered to most altered). The units are described from west to east as weakly altered metasedimentary rocks, hematite-stained metasedimentary rocks, kaolinite zone, fragmental quartz vein zone, and hematite zone (Figure 3). The hematite content increases with proximity to the interpreted fault, and the highest gold grades occur in the iron-rich unit. The quartz vein zone also contains remnants of veins with abundant hematized cavities. The kaolinite zone appears to be transitional between the hematite and quartz and the weakly altered metasedimentary rocks, and the clay alteration is similar to that recorded in trenching at the Mustajärvi Central and East Targets.
The geologists elected to cut two diamond saw channels along the trench perpendicular to the interpreted structure and the strike of the alteration zones. Each channel sample was approximately 1.0 metre in length.
Figure 3 - Trench 1 at Triangle target with gold results and geology on air photo.
The channel sampling of Trench 1 returned notable gold mineralization in three samples, where the gold content was above the cut-off of 0.5 g/t (see Table 1). Channel 1 was 12.89 m long and contained a single metre interval of 1.425 g/t Au, with the surrounding samples also containing highly anomalous gold levels. Channel 2 contained a zone of two metres averaging 1.34 g/t Au, which was also surrounded by highly anomalous, but below cutoff grade gold. In addition, two of the grab samples taken from the trench contained 1.37 g/t and 0.589 g/t Au, respectively.
Table 1. Channel Samples from Triangle Target Trench1 (West to East).
Channel |
From (m) |
To (m) |
Interval (m) |
Sample Wt. (kg) |
Au (g/t) |
Channel1 |
0.00 |
0.93 |
0.925 |
4.13 |
0.006 |
Channel1 |
0.93 |
1.96 |
1.038 |
3.68 |
<0.005 |
Channel1 |
1.96 |
2.95 |
0.985 |
4.67 |
0.016 |
Channel1 |
2.95 |
3.92 |
0.976 |
5.06 |
0.005 |
Channel1 |
3.92 |
4.93 |
1.006 |
3.43 |
0.005 |
Channel1 |
4.93 |
5.94 |
1.008 |
3.98 |
<0.005 |
Channel1 |
5.94 |
6.98 |
1.037 |
5.72 |
0.005 |
Channel1 |
6.98 |
7.95 |
0.972 |
4.53 |
0.02 |
Channel1 |
7.95 |
8.95 |
1 |
2.71 |
0.022 |
Channel1 |
8.95 |
9.92 |
0.971 |
3.77 |
0.125 |
Channel1 |
9.92 |
10.96 |
1.044 |
2.32 |
1.425 |
Channel1 |
10.96 |
11.85 |
0.888 |
4.62 |
0.431 |
Channel1 |
11.85 |
12.89 |
1.043 |
3.07 |
0.245 |
Channel2 |
0 |
1.03 |
1.028 |
5.67 |
0.007 |
Channel2 |
1.03 |
2.05 |
1.026 |
4.83 |
0.018 |
Channel2 |
2.05 |
3.01 |
0.957 |
7.13 |
0.011 |
Channel2 |
3.01 |
3.94 |
0.926 |
4 |
0.855 |
Channel2 |
3.94 |
4.93 |
0.994 |
4.36 |
1.825 |
Channel2 |
4.93 |
5.96 |
1.027 |
3.45 |
0.283 |
Pikkulehto Program details
FireFox’s 100%-owned Pikkulehto exploration permit area is located approximately four kilometres east of the main Mustajärvi permit, and it covers roughly 3.2 km2. Pikkulehto lies within splays of the Venejoki Shear Zone, an important crustal scale shear zone that intersects with the Sirkka Shear Zone to the northeast. The property is also close to the interpreted contact between the Sodankylä and Savukoski Group rocks, a contact that hosts high-grade gold at the main Mustajärvi permit. Based on the current understanding, the bedrock geology includes quartz-rich metasedimentary rocks, gabbros and mafic volcanic rocks, while graphitic schists and cherts of the Savukoski Group lie less than one kilometer to the northwest from the permit. Two historic gold occurrences, Pikku-Mustavaara and Tuongankuusikko, are located within approximately a 1 km radius from the permit boundary (see Figure 1). In the past, the Geological Survey of Finland (GTK) and Outokumpu conducted limited exploration within the permit area, including four drill holes with depths less than 20 metres, and minimal surface sampling (18 till samples); no significant gold was reported.
New detailed ground magnetic surveys provide better insights into the structural complexity present in the permit area. The southern parts of the permit are cut by a roughly E-W trending magnetic low anomaly interpreted as an ENE-WSW trending fault zone with multiple bends or jog-like geometries (see Figure 4). These are interpreted as dilational jogs in a dextral strike-slip fault zone, similar to those seen straddling the Mustajärvi Shear Zone. Similar types of fault zones are also interpreted to the north and south of this ENE-WSW trending structure. There is good evidence that this structural system is linked to the adjacent Venejoki Shear Zone, which itself is connected to the Sirkka Shear Zone (a major D1 structure) (Figures 1 and 4).
The faults interpreted within the Pikkulehto permit could represent splaying branch faults from the Venejoki Shear Zone (Figures 1 and 4). Interestingly, within the Pikkulehto permit area, these ENE-WSW trending fault zones seem to delineate low-magnetic lens-like geometries, which may indicate hydrothermal fluid activity. There are also later northeast striking faults crosscutting the area, likely the D3 event known to host gold.
Figure 4 - Ground magnetics interpretation in the Pikkulehto permit area. Black arrows indicate E-W directed tension related to the N-S trending D4 faults.
The abundant structural intersections from multiple generations of faulting combined with the variable magnetic response, resemble the setting at the Central, Northeast, and East zones at the main Mustajärvi permit, where high-grade gold has been drilled repeatedly since 2019. These analogues to nearby gold mineralization and structural patterns observed at Pikkulehto highlight the potential for gold discovery in the area. Until recently, the Firefox team had solely performed bedrock & boulder mapping and ground magnetic surveys in the area. It is clear now that the glacial sediments obscure the bedrock sufficiently to warrant a BoT sampling survey at Pikkulehto so that these structural targets can be tested.
Methodology & Quality Assurance
The trenching campaign was conducted in an accessible area with limited young forest cover, minimizing environmental impact. To maintain the safety of the working team the trenches were gradually sloped and slightly extended in width. The channel sample intervals were measured with a measuring tape, the measurement results were refined with a high-precision RTK-GPS device. Trenches were channel sampled with a diamond saw for the entire exposure in order to extract large consistent samples while cutting primary structures and veins as close to true thickness as possible. Where the rock integrity was compromised by weathering and alteration, geologists collected the samples with hammer and chisel.
Samples reported in this news release were collected by FireFox geologists, who transported the samples to the Company’s secure facility in Sodankylä. After documentation and insertion of quality assurance samples, the rock samples were delivered to an ALS sample prep lab in Sodankylä. The samples were then crushed to -2 mm, split and pulverized into 1kg pulps, before being shipped to the ALS facility in Rosia Montana, Romania for gold by fire assay of 50 gm aliquots with AAS finish (method Au-AA24). Other elements, altogether 48, were measured after four-acid digestion by ICP-AES and ICP-MS (method ME-MS61) at the ALS facility located in Loughrea, Ireland.
ALS Laboratories is a leading international provider of assay and analytical data to the mining industry. All ALS geochemical hub laboratories, including the Irish facility, are accredited to ISO/IEC 17025:2017 for specific analytical procedures. The Firefox QA/QC program consists of insertion of certificated standard material and blanks inserted by Firefox into the analytical batches did not show deviations from recommended values.
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, reviewed, and approved 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. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a large portfolio 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.sedarplus.ca.
On behalf of the Board of Directors,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: +1-778-244-8439
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 illness, extreme weather, changes in government and changes to regulations affecting the mining industry.
Forward-looking statements in this release may include statements regarding: the intent to conduct additional drilling; the belief as to the location of the most prospective gold targets; the location of targets for future drill programs; and the current and future work program, including the extent and nature of exploration to be conducted in 2025. 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SODANKYLÄ, FINLAND – (December 11, 2024) – FireFox Gold Corp. (TSX.V: FFOX)(OTCQB: FFOXF)(“FireFox” or the “Company”) reports results from the fall exploration program at its 100%-held Jeesiö Project in Lapland, Finland. During the late summer and fall of 2024, the technical team focused on the southern end of the Jeesiö property, including the prospects KJ Hill, KJ South, and Saittavaara where rock sampling has repeatedly yielded encouraging results. The current program included limited scale trenching, mapping, and sampling. The trenching campaign at the KJ Hill prospect exposed a substantial zone of gold-mineralized quartz veins within a N-S striking deformation zone along the hillside. Channel samples collected from the vein zone graded 14.62 g/t gold over 2.84 metres, 2.69 g/t gold over 3.38 metres and 1.85 g/t gold over 1.69 metres.
Farther south on the same project, FireFox has expanded the size of the Saittavaara gold prospect with strong gold results from new surface sampling. The team followed the northwest trending magnetic-low corridor into zones of strongly sericite-altered and deformed quartzite with abundant iron oxide staining, which yielded gold values in rock samples of 3.16 g/t, 3.05 g/t, 2.61 g/t, and 2.57 g/t. This new gold-rich showing extends Saittavaara more than 800 metres from previous sampling to span a trend of more than 1.6 kilometres with significant gold showings.
Carl Lofberg, CEO, commented “There are now several significant gold occurrences over the large Jeesiö Project. In recent years, we have added detailed ground magnetics across the southern part of the property, and now we can see the relationship of these gold showings to the NE and NW striking faults, which are important in controlling gold in this part of Lapland. Our geologists have done great work to persist in their prospecting, and now we have collected numerous high-grade rock chips from KJ South up to the KJ Hill target – which are completely undrilled. The team has also expanded the Saittavaara showing another 800m north, well away from the very limited drilling we did there in 2021. These new targets are advancing Jeesiö upwards on our list of priorities.”
Jeesiö Project Program Details
The 100%-controlled Jeesiö Project covers approximately 71 km2 along one of the major trans-crustal structures that control the emplacement of numerous orogenic gold deposits in Lapland. The main Jeesiö targets include the Utsamo and Kataja Belt areas. From south to north, the Kataja Belt consists of three gold prospects: Saittavaara, Katajavaara South (KJ South) and Katajavaara Hill (KJ Hill) spanning at least 3 kilometres. These are apparently related to northeast-trending younger fault zones and to a major left-lateral fault zone that continues from these three prospects further towards northwest and southeast. The high-resolution airborne magnetics data reveal multiple generations of folding and faulting across the southern part of the property (Figure 1).
Figure 1. Magnetics interpretation and target areas on Jeesiö property.
The area of exploration trenching in 2024 is marked with black box.
KJ Hill
The 2024 exploration trenching campaign at Jeesiö was focused on the KJ Hill prospect, which is located approximately 900 metres to the north of KJ South along the trend of a N-S oriented magnetic feature. Along the eastern slope of the hill, there are fields of locally derived boulders displaying abundant mineralized quartz veins intruding metasedimentary (arkose and quartzite) and mafic igneous rocks. FireFox collected grab samples from surface boulders of these quartz veins in 2020, including one sample with 4.73 g/t Au (see Company news release datedOctober 6, 2020). This trend of anomalous samples is approximately 400 metres long and appears to be associated with a younger structure that crosscuts the north-trending magnetic anomaly in a northeasterly direction. This outcrop area was part of the 2022 exploration trenching campaign, which unearthed more narrow gold-bearing structures, including a high-grade quartz vein with 33.60 g/t Au from the KJ Hill prospect (see Company news release dated January 25, 2023). To improve understanding about the extent of the mineralized system, FireFox continued the trenching at this prospect in September 2024.
During the 2024 exploration trenching campaign at KJ Hill, the team excavated two NNE-SSW trending trenches. The first was 11 metres long and excavated parallel to the NNE-SSW trending fault zone. The exposed geology consisted mostly of strongly carbonatized mafic intrusive rocks, siliciclastic metasedimentary rocks, and quartz veins that contained disseminated pyrite, magnetite and goethite. Geologists collected two channel samples – one channel sample perpendicular and another sample parallel to the trench, and several grab samples. The channel sample cut perpendicular to the shear zone returned 0.59 g/t Au over 1.09 metres (Table 1).
Table 1. Highlights of the Kataja Hill assays with selected pathfinder elements. Bismuth (Bi) and Tellurium (Te) show positive correlation with the gold (Au) values in the area.
Figure 2. Map of quartz vein swarms and lenses in trench KT24-2.
Quartz veins can be seen to deflect in association with fault zones.
The second trench (KT24-2, Figure 2) was approximately 40 metres long and included several smaller side cuts. The lithology consists of siliciclastic metasedimentary rocks cut by quartz vein swarms and lenses. The contacts between the veins and metasediments sometimes contain traces of disseminated pyrite and magnetite with secondary goethite. The metasedimentary rocks are strongly schistose, the dominant fabric striking to the NNE. The vertical to subvertical quartz vein swarms usually strike northerly (NE to NNW), somewhat oblique to the schistosity. However, the veins occasionally deflect parallel to the schistosity planes, indicating strong right-lateral ductile deformation was likely present during or before the vein formation. The right-lateral fault zones shown on Figure 1 are likely related to the so-called D3 deformation event in Lapland; and these faults are concordant with local schistosity as evidenced by measurement of sub-horizontal slickensides on the deformed rocks.
FireFox geologists collected 19 channel samples from trench KT24-2, 15 of which were taken along the quartz vein swarms and four were perpendicular to the swarms and local rock fabric. The strongest results were from quartz vein samples, including 14.62 g/t Au from an individual 2.84 metre channel sample, 2.69 g/t Au from a 3.38 metre-wide channel sample, and 1.85 g/t Au from a 1.69 metre-wide channel sample. These results contribute to the widespread gold occurrences at the Katajavaara prospect, which remains undrilled and open in every direction.
The FireFox team believes that these narrow gold showings are expressions of structural leakage from a larger gold system that may be controlled by the major NW trending shear zone in Figure 1. As this major shear zone continues to the northwest, it intersects different lithology and hosts magnetic lows that now occupy topographic lowlands where swamps have formed.
Saittavaara Prospect
The FireFox team has now identified new targets from detailed ground magnetics surveys in the southern and southwestern parts of the Jeesiö project area, which correspond well with prospecting efforts in 2023 and 2024, as previously reported (see News Release dated February 22, 2024, and September 17, 2024). Previous mapping and sampling in this area highlighted a package of gold-mineralized highly-deformed quartz-rich metasedimentary rocks and a corresponding magnetic-low corridor. The magnetic feature strikes NW-SE and is interpreted to be cut by multiple faults. The dominant lithology at Saittavaara is quartzite, often showing signs of alteration with sericite and iron oxide (Figures 3 and 4).
Earlier sampling in the area was encouraging, including rock chip samples of 5.04 and 6.28 g/t gold. During the fall of 2024, geologists pushed this trend approximately 800 metres to the northwest from the previous occurrence by collecting 15 additional samples, which again yielded significant gold values including multiple samples over 2 g/t Au (Table 2). The geochemistry in this area is a bit different, as peak molybdenum (Mo) values reach almost 0.24% in these rocks. The association of high-grade gold with Mo, Bi, and Te has been noted at Mustajärvi and other of the Company’s projects.
Table 2. Highlights from the Saittavaara area gold occurrence. Coordinates presented in EPSG:3067.
Figure 3. New gold-rich grab samples on magnetic map of Saittavaara area.
Figure 4. Strongly deformed, oxidized and mineralized sericite quartzite outcrop; sampling returned 2.61 g/t gold and 0.24% Mo.
Methodology & Quality Assurance
Rock chip samples reported in this news release were collected by FireFox geologists, who transported the samples to the Company’s secure facility in Sodankylä. After documentation and insertion of quality assurance samples, the rock samples were delivered to an ALS sample prep lab in Sodankylä. The samples were then crushed to -2 mm, split and pulverized into 1kg pulps, before being shipped to the ALS facility in Rosia Montana, Romania for gold by fire assay of 50 gm aliquots with AAS finish (method Au-AA24). Samples assaying above 10 g/t gold are automatically re-assayed by a 50-gm fire assay with gravimetric finish (method Au-GRA22). At FireFox’s request, these overlimit assays were completed in triplicate in order to evaluate the homogeneity of the gold in the prepared samples. Other elements, altogether 48, were measured after four-acid digestion by ICP-AES and ICP-MS (method ME-MS61) at the ALS facility located in Loughrea, Ireland. ALS Laboratories is a leading international provider of assay and analytical data to the mining industry. All ALS geochemical hub laboratories, including the Irish facility, are accredited to ISO/IEC 17025:2017 for specific analytical procedures. The FireFox QA/QC program, which consists of insertion of certificated standard material and blanks by FireFox into the analytical batches, did not show deviations from recommended values.
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, reviewed, and approved 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. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a large portfolio 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,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: +1-778-244-8439
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 illness, extreme weather, changes in government and changes to regulations affecting the mining industry.
Forward-looking statements in this release may include statements regarding: the intent to conduct additional drilling; the belief as to the location of the most prospective gold targets; the location of targets for future drill programs; and the current and future work program, including the extent and nature of exploration to be conducted in 2024. 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.
SODANKYLÄ, FINLAND – (November 21, 2024) – FireFox Gold Corp. (TSX.V: FFOX)(OTCQB: FFOXF)(“FireFox” or the “Company”) announces the completion of a successful new exploration trenching campaign that has extended surface high-grade gold mineralization at the East Target, within the Company’s 100%-held Mustajärvi Gold Project in Lapland, Finland. A new trench at the East Target cut 10.1 metres averaging 13.79 g/t gold. This result builds on the first trench on the target in 2023 that reported bonanza gold grades of 6.87 metres averaging 59.12 g/t gold (see July 27, 2023 news release).
The new trench excavated in October 2024 stepped out approximately 35 metres east-northeast from the 2023 trench (see Figure 1). Beneath approximately six metres of glacial overburden, Trench 1-2024 revealed multiple high-grade gold samples in addition to the continuously mineralized 10.1 metre interval, including cross-cutting channel samples of 24.8 g/t, 22.6 g/t, and 17.6 g/t gold and grab samples of 180.5 g/t, 33.4 g/t, and 17.95 g/t gold.
A second trench of the October campaign (Trench 2-2024) stepped out 30 metres on the opposite side of the 2023 trench (southwest). While the mineralization encountered in the second trench was lower grade, the channel samples returned a zone of 2.0 metres averaging 2.56 g/t gold, along with several other 1 metre channels containing more than 1.0 g/t gold and one channel cut of 6.34 g/t gold.
Carl Lofberg, FireFox’s CEO, commented about the new results, “Our latest trenching at Mustajärvi has once again revealed high grade gold beneath only five or six metres of overburden. This is important because it reminds us that the comparatively thin overburden in this part of Lapland can easily obscure high grade gold deposits that could be surface mineable. The East Target now boasts a corridor at least 70 metres along strike and more than 10 metres wide with significant gold coming very close to surface. There aren’t many first-tier jurisdictions in the world where +10 g/t gold can still be discovered in trenches within 80 metres of a paved highway. In addition to the recent trenching at the East Target, our team has also been conducting electrical geophysics to target the high-grade East Target at depth, and our continued prospecting has also identified new prospects well away from any drilling.”
Figure 1. Mustajärvi East Target Exploration Trenches with Drill Results
The sample grades disclosed herein represent only the gold concentration in the specific material collected. There has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in these targets being delineated as a mineral resource.
Discussion of Results
Trench 1-2024
The first trench of the program (Trench 1-2024, see Figure 2) was located approximately 35 metres east-northeast of Trench 1-2023, and approximately 20 metres northeast of drill hole 22MJ006 that returned a 13.85-metre interval averaging 28.74 g/t gold starting at 24.2 metres downhole (see news releases dated July 13, 2022 and September 6, 2022). The trench was 14 metres long and 1 metre wide, oriented northwest-southeast. The trench revealed strongly weathered and altered bedrock below glacial sediments of varying depths, from 5.0 metres at the northern end to 6.5 metres at the southern end of the trench. Increasing depth of unconsolidated overburden limits the southern extent of both Trench 1-2023 and Trench 1-2024.
Most of the rocks exposed in the trench were intensely clay altered and weathered, exhibiting strong evidence of oxidized sulphide minerals and having virtually no original textures preserved. The clay-altered unit is interpreted to be the intermediate tuffite, which is commonly observed in drilling as host to the gold mineralization at Mustajärvi East. In addition to kaolinization, the rocks are also sericitized and hematized, leaving relict tourmaline both disseminated and veinlet-hosted. There are a few narrow quartz veins that
Figure 2. Mustajärvi East Trench 1-2024 Geology and Assays on Air Photo
strike northwest to northeast and dip to the west. The clay-altered and mineralized unit continues at least to the southern end of the trench. The remarkable orange-red colour of the weathered bedrock is likely the result of oxidation of large amounts of pyrite, so, much of the exposure may be called a gossan. Fresh pyrite is only rarely observed due to near-pervasive oxidation.
Channel sampling of Trench 1-2024 returned high-grade gold mineralization in multiple samples as shown in Table 1. Channel 1 was sampled parallel to the trench and sub-orthogonal to the rock units and returned 10.1 metres that averaged 13.79 g/t Au (uncut). Channels 2 through 4 were sampled orthogonal to the trench and subparallel to the rock units. A nominal one-meter-long sample was collected in each, and all returned very high gold grades, ranging from 17.6 g/t to 24.8 g/t as shown in Table 1 and Figure 2.
FireFox geologists also collected nine grab samples from the trench exposure, including three high-grade samples of 180.5 g/t, 33.4 g/t, and 17.95 g/t gold (See Table 2). These highly mineralized samples were also intensely clay-altered metasedimentary rock with relict quartz-tourmaline and/or quartz veins.
The northernmost four metres of Trench 1-2024 comprised strongly foliated and altered metasedimentary rocks, likely including intermediate tuffs and volcanically derived sediments (shaded green on Figure 2). These rocks contain magnetite and are altered with sericite and iron carbonate, but they contain very little gold. This unit dips steeply to the southeast, which is consistent with most of the Mustajärvi Shear Zone. There is a sharp contact between these metasediments and the weathered tuffites that host mineralization.
The mineralization exposed in the trench was broadly similar to the style and intensity of alteration evident in Trench 1-2023. However, geologists have estimated that the original sulphide content may have been lower in the 2024 trench, based in part on the less abundant and intense red and orange colours of the gossan. All these samples were thoroughly oxidized, and this supergene process may locally enrich gold grades relative to fresh rock. More work will be required to ascertain the degree (if any) of supergene enrichment. The same observation has been noted about high-grade gold in oxidized drill core from Mustajärvi.
Trench 2-2024
The team cut the second trench (Trench 2-2024, see Figure 3) approximately 30 metres southwest of exploration Trench 1-2023. The new trench was also approximately 25 metres southwest of drill hole 22MJ021, which intercepted 15.5m of 13.09 g/t gold, beginning just below the glacial overburden at 11 metres downhole (see news release dated January 18, 2023). This trench was also northwest-southeast oriented, with dimensions of 8 metres long and 3 metres wide. The exposed bedrock was visibly very similar to Trench 1-2024, containing strongly weathered and altered bedrock with varying degrees of foliation and preserved original textures beneath glacial sediments.
The extent of gold mineralization in Trench 2-2024 was more limited and lower grade than in Trench 1. However, the central part of the trench was consistently gold mineralized (See Figure 3 and Table 1). Geologists cut Channel 1 parallel to the trench and sub-orthogonal to the rock units, and it included 2.0 metres that averaged 2.56 g/t Au (uncut). Channels 2 and 3 were sampled orthogonal to the trench and subparallel to the rock units, and they returned notable results of 1.03 metres at 6.34 g/t Au in Channel 2 and 2.01 metres averaging 1.52 g/t Au in Channel 3. There is also a broader zone of lower grade gold around these intervals.
Like Trench 1-2024, the rocks in the northern part of Trench 2 were strongly foliated and altered metasedimentary rocks, likely of volcanic origin. The unit contained sericite, iron carbonate alteration, and magnetite, imparting a darker colour, but the northern part of the trench is again very low in gold. Geologists recognized the intermediate tuffite in this trench as well, noting clay alteration and deep oxidation after sulphides as the likely reason for the destruction of original textures. The geological log also noted locally strong albite alteration, silicification, and iron carbonates, but hematite and sericite alteration was generally less than in Trench 1-2024. Geologists reported minor fresh pyrite from this trench, as well as relict disseminated and vein hosted tourmaline associated with the gold mineralization.
These lower grade intervals of surface gold are significant because they extend the area of surface or shallow gold mineralization considerably to the south and southwest. Trench 2-2024 is well away from known significant near-surface gold at Mustajärvi East. Furthermore, the contact with the strongly foliated iron-carbonated metasedimentary rocks (shown as green on the figures) appears to be shifted well to the south in this trench. This is a good indication of a fault cutting across the Mustajärvi Shear Zone in the vicinity of
Figure 3. Mustajärvi East Trench 2-2024 Geology and Assays on Air Photo
these trenches, possibly quite close to Trench 1-2023. FireFox has previously noted evidence of such cross-faulting in its detailed magnetics survey. This new evidence of cross faulting is expected to help the Company target more high-grade gold in future drilling and trenching.
Table 1. Channel Samples from Trenches 1 and 2 (North to South) – Gold by Screen Fire Assay
Trench |
Channel |
From (m) |
To (m) |
Interval (m) |
Sample Wt. (kg) |
Au (g/t) uncut |
Trench 1-2024 |
1 |
0.00 |
1.06 |
1.06 |
2.75 |
<0.05 |
1.06 |
2.03 |
0.96 |
2.61 |
<0.05 |
||
2.03 |
3.00 |
0.97 |
2.97 |
<0.05 |
||
3.00 |
3.96 |
0.96 |
5.58 |
<0.05 |
||
3.96 |
5.01 |
1.05 |
4.46 |
6.31 |
||
5.01 |
6.06 |
1.05 |
4.85 |
13.75 |
||
6.06 |
7.06 |
1.00 |
4.82 |
1.06 |
||
7.06 |
8.07 |
1.01 |
3.97 |
0.38 |
||
8.07 |
8.98 |
0.91 |
4.69 |
26.7 |
||
8.98 |
10.01 |
1.03 |
4.08 |
6.29 |
||
10.01 |
11.04 |
1.03 |
3.46 |
20 |
||
11.04 |
12.00 |
0.96 |
4.31 |
13.5 |
||
12.00 |
13.01 |
1.02 |
5.09 |
21.5 |
||
13.01 |
14.05 |
1.03 |
5.92 |
28.4 |
||
Trench 1-2024 |
2 |
0.00 |
1.09 |
1.09 |
3.99 |
22.6 |
Trench 1-2024 |
3 |
0.00 |
1.00 |
1.00 |
3.07 |
24.8 |
Trench 1-2024 |
4 |
0.00 |
1.14 |
1.14 |
2.92 |
17.6 |
Trench 2-2024 |
1 |
6.85 |
7.87 |
1.02 |
2.95 |
<0.05 |
5.84 |
6.85 |
1.01 |
2.93 |
<0.05 |
||
4.88 |
5.84 |
0.96 |
4.67 |
0.07 |
||
3.92 |
4.88 |
0.96 |
5.8 |
<0.05 |
||
2.92 |
3.92 |
1.01 |
5.5 |
1.73 |
||
1.92 |
2.92 |
1.00 |
4.61 |
3.39 |
||
0.95 |
1.92 |
0.98 |
6.04 |
0.25 |
||
0.00 |
0.95 |
0.95 |
4.81 |
0.34 |
||
Trench 2-2024 |
2 |
0.00 |
1.05 |
1.05 |
4.12 |
0.22 |
1.05 |
2.05 |
1.00 |
5.21 |
0.15 |
||
2.05 |
3.07 |
1.03 |
3.26 |
6.34 |
||
Trench 2-2024 |
3 |
0.00 |
1.02 |
1.02 |
6.48 |
1.95 |
1.02 |
2.01 |
0.99 |
3.47 |
1.08 |
||
2.01 |
3.04 |
1.04 |
6.19 |
0.2 |
Table 2. Grab Samples from Trench 1-2024 – Gold by Screen Fire Assay (Coordinates presented in EPSG 3067)
Trench |
Sample |
Northing |
Easting |
Sample Wt. (kg) |
Au (g/t) uncut |
Trench 1-2024 |
Trench1-grab1 |
7501043 |
429121 |
6.74 |
17.95 |
Trench 1-2024 |
Trench1-grab2 |
7501045 |
429120 |
4.57 |
2.4 |
Trench 1-2024 |
Trench1-grab3 |
7501046 |
429120 |
4.51 |
33.4 |
Trench 1-2024 |
Trench1-grab4 |
7501048 |
429119 |
3.11 |
0.09 |
Trench 1-2024 |
Trench1-grab5 |
7501048 |
429119 |
3.68 |
1.96 |
Trench 1-2024 |
Trench1-grab6 |
7501046 |
429120 |
2.65 |
180.5 |
Trench 1-2024 |
Trench1-grab7 |
7501044 |
429120 |
3.6 |
5.53 |
Trench 1-2024 |
Trench1-grab8 |
7501048 |
429119 |
2.94 |
10.95 |
Trench1-2024 |
Trench1-grab9 |
7501053 |
429117 |
2.2 |
0.08 |
Methodology & Quality Assurance
The trenching campaign was conducted in an accessible area with no forest cover, minimizing environmental impact. To maintain the safety of the working team the trenches were gradually sloped and slightly extended in width. The channel sample intervals were measured with a measuring tape, the measurement results were refined with a high-precision RTK-GPS device. Trenches were channel sampled with a diamond saw for the entire exposure in order to extract large consistent samples while cutting primary structures and veins as close to true thickness as possible. Where the rock integrity was compromised by weathering and alteration, geologists collected the samples with hammer and chisel.
FireFox team members transported samples to an ALS sample prep lab in Sodankylä. The samples were crushed to -2 mm and pulverized into 1kg pulps, before being shipped to the ALS facility in Rosia Montana, Romania for gold by screen fire assay (AU-SCR24).
ALS Laboratories is a leading international provider of assay and analytical data to the mining industry. All ALS geochemical hub laboratories, including the Irish facility, are accredited to ISO/IEC 17025:2017 for specific analytical procedures. The FireFox QA/QC program consists of insertion of certificated standard material and blanks inserted by FireFox into the analytical batches did not show deviations from recommended values.
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, reviewed, and approved 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. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a large portfolio 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.sedarplus.ca.
On behalf of the Board of Directors,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: +1-778-244-8439
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 illness, extreme weather, changes in government and changes to regulations affecting the mining industry.
Forward-looking statements in this release may include statements regarding: the intent to conduct additional drilling; the belief as to the location of the most prospective gold targets; the location of targets for future drill programs; and the current and future work program, including the extent and nature of exploration to be conducted in 2024. 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SODANKYLÄ, FINLAND – (September 17, 2024) – FireFox Gold Corp. (TSX.V: FFOX) (OTCQB: FFOXF) (“FireFox” or the “Company”) is pleased to announce results from its summer exploration program and plans for additional work before winter. The Company focused its summer work on two of its 100%-controlled projects in northern Finland: Mustajärvi and Jeesiö (Figure 1).
The effort at Mustajärvi is aimed at expanding the footprint of gold mineralization beyond the three zones already identified in drilling and trenching over the last several years. The project has yielded numerous strongly mineralized intervals from drilling, including 13.85m at 28.74 g/t gold from 24m down hole (22MJ006) and 15.5m at 13.09 g/t gold from 11m down hole (22MJ021). The first trench from Mustajärvi East in the summer of 2023 also included outstanding results of 6.87m of 59.12 g/t gold (only 80m from a highway).
Outcrop at Mustajärvi is rare, as most of the property is covered by variable deposits of glacial sediments. However, recent prospecting has discovered a new prospect with outcropping gold mineralization, including rock chip samples of 4.82 and 4.41 g/t gold. The new target is approximately 500 metres away from the nearest drilling. Fill-in base-of-till (BoT) sampling also continues to highlight structures and aid in the interpretation of the deposit. Company geologists are preparing a small trenching campaign to follow-up on last year’s success at Mustajärvi East and increase the exposure around the new prospect. The team also aims to conduct some magnetics and electromagnetic surveys ahead of a planned winter drill program.
Jeesiö is a large project with numerous targets across different settings. Since 2021, FireFox has enjoyed modest success in the south of the property from very limited work. This summer and fall, Company geologists are adding detailed ground magnetics in areas of encouraging rock sampling. The new magnetics data suggest that gold in rock samples (33.6 g/t, 6.39 g/t, 7.79 g/t, 5.04 g/t and numerous others) in the Kataja and Saittavaara areas may be related to NW-SE and NNE-SSW trending D3 and D4 structures that trend under cover to the north and appear to intersect magnetic lows. Magnetic lows are often indicative of alteration and gold mineralization in orogenic gold terranes. Trenching and BoT sampling are planned in the prospective areas. The first drilling in this part of Jeesiö may also come during the winter.
Carl Lofberg, FireFox’s CEO, commented about the new results, “There are two noteworthy things about this program. First, we keep growing the footprint of the gold system at Mustajärvi, and again, the new prospect exhibits strong grade at surface. Secondly, we are seeing the benefits of repeated application of our orogenic gold toolkit: detailed magnetics, iterative structural interpretation, reconnaissance mapping follow-up in exposed areas, and base-of-till sampling in covered settings. Gold in rock samples associated with the right generation of deformation is a key ingredient in discovery in Lapland. We look forward to having the excavator back on site at Mustajärvi and Jeesiö and the drill to follow in the winter.”
The potential grades noted above and discussed below are conceptual in nature; there has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in these targets being delineated as a mineral resource.
Figure 1- Regional view of FireFox properties, highlighting Mustajärvi and Jeesiö.
Mustajärvi Update
The Mustajärvi Project lies along the highway between the cities of Kittilä and Sodankylä, approximately 17 kilometres east of Kittilä. Drilling to date has delineated three different lodes of gold mineralization along more than 1.5 kilometres of strike. Due to its near-surface high-grade nature, the Company has been focusing most recently on the East Target.
Summer field work at the East Target included a short BoT sampling program in untested or sparsely tested areas of deep cover. This work confirmed anomalous gold in several locations, providing at least one drill target for follow-up testing, where a BoT sample collected above the interpreted Mustajärvi Shear Zone yielded 0.47 g/t Au. This anomaly is located 300 metres northwest from the East Target and 80 metres west from drillhole 21MJ005 (Figure 2), which returned 3.79 g/t gold over a 1 metre interval from 15m downhole (see news release dated August 17, 2021), suggesting continuity of this zone to the west. The Company is planning a down-hole geophysical survey to help vector towards continuation of the sulphide minerals associated with the gold mineralization. The FireFox team expects this feature to evolve into a drill-ready target by later in the year.
Figure 2 - Mustajärvi East target area with new BoT sampling.
Elsewhere at the project, the summer reconnaissance mapping program discovered a mineralized outcrop in an area that had seen limited previous field work by FireFox. The area is generally low-lying with swamp and overburden making outcrop scarce. The outcrop is exposed on the slope of a north-northwest trending topographic low that is believed to be a fault. Such faults have been associated with high-grade gold mineralization elsewhere on the property.
The outcrop consists of silica-rich meta-sedimentary rock with semi-massive specularite layers, interpreted as a possible oxide facies banded iron formation (BIF). BIF is well known in the stratigraphic section, and specularite has been associated with gold in drilling at Mustajärvi East. However, this outcrop is more than 500 metres away from any previous drilling. Hand-panning of a small amount of weathered regolith that was collected adjacent to the outcrop yielded numerous tiny gold flakes and some small rock fragments containing visible gold (see Figure 3).
Figure 3 – Photos of BIF and gold grains from regolith.
Rock chip samples were collected from the outcrop and the Company is currently compiling all available data in order to finalize the interpretation and plan a follow-up program this fall if possible.
Approximately three kilometres east of the East Target area, the 318-hectare Pikkulehto property block is undergoing the first ground-magnetics survey to delineate areas for follow-up BoT sampling. The survey is anticipated to continue into the fall.
Jeesiö Project Update
The 100%-controlled Jeesiö Project covers approximately 74.6 km2 along one of the major trans-crustal structures that control the emplacement of numerous orogenic gold deposits in Lapland. The main Jeesiö targets include the Utsamo and Kataja Belt areas. From south to north, the Kataja Belt consists of three gold prospects: Saittavaara, Katajavaara South (KJ South) and Katajavaara Hill (KJ Hill). The prospects span more than 4 kilometres, apparently related to en echelon northerly striking younger (“D3” or “D4”) structures. The high-resolution airborne magnetics data reveal multiple generations of folding and faulting across the southern part of the property.
An extensive ground magnetics survey was completed over 16.15 km2, including the Kataja Belt and adjacent areas. This work has provided a more detailed interpretation of the complex structural setting of the area, in particular, in the northern part of the Kataja Belt near the confluence of two major features. The magnetics data reveal intense folding and shearing, suggestive of favourable conditions for focusing hydrothermal
activity and gold deposition (see Figure 4). FireFox has identified multiple gold anomalies from the limited boulder, outcrop and trench sampling in the southeastern part of the target area, however most of these structurally favourable areas are coincident with topographic lows, which are now swamps. Swamps and wetlands cover approximately 45% of the survey area, so mapping and sampling have not yet been possible in that area. In the 2024 fall program, the FireFox team will conduct more trench sampling at the Katajavaara prospect in order to follow-up on and vector from the previously reported high gold grab sample of 33.6 g/t reported in 2023 (see News Release dated January 25, 2023).
Figure 4 - Magnetics Interpretation and Target Areas in Southern Jeesiö Permit.
Additional targets have been identified from the ground magnetics surveys in the southern and southwestern parts of the Jeesiö permit. The team collected rock samples from strongly deformed sericite quartzites, including one sample reported to date that contained 1.1 g/t of gold. These are similar to rocks sampled 500 metres to the southeast at the Saittavaara prospect that yielded gold values of up to 6.28 g/t, as previously reported (see News Release dated February 22, 2024). The new prospects occur in highly folded quartzites northwest from the Saittavaara occurrence, where drilling intercepted a near-surface zone of 4.0m averaging 2.03 g/t Au (see News Release dated August 3rd, 2021). FireFox geologists have collected numerous samples from the area and expect results to be received early in the fourth quarter. Reconnaissance mapping and sampling continues over the area throughout the fall of 2024.
Methodology & Quality Assurance
Samples reported in this news release were collected by FireFox geologists, who transported the samples to the Company’s secure facility in Sodankylä. After documentation and insertion of quality assurance samples, the rock samples were delivered to an ALS sample prep lab in Sodankylä. The samples were then crushed to -2 mm, split and pulverized into 1kg pulps, before being shipped to the ALS facility in Rosia Montana, Romania for gold by fire assay of 50 gm aliquots with AAS finish (method Au-AA24). Other elements, altogether 48, were measured after four-acid digestion by ICP-AES and ICP-MS (method ME-MS61) at the ALS facility located in Loughrea, Ireland.
ALS Laboratories is a leading international provider of assay and analytical data to the mining industry. All ALS geochemical hub laboratories, including the Irish facility, are accredited to ISO/IEC 17025:2017 for specific analytical procedures. The Firefox QA/QC program consists of insertion of certificated standard material and blanks inserted by Firefox into the analytical batches did not show deviations from recommended values.
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, reviewed, verified and approved 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. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a large portfolio 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.sedarplus.com.
On behalf of the Board of Directors,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: 778-938-1994
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 illness, extreme weather, changes in government and changes to regulations affecting the mining industry.
Forward-looking statements in this release may include statements regarding: the intent to conduct additional drilling; the belief as to the location of the most prospective gold targets; the location of targets for future drill programs; and the current and future work program, including the extent and nature of exploration to be conducted in 2024. 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES
VANCOUVER, BC – (August 26, 2024) – FireFox Gold Corp. (TSX.V: FFOX) (OTCQB: FFOXF) (“FireFox” or the “Company”) announces, effective August 23, 2024 that, subject to regulatory acceptance, it has completed the second and final tranche of the non-brokered private placement (the “Private Placement”) announced on June 19, 2024.
FireFox has raised gross proceeds of $1,395,250 by issuing 27,905,000 units of the Company at a purchase price of $0.05 per unit. Each unit consists of one common share of the Company and one common share purchase warrant, with each whole warrant being exercisable to acquire one additional common share of the Company at an exercise price of $0.08 per share for a term of three years from the date of issuance. The Shares issued pursuant to the Private Placement will be subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation.
The Company intends to use the proceeds of the Private Placement for.
Certain directors and officers of the Company purchased a total of 1,350,000 units. Other insiders, namely Agnico Eagle Mines Limited (“Agnico”) and Crescat Portfolio Management LLC (“Crescat”) purchased a total of 5,085,000 units. Specifically, Agnico exercised their participation right and acquired 3,085,000 units.
The placement to these insiders constitutes a “related party transaction” within the meaning of Multilateral Instrument 61- 101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) and TSXV Policy 5.9 -- Protection of Minority Security Holders in Special Transactions. In connection with this related party transaction, the Company is relying on the formal valuation and minority approval exemptions of 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as the fair market value of the portion of the Private Placement subscribed for by these insiders does not exceed 25 percent of the Company’s market capitalization.
Of special note is that new investors in FireFox purchased 57% of this offering totaling 15,870,000 units.
FireFox will pay to qualified finders $19,950 in cash finders fees and will issue 399,000 finders warrants exercisable at $0.08 for 3 years from the date of issuance.
About FireFox Gold Corp.
FireFox Gold Corp is listed on the TSX Venture Stock Exchange under the ticker symbol FFOX. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a large portfolio 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.sedarplus.com.
On behalf of the Board of Directors,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: 778-938-1994
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 expected total financing amounts, terms, and timeframe; and the current and future work program, including the extent and nature of exploration to be conducted in 2024. 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.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES
VANCOUVER, BC – (July 15th, 2024) – FireFox Gold Corp. (TSX.V: FFOX)(OTCQB: FFOXF)(“FireFox” or the “Company”) announces that, subject to regulatory acceptance, it has completed the first tranche of the non-brokered private placement (the “Private Placement”) announced on June 19th, 2024. The Company intends to complete a second tranche of the Private Placement on or before August 9th, 2024.
In this first tranche, the Company has raised gross proceeds of $456,000 by issuing 9,120,000 units of the Company at a purchase price of $0.05 per unit. Each unit consists of one common share of the Company and one common share purchase warrant, with each whole warrant being exercisable to acquire one additional common share of the Company at an exercise price of $0.08 per share for a term of three years from the date of issuance. The Shares issued pursuant to the Private Placement will be subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation.
The Company intends to use the proceeds of the Private Placement for mineral exploration and related expenditures on FireFox’s projects in northern Finland and general working capital.
Certain directors, officers and other insiders of the Company purchased or acquired direction and control over a total of 250,000 units under the first tranche of the private placement. The placement to those persons constitutes a “related party transaction” within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”) adopted in the Policy. The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61 101 in respect of related party participation in the placement as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved the related parties, exceeded 25% of the Company’s market capitalization (as determined under MI 61-101).
Additional directors, officers, and insiders are expected to participate in the second tranche of the placement as well.
FireFox will pay qualified finders $19,950 in cash finder’s fees and will issue 399,000 finders warrants exercisable at $0.08 for 3 years from the date of issuance in association with the first tranche of the Private Placement.
About FireFox Gold Corp.
FireFox Gold Corp is listed on the TSX Venture Stock Exchange under the ticker symbol FFOX. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a large portfolio 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.sedarplus.com.
On behalf of the Board of Directors,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: 778-938-1994
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, costs and supply of materials relevant to the mining industry, changes in government and changes to regulations affecting the mining industry.
Forward-looking statements in this release may include statements regarding: the expected total financing amounts, terms, and timeframe; and the current and future work program, including the extent and nature of exploration to be conducted in 2024. 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.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES
VANCOUVER, BRITISH COLUMBIA – (June 19, 2024) – FireFox Gold Corp. (TSX.V: FFOX) (OTCQB: FFOXF)(“FireFox” or the “Company”) announces that it intends to raise up to $2,000,000 by way of a non-brokered private placement (the “Private Placement”). The Private Placement will consist of up to 40 million units of the Company (“Units”) at a price of $0.05 per Unit. Each Unit will consist of one common share of the Company ("Common Share") and one full common share purchase warrant ("Warrant"), with each whole Warrant being exercisable to acquire one common share of the Company (a “Warrant Share”) at an exercise price of $0.08 per Warrant Share for a term of three years following the closing of the Offering.
The proceeds of the Private Placement will be used for mineral exploration and related expenditures on FireFox’s Mustajärvi, Jeesiö, and Sarvi projects in northern Finland and general working capital. Prior to this financing, FireFox has 175.4 million shares, 57.1 million warrants and 15.7 million options outstanding.
The Shares issued pursuant to the Private Placement will be subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation. The Company anticipates that the Private Placement will close on or about July 12, 2024. The Company expects to pay finder’s fees in association with this financing.
The Company also announces that it has completed the previously announced issuance of shares in exchange for advisory services (“Shares for Services”). FireFox entered into an agreement for services with Agentis Capital Mining Partners ("Agentis"), an arm's length party, pursuant to which the Company has now issued 490,851 common shares of the Company with a value of $0.08 per share in full satisfaction of an Agentis invoice in the amount of $39,268.08.
These securities will also be subject to a four month hold period, expiring September 28, 2024. The Shares for Services arrangement received final acceptance from the TSX Venture Exchange.
About FireFox Gold Corp.
FireFox Gold Corp is listed on the TSX Venture Stock Exchange under the ticker symbol FFOX. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a huge portfolio 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 www.firefoxgold.com and profile on the SEDAR+ website at www.sedarplus.ca..
On behalf of the Board of Directors,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: +1-778-938-1994
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, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry.
VANCOUVER, BC – (April 11, 2024) – FireFox Gold Corp. (TSX.V: FFOX)(OTCQB: FFOXF) (“FireFox” or the “Company”) is pleased to announce the appointment of Robb McNaughton, LLB, to its board of directors. Mr. McNaughton is a seasoned attorney specializing in the resources sector, listings, investor activism, and corporate transactions.
Mr. McNaughton has more than twenty years of international corporate and legal experience in a broad array of fields, but in recent years he has become well known as a partner at the Canadian national law firm of Borden Ladner Gervais LLP (BLG). At BLG, he is a leader in the M&A and Capital Markets Group. In addition to his prominent role in listings at both the NEO and TSX exchanges, Robb has garnered a reputation as an innovator in the areas of corporate structure, reverse takeovers, and trusts, among other things. Mr. McNaughton is also a member of the national advisory committee of the TSX Venture Exchange.
The Company also announces that it has retained Agentis Capital Mining Partners (“Agentis”) under a financial and capital markets advisory agreement. Agentis is a leading independent advisory and research firm with specialty expertise in exploration and mining.
Mr. McNaughton commented about joining the FireFox board, “Our BLG team has been with FireFox since 2017. I am delighted to be expanding my role with a company that has such compelling properties and such a dynamic and capable team.”
FireFox Chairman, Patrick Highsmith, remarked on the additions to the team, “Our portfolio of projects in northern Finland, one of the hotbeds of gold discovery in the world, and our excellent roster of shareholders position us well to grow our company through the drill bit. However, the capital markets and business-to-business environments of today are complex fields of opportunity. We value strong independent voices on our board of directors and among our advisors. We are particularly pleased to welcome Robb to our board, where he offers a fresh perspective, informed from years of diverse experience.”
Issuance of Share Purchase Options and Shares
In association with this appointment and in keeping with its intended annual calendar, FireFox also reports that its board of directors has approved the grant of 5,000,000 incentive stock options to directors, officers, staff and consultants in recognition of their respective contributions to the development of the Company. This grant of options is subject to the terms and conditions of the Company’s incentive stock option plan, which has been approved by shareholders, and approval by the TSX Venture Exchange and regulatory authorities.
The options are valid for five years from the date of issuance and exercisable at a price of $0.09 per share, an 11% premium to the closing price of the stock on Wednesday, April 10, 2024.
FireFox also intends to grant 490,851 shares of FireFox common stock to Agentis at $0.08 per share, the closing price of the stock on Wednesday, April 10, 2024. The share issuance is in payment of a discretionary fee or bonus in recognition of Agentis’ role in the Company’s business development activities. The shares issued to Agentis will be subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation. This share issuance is also subject to approval by the TSX Venture Exchange and regulatory authorities.
About FireFox Gold Corp.
FireFox Gold Corp is listed on the TSX Venture Stock Exchange under the ticker symbol FFOX. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a large portfolio 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 www.firefoxgold.com and profile on the SEDAR+ website at www.sedarplus.ca.
On behalf of the Board of Directors,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: +1-778-244-8439
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 illness, extreme weather, changes in government and changes to regulations affecting the mining industry.
Forward-looking statements in this release may include statements regarding: the intent to conduct additional drilling; the belief as to the location of the most prospective gold targets; the location of targets for future drill programs; and the current and future work program, including the extent and nature of exploration to be conducted in 2024. 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.
SODANKYLÄ, FINLAND – (February 28, 2024) – FireFox Gold Corp. (TSX.V: FFOX)(OTCQB: FFOXF)(“FireFox” or the “Company”) is pleased to report results from an additional six holes totalling 1,617.5 metres of drilling at the Company’s 100%-held Mustajärvi Gold Project in Lapland, Finland (Figure 1). The primary focus of the program was four holes (23MJ010-23MJ013) drilled to test for extensions to depth of the near-surface high-grade gold zone at the East Target (Figure 2).
Results confirm that gold mineralization extends deeper to the south, where the system plunges to the southwest and is very likely down dropped by faults south of the surface expression. These holes are the deepest expression of the East Target yet, with strong gold intercepts occurring at more than 250 metres below surface. Even though these holes were significant step outs to the south and southwest, the results demonstrate opportunity for expansion to depth and to the southwest.
Selected Highlights from the latest drilling at the East Target
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Drill hole 23MJ013 intercepted:
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13.5m averaging 3.16 g/t Au, from 230.6m depth, including
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1.0m at 18.42 g/t Au; and
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1.0m at 5.31 g/t Au, from 271m depth; and
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6.5m at 1.01 g/t Au, from 281.5m depth.
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Drill hole 23MJ011 intercepted:
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3.6m averaging 5.96 g/t Au, from 236.3m depth, including
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0.7m at 21.77 g/t Au; and
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0.8m at 5.93 g/t Au, from 122.85m depth.
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Five of the six drill holes encountered significant gold mineralization, as defined by intercepts above 0.5 g/t Au (see Table 1). The final two holes of the program (23MJ014 and 23MJ015) were collared in, or near, the Central Zone to test a new drilling orientation and a geophysical anomaly.
Carl Lofberg, FireFox’s CEO, commented about the new results, “Our newest drilling has extended the East Target mineralization 100 metres to the southwest and to more than 250 metres vertical depth. In doing so, we have confirmed a southwesterly plunge to the gold zone and picked up deeper gold intercepts across a major fault. These holes have defined a southern band of gold mineralization that needs much more drilling. Our latest results confirm that the gold remains open to southwest and downdip. Our next round of drill targets is already emerging from these new data. We look forward to having the drill back on site in the spring.”
Mustajärvi Project and Drill Program Summary
The Mustajärvi Project lies along the highway between the cities of Kittilä and Sodankylä, approximately 17 kilometres east of Kittilä. The project remains at an early stage as FireFox and predecessor companies have drilled approximately 15,752 metres to date, and drilling has delineated three different lodes of gold mineralization along more than 1.5 kilometres of strike so far. Due to its near-surface high-grade nature, the Company has been focusing most recently on the East Target. In addition to testing for extensions at depth, the most recent holes in the East Target attempted to intersect the modelled contact between the Savukoski Group ultramafic volcanic rocks and Sodankylä Group metasediments. As shown in cross section below (Figure 3), FireFox’s understanding of this important contact and nearby structures has improved considerably.
To date, most of the mineralization identified at Mustajärvi is hosted in metasedimentary rocks that have been intensely altered with albite, sericite, local silicification, sulfidation, iron carbonates, and/or cut by quartz-carbonate veining. High grades of gold are associated with quartz-carbonate-tourmaline-pyrite (QCTP) veins, hydrothermal breccias, or semi-massive to massive pyrite controlled by foliations. Gold is often enriched at or near the contact with mafic or ultramafic rocks. Until now, mafic rocks, either representing intrusive dikes and sills or thin layers within the Savukoski volcanics, have not typically been recognized as hosting significant gold grades. These new holes have encountered significant mineralization in numerous places within the mafic rocks, albeit so far at relatively low grades, such as 6.5m at 1.01 g/t Au in drill hole 23MJ013. The mineralized mafic rocks are usually intensely albitized with disseminated pyrite and cut by quartz-carbonate or QCTP veins.
Table 1.Significant Drill Intercepts in Drillholes 23MJ010 – 23MJ014
(Cut-off Grade 0.5 g/t Au)
The detailed drill pattern along with newly modeled gold shapes at the East Target are shown in Figure 2. Drill hole 23MJ010 was another step out hole southwest from the main high-grade zone, collared between the previously drilled westernmost holes (23MJ005 and 23MJ008). Drill holes 23MJ011 and 23MJ012 were drilled 100 metres east from the same collar in a fan configuration, where both holes plunge to the northwest but at angles of 50° and 70° degrees, respectively. The fourth drill hole, 23MJ013, was collared approximately
Figure 1. Mustajärvi Project showing drilling over ground magnetics and most recent holes labeled.
75 metres southeast of 23MJ011 and 23MJ012, making it the southernmost drill hole so far drilled in the East Target (approximately 100 metres farther southwest from previous drilling). FireFox geologists designed these holes to test the southwest and downdip continuation of the near-surface high-grade mineralization and to determine whether the interpreted sub-vertical faults on the south side of the zone are offsetting mineralization.
Detailed Description of Drill Holes
Hole 23MJ010 passed through variably altered (albite, quartz, and sericite) metasediments cut by repeating and alternating mafic dykes or sills, with several intervals of weak and moderate disseminated pyrite. These pyrite mineralized intervals were usually associated with strong sericitization and QCTP or quartz-pyrite veins, but also with fault breccia zones and metasediment-mafic sill contacts. The hole returned two gold mineralized samples above the cutoff grade of 0.5 g/t Au, 0.85m at 2.46 g/t from 128.0m downhole and 0.9m at 2.29 g/t from 198.5m downhole. These zones were associated with mineralized contacts or veining.
Hole 23MJ011 was designed to undercut and confirm the mineralization recorded in hole 23MJ004, as well as to test for further extensions of mineralization to depth. The hole also tested magnetic anomalies near the interpreted contact between the Savukoski Group ultramafic volcanic rocks and the Sodankylä Group metasedimentary rocks. The important contact was confirmed at 94.8m with traces of disseminated pyrite
Figure 2 . Plan view of Mustajärvi East drilling with modeled gold shapes projected to surface.
and weak gold enrichment directly beneath the contact. The intercepted contact supports the previously interpreted and modeled Savukoski Group-Sodankylä Group contact as dipping steeply to the southeast.
The first significant gold-mineralized interval in 23MJ011 returned 0.8m at 5.93 g/t Au from 122.85m depth, and it was hosted in a quartz vein with semi-massive clots of pyrite. A second significant mineralized interval at 236.3m depth returned 3.6m of 5.96 g/t Au, including 0.7m of 21.77 g/t Au. This mineralization was hosted in a fault breccia zone containing remnants of QCTP veins (Figure 4). This interval included grains of fine visible gold and fluorite, which is often associated with open space in higher grade zones at Mustajärvi. The gold mineralized fault breccia in this hole may relate to previous intercepts in drill holes 23MJ004 and 23MJ003 (see Company news release dated July 18, 2023), suggesting an encouraging new deeper target in this area of the property.
Figure 3. SW facing cross-section showing the drill hole fence 23MJ013-23MJ011 and the interpreted mineralization along the section plan A-A’.
Hole 23MJ012 was aimed more steeply from the same drill pad as 23MJ011 to test depth extents of the system and for evaluating the steeply dipping faults interpreted in the area. The hole pierced the Savukoski - Sodankylä contact as expected, at 125.6 metres depth. The contact was marked by a heavily sheared mafic sill, and intensely altered and faulted metasediments just below that with abundant pyrite and 1.0m of 7.6 g/t Au.
Once passing through the key contact, this hole can be characterized as containing numerous intervals of low-level gold mineralization but lacking the thicker or higher-grade zones seen above it (See Figure 3). In total, there are 37 sample intervals with gold grades greater than 0.1 g/t, but most do not exceed the cutoff for significance (0.5 g/t). There are intervals of albitized and pyritic metasediments with scattered quartz-carbonate, tourmaline, and QCTP veins. These intervals of low-grade gold may represent splays or structural offsets to the stronger gold zones observed at higher levels.
Drill hole 23MJ013 was collared farther south so that it could be aimed deeper towards a deeper part of the mineralized contact zone that was delineated earlier in 2022 and 2023. The contact was intersected at 230.6 metres, below which the metasedimentary rocks were highly albitized, sulphidized, and variably silicified over approximately 13.0 metres. That interval included abundant pyrite in both replacement and vein styles, as well as quartz, sulphide, and tourmaline veins and hydrothermal breccias. This interval carried strong gold mineralization over 13.5m averaging 3.16 g/t between 230.6 and 244.1m downhole, including 2.7m of 11.07 g/t. The higher-grade intervals are usually associated with narrow semi-massive to massive pyrite. While most of the gold at this mineralized contact is hosted in metasediments, there are also thin mafic dikes or sills that are mineralized with gold and pyrite. This zone also includes anomalous bismuth, molybdenum, and tellurium, although copper, lead, and zinc are at background concentrations.
Figure 4. Fault breccia zone in 23MJ011 with 3.6m of 5.96 g/t Au from 236.3m downhole. Visible gold flakes were observed from two intervals grading 21.77 g/t Au and 4.43 g/t Au.
The deeper sections of hole 23MJ013 contained thicker mafic sills, often veined (quartz carbonate and QCTP veins) and flooded with albite and/or silica. These veins and alteration haloes within the mafic sills locally contain disseminated pyrite and gold. The presence of significant pyrite and anomalous gold in the mafic intrusive rocks at Mustajärvi is uncommon, but several intervals in this hole contained significant gold: 1.0m at 5.31 g/t from 271m depth, 1.0m at 2.19 g/t from 275.0m, and 6.5m that averaged 1.01 g/t from 281.5m. The wider interval was hosted in a strongly albite-altered mafic sill crosscut by quartz-carbonate-tourmaline veins surrounded by disseminated pyrite.
Most of the gold mineralization at Mustajärvi is associated with abundant pyrite and anomalous bismuth, molybdenum, selenium, and tellurium, whereas silver, arsenic, antimony, copper, and other base metals are at (or near) background levels. In contract, it may be noteworthy that this deeper gold mineralization in the mafic (gabbroic) sills and dikes has a relatively low abundance of pyrite, and only shows slightly anomalous bismuth, molybdenum, selenium, and tellurium.
After completing drill hole 23MJ013 the drill rig moved to the Central Zone (approximately 1.5 kilometres to the west), where drill hole 23MJ014 was collared approximately 100 meters north from previous drill hole 22MJ016. This hole was aimed in a different direction (NE) to test for the presence of crosscutting structures, perpendicular to the northeast-striking Mustajärvi Shear Zone (MSZ). All previous drill holes at this target were drilled perpendicular to the MSZ, but NE-directed holes at the East Target encountered important crosscutting mineralization. Drill hole 23MJ014 intercepted primarily moderately albitized intermediate tuffites and mafic tuffs with evidence of faulting.
Intervals of more intense alteration and brecciation that are cut by quartz-pyrite and QCTP veins are locally mineralized with gold over narrow widths. One of these zones at 40.5-43.0m depth returned 2.5m averaging 0.86 g/t Au. A number of other fault zones with veining contained 0.5 to 1.56 g/t gold over narrow widths.
The final drill hole, 23MJ015, was collared almost 400 metres east from hole 23MJ014, targeting an unusual magnetic low detected in the ground magnetics surveys. The hole was drilled entirely within the Savukoski Group ultramafic rocks with a few thin fault zones and no significant gold assays.
Table 2. Drill Collar Information (coordinates presented in EPSG:3067)
Methodology & Quality Assurance
The core was transported from the rig to the Company´s core storage facility in Sodankylä, where FireFox’s exploration team conducted the geological and geotechnical logging and selected the assay intervals. Assay intervals were generally 1 metre but in some circumstances were modified according to lithological boundaries and other factors. FireFox geologists maintained chain of custody and sampling procedures according to best industry practice and with due attention to quality assurance and quality control, including sampling field duplicates and insertion of certified standard and blank samples.
FireFox team members transported the samples to an ALS sample prep lab in Sodankylä. The samples were sawed then crushed to -2 mm, split and pulverized into 1kg pulps, before being shipped to the ALS facility in Rosia Montana, Romania for gold by fire assay of 50 gm aliquots with AAS finish (method Au-AA24). All samples exceeding 10.0 g/t Au were re-assayed in triplicate by fire assay of 50 gm aliquots with a gravimetric finish (method Au-GRA22). Other elements, altogether 48, were measured after four-acid digestion by ICP-AES and ICP-MS (method ME-MS61) at the ALS facility located in Loughrea, Ireland.
ALS Laboratories is a leading international provider of assay and analytical data to the mining industry. All ALS geochemical hub laboratories, including the Irish facility, are accredited to ISO/IEC 17025:2017 for specific analytical procedures. The Firefox QA/QC program consists of insertion of certificated standard material and blanks inserted by Firefox into the analytical batches did not show deviations from recommended values.
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, reviewed, and approved 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. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a large portfolio 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,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: +1-778-244-8439
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 illness, extreme weather, changes in government and changes to regulations affecting the mining industry.
Forward-looking statements in this release may include statements regarding: the intent to conduct additional drilling; the belief as to the location of the most prospective gold targets; the location of targets for future drill programs; and the current and future work program, including the extent and nature of exploration to be conducted in 2024. 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.
SODANKYLÄ, FINLAND – (February 22, 2024) – FireFox Gold Corp. (TSX.V: FFOX)(OTCQB: FFOXF)(“FireFox” or the “Company”) announces the completion of another drilling campaign at the Company’s 100%-held Mustajärvi Gold Project in Lapland, Finland. The program included six drill holes totalling 1,617.5 metres, focused on testing for extensions to depth of the near-surface high-grade gold zone at the East Target. Core logging identified several intervals of quartz-carbonate-tourmaline-pyrite veins cutting through all lithologies, as well as intensely altered sections of intermediate tuffites and gabbro. FireFox expects to report the analytical results by early March.
FireFox is also pleased to report results from recent surface sampling at the Saittavaara prospect, which is part of the large 100%-controlled Jeesiö Project. The field team identified and sampled a new area of gold mineralization situated a few hundred metres west from where reconnaissance drilling in 2021 hit gold in two holes, including a near-surface interval of 4.0m averaging 2.03 g/t Au. The gold in this new area occurs in highly deformed and altered metasedimentary rocks (quartzites). The highest gold values from this sampling included 6.28 g/t Au, 5.04 g/t Au and 4.07 g/t Au (See Figure 1).
Finally, the Company reports that it has secured exploration permits for three more of its tenement blocks covering approximately 22km2 (see Figure 2). These permits are strategically located proximal to important gold-hosting geologic units and structures. The Company has completed reconnaissance work in these areas and believes they all warrant more detailed exploration. The new permits allow for mechanized work including base of till sampling and drilling.
Carl Lofberg, CEO, commented “We are pleased to be kicking off 2024 with first quarter drill results from our Mustajärvi Project, encouraging new rock sampling results from the Jeesiö Project, and significant new exploration permits in the very active Central Lapland Greenstone Belt. We are excited to see the new drill results from Mustajärvi in the next couple of weeks. And our exploration pipeline remains full, even after optioning our Kolho Property to Agnico Eagle in December.”
Jeesiö Project Program Details
The 100%-controlled Jeesiö Project covers approximately 74.6 km2 along the Sirkka Shear Zone, a trans-crustal structure that controls the emplacement of numerous orogenic gold deposits in Lapland. The main Jeesiö targets include the Utsamo and Kataja Belt areas. From south to north, the Kataja Belt consists of three gold prospects: Saittavaara, Katajavaara South (KJ South) and Katajavaara Hill (KJ Hill). The prospects span more than 4 kilometres, apparently related to en echelon northerly striking younger (“D3” or “D4”) structures. The high-resolution airborne magnetics data reveal multiple generations of folding and faulting across the southern part of the property. Younger asymmetric folding west of the Kataja Belt shows evidence of disruption by right-lateral shearing broadly parallel with northeast trending axial planes. These shears appear to be associated with the gold showings in the Kataja Belt.
During the summer and fall of 2023 the Company performed detailed bedrock and boulder mapping and sampling at the Saittavaara prospect in an attempt to extend the Kataja Belt farther west (see Figure 1). The mapping identified new areas of outcrop where strongly deformed and locally weathered sericitic quartzite often contains oxidized pyrite and is sometimes cut by quartz veining. The new occurrence is situated approximately 400 metres west of previously reported drill holes that encountered near-surface gold mineralization (see Company news release dated August 3, 2021). In total, the team collected 28 samples from the Saittavaara area of which 13 samples exceeded 0.1 g/t and five exceeded 1.5 g/t gold. The highest-grade samples contained 6.28 g/t, 5.04 g/t, and 4.07 g/t gold, respectively.
Figure 1. Kataja Belt Gold Targets (Jeesiö Project) near Sodankylä, Finland
In addition to bedrock and boulder mapping, FireFox extended the Katajavaara area ground magnetic survey towards the north, focusing on the KJ Hill prospect, where highly anomalous gold values were previously detected during trenching and bedrock sampling (see Company news release dated January 25, 2023).
The FireFox technical team has now delineated four clusters of gold anomalies with very limited drilling along a corridor of approximately four kilometres, stretching from KJ Hill in the north to the new anomalies in the southwest (termed the Kataja Belt). These gold anomalies are hosted in a range of rock types from metasediments to gabbros and metavolcanics. The rocks are strongly deformed due to intense folding and faulting in the area, and the new magnetic data is expected to improve understanding of the structural and lithological settings that are likely to host the gold along the Kataja Belt.
New Exploration Permits
The Finnish Safety and Chemicals Agency (TUKES) has granted three new exploration permits called Pikkulehto, Nunara and Palvasenvuoma, which together cover nearly 22km2 of Finland’s Central Lapland Greenstone Belt (CLGB). In Finland, the exploration permit allows for mechanized exploration including base of till sampling and drilling (Figure 2).
The Pikkulehto exploration permit area (ML2022:0001-01) is located less than 4 km east of the main Mustajärvi permit and covers roughly 3.2 km2. It will be managed together with the Mustajärvi project. The new permit is situated adjacent to a major geological structure, the Venejoki shear zone, and close to the interpreted contact between the Sodankylä and Savukoski Group rocks. Based on the current understanding, the bedrock geology includes quartz-rich metasedimentary rocks, gabbros and mafic volcanic rocks, while graphitic schists and cherts of the Savukoski Group lie less than one kilometer to the NW from the permit. Two historic gold occurrences, Pikku-Mustavaara and Tuongankuusikko, are located within approximately a 1 km radius from the permit boundaries. The Geological Survey of Finland (GTK) and Outokumpu conducted limited exploration within the permit area, including only four drill holes with depths less than 20 metres, and minimal surface sampling (only 18 till samples). Under the previous exploration permit application, the Company conducted limited bedrock and boulder mapping within the Pikkulehto area, yielding one anomalous gold value with of 0.427 g/t from a boulder that was intensively albitized and enriched in pyrite.
The Nunara exploration permit (ML2021:0002-01) covers an area of almost 9 km2 and is situated almost ten kilometers north of the Mustajärvi Project. The permit lies very near the interpreted trace of the Sirkka Shear Zone, which roughly tracks along the northern permit boundary of Nunara. Geologically, the area is interpreted as the contact zone between the Kittilä Suite mafic volcanic rocks and Savukoski Group ultramafic volcanic rocks, while isolated outcrops of the younger Kumpu Group quartzites pop out in the area as topographic highs. There are several historic gold occurrences nearby, the closest being Kittilän Palovaara (less than 4 kilometers to the west) and Outapää (3 kilometers to the east). The Company is not aware of any previous drilling within the permit area, and only minor till sampling was previously reported by the GTK (a few tens of samples along one north-south trending line).
The third newly granted exploration permit covers a portion of the Company’s Manto Project. Palvasenvuoma (ML2022:0085-01) is located roughly 10 kilometers southwest of the Kittilä gold mine (operated by Agnico Eagle Mines Ltd.) and covers an area of 9.5 km2. According to current understanding the
Figure 2. FireFox Northern CLGB Properties with New Exploration Permits Outlined in Black
bedrock consists of Kittilä Suite mafic volcanic rocks and mafic graphitic tuffs, with similarities to the geology of the Kittilä gold mine. GTK completed an exploration campaign in the area between 2002 and 2005. This included a base of till (BOT) sampling program over approximately 5km2, including 546 samples in a 100-metre spaced grid. The GTK reported that one of the till samples assayed 11 g/t Au. In addition to BOT sampling, GTK also performed some geophysical surveys and bedrock drilling, including 32 shallow drill holes. The drilling campaign totaled 1,570.6 metres where the deepest drill holes reached 68 metres. The geophysical surveys identified a possible NNE-SSW-trending shear zone, which resembles the Kiistala Shear Zone (host to the Kittilä Mine).
Methodology & Quality Assurance
Rock chip samples reported in this news release were collected by FireFox geologists, who transported the samples to the Company’s secure facility in Sodankylä. After documentation and insertion of quality assurance samples, the rock samples were delivered to an ALS sample prep lab in Sodankylä. The samples were then crushed to -2 mm, split and pulverized into 1kg pulps, before being shipped to the ALS facility in Rosia Montana, Romania for gold by fire assay of 50 gm aliquots with AAS finish (method Au-AA24). Other elements, altogether 48, were measured after four-acid digestion by ICP-AES and ICP-MS (method ME-MS61) at the ALS facility located in Loughrea, Ireland.
ALS Laboratories is a leading international provider of assay and analytical data to the mining industry. All ALS geochemical hub laboratories, including the Irish facility, are accredited to ISO/IEC 17025:2017 for specific analytical procedures. The FireFox QA/QC program, which consists of blind insertion of certificated standard material and blanks into the analytical batches, did not show deviations from recommended values.
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, reviewed, and approved 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. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a large portfolio 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,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: +1-778-244-8439
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 illness, extreme weather, changes in government and changes to regulations affecting the mining industry.
Forward-looking statements in this release may include statements regarding: the intent to conduct additional drilling; the belief as to the location of the most prospective gold targets; the location of targets for future drill programs; and the current and future work program, including the extent and nature of exploration to be conducted in 2024. 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.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO .S. WERE SERVICES
Vancouver, British Columbia – December 20, 2023 – FireFox Gold Corp. (TSX.V: FFOX; OTCQB: FFOXF) (“FireFox” or the “Company”) today announced that it closed a non-brokered private placement of 22,507,840 units of the Company (“Units”) at a purchase price of $0.075 per Unit, for total gross proceeds of $1,688,088 (the “Private Placement”). Concurrent with the Private Placement, FireFox, together with its wholly-owned subsidiary FireFox Gold Oy, entered into an earn-in agreement (the “Earn-in Agreement”), pursuant to which FireFox Gold Oy granted a subsidiary of Agnico Eagle Mines Limited (“Agnico”) the right to earn an interest in the Kolho properties located in northern Finland (the “Kolho Property”).
Patrick Highsmith, Chairman of FireFox commented on the transactions, “We are excited to form this alliance with Agnico Eagle. Not only does the strategic investment recognize the potential of our more advanced projects, such as Mustajärvi, but the option agreement also demonstrates the geological potential of our Kolho Property. We are proud to add Agnico Eagle to our roster of strong shareholders as the strategic backbone for our future growth through discovery.”
Carl Löfberg, CEO of FireFox added, “Our company was the first junior gold explorer built around a Finland-based CEO and Finland-based exploration management. Now we are part of a growing community of local and international mining professionals in Finland, and we find ourselves working closely with Europe’s largest gold miner. We look forward to working with the Agnico Eagle team at the Kolho Property.”
Private Placement
Pursuant to the Private Placement, the Company issued 19,010,000 Units to Agnico at a purchase price of $0.075 per Unit, for gross proceeds of $1,425,750. Each Unit is comprised of one common share of the Company (“Common Share”) and one common share purchase warrant (“Warrant”), with each Warrant being exercisable to acquire one Common Share (a “Warrant Share”) at an exercise price of $0.10 per Warrant Share for a term of five years following the closing of the Private Placement, subject to adjustment and an acceleration of the expiry date upon the occurrence of certain events. The proceeds of the Private Placement will be used for drilling and exploration expenditures on FireFox’s Mustajärvi project, other exploration investment on the Company’s projects in Lapland, and general working capital.
On closing of the Private Placement, Agnico will own 19,010,000 Common Shares and 19,010,000 Warrants, representing approximately 10.9% of the issued and outstanding Common Shares on a non-diluted basis and 19.6% of the Common Shares on a partially-diluted basis.
In connection with the Private Placement, FireFox entered into an investor rights agreement with Agnico (the “Investor Rights Agreement”). Pursuant to the Investor Rights Agreement, Agnico is entitled to certain rights, provided Agnico maintains certain ownership thresholds in FireFox, including: (i) the right to participate in equity financings and top-up its holdings in relation to dilutive issuances in order to maintain its pro rata ownership interest in FireFox at the time of such financing or acquire up to a 19.99% ownership interest, on a partially diluted basis, in FireFox; and (ii) the right to nominate one person to the board of directors of FireFox. Agnico has not elected to exercise this right as of the closing of the Private Placement.
Crescat Portfolio Management LLC (“Crescat”) exercised its participation right and subscribed for 3,497,840 Units on the same terms as Agnico for additional gross proceeds of $262,388. Upon closing, Crescat will own 31,188,969 Common Shares and 8,050,678 Warrants, representing approximately 17.8% of the issued and outstanding Common Shares on a non-diluted basis and 21.5% of the Common Shares on a partially-diluted basis. Crescat has agreed to restrict the exercise of any Warrants if to do so would result in Crescat owning or controlling 20% or more of the then issued and outstanding Common Shares of the Company (calculated on a non-diluted basis), provided that Crescat may exercise all of its Warrants in certain circumstances (including for the purpose of participating in a take over bid, arrangement, amalgamation or similar transaction, or change in control of the Company), subject to compliance with applicable securities laws including obtaining prior requisite disinterested shareholder and TSX Venture Exchange (“TSXV”) approvals.
The participation of Crescat in the Private Placement constitutes a “related party transaction” within the meaning of Multilateral Instrument 61- 101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) and TSXV Policy 5.9 -- Protection of Minority Security Holders in Special Transactions. In connection with his related party transaction, the Company is relying on the formal valuation and minority approval exemptions of 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as the fair market value of the portion of the Private Placement subscribed for by Crescat does not exceed 25 percent of the Company’s market capitalization.
The Common Shares and Warrants issued in connection with the Private Placement and the Warrant Shares underlying the Warrants are subject to a statutory hold period of four months plus one day from the date of completion of the Private Placement, in accordance with applicable securities legislation.
Option Agreement
The Kolho Property is a group of exploration permit applications and one exploration permit (Nuttio) that occupies a prospective structural corridor northeast of Rupert Resources’ Ikkari discovery and FireFox’s Sarvi property (see Figure 1 below). The Kolho Property covers more than 120 km2, and FireFox has completed detailed airborne magnetic surveys and limited reconnaissance mapping and sampling in the area.
Pursuant to the terms of the Earn-in Agreement, FireFox granted Agnico an exclusive right to earn a 51% interest in the Kolho Property by incurring exploration expenditures totaling US$5,000,000 before the fifth anniversary of entering into the Earn-in Agreement (the “Earn-in Grant Date”), of which US$2,000,000 will be a committed amount required to be spent on or prior to the third anniversary of the date that certain permits are granted in respect of the Kolho Property.
Upon Agnico earning a 51% interest in the Kolho Property, Agnico and FireFox will enter into a joint venture agreement (the “JV Agreement”), pursuant to which, Agnico will become the operator of the venture and be entitled to a 5% management fee. Under the JV Agreement, Agnico will be granted the right to acquire an additional 24% interest in the Kolho Property by incurring additional exploration expenditures totaling US$7,500,000 before the eighth anniversary of the Earn-in Grant Date. A portion of the Kolho Property is subject to an existing 1.5% net smelter return royalty.
Neither the Earn-in Agreement nor the Private Placement affect any of FireFox’s other mineral rights in Lapland. The Company maintains 100% control of its Mustajärvi Project, as well as the Jeesiö and Sarvi properties where earlier stage exploration targets are being advanced.
For more information concerning the Company, please refer to the Company’s profile on the SEDAR+ website at www.sedarplus.ca and the Company’s website at www.firefoxgold.com.
Figure 1: Location of Kolho Property.
About FireFox Gold Corp.
FireFox Gold Corp. is listed on the TSX Venture Stock Exchange under the ticker symbol FFOX. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a large portfolio 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.
Forward-Looking Information
Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to: the terms and conditions of the JV Agreement; anticipated payments under the Earn-in Agreement and JV Agreement, including any advancement on the Kolho Property; the terms and conditions of the Private Placement; anticipated use of net proceeds from the Private Placement, including any advancement on the Mustajärvi project; and Crescat’s exercise of all of its Warrants and the Company obtaining requisite disinterest shareholder and TSXV approvals in connection therewith. Often, but not always, forward-looking statements or information can be identified by the use of words such as “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. With respect to forward-looking statements and information contained herein, FireFox has made numerous assumptions including among other things, assumptions about general business and economic conditions. The foregoing list of assumptions is not exhaustive.
Although management of FireFox believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that forward-looking statements or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These factors include, but are not limited to: risks relating to FireFox’s financing efforts; risks associated with the business of FireFox; business and economic conditions in the industry generally; the supply and demand for labour and other project inputs; changes in commodity prices; changes in interest and currency exchange rates; risks relating to inaccurate geological and engineering assumptions (including with respect to the tonnage, grade and recoverability of reserves and resources); risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters); risks relating to adverse weather conditions; political risk and social unrest; changes in general economic conditions or conditions in the financial markets; changes in laws (including regulations respecting mining concessions); and other risk factors as detailed from time to time. FireFox does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
For more information, please contact:
FireFox Gold Corp.
Carl Löfberg
Chief Executive Officer
FireFox Gold Corp.
Email:
Telephone: +1-778-938-1994
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of the content of this release.
Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities Laws.
THE SECURITIES OFFERED HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS. THIS PRESS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THE SECURITIES IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO .S. WERE SERVICES
VANCOUVER, BC – (September 11, 2023) – FireFox Gold Corp. (TSX.V: FFOX) (OTCQB: FFOXF) (“FireFox” or the “Company”) announces, effective today that, subject to regulatory acceptance, it has completed the first tranche of the non-brokered private placement (the “Private Placement”) announced on August 8, 2023. The Company intends to complete a second tranche of the Private Placement before September 28, 2023.
In this first tranche, the Company has raised total gross proceeds of $323,499 by issuing 4,621,414 units of the Company at a purchase price of $0.07 per unit. Each unit consists of one common share of the Company and one common share purchase warrant, with each whole warrant being exercisable to acquire one additional common share of the Company at an exercise price of $0.10 per share for a term of two years from the date of issuance. The shares issued pursuant to the Private Placement will be subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation.
The Company intends to use the proceeds of the Private Placement for general corporate purposes, working capital and exploration activities on FireFox’s gold exploration properties in Finland.
FireFox will pay qualified finders $840 in cash finder’s fees and will issue 12,000 finders warrants exercisable at $0.10 for 2 years from the date of issuance in association with the first tranche of the Private Placement.
About FireFox Gold Corp.
FireFox Gold Corp is listed on the TSX Venture Stock Exchange under the ticker symbol FFOX. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a large portfolio of prospective ground.
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,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: +1-778-938-1994
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 expected total financing amounts, terms, and timeframe; and the current and future work program, including the extent and nature of exploration to be conducted in 2023. 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.
.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO .S. WERE SERVICES
VANCOUVER, BRITISH COLUMBIA – (August 8, 2023) – FireFox Gold Corp. (TSX.V: FFOX) (OTCQB: FFOXF)(“FireFox” or the “Company”) announces that it intends to raise up to $1,400,000 by way of a non-brokered private placement (the “Private Placement”). The Private Placement will consist of up to 20,000,000 units of the Company (“Units”) at a price of $0.07per Unit. Each Unit will consist of one common share of the Company ("Common Share") and one common share purchase warrant ("Warrant"), with each whole Warrant being exercisable to acquire one common share of the Company (a “Warrant Share”) at an exercise price of $0.10 per Warrant Share for a term of two years following the closing of the Offering.
It is anticipated that the proceeds of the Private Placement will be used for the upcoming drilling program on FireFox’s Mustajärvi project, general working capital, and other exploration activities on the Company’s other gold exploration properties in Finland. Prior to this financing, FireFox had 147.8 million shares outstanding, 38.3 million warrants outstanding, and 11.3 million stock options issued.
The Shares issued pursuant to the Private Placement will be subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation. The Company anticipates that the Private Placement will close on or about August 25, 2023. The Company expects to pay finder’s fees in association with this financing.
About FireFox Gold Corp.
FireFox Gold Corp is listed on the TSX Venture Stock Exchange under the ticker symbol FFOX. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a huge portfolio 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,
“Carl Löfberg” Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: +1-778-938-1994
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.
.
SODANKYLÄ, FINLAND – (July 27, 2023) – FireFox Gold Corp. (TSX.V: FFOX) (OTCQB: FFOXF) (“FireFox” or the “Company”) is pleased to report the results from the final four holes of the spring 2023 core drilling campaign at the Company’s 100%-held Mustajärvi Gold Project in Lapland, Finland. Drill holes 23MJ005, 23MJ007, 23MJ008 and 23MJ009 at the East Target all encountered significant intervals of gold mineralization (Figure 1). Most encouraging were the holes to the southwest of the previous high-grade zone, which highlight the potential for significant expansion of the East Target in this direction. Company geologists also conducted a limited test trenching campaign over the surface expression of the East Target. The first trench revealed bonanza grade gold mineralization including 6.87 metres that averaged 59.12 g/t Au on the basis of uncut results from 1-kilogram screen fire assays (Figure 3 and Table 3).
Drill hole 23MJ005 hit strong mineralization in an 80-metre step-out to the southwest from the previously drilled western-most high-grade hole. Results include:
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4.20m averaging 5.74 g/t Au from 60.8 metres down hole, and
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7.05m average 4.77 g/t Au from 68.0 metres down hole,
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including 1.0 metre at 20.8 g/t Au.
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Drill hole 23MJ008 was a further 135-metre step-out to the southwest, for a total of approximately 215 metres step-out from the previous high-grade area. The hole included multiple intervals of significant gold from near surface to 180 metres depth, confirming the potential for expansion of the target in this direction. Results include:
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2.0 m averaging 4.75 g/t Au from 29.0 metres down hole;
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including 0.8 m at 11.1 g/t Au; and
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7.0 m averaging 1.77 g/t Au from 112.0 metres down hole; and
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1.0 m at 0.61 g/t Au from 180 metres down hole.
Drilled in the opposite orientation, drill hole 23MJ009 confirmed the continuity of the southwestern step-out between 23MJ005 and the historic high-grade holes, with multiple gold intervals between 75 and 156 metres down hole. Highlights of the results include:
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5.55 m averaging at 4.45 g/t Au from 75.55 metres down hole;
Carl Lofberg, FireFox’s CEO, commented about the new results, “We are very pleased with these exciting step-out drill holes from the high-grade East Target. New mineralization amid thick zones of alteration located more than 200 metres southwest from previous drilling is a significant indication of the expansion potential of Mustajärvi. The East Target remains open to the south, southwest, and northeast. It is also exciting that our first attempt to trench into the system from surface has revealed such high grades beneath only a few metres of glacial overburden. This trenching exercise improves
our understanding of the shallow gold shape, its orientation, and the controls on bonanza grade. We are very much looking forward to bringing the drill back to Mustajärvi in August.”
Two trenches were excavated through the glacial overburden into weathered bedrock. The purposes of the test trenching were to evaluate conditions for possible additional trenching, gather structural information about foliation, veining, and faulting, and to sample the newly exposed bedrock. The team collected diamond saw channel samples from both trenches. Trench 1 included approximately 10.0m of contiguous gold mineralization, including individual uncut values of 256 g/t Au, 72.5 g/t Au, 52.8 g/t Au, and 45.02 g/t Au (see Figure 3 and Table 3 for additional details). During the sampling, geologists reported the presence of considerable coarse gold, so all samples were analysed by screen fire assay. Trench 2, located north of the main gold system, contained much lower gold grades, but it provided useful structural measurements and data points for the geological model.
Discussion of Drill Results
The Mustajärvi Project lies along the highway between the cities of Kittilä and Sodankylä, approximately 17 kilometres east of Kittilä. The project remains at an early stage as FireFox and predecessor companies have drilled approximately 14,158 metres to date, and drilling has delineated three different lodes of gold mineralization along more than 1.5 kilometres of strike so far. Due to its near-surface high-grade nature, the Company has been focusing most recently on the East Target. Figure 1 shows the most recent drill holes at the East Target in relation to previous drilling and ground magnetics data.
As reported in the June 14, 2023 news release, the spring 2023 drilling program at Mustajärvi was focused on filling some gaps in the drilling and testing for extensions to the south, west, and southwest. These first four holes from that program have improved confidence in the high-grade core of the East Target and established control of an important fault on the south side of the target, which has been confirmed as mineralized (see FireFox news release dated July 18, 2023).
Drill hole 23MJ005 was designed to test the low magnetic - high chargeability corridor interpreted as trending southwest from the East Target. The drill hole was collared approximately 80 metres southwest from the western limits of the previously defined high-grade mineralization at the East Target, as defined by drill hole 22MJ022 and reported in the FireFox news release dated January 18, 2023. Hole 23MJ005 was drilled at a 325° azimuth with a plunge of 60° to intersect the target corridor at a favorable angle.
The hole entered altered metasediments starting below glacial sediments at a depth of 8.7 metres, and it passed through thin sections of mafic volcanics and gabbro. The main mineralized zone was intersected within an altered sequence of intermediate tuffites, sometimes interbedded with less altered mafic volcanic rocks, from 60.80 to 75.05 metres. This interval included two separate gold mineralized intervals, 4.20m of 5.74 g/t and 7.05m of 4.77 g/t, including several higher-grade intervals and a maximum assay of 20.77g/t Au, as shown in Table 1.
The mineralized interval is pervasively albitized and silicified with weaker development of sericite; and it exhibits a well-developed foliation that is nearly perpendicular to the core axis. The richest gold zones are cut by quartz-carbonate± tourmaline+pyrite veins (QCTP) that are often accompanied by patchy, semi-massive and coarse-grained pyrite. The mineralized veins are at variable angles to the foliation and the core axis but are often nearly parallel to the core axis over short intervals. Since
Figure 1 - Mustajärvi Location Map with Recent Drilling over Ground Magnetics
this drill hole is well away from any previous drilling it is difficult to confirm the orientation of the controlling structure in this area, but it appears to conform with the NE-SW striking major fault zone.
Moderate to strong alteration continues to 115 metres depth, including veins, breccias, and noteworthy gangue minerals. The mineral molybdenite is reported at 92 metres depth associated with quartz veining and an anomalous gold assay of 0.234 g/t. Multielement assays, including molybdenum, are pending.
This drill hole confirms the continuation of the shallow high-grade gold mineralization at Mustajärvi East for at least 80 metres. The strong gold intercepts and intense alteration fall directly in the geophysical target corridor predicted by the IP and magnetics survey. There is lots of room to expand these intercepts to the southeast and southwest along the projected structures that mark the Mustajärvi fault zone.
Drill holes 23MJ006 and 23MJ007 were designed to test for a northern extension of the structural jog and the gold mineralized R' veins intersected by holes 22MJ023 and 22MJ024 during the 2022 drilling campaign (see FireFox news releases dated January 18, 2023 and February 15, 2023). Drill hole 23MJ006 collapsed at a depth of 32 metres down hole and was therefore twinned by hole 23MJ007, collared 2 metres from the original site. The completed hole intersected mafic volcanic rocks (and dykes?) starting beneath the glacial sediments at 5.75 metres depth and passing into dominantly metasedimentary lithologies comprised of intermediate tuffites (with pyrite mineralized veins) and lesser mafic volcanic rocks (usually barren) at approximately 40 metres depth.
The rock is generally less altered this far north from the main system, but there remains widespread albite alteration with lesser silica and pyrite in the tuffites. The dominant foliation in the hole is nearly perpendicular to the core axis, while veins are evident both perpendicular and parallel to core axis. The hole intercepted 3.7 metres averaging 3.17 g/t Au from 52.0 metres depth, including 0.7 m at 4.8 g/t Au. The gold appears to be correlated with patchy and coarse-grained pyrite hosted in QCTP veins that are dominantly parallel to foliation. The host rock in this interval is strongly albitized, intensely brittle fractured intermediate tuffites. At greater depths in the hole, the gold seems to be associated with narrow veins at multiple orientations, but the alteration continues to be extensive.
Drill hole 23MJ008 was planned after the initial logging of hole 23MJ005, including the visual observation of pyrite mineralization. This drill hole was a major step-out of over 215 metres to the southwest within the “low magnetic - high chargeability corridor” from the high-grade gold zone at the East target, a further 135 metres southwest from the collar of 23MJ005. The hole also tested another interpreted structural jog along the Mustajärvi Fault Zone. Drill hole 23MJ008 was successful at intercepting multiple gold-mineralized QCTP veins, as well as clear evidence of the continuation of the alteration system into an untested area between the Northeast Target and the East Target (See Figure 2 – Long Section). The hole yielded 11 samples mineralized above the cut-off grade of 0.5 g/t gold within a very broad untested structural corridor.
Figure 2 – Long Section of Mustajärvi Fault Zone and Drill Indicated Gold Lodes
Once again, the upper portion of the hole (to approximately 26m downhole) is dominated by mafic intrusive rocks (gabbro). The drill cut 7.75 metres of glacial overburden before passing into the strongly altered and sheared mafic intrusive rocks. At 25.9 metres down hole, the gabbro gives way to pervasively albitized intermediate tuffite metasediments, which exhibit variably abundant QCTP veining. The dominant foliation is perpendicular to the core axis, but its fabric is often destroyed by albite-silica-sericite alteration. Disseminated pyrite is widespread in the hole, but clots and blebs also occur in veins (at a variety of angles to core axis) and replacing (?) foliation.
The first mineralized interval was encountered just below the contact with the metasediments at a depth of 29.0 metres down-hole, an interval of 2.0m averaging 4.75 g/t Au. The mineralization is
hosted by a series of QCTP vein with patchy pyrite. Another narrow, mineralized zone occurs at 82.5m down hole depth, returning 1.5 metres averaging 3.20 g/t Au. This gold zone is hosted in veins and vein breccias within highly fractured albitized and silicified intermediate tuffites. The pyrite occurs both as veins, stringers along foliation, and disseminations.
The main mineralized zone was intersected from a depth of 112.0 metres with 1.77 g/t Au over 7.0 metres, including 4.0 m averaging 2.79 g/t Au and one assay interval of 0.7 m at 11.67 g/t Au. Pyrite is associated with the gold, as is typical at Mustajärvi, occurring as clumps of coarse-grained pyrite and vein-controlled pyrite. This mineralized interval occurs just below a 22m thick interval of moderately altered gabbro. Mineralization within the gabbroic rocks is comprised of disseminated and quartz-carbonate vein hosted pyrite.
The intermediate tuffites are commonly crosscut by altered gabbroic dykes or sills. Molybdenite mineralization hosted in altered gabbro was observed at approximately 142 metres down hole. Molybdenite appears on fracture surfaces and as stringers related to quartz-carbonate veining. This type of molybdenite mineralization has not been observed at the Mustajärvi Project before. The molybdenite mineralization has been identified visually by the geologists on-site and has been routinely cross-checked using a hand-held pXRF device. Multielement assays, including molybdenum, are pending.
Drill hole 23MJ009 was designed to fill in between the East Target and the newly discovered mineralization in 23MJ005. It was collared approximately 100 metres towards NE from 23MJ005 and drilled with an azimuth of 145°, effectively in the opposite direction.
The hole initially hit altered intermediate tuffites, which were interrupted by altered mafic intrusive rocks of gabbroic composition, at approximately 21 metres down hole. Contact into the strongly altered intermediate tuffite that hosts mineralization was made at a depth of 52.8 metres down hole. The gabbros in this drill hole are variably but sometimes strongly altered and brecciated with disseminated and vein hosted pyrite and chalcopyrite mineralization.
Foliation is less evident in this hole than some, as it is often at a lower angle to the core axis, but folding is evident in the metasediments. Intense alteration commences below the gabbro where the tuffites are albitized and silicified over broad intervals, which often host QCTP veins and disseminated sulphides. The veins are chaotic in orientation and often brecciated, particularly when well mineralized.
The main mineralized zone was intersected starting from 75.55 metres depth and returned 5.55 metres averaging 4.45 g/t Au, including 1.1m at 15.27 g/t Au. This was followed by two narrow vein-controlled gold intervals of lower grade over the next few metres. This interval is comprised of patchy and semi-massive pyrite mineralization in strongly altered tuffites as well as QCTP veins. The alteration continues deeper in the hole, often fracture controlled and diminishing somewhat with depth, but gold-bearing QCTP veins reoccur between 146 and 158 metres depth.
Table 1: Significant Drill Intercepts in Drillholes 23MJ005 – 23MJ009
(Cut-off Grade 0.5 g/t Au)
Drill Hole |
From (m) |
To (m) |
Interval (m) |
Au Grade (g/t) |
|
23MJ005 |
53.00 |
54.30 |
1.30 |
1.62 |
|
60.80 |
65.00 |
4.20 |
5.74 |
||
Including |
64.10 |
65.00 |
0.9 |
13.80 |
|
68.00 |
75.05 |
7.05 |
4.77 |
||
Including |
70.00 |
71.00 |
1.00 |
20.77 |
|
23MJ007 |
52.00 |
55.70 |
3.70 |
3.17 |
|
86.10 |
86.80 |
0.70 |
0.73 |
||
23MJ008 |
29.00 |
31.00 |
2.00 |
4.75 |
|
50.00 |
50.85 |
0.85 |
1.13 |
||
82.50 |
84.00 |
1.50 |
3.20 |
||
112.00 |
119.00 |
7.00 |
1.76 |
||
125.60 |
126.70 |
1.10 |
0.92 |
||
180.00 |
181.00 |
1.00 |
0.61 |
||
23MJ009 |
75.55 |
81.10 |
5.55 |
4.45 |
|
85.00 |
86.00 |
1.00 |
1.17 |
||
88.00 |
89.00 |
1.00 |
0.78 |
||
146.00 |
147.00 |
1.00 |
0.61 |
||
149.00 |
150.00 |
1.00 |
1.29 |
||
156.00 |
158.00 |
2.00 |
1.36 |
Notes: Drilling is believed to be perpendicular to the dip of the mineralization, however true widths are not yet known and will be confirmed with additional drilling and geologic modelling. Au grades are uncapped.
Table 2: Mustajärvi Drilling 2023 Collar Information
(coordinates presented in EPSG:3067)
Drill Hole |
Easting |
Northing |
Azimuth (°) |
Plunge (°) |
Final Depth (m) |
23MJ005 |
429005 |
7500964 |
325 |
60 |
152.1 |
23MJ006 |
428990 |
7501053 |
60 |
50 |
32.1 |
23MJ007 |
428988 |
7501052 |
60 |
50 |
168.9 |
23MJ008 |
428927 |
7500851 |
340 |
60 |
194.4 |
23MJ009 |
428972 |
7501059 |
145 |
45 |
194 |
Test Trench Program Details
FireFox also completed two test trenches at the East Target to evaluate conditions for possible additional trenching, gather structural information about foliation, veining, and faulting, and to sample the surface exposure of the system. In order to minimize cost and environmental impact, the test was conducted in an easily accessible area with no forest cover. The trenches were excavated close to the location of the surface projection of shallow gold intersections from drill holes 23MJ001, 23MJ004 and 22MJ022 (see Figure 3).
Trench 1
Trench 1 was oriented NW-SE and exposed strongly weathered and altered bedrock below glacial sediments of varying depths, from 6.0m at the northern end to 7.5m at the southern end of the trench.
Summarizing the geology from north to south, the first 4.5 metres of the excavation exposed weathered intermediate tuffites with minor interbedded mafic volcanics. From 4.5 metres to the end of trench at 13 metres, the exposed bedrock is intensely altered and weathered intermediate tuffites, in which original textures are largely destroyed as it has been altered and weathered to orange-red clay. There are isolated relict quartz-tourmaline veins and veinlets, as well as cubic casts of abundant iron oxide after pyrite. Much of the red and orange colour is likely the result of oxidation of large amounts of pyrite, so the exposure may be called a gossan in places.
Figure 3. Mustajärvi East Target Exploration Trench Locations and Trench 1 Details
Channel sampling of Trench 1 returned high-grade mineralization in multiple contiguous samples as shown in Table 3, including 6.87 metres that averaged 59.12 g/t Au on an uncut basis. Individual bonanza grade samples in the interval include: 0.84m at 256 g/t Au, 0.77m at 72.5 g/t Au, 1.02m at 52.8 g/t, and 1.15m at 45.02 g/t Au. The high-grade gold mineralization is hosted in supergene clay material (altered and weathered bedrock) with relicts of quartz-tourmaline veins and minor veinlets. Locally, tourmaline comprises massive clots up to 20 cm in size. In addition, two chip samples were collected outside of the channel sampling, returning 25.9 g/t Au and 57.5 g/t Au.
The mineralization exposed in the trenches was thoroughly oxidized, and this supergene process may locally enrich gold grades relative to fresh rock. More work will be required to ascertain the degree (if any) of supergene enrichment. The same observation has been noted about high-grade gold in oxidized drill core from Mustajärvi.
FireFox geologists also collected some large samples for heavy mineral and gold separation work.
Trench 2
Due to the texture-destructive weathering encountered in Trench 1, a second trench was added to the program in search of fresher bedrock from which measurements could be taken on foliation, veins, and other structures. Based in part on mapping and observations of overburden thickness, Trench 2 was located approximately 20 metres to the northwest of Trench 1.
Trench 2 successfully exposed pristine bedrock with well-preserved structural features and common quartz-tourmaline-pyrite veinlets. Most of exposed veinlets were aligned either NE-SW (close to EW) or NW-SE. The exposed bedrock was composed primarily of weathered tuffites and other metasediments with lesser interbedded mafic volcanics.
While gold was highly anomalous in much of Trench 2, only one of the channel samples exceeded 0.5 g/t Au, that sample contained 2.92 g/t Au over 1.56m (Table 3). In addition, the team collected six rock chip samples from the trench, apart from the channel sampling, one of which contained 15 g/t Au.
Table 3. Channel Samples collected from the Trenches 1 and 2 – Gold by Screen Fire Assay
Trench |
Type |
Interval (m) |
From (m) |
To (m) |
Sample Wt. (kg) |
Au (g/t) (uncut) |
Trench1 |
Overburden (no sample) |
1.01 |
0.00 |
1.01 |
- |
- |
Channel sample |
1.01 |
1.01 |
2.02 |
3.2 |
0.09 |
|
Channel sample |
1.04 |
2.02 |
3.06 |
5.62 |
0.08 |
|
Channel sample |
0.87 |
3.06 |
3.93 |
3.63 |
0.47 |
|
Channel sample |
0.92 |
3.93 |
4.85 |
4.36 |
0.37 |
|
Channel sample |
1.28 |
4.85 |
6.13 |
4.11 |
0.18 |
|
Channel sample |
1.15 |
6.13 |
7.28 |
3.17 |
45.2 |
|
Channel sample |
0.77 |
7.28 |
8.05 |
4.58 |
72.5 |
|
Channel sample |
1.02 |
8.05 |
9.07 |
4.5 |
52.8 |
|
Channel sample |
0.99 |
9.07 |
10.06 |
4.09 |
4.33 |
|
Channel sample |
0.77 |
10.06 |
10.83 |
3.79 |
3.16 |
|
Channel sample |
0.84 |
10.83 |
11.67 |
4.6 |
256 |
|
Channel sample |
0.79 |
11.67 |
12.46 |
3.95 |
10.05 |
|
Channel sample |
0.54 |
12.46 |
13.00 |
4.52 |
27.4 |
|
Trench2 |
Overburden (no sample) |
1.02 |
0.00 |
1.02 |
- |
- |
Channel sample |
1.15 |
1.02 |
2.17 |
2.45 |
0.11 |
|
Channel sample |
0.97 |
2.17 |
3.14 |
3.66 |
<0.05 |
|
Channel sample |
0.93 |
3.14 |
4.07 |
3.13 |
0.09 |
|
Channel sample |
0.85 |
4.07 |
4.92 |
1.74 |
0.14 |
|
Channel sample |
0.99 |
4.92 |
5.91 |
2.17 |
0.25 |
|
Channel sample |
1.56 |
5.91 |
7.47 |
4.3 |
2.92 |
|
Channel sample |
0.60 |
7.47 |
8.07 |
5.01 |
0.13 |
|
Channel sample |
1.05 |
8.07 |
9.12 |
2.29 |
0.31 |
|
Channel sample |
1.00 |
9.12 |
10.12 |
3.94 |
0.26 |
|
Channel sample |
1.23 |
10.12 |
11.36 |
4.52 |
0.05 |
|
Channel sample |
0.95 |
11.36 |
12.31 |
2.93 |
<0.05 |
Mustajärvi East in Three Dimensions
The new trenching information fits well with the evolving geological model and three-dimensional understanding of the East Target. There is a core zone of very high-grade gold that comes to surface and is elongated in NE-SW direction. This shape has an apparently gentle dip to the southwest. It has been tested with drilling in multiple directions because it hosts both replacement-style gold-pyrite mineralization controlled by foliation and high-angle QCTP veins at various orientations. Figure 4 is a preliminary cross section, oriented NW-SE and looking to the southwest.
Figure 4 - Preliminary Cross Section through East Target Looking SW (23MJ001 and 002).
There appear to be brittle faults that cut the Mustajärvi East deposit, and these are interpreted to be late (post-mineral). One significant fault strikes northeasterly and may cut off the surface deposit and downdrop part of the mineralization to the south. The geometry remains complex, but intercepts in holes 22MJ025 and 23MJ003 appear to have cut high grades that suggest more mineralization at depth in that direction. This relationship can be seen in multiple cross sections, but it is well expressed in Figure 5, another NW-SE preliminary cross section that includes 22MJ025 and 23MJ003.
Figure 5 – Preliminary Cross Section through East Target Looking SW (22MJ025 and 23MJ003).
Methodology & Quality Assurance
Drill core was transported from the rig to the Company´s core storage facility in Sodankylä, where FireFox’s exploration team conducted the geological and geotechnical logging and selected the assay intervals. Assay intervals were generally 1 metre but in some circumstances were modified according to lithological boundaries and other factors. FireFox geologists maintained chain of custody and sampling procedures according to best industry practice and with due attention to quality assurance and quality control, including sampling field duplicates and insertion of certified standard and blank samples.
FireFox team members transported drill core samples to an ALS sample prep lab in Sodankylä. The samples were sawed then crushed to -2 mm, split and pulverized into 1kg pulps, before being shipped to the ALS facility in Rosia Montana, Romania for gold by fire assay of 50 gm aliquots with AAS finish (method Au-AA24). All samples exceeding 10.0 g/t Au were re-assayed in triplicate by fire assay of 50 gm aliquots with a gravimetric finish (method Au-GRA22).
Trenches were channel sampled with a diamond saw for the entire exposure in order to extract large consistent samples while cutting primary structures and veins as close to true thickness as possible. Where the rock integrity was compromised by weathering and alteration, geologists collected the samples with hammer and chisel. FireFox team members transported samples to an ALS sample prep lab in Sodankylä. The samples were crushed to -2 mm and pulverized into 1kg pulps, before being shipped to the ALS facility in Rosia Montana, Romania for gold by screen fire assay (AU-SCR24).
ALS Laboratories is a leading international provider of assay and analytical data to the mining industry. All ALS geochemical hub laboratories, including the Irish facility, are accredited to ISO/IEC 17025:2017 for specific analytical procedures. The Firefox QA/QC program consists of insertion of certificated standard material and blanks inserted by Firefox into the analytical batches did not show deviations from recommended values.
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, reviewed, and approved 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. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a large portfolio 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,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: +1-778-938-1994
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 intent to conduct additional drilling; the belief as to the location of the most prospective gold targets; the location of
targets for future drill programs; and the current and future work program, including the extent and nature of exploration to be conducted in 2023. 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.
SODANKYLÄ, FINLAND – (July 18, 2023) – FireFox Gold Corp. (TSX.V: FFOX)(OTCQB: FFOXF)(“FireFox” or the “Company”) is pleased to report the results from the first four holes of the spring 2023 core drilling campaign at the Company’s 100%-held Mustajärvi Gold Project in Lapland, Finland. Drill holes 23MJ001, 23MJ002, 23MJ003 and 23MJ004 at the East Target all encountered several significant intervals of gold mineralization and extended the mineralization to the northwest, southwest, southeast, and downdip. Each hole yielded assays above 10.0 g/t gold. Highlights of selected intervals are shown below, while Table 1 includes all significant intercepts:
- 23MJ001
- 11.95m averaging 9.69 g/t Au from 5.4 metres down hole (includes 0.3 metres of core loss);
- including 0.75m at 94.50 g/t Au; and
- 5.35m averaging 8.09 g/t Au from 37.25 metres down hole;
- including 0.85 m at 28.87 g/t Au.
- 11.95m averaging 9.69 g/t Au from 5.4 metres down hole (includes 0.3 metres of core loss);
- 23MJ002
- 7.35 m averaging 2.40 g/t Au from 60.0 metres down hole;
- including 1.0 meter at 10.51 g/t Au; and
- 9.00 m averaging 1.06 g/ Au from 103.0 metres down hole.
- 7.35 m averaging 2.40 g/t Au from 60.0 metres down hole;
- 23MJ003
- 9.50 m averaging 2.08 g/t Au from 155.5 metres down hole;
- 2.45 m averaging 15.22 g/t Au from 248.65 meters down hole;
- including 1.45m at 24.16 g/t Au.
- 23MJ004
- 20.45 m averaging at 5.14 g/t Au from 12.0 metres down hole;
- including 0.75 m at 23.92 g/t Au;
- including 3.15 m at 13.69 g/t Au;
- including 0.9 m at 20.83 g/t Au; and
- 14.8 m averaging 6.00 g/t Au from 54.0 metres down hole;
- including 3.45 m at 19.43 g/t Au , which includes 1.55 m at 34.72 g/t Au.
- 20.45 m averaging at 5.14 g/t Au from 12.0 metres down hole;
Carl Lofberg, FireFox’s CEO, commented about the new results, “The drill results from Mustajärvi continue to reveal thicker replacement-style gold mineralization that is very near surface. These four holes have filled in some gaps in the heart of the East Target and confirmed an expansion of the system to the south with a 120m step out hole. These results also confirm the presence of at least two directions of controlling structures - the main lode has been confirmed as plunging to the southwest and deeper high-grade intercepts reinforce the importance of the northeast trending vein system. We have much more data on the way, as results from the final four holes of this drill program are still pending and our team has commenced a trenching program at Mustajärvi East.”
Firefox intends to release updated long and cross sections later in July, along with results from the final four drill holes in the spring 2023 drill program.
Discussion of Drill Results
The Mustajärvi Project lies along the highway between the cities of Kittilä and Sodankylä, approximately 17 kilometres east of Kittilä. The project remains at an early stage. FireFox and predecessor companies have drilled approximately 14,158 metres, and drilling has delineated three different lodes of gold mineralization along more than 1.5 kilometres of strike so far. Due to its near-surface high-grade nature, the Company has been focusing most recently on the East Target. Figure 1 shows the surface traces of the most recent drill holes and mineralization at the East Target in relation to those from previous drilling and ground magnetics data.
As reported in the June 14, 2023 news release, the spring 2023 drilling program at Mustajärvi was focused on filling some gaps in the drilling and testing for extensions to the south, west, and southwest. These first four holes from the program have improved confidence in the high-grade core of the East Target and established control of an important fault on the south side of the deposit, which has been confirmed as mineralized.
Figure 1 - Mustajärvi Location Map with Recent Drilling over Ground Magnetics
Drill holes 23MJ001 and 23MJ002 were drilled along a northwest-southeast fence in an opposing scissors fashion. The first hole was drilled at an azimuth of 320°, while the second drillhole was directed at 140°. Their drillhole traces parallel each other, approximately 15 metres apart. The holes were designed to test the western side of the shallow high-grade replacement style mineralization and probe for downdip extensions of the Riedel veins that often host high-grade gold. This orientation of drilling cuts perpendicular to the first order structures at Mustajärvi. In this part of the property, the Mustajärvi fault zone is represented by multiple splays that trend northeast, and this direction is an important control in both replacement-style and vein hosted mineralization.
In addition to infilling a gap in the geological model on the western side of the target, 23MJ001 tested for deeper vein-controlled mineralization north of the main lode. The hole was collared in thin glacial till sediments overlying strongly weathered intermediate tuffites. Just below the glacial sediments, the tuffites are pervasively albitized, sericitized and silicified, with fracture-controlled (secondary) kaolinite. The hole is dominantly hosted in the intermediate volcaniclastic sediments, but there are multiple mafic and ultramafic interbeds and possible dikes. Faulting is evident in the hole, sometimes associated with zones of high pyrite, and mylonite zones appear deeper in the hole. Pyrite, often oxidized, is abundant in the shallow portions of the hole, occurring as disseminations, patches and clots along foliations and fractures, and in veins. In the deeper portions of the hole, pyrite is most often associated with quartz-carbonate-tourmaline veins.
Gold mineralization starts immediately beneath the glacial cover at a depth of 5.4 m, where 23MJ001 cut an interval averaging 9.69 g/t Au over 11.95 m, including 37.24 g/t Au over 2.25 m. The narrower high-grade zones are usually associated with massive pyrite and faulting, but the longer interval exhibits clear evidence of gold accompanying the albite-silica-sericite-pyrite replacement. As is commonly seen at Mustajärvi, early albite appears to make the rock brittle and the gold mineralization enters later either with massive silica and pyrite or in crosscutting brittle veins. In these shallow intercepts, gold may be enriched by the process of oxidation, but this has yet to be confirmed as high-grades carry into primary sulphide-bearing intervals.
There is additional high-grade mineralization sporadically down hole to 51 m depth, with an additional wider zone starting at 37.25 m that averaged 8.09 g/t Au over 5.35m (See Figure 2 for a photo of the drill core). Numerous mylonite zones in the hole are mineralized, such as a 0.8m sample from 171m depth, which contained 1.23 g/t Au.
Drill hole 23MJ002 is the northernmost collar to date at the East Target. This hole was designed to undercut the near-surface replacement-style mineralization and test its western downdip continuation. The hole passed through a more monotonous sequence of intermediate tuffites, which is cut by numerous faults and veins, but mafic rocks were much less abundant than in 23MJ001. The hole encountered 21 individual mineralized samples above the cutoff grade of 0.5 g/t Au between 33.0 and 127.0 metres depth. From 60.0 m depth, there is a 7.35 m interval averaging 2.40 g/t Au, including 1.0 m at 10.51 g/t, which is associated with vein breccias and mylonite. There is also deeper lower-grade mineralization, as is commonly seen south of the heart of the system.
Drill hole 23MJ003 was collared across the highway more than 120 metres southeast of any previous drilling at the East Target. The hole was directed northwest at an azimuth of 320° towards deep mineralization previously intersected by drill hole 22MJ025 (see FireFox news release dated February 15, 2023), which returned 1.2 m at 8.75 g/t Au from 251 m depth and several intervals above 1.0 g/t Au. In addition, this hole tested the predicted contact between Savukoski group ultramafic rocks and Sodankylä group metasediments.
The contact between the ultramafic volcanics and the metasedimentary intermediate tuffites was successfully intersected at a depth of 152 metres. The ultramafic rocks near the contact are talc-carbonate-chlorite altered, locally with disseminated sulphides. The contact zone is strongly mylonitized and the rocks immediately beneath the contact are strongly altered, reflecting pervasive albite and fracture-controlled sericite-kaolinite. The footwall intermediate tuffites reflect regular interbeds of mafic and ultramafic volcanic rocks and several faults and mylonite zones. The hole intersected several mineralized intervals with weak disseminated pyrite mineralization associated with sericite-kaolinite.
While most of the intercepts in 23MJ003 are comparatively narrow, several of the significant drill intercepts are associated with albite-silica-sericite-pyrite replacement. Quartz-carbonate-tourmaline-pyrite veins and veinlets are also widespread in this drill hole. At 155.5 m depth, the hole intersected an interval of 9.50 m averaging 2.08 g/t Au, including 1.0 m at 8.63 g/t Au. Mineralization in this zone is hosted in albite-quartz-sericite alteration with local carbonate-tourmaline veinlets.
At approximately the same depth as previously drilled in the area, 22MJ003 confirmed a significant deep high-grade zone of gold mineralization. This interval was 2.45m averaging 15.22 g/t Au, including 1.45m at 24.16 g/t Au, from 248.65 metres deep. The high-grade zone is hosted in quartz-albite fault breccia (possible hydrothermal breccia) with disseminated pyrite mineralization and associated quartz-tourmaline and tourmaline veinlets (See Figure 3 for a photo of the drill core). In total, drill hole 23MJ003 intersected 14 individual mineralized intervals above the cutoff grade of 0.5 g/t Au.
Drill hole 23MJ004 was collared on the east side of the East Target, directed at an azimuth of 240° to evaluate the near-surface replacement zone and its continuation down plunge to the southwest. The southwest drill direction enables testing of the northwest oriented faults. The thickest and highest-grade gold zones at Mustajärvi East appear to be controlled by intersections of both prevailing structural directions. Figure 1 shows that this hole begins in the magnetic low known to host the near-surface high grade gold and plunges into a subtle magnetic low corridor to the southwest.
Immediately beneath a thin veneer of glacial sediments (5.7 metres downhole), the hole passed into intermediate tuffites, which are pervasively albitized and strongly oxidized. The volcaniclastic rocks continue to the bottom of the hole at 175.5m, but the sequence is cut by gabbro dikes and occasional interbeds of mafic tuffs. In total, this hole encompassed 41 individual samples that assayed above the cutoff grade of 0.5 g/t Au. Mineralization started at 12 m depth, where the hole intersected a near-surface pyrite mineralized zone, which returned 20.45m averaging 5.14 g/t Au. This interval included multiple short higher-grade intercepts, including 3.15m at 13.69 g/t Au, and 0.75 m at 23.92 g/t Au. The gold in this zone correlates with moderate to strong concentrations of pyrite that occur in several modes, including replacement-style on foliations and fractures, as well as stringers and veinlets. A photo of the drill core is linked as Figure 4.
Another high-grade zone was intercepted at 54.0 m depth, spanning an interval of 14.8m that averaged 6.00 g/t Au, including 3.45 m at 19.43 g/t Au. This interval is also dominated by replacement-style pyrite and pervasive silicification and variable sericite and kaolinite.
As shown in Table 1, several additional well-mineralized intervals were intercepted between 89m and 155m depth. Gold mineralization is consistently associated with pyrite, most often in quartz-carbonate-tourmaline-pyrite (QCTP) veins and veinlets cutting pervasively albitized intermediate tuffites. The silica-sericite-pyrite replacement zones with gold normally occur in the metasedimentary (tuffite) rock package. Pyrite also commonly forms individual massive stringers along brittle fractures.
It is noteworthy that drill hole 23MJ004 ends in mineralization. Just beneath a mylonite zone in ultramafic volcanic rocks, the rock becomes heavily veined and fractured. The drill was likely entering a fault zone, where recovery became difficult. The final sample was a veined and brecciated intermediate tuffite with pervasive albite and silica, bladed calcite, and traces of visible pyrite. The last 0.9m sample from 174.6 m depth assayed 4.25 g/t Au.
It is clear from these drill holes that the Mustajärvi East system persists to depth with numerous examples of QCTP veins and breccias containing more than 3.0 g/t gold having no follow-up drilling yet.
Table 1: Significant Drill Intercepts in Drillholes 23MJ001 – 23MJ004
Cutoff Grade 0.5 g/t Au
Drill Hole |
From (m) |
To (m) |
Interval (m) |
Au Grade** (g/t) |
|
23MJ001 |
|
5.40 |
17.35 |
11.95* |
9.69 |
|
Including |
5.40 |
7.00 |
1.60 |
15.93 |
|
Including |
11.00 |
17.35 |
6.35 |
14.02 |
|
Which includes |
15.90 |
16.65 |
0.75 |
94.50 |
|
|
28.55 |
29.25 |
0.70 |
4.41 |
|
|
30.80 |
31.80 |
1.00 |
1.05 |
|
|
37.25 |
42.60 |
5.35 |
8.09 |
|
Including |
37.25 |
38.10 |
0.85 |
28.87 |
|
Including |
41.70 |
42.60 |
0.90 |
19.97 |
|
|
50.00 |
51.00 |
1.00 |
3.59 |
|
|
171.00 |
171.80 |
0.80 |
1.23 |
23MJ002 |
|
33.00 |
34.00 |
1.00 |
1.84 |
|
|
38.00 |
41.00 |
3.00 |
0.56 |
|
|
60.00 |
67.35 |
7.35 |
2.40 |
|
Including |
61.00 |
62.00 |
1.00 |
10.51 |
|
|
70.00 |
71.00 |
1.00 |
3.67 |
|
|
77.00 |
78.00 |
1.00 |
3.59 |
|
|
96.00 |
98.00 |
2.00 |
0.76 |
|
|
103.00 |
112.00 |
9.00 |
1.06 |
|
Including |
106.80 |
107.80 |
1.00 |
4.33 |
|
|
114.00 |
115.00 |
1.00 |
0.76 |
|
|
122.00 |
123.00 |
1.00 |
3.43 |
|
|
127.00 |
128.00 |
1.00 |
0.59 |
23MJ003 |
|
155.50 |
165.00 |
9.50 |
2.08 |
|
Including |
158.50 |
159.50 |
1.00 |
8.63 |
|
Including |
164.00 |
165.00 |
1.00 |
6.60 |
|
|
171.00 |
171.70 |
0.70 |
2.24 |
|
|
203.60 |
204.60 |
1.00 |
1.27 |
|
|
208.50 |
209.50 |
1.00 |
2.01 |
|
|
211.60 |
212.60 |
1.00 |
1.72 |
|
|
223.90 |
224.90 |
1.00 |
1.34 |
|
|
248.65 |
251.10 |
2.45 |
15.22 |
|
Including |
248.65 |
250.10 |
1.45 |
24.16 |
|
|
268.60 |
269.30 |
0.70 |
0.92 |
23MJ004 |
|
12.00 |
32.45 |
20.45 |
5.14 |
|
Including |
14.50 |
15.25 |
0.75 |
23.92 |
|
Including |
21.60 |
24.75 |
3.15 |
13.69 |
|
Also includes |
24.05 |
24.75 |
0.70 |
28.00 |
|
Including |
27.10 |
32.45 |
3.70 |
6.91 |
|
Also includes |
27.10 |
28.00 |
0.90 |
20.83 |
|
Also includes |
31.80 |
32.45 |
0.65 |
15.97 |
|
|
45.60 |
50.00 |
4.40 |
0.79 |
|
|
54.00 |
68.80 |
14.80 |
6.00 |
|
Including |
55.90 |
59.35 |
3.45 |
19.43 |
57.80 |
59.35 |
1.55 |
34.72 |
||
|
Including |
65.50 |
66.20 |
0.70 |
12.83 |
|
|
89.00 |
93.90 |
4.90 |
4.70 |
|
including |
91.50 |
93.90 |
2.40 |
8.83 |
|
|
114.00 |
115.00 |
1.00 |
0.76 |
|
|
123.20 |
126.70 |
3.50 |
0.98 |
|
|
152.00 |
153.00 |
1.00 |
1.15 |
|
|
171.00 |
171.95 |
0.95 |
2.46 |
|
|
174.60 |
175.50 |
0.90 |
4.25 |
Drilling is believed to be perpendicular to the dip of the mineralization, however true widths are not yet known and will be confirmed with additional drilling and geologic modelling. * Intercept includes 0.3 m of core loss. The lost interval was assigned a grade of 0.0 g/t Au for all calculations. ** Au grades uncapped. |
Table 2: Mustajärvi Drilling 2023 Collar Information
(coordinates presented in EPSG:3067)
Drill Hole |
Easting |
Northing |
Azimuth (°) |
Plunge (°) |
Final Depth (m) |
23MJ001 |
429085.4 |
7501026 |
320 |
60 |
188 |
23MJ002 |
429037.1 |
7501068 |
140 |
50 |
151.7 |
23MJ003 |
429214 |
7500912 |
320 |
60 |
284 |
23MJ004 |
429111 |
7501055 |
240 |
50 |
175.4 |
Methodology & Quality Assurance
The core was transported from the rig to the Company´s core storage facility in Sodankylä, where FireFox’s exploration team conducted the geological and geotechnical logging and selected the assay intervals. Assay intervals were generally 1 metre but in some circumstances were modified according to lithological boundaries and other factors. FireFox geologists maintained chain of custody and sampling procedures according to best industry practice and with due attention to quality assurance and quality control, including sampling field duplicates and insertion of certified standard and blank samples.
FireFox team members transported the samples to an ALS sample prep lab in Sodankylä. The samples were sawed then crushed to -2 mm, split and pulverized into 1kg pulps, before being shipped to the ALS facility in Rosia Montana, Romania for gold by fire assay of 50 gm aliquots with AAS finish (method Au-AA24). All samples exceeding 10.0 g/t Au were re-assayed in triplicate by fire assay of 50 gm aliquots with a gravimetric finish (method Au-GRA22).
ALS Laboratories is a leading international provider of assay and analytical data to the mining industry. All ALS geochemical hub laboratories, including the Irish facility, are accredited to ISO/IEC 17025:2017 for specific analytical procedures. The Firefox QA/QC program consists of insertion of certificated standard material and blanks inserted by Firefox into the analytical batches did not show deviations from recommended values.
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, reviewed, and approves the technical information in this news release.
Dr. Sven Hönig, Certified European Geologist (EFG EurGeol Title # 1789) and General Manager - Exploration of the Company, is a qualified person as defined by National Instrument 43-101. Dr. Hönig has supervised the field work reported herein and has helped to 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. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a large portfolio 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,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: +1-778-244-8439
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 intent to conduct additional drilling; the belief as to the location of the most prospective gold targets; the location of targets for future drill programs; and the current and future work program, including the extent and nature of exploration to be conducted in 2023. 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.
SODANKYLÄ, FINLAND – (June 29, 2023) – FireFox Gold Corp. (TSX.V: FFOX)(OTCQB: FFOXF)(“FireFox” or the “Company”) is pleased to report the results from its second reconnaissance diamond drilling campaign at its 100%-held Sarvi Gold Project in Lapland, Finland.
This drilling campaign included four drill holes, totalling 611 metres. These holes were designed to test a combination of geochemical anomalies (till and rock sampling) and structural/geological targets (See Figure 1). The drilling was not successful in identifying high-grade gold, but the drill holes did encounter quartz-carbonate (tourmaline) veining with sulphides, as well as sulphide-bearing carbonaceous sediments above a contact with mafic volcanic rocks.
FireFox’s CEO, Carl Löfberg, commented, “We are pleased that this program, despite having been cut short due to spring snow conditions, has provided significant information to advance our understanding of this high-priority property. We have identified attractive host lithologies and low levels of mineralization, while also confirming that more till sampling is essential to our drill targeting. We are now planning our winter till sampling program to continue our systematic exploration at Sarvi. In the meantime, the team is excited to focus on the upcoming drill results from our Mustajärvi project, where we are confident that we will continue to grow our high-grade East Target.”
Overall, these drill results were similar to the first phase of drilling in 2022 (see Company news release dated May 27, 2022). A few highlights from the drill hole analyses follow:
- Weakly anomalous gold in two of the four holes, with no values above 0.100 g/t;
- Widespread areas of anomalous copper, including narrow intercepts of 841, 652, and 605 ppm;
- Anomalous multielement geochemistry in all holes, generally consistent with the till results:
- Elevated silver (Ag), arsenic (As) antimony (Sb), copper (Cu), bismuth (Bi), molybdenum (Mo), tellurium (Te), zinc (Zn), and other elements; and
- Drill hole 23SA004 passed through a fault zone with polymetallic enrichment and weakly anomalous gold, including:
- 2.23 ppm Ag, 652 ppm Cu, 1,680 ppm Zn, and 0.044 g/t Au over 1.35m from 16.0m depth.
The most important finding from this phase of drilling is that the mudstones and black shales at Sarvi are likely the best hosts for gold, silver, and base metal mineralization. This is consistent with previous drilling on the property completed by the Geological Survey of Finland (GTK) in 2009. Assays from two historical holes located approximately 5km west of FireFox’s Phase 2 drill holes reportedly include 1.6 metres averaging 1.1 g/t Au from 26.4 metres depth (drill hole M371209R5) and 0.5 metres averaging 3.57 g/t Au from 69.5 metres depth (drill hole M371209R8). [This drilling was carried out by previous operators and has not been independently verified by the Company’s Qualified Person. Reported intervals are core lengths and true thickness has not been estimated at this time.] The FireFox team is reviewing the historical drill core from these holes. The preliminary interpretation is that these intercepts occur in similar metasedimentary rocks to those hosting low-grade gold, silver, and base metals elsewhere at Sarvi. This geological unit appears to extend across the Sarvi permits, creating target settings on which to focus future exploration where this metal rich stratigraphy is cut by late-stage faulting.
In the upcoming exploration season, FireFox intends to extend base-of-till (BoT) sampling into new areas and increase the sampling density with a focus on the metasedimentary rock package. Interpreted structures and/or magnetic anomalies that are believed to cut the black shales and mudstones will be the highest priority for more sampling and drilling.
Figure 1 – Sarvi Project: Drill Holes, BoT, and Rock Samples Over Geology
Project and Program Details
The Sarvi Project (“Sarvi”) is part of the Company’s large land package immediately north of Rupert Resources’ Area 1 Project (Ikkari Deposit). The project is centred on the Sarvi exploration permit and includes two additional exploration permits, Sarvi-2 to the north and Keulakko to the west, for a total permitted area of 21 km2. The Sarvi permits cover a portion of the Kittilä Suite of volcanic rocks, which is cut by several interpreted faults. The project is at a very early stage; however, the geological understanding has been advanced through a compilation of detailed magnetics from both drone-based and ground surveys combined with almost 1,600 BoT samples and a total of 2938.8 metres of drilling. Much of the property is covered by glacial sediments, so outcrop is rare, but the technical team has identified a number of structures and lithologic contacts as targets based on detailed magnetics data.
Drill holes 23SA001 and 23SA002 were collared 42 metres apart and drilled in a south oriented drill fence. The holes tested a steep magnetic gradient that is coincident with a surface rock sample that yielded 1.47 g/t Au and 1.86% Cu (see Company news release dated August 24, 2021). These drill holes intersected mafic volcanic rocks including some evidence of shearing and folding with locally intense quartz-carbonate veining, including chalcopyrite, pyrite, tourmaline, and iron carbonate. Gold assays were all close to or below the detection limit, however, both holes returned multiple assays with elevated copper (>300pppm) including a high sample of 841ppm copper in 23SA002. This latter sample was accompanied by elevated cobalt (100.5ppm) and arsenic (105.5ppm).
Drill hole 23SA003 was collared approximately 1.4 kilometres southeast of 23SA001 and 23SA002. In this area, a magnetic high is apparently cut by late faulting and the BoT samples were anomalous in arsenic and copper. The drillhole was aimed to the south and passed through a thick section of mafic volcanic rocks. A two-metre interval starting at 132metres returned elevated copper with an average of 605ppm Cu.
Drill hole 23SA004 was located approximately 750 metres north from 23SA003. The target for this hole was a strong geochemical anomaly in the BoT sampling, including elevated silver, arsenic, bismuth, tellurium, and molybdenum. These elements are often enriched in Lapland gold systems. The hole intersected an interval of abundant pyrite in graphite-bearing mudstones and black shales above a gradational contact with the underlying volcanic rocks. The drill hole passes into mafic volcanic rocks (likely tholeiitic basalts) at approximately 91m downhole and continuing until final depth of 235 metres. Establishing the presence of this contact between the sulphide-bearing mudstones and the basalt is very useful for ongoing work at Sarvi.
Results from this hole correspond well with the BoT geochemistry, with anomalous gold and the associated pathfinder elements above the contact with the volcanics. There were multiple narrow intervals in the hole with elevated silver, copper, cobalt, zinc and other elements. The best interval occurred near surface at 16.0m depth: 1.35m containing 2.23 g/t Ag, 0.044 g/t Au, 652 ppm Cu, 121.5 ppm, and 1,680 ppm Zn.
Table 1. Sarvi Drill Collar Data (coordinates presented in EPSG:3067)
Drill Hole ID | Easting | Northing | Final Depth (m) |
Azimuth (˚) |
Plunge (˚) |
23SA001 | 454494 | 7501662 | 109 | 180 | -45 |
23SA002 | 454493 | 7501620 | 116 | 180 | -45 |
23SA003 | 455749 | 7500934 | 151 | 180 | -45 |
23SA004 | 455768 | 7501675 | 235 | 180 | -45 |
Methodology & Quality Assurance
FireFox geologists selected individual intervals of drill core for analysis based on visible mineralization and/or alteration and/or structural deformation.
FireFox team members transported rock and core samples to an ALS sample prep lab in Sodankylä. The samples were then crushed to -2 mm, split and pulverized into 1kg pulps, before being shipped to the ALS facility in Rosia Montana, Romania for gold by fire assay of 50 gm aliquots with AAS finish (method Au-AA24). Multielement results are normally reported from ALS – Ireland from a four-acid digestion followed by ICP-AES analyses (method ME-ICP61).
ALS Laboratories is a leading international provider of assay and analytical data to the mining industry. All ALS geochemical hub laboratories, including the Irish facility, are accredited to ISO/IEC 17025:2017 for specific analytical procedures. The Firefox QA/QC program consists of insertion of blind certificated standard material and blanks into the analytical batches, and results reported here did not show deviations from recommended values.
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, reviewed, and approved 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. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a large portfolio 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,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: +1-778-244-8439
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, 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 intent to conduct additional drilling; the belief as to the location of the most prospective gold targets; the location of targets for future drill programs; and the current and future work program, including the extent and nature of exploration to be conducted in 2023. 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.
SODANKYLÄ, FINLAND – (June 14, 2023) – FireFox Gold Corp. (TSX.V: FFOX)(OTCQB: FFOXF)(“FireFox” or the “Company”) is pleased to announce that it has completed a drilling program at the newly discovered high-grade zone in the East Target of the Mustajärvi Project. The Company drilled nine (9) diamond core holes totalling 1540.6 metres during the short spring 2023 program. These drill holes were designed to infill gaps in the modelled near-surface gold shapes and test for significant extensions to the west and southwest (see Figure 1). The new holes included close offsets and downdip tests of the replacement style gold mineralization drilled in the East Target, but the drilling also included major step-outs of 80m and 220m along strike to the southwest. Assays of the drill core are in progress.
The Company has also received multielement geochemical analyses on the drill core from the fall 2022 drilling campaign. The most recent data are consistent with previous results from Mustajärvi drilling; the gold mineralization is consistently enriched in bismuth (Bi), tellurium (Te), molybdenum (Mo), selenium (Se), nickel (Ni), and cobalt (Co). Silver (Ag), arsenic (As), and copper (Cu) occur at relatively low levels at Mustajärvi. Cobalt is quite enriched at the East target, reaching maximum values of 0.497% and 0.461% over separate 1 metre samples in the 2022 drilling. Drill hole 22MJ021 recorded the strongest cobalt interval yet drilled, along with one of the best gold results as well (see Company news release dated January 18, 2023):
- 22MJ021: 15.5m at 13.09 g/t Au, 0.15% Co, and 143 ppm Te from 11.0m depth, including
- 6.5m at 19.18 g/t Au, 0.27% Co, and 247 ppm Te from 20.0m depth.
FireFox’s CEO, Carl Löfberg, commented about the drilling at Mustajärvi, “This drill program is meant to reveal the potential scale of the gold system we have been drilling at Mustajärvi. The combination of careful structural measurements and detailed interpretation of geophysics directed the team to focus the step-out drilling along a northeast-southwest corridor. Our preliminary impressions are that the new drilling has been successful in extending the mineralized corridor to the southwest. The elevated cobalt that is associated with the gold is a recurring theme at Mustajärvi. While we know the cobalt occurs in pyrite, which is also correlated with the gold, there remains a lot of work to understand whether the cobalt could be economically recovered. We look forward to the receipt of the gold and multielement assays from this latest round of drilling.”
Mustajärvi Project and Drill Program Details
The Mustajärvi Project lies along the highway between the cities of Kittilä and Sodankylä, approximately 17 kilometres east of Kittilä. The property straddles the Mustajärvi Shear Zone (MSZ), a major right-lateral shear zone that has associated second and third-order structures which further dissect the project into separate structural zones. The Sodankylä Group rocks, which are primarily to the north of the shear zone in the footwall, include metamorphosed sedimentary and volcaniclastic rocks. Geophysics and drilling have identified an extensive corridor of albite – sericite alteration in the footwall along more than two kilometres of the structure. The project remains at an early stage as FireFox and predecessor companies have drilled approximately 14,158 metres to date.
Figure 1 - Spring 2023 drilling campaign at Mustajärvi East Target - infill and step out holes.
FireFox’s structural model identified repetitive dilatant zones along the MSZ where vein swarms, replacement style, and higher-grade gold are concentrated. Three main areas of gold mineralization have been identified along a 2.1-kilometre segment of the MSZ, namely the Central Zone, the Northeast Target, and the East Target. The Central Zone and East Target have clear expressions of significant grade and thickness of gold mineralization at surface, whereas the gold at the Northeast Target is concentrated between 100 and 150 metres below surface. Folding and extensive faulting are in evidence, suggesting the potential for locating much more gold around and between these three widely spaced targets.
The spring 2023 drilling at Mustajärvi was focused on the East Target with a primary goal to extend known, shallow high-grade mineralization. FireFox geologists have collected structural geology evidence indicating that a primary control on the East Target mineralization trends to the southwest. The detailed ground magnetics also revealed a subtle corridor of less magnetic rocks trending to the southwest beneath the highway. There is also a chargeability anomaly in the area, immediately SW of the latest drilling, that may mark the presence of sulphide minerals. The high chargeability zone strikes northeast and dips to the southeast, subparallel with the inferred lithological contact and slightly oblique to the MSZ. The nature of the elevated chargeability was untested until this drill program. The drilling was targeted based on a combination of FireFox’s 3D geological model, structural geology, and geophysics. Due to the near-surface nature of the high-grade target in this area, most of the drill holes in this program were shallow (See Table 1).
Drill holes 23MJ001 and MJ002 were aimed at the western side of the shallow high-grade replacement style mineralization and downdip extensions of the Riedel veins that often host high-grade gold. 23MJ001 undercut a bonanza grade intercept in 22MJ024 (3.4m at 50.91 g/t Au from 91.8m depth), which was reported on February 15, 2023. Both of these holes evaluated the downdip continuation of the thicker replacement style zones of mineralization in the centre of the East Target.
The team stepped out over 100m to the south with drill hole 23MJ003, which was aimed back to the northwest to probe for a key lithologic contact and shear zone. Drill hole 22MJ025 had intercepted narrow intercepts of 14.53 and 8.75 g/t gold at depth, but it failed to reach the shear zone (see Company news release dated February 15, 2023). The FireFox geological model predicts that jogs in the sheared contact between the Sodankylä group and Savukoski group rocks are associated with the strongest gold occurrences along the shear zone. The new drill hole passed through the contact at the approximate depth predicted. The shear zone has now been drilled over a strike length of more than 2.2km despite numerous complex jogs and displacements in the feature.
Drill holes 23MJ004 and 23MJ007 are drilled along a northeast-southwest direction, roughly parallel to the MSZ. This alternative direction of drilling yielded excellent results during a first test, as reported in the January 2023 FireFox news release. In this area, there is a well-developed zone of thicker replacement style mineralization that comes very close to surface and is interpreted to plunge to the southwest. Drill hole 23MJ007 cuts across an interpreted structure and passes through a strong magnetic low on the northwest of the known gold zone. These holes could offer meaningful extensions to the heart of the East Zone mineralization. Drill hole 23MJ006 was lost due to drilling difficulties and replaced with 23MJ007.
Drill holes 23MJ005 and MJ009 were drilled along northwest-southeast section lines, separated by approximately 20 metres. One hole was aimed to the northwest and the other to the southeast in order to test both shallow and deeper portions of the combined IP chargeability and magnetic anomaly that extends west from the East Target.
The team executed a bold step-out drill hole with 23MJ008. It was collared approximately 120 metres southwest from 23MJ005 and more than 220 meters southwest from 22MJ022. The structural geology and apparent controls on the shallow high-grade parts of the East Target appear to indicate a southwest plunge. That pattern is echoed by the complex patterns seen in the detailed ground magnetics. This drill hole was directed at crosscutting the prevailing shear direction and testing a new corridor of low magnetics that may define another zone of alteration.
Firefox Gold geologists are actively working with the new drill core, logging geology, and making measurements. Samples are still being delivered to the laboratory and assays are pending for all of this drilling. More information can be expected during the coming weeks.
Table 1. Mustajärvi Spring 2023 Collar Information (coordinates presented in EPSG:3067).
Drill Hole |
Easting |
Northing |
Azimuth (°) |
Plunge (°) |
Final Depth (m) |
23MJ001 |
429085 |
7501026.4 |
320 |
60 |
188 |
23MJ002 |
429037 |
7501068.4 |
140 |
50 |
151.7 |
23MJ003 |
429214 |
7500911.7 |
320 |
60 |
284 |
23MJ004 |
429111 |
7501055 |
240 |
50 |
175.4 |
23MJ005 |
429005 |
7500964 |
325 |
60 |
152.1 |
23MJ006 |
428990 |
7501053.5 |
60 |
50 |
32.1 (failed) |
23MJ007 |
428988 |
7501052.4 |
60 |
50 |
168.9 |
23MJ008 |
428927 |
7500851.2 |
340 |
60 |
194.4 |
23MJ009 |
428972 |
7501058.5 |
145 |
45 |
194 |
Methodology & Quality Assurance
The multielement analytical results reported herein are from drill core samples processed by ALS Laboratories. After receipt of gold assays, the FireFox team selects subsets of samples to be subjected to multielement geochemical analyses. These data are reported from ALS – Ireland using a four-acid digestion followed by ICP-AES and ICP-MS analyses (method ME-MS61).
ALS Laboratories is a leading international provider of assay and analytical data to the mining industry. All ALS geochemical hub laboratories, including the Irish facility, are accredited to ISO/IEC 17025:2017 for specific analytical procedures. The Firefox QA/QC program consists of insertion of blind certificated standard material and blanks into the analytical batches, and results reported here did not show deviations from recommended values.
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, reviewed, and approved the technical information in this news release.
Dr. Sven Hönig, Certified European Geologist (EFG EurGeol Title # 1789) and General Manager - Exploration of the Company, is a qualified person as defined by National Instrument 43-101. Dr. Hönig has supervised the field work reported herein and has helped to 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. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a huge portfolio 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,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: +1-778-244-8439
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, costs and supply of materials relevant to the mining industry, changes in government and changes to regulations affecting the mining industry.
Forward-looking statements in this release may include statements regarding: evolving geological interpretations; continuity of geological targets; timing for completion of assays; intent to conduct additional drilling; belief as to the location of the most prospective gold targets; the location of targets for future drill programs; and the scale and scope of the current and future work program, including the extent and nature of exploration to be conducted in 2023. 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.
VANCOUVER, BC – (June 8, 2023) – FireFox Gold Corp. (TSX.V: FFOX)(OTCQB: FFOXF)(“FireFox” or the “Company”) announces that, subject to regulatory approval, it has engaged the services of Independent Trading Group (“ITG”) to provide market-making services in accordance with TSX Venture Exchange policies. ITG will trade shares of the Company on the TSXV and all other trading venues with the objectives of maintaining a reasonable market and improving the liquidity of the Company’s common shares.
Under the agreement, ITG will receive compensation of CAD$6,000 per month in advance. The agreement is for an initial term of three months and will renew for additional one-month terms unless terminated. The agreement may be terminated by either party with a 30 days’ notice. There are no performance factors contained in the agreement and ITG will not receive shares or options as compensation. ITG and the Company are unrelated and unaffiliated entities.
About Independent Trading Group
Independent Trading Group (ITG) Inc. is a Toronto based IIROC dealer-member that specializes in market making, liquidity provision, agency execution, ultra-low latency connectivity, and bespoke algorithmic trading solutions. Established in 1992, with a focus on market structure, execution and trading, ITG has leveraged its own proprietary technology to deliver high quality liquidity provision and execution services to a broad array of public issuers and institutional investors.
About FireFox Gold Corp.
FireFox Gold Corp is listed on the TSX Venture Stock Exchange under the ticker symbol FFOX. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a huge portfolio 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,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: +1-778-244-8439
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, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SODANKYLÄ, FINLAND – (May 31, 2023) – FireFox Gold Corp. (TSX.V: FFOX)(OTCQB: FFOXF)(“FireFox” or the “Company”) is pleased to report the completion of a second diamond drilling campaign at its 100%-held Sarvi Gold Project in Lapland, Finland.
The Sarvi Project (“Sarvi”) is part of the Company’s large land package immediately to the north of Rupert Resources’ Area 1 Project (Ikkari Deposit). The project is centred on the Sarvi exploration permit and includes two additional exploration permits, Sarvi-2 to the north and Keulakko to the west, for a total permitted area of 21 km2 (see Figure 1). The Sarvi permits cover a portion of the Kittilä Suite of volcanic rocks, which is cut by several interpreted faults.
This follow-up reconnaissance drilling campaign at Sarvi included four drill holes, totalling 611 metres. These holes were designed to test a combination of geochemical anomalies from base-of-till (BoT) sampling and structural/geological targets (See Figure 2). The geological understanding of the project has been advanced through a compilation of detailed magnetics from both drone-based and ground surveys combined with almost 1,600 BoT samples. This round of drilling encountered quartz-carbonate (tourmaline) veining with sulphides, as well as sulphide-bearing carbonaceous sediments at a contact with mafic volcanic rocks. Drilling in 2022 also encountered sulphide-rich graphite bearing tuffs and schists that contained highly anomalous gold and silver (see Company news release dated May 27, 2022).
The drilling was terminated early due to rapid onset of melting. Assays are pending for all four drill holes.
FireFox’s CEO, Carl Löfberg, commented about the Sarvi drilling, “We continue to advance our portfolio of assets in Lapland, drilling on two of our five permitted projects during the winter 2023 program. Despite a shortened program at Sarvi due to the onset of spring conditions, the winter drilling was very valuable. The team identified sulphide minerals in three of the four holes and drilled an important sediment-volcanic contact. We can see evidence for multiple stages of deformation at the project along with anomalous gold, silver, and a suite of pathfinder elements that has been shown to be important in Lapland. As is the case for numerous projects in this area, outcrop is sparse, so we plan to expand our base-of-till sampling program to support more drilling. In the meantime, we look forward to receipt of the assays for these four holes.”
Geology and Details of the Sarvi Drill Program
Drill holes 23SA001 and 23SA002 were collared 42 metres apart and drilled in a south oriented drill fence. The holes tested a steep magnetic gradient that is coincident with a surface rock sample that yielded 1.47 g/t Au and 1.86% Cu (see Company news release dated August 24, 2021). These drill holes intersected mafic volcanic rocks including some evidence of shearing and folding with locally intense quartz-carbonate veining, including chalcopyrite, pyrite, tourmaline, and iron carbonate.
Drill hole 23SA003 was drilled approximately 1.4 kilometres southeast of 23SA001 and SA002. In this area, a magnetic high is apparently cut by late faulting and the BoT samples were anomalous in arsenic and copper. The drillhole was aimed to the south and passed through a thick section of mafic volcanic rocks.
Figure 1- Sarvi Project Location
Drill hole 23SA004 was located approximately 750 metres north from 23SA003. The target for this hole was a strong geochemical anomaly in the BoT sampling, including elevated silver, arsenic, bismuth, tellurium, and molybdenum. These elements are often enriched in Lapland gold systems. The hole intersected a sediment-volcanic contact with abundant pyrite in graphite-bearing mudstones and black shales. The pyrite-bearing section appears similar to the anomalous gold and silver intercept from the west side of the property in 2022. Below this interval, the drill hole passes through a gradational contact with mafic volcanic rocks (likely tholeiitic basalts) at approximately 91m downhole. Establishing the presence of this contact between the sulphide-bearing mudstones and the basalt is very useful for ongoing work at Sarvi.
The drilling fleet was subsequently moved to the Mustajärvi Project area for additional drilling around the high-grade East Target.
Figure 2 - Spring Drilling Locations, BoT, and Rock Samples Over Ground Magnetics
Methodology & Quality Assurance
FireFox team members transported rock and core samples to an ALS sample prep lab in Sodankylä. The samples were then crushed to -2 mm, split and pulverized into 1kg pulps, before being shipped to the ALS facility in Rosia Montana, Romania for gold by fire assay of 50 gm aliquots with AAS finish (method Au-AA24). Multielement results are normally reported from ALS – Ireland from a four-acid digestion followed by ICP-AES analyses (method ME-ICP61).
ALS Laboratories is a leading international provider of assay and analytical data to the mining industry. All ALS geochemical hub laboratories, including the Irish facility, are accredited to ISO/IEC 17025:2017 for specific analytical procedures. The Firefox QA/QC program consists of insertion of blind certificated standard material and blanks into the analytical batches, and results reported here did not show deviations from recommended values.
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, reviewed, and approved 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. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a huge portfolio 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,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: +1-778-244-8439
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, 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 intent to conduct additional drilling; the belief as to the location of the most prospective gold targets; the location of targets for future drill programs; and the current and future work program, including the extent and nature of exploration to be conducted in 2023. 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.
SODANKYLÄ, FINLAND – (April 19, 2023) – FireFox Gold Corp. (TSX.V: FFOX)(OTCQB: FFOXF)(“FireFox” or the “Company”) is pleased to report that it has been granted a new exploration permit covering nearly 20km2 along a major geologic break (“the Kolho Trend”) in Finland’s Central Lapland Greenstone Belt (CLGB) (see Figure 1, below).
The Kolho Trend occupies a 23-kilometer-long section of a key thrusted contact zone that is deformed around older granitic rocks. Regional mapping by the Geological Survey of Finland (GTK) and limited exploration along the trend has revealed evidence of complex faulting and folding from multiple deformation events. Bedrock geology is interpreted to include mafic to ultramafic volcanic rocks, graphitic schists, and quartz-rich clastic rocks that have been thrust onto Archean basement to the east. These rock units are part of the assemblages that host Agnico Eagle’s Kittilä Mine and Rupert Resources’ Ikkari deposit.
In spite of its prospective setting, there is evidence of only very limited gold exploration along the Kolho Trend prior to FireFox gaining control of it in 2020 via an exploration reservation (see News release dated September 16, 2020). The Company subsequently applied for six exploration permits covering 122.60 km2 of the original reservation area, of which the central 19.56 km2 license, “Nuttio” is the first to be approved. Issued by Tukes, the Finnish Safety and Chemicals Agency, the exploration permit is an important step as it allows for mechanized work, including diamond drilling, exploration trenching and bottom-of-bill (BoT) sampling.
FireFox’s CEO, Carl Löfberg, commented, “Our previous surface and geophysical work secured our belief that the Kolho Trend is highly prospective for orogenic gold deposits. This huge new Nuttio permit is just the first of several we expect to receive to cover the entire trend, allowing us to control exploration and discovery in an exciting new area. We are eager to get started, so we have mobilized a BoT rig to take advantage of the remaining winter drill season with a brief sampling program.”
Since 2020 FireFox has undertaken reconnaissance exploration and completed airborne magnetics over the area. The FireFox team worked jointly with GoldSpot Discoveries on an integrated interpretation of the geophysical data along the Kolho Trend. In addition to the multiple generations of deformation that are evident in the Kolho thrusting and shearing corridor, there are also prominent N-S and NE oriented linears that appear to be later stage structures (see Company news release dated May 12, 2022). The presence of these late crosscutting structures is consistent with the setting of the Kittilä Mine along the Kiistala shear zone (~20km NW).
Based on this targeting work, FireFox selected the Nuttio permit as the first project to move forward along the Kolho Trend. The Company has mobilized a BoT drill rig to Nuttio and commenced its first detailed sub-surface testing program.
Figure 1. The vast Kolho Trend, including the recently granted Nuttio permit central to the group of other in-progress permit applications (Click here to enlarge).
FireFox cautions that proximity or similar geology to another gold deposit or active 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 be economically viable. These factors are only cited as evidence of prospectivity of certain properties.
Quality Assurance
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, reviewed, and approved 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. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a huge portfolio 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,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: +1-778-244-8439
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 intent to conduct additional drilling; the belief as to the location of the most prospective gold targets; the location of targets for future drill programs; and the current and future work program, including the extent and nature of exploration to be conducted in 2023. 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.
VANCOUVER, BC – (April 17, 2023) – FireFox Gold Corp. (TSX.V: FFOX)(OTCQB: FFOXF) (“FireFox” or the “Company”) announces, effective April 14, 2023 that, subject to regulatory acceptance, it has completed the second and final tranche of the non-brokered private placement (the “Private Placement”) announced on February 27, 2023.
FireFox has raised gross proceeds of $978,500 by issuing 9,785,000 units of the Company at a purchase price of $0.10 per unit. Each unit consists of one common share of the Company and one common share purchase warrant, with each whole warrant being exercisable to acquire one additional common share of the Company at an exercise price of $0.15 per share for a term of two years from the date of issuance. The Shares issued pursuant to the Private Placement will be subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation.
The Company intends to use the proceeds of the Private Placement for general corporate purposes, working capital and exploration activities on FireFox’s gold exploration properties in Finland.
FireFox will pay to qualified finders $4,200 in cash finders fees and will issue 42,000 finders warrants exercisable at $0.15 for 2 years from the date of issuance. FireFox will also pay $31,800 in agency fees and will issue 318,000 agency warrants exercisable at $0.15 for 2 years from the date of issuance.
Warrant Amendments
FireFox also announces that it is applying to the TSX Venture Exchange (the “TSXV”) to extend the expiry date of 8.33 million common share purchase warrants issued by the Company in connection with a private placement financing closed on April 30, 2021. This will extend the expiry date by one year to April 28, 2024. The warrants to be amended do not include any warrants issued to finders or agents. No other terms of the warrants are to be amended and the exercise price remains at $0.27.
In addition, the Company is also seeking approval from the TSXV to re-price 2.53 million common share purchase warrants from an exercise price of $0.18 to $0.12. The re-pricing request pertains to a non-brokered private placement closed by the Company on November 15, 2022. FireFox’s objective in re-pricing the warrants is to bring them in line with the exercise price of another non-brokered private placement closed very shortly thereafter on December 19, 2022, in which the warrant exercise price was $0.12. The warrants in question have an expiry date of November 15, 2024.
About FireFox Gold Corp.
FireFox Gold Corp is listed on the TSX Venture Stock Exchange under the ticker symbol FFOX. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a huge portfolio 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,
“Carl Löfberg” Chief Executive Officer
CONTACT:
FireFox Gold Corp. Email:
Telephone: 778-938-1994
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 expected total financing amounts, terms, and timeframe; and the current and future work program, including the extent and nature of exploration to be conducted in 2020. 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.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES
VANCOUVER, BC – (March 31, 2023) – FireFox Gold Corp. (TSX.V: FFOX) (OTCQB: FFOXF)(“FireFox” or the “Company”) announces, effective March 29, 2022 that, subject to regulatory acceptance, it has completed the first tranche of the non-brokered private placement (the “Private Placement”) announced on February 27, 2023. The Company intends to complete a second tranche of the Private Placement before April 14, 2023.
In this first tranche, the Company has raised total gross proceeds of $623,500 by issuing 6,235,000 units of the Company at a purchase price of $0.10 per unit. Each unit consists of one common share of the Company and one common share purchase warrant, with each whole warrant being exercisable to acquire one additional common share of the Company at an exercise price of $0.15 per share for a term of two years from the date of issuance. The Shares issued pursuant to the Private Placement will be subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation.
The Company intends to use the proceeds of the Private Placement for general corporate purposes, working capital and exploration activities on FireFox’s gold exploration properties in Finland.
Certain directors, officers and other insiders of the Company purchased or acquired direction and control over a total of 500,000 units under the private placement. The placement to those persons constitutes a “related party transaction” within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”) adopted in the Policy. The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61 101 in respect of related party participation in the placement as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved the related parties, exceeded 25% of the Company’s market capitalization (as determined under MI 61-101).
FireFox will pay to qualified finders $2,700 in cash finder’s fees and will issue 27,000 finders warrants exercisable at $0.15 for 2 years from the date of issuance in association with the first tranche of the Private Placement. FireFox will pay $12,000 in agency fees and will issue 120,000 agency warrants exercisable at $0.15 for 2 years from the date of issuance in association with the first tranche of the Private Placement.
About FireFox Gold Corp.
FireFox Gold Corp is listed on the TSX Venture Stock Exchange under the ticker symbol FFOX. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a huge portfolio 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,
“Carl Löfberg” Chief Executive Officer
CONTACT:
FireFox Gold Corp. Email:
Telephone: +1-778-938-1994
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 expected total financing amounts, terms, and timeframe; and the current and future work program, including the extent and nature of exploration to be conducted in 2023. 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
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES
VANCOUVER, BRITISH COLUMBIA – (February 27, 2023) – FireFox Gold Corp. (TSX.V: FFOX)(OTCQB: FFOXF)(“FireFox” or the “Company”) announces that it intends to raise up to $2,500,000 by way of a non-brokered private placement (the “Private Placement”). The Private Placement will consist of up to 25,000,000 units of the Company (“Units”) at a price of $0.10 per Unit. Each Unit will consist of one common share of the Company ("Common Share") and one common share purchase warrant ("Warrant"), with each whole Warrant being exercisable to acquire one common share of the Company (a “Warrant Share”) at an exercise price of $0.15 per Warrant Share for a term of two years following the closing of the Offering.
It is anticipated that the proceeds of the Private Placement will be used for the spring drilling program and other exploration work on FireFox’s Mustajärvi project, exploration activities on the Company’s other gold properties in Finland, and general working capital. Prior to this financing, FireFox had 138 million shares outstanding, 28.5 million warrants outstanding, and 11.3 million stock options issued.
The Shares issued pursuant to the Private Placement will be subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation. The Company anticipates that the Private Placement will close on or about March 23, 2023. The Company expects to pay finder’s fees in association with this financing.
About FireFox Gold Corp.
FireFox Gold Corp is listed on the TSX Venture Stock Exchange under the ticker symbol FFOX. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a huge portfolio 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,
“Carl Löfberg” Chief Executive Officer
CONTACT:
FireFox Gold Corp. Email:
Telephone: +1-778-938-1994
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 expected total financing amounts, terms, and timeframe; and the current and future work program, including the extent and nature of exploration to be conducted in 2023. 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
VANCOUVER, BRITISH COLUMBIA – (February 22, 2023) – FireFox Gold Corp. (TSX.V: FFOX)(OTCQB: FFOXF)(“FireFox” or the “Company”) is excited to report that Mr. Alexander Davidson has joined the company, effective immediately, in a consulting capacity as Special Advisor to the board of directors. In this role, Mr. Davidson will provide technical and strategic counsel to FireFox’s board and leadership team.
Mr. Davidson has more than 40 years of experience in designing, executing, and managing gold and base metal exploration and acquisition programs around the world. He is most well-known for his long-time presence at Barrick Gold Corporation, where he rose to Executive Vice President, Exploration and Corporate Development. At Barrick, Mr. Davidson initiated the company’s expansion of exploration out of North America into Latin America and beyond. He was also instrumental in numerous acquisitions, including Lac Minerals, Sutton Resources, Arequipa Resources, Homestake Mining, and Placer Dome, Inc. Most recently, he has served on the board of directors of Yamana Gold Inc., which has recently agreed to the sale of its Canadian assets to Agnico Eagle Mines Limited and the acquisition of its shares by Pan American Silver Corporation.
FireFox’s Co-Founder and Chairman, Patrick Highsmith, commented, “We are honoured to have Alex join FireFox as a Special Advisor. He comes to us with an unparalleled career as a geologist and as a leader in this industry. Having helped grow Barrick through so many corporate acquisitions and so much geographic expansion, he understands how to navigate new discoveries in an emerging gold terrane. Alex also has unique insights into corporate finance and transactions. His counsel and enthusiasm are welcome at FireFox, where we are exploring one of the largest portfolios of gold tenements in northern Finland.”
Mr. Davidson remarked about joining the FireFox Gold team, “FireFox is in a unique position in Lapland having such a large portfolio of assets, drilling a high-grade discovery at our Mustajärvi Project, and surrounded by neighbours with much bigger capitalizations. I am a shareholder and it’s a pleasure to join the leadership who assembled this team and land package. We will work together with the geologists on the ground to maximize the value of FireFox’s projects for our shareholders.”
Alex is a native of Montreal, Quebec and received B.Sc. and M.Sc. degrees in Economic Geology from McGill University. In addition to the track record of discoveries by his teams and his extensive management experience, he has significant board level experience on technical, sustainability, compensation, audit, and health and safety committees.
Issuance of Share Purchase Options
In association with this appointment, FireFox also reports that its board of directors has approved the grant of 800,000 incentive stock options to certain staff and consultants. This grant of options is subject to the terms and conditions of the Company’s incentive stock option plan, which has been approved by shareholders, and approval by the TSX Venture Exchange and regulatory authorities. The options are valid
for five years from the date of issuance and exercisable at a price of $0.12 per share, a 9% premium to the closing price of the stock on Tuesday, February 21, 2023.
About FireFox Gold Corp.
FireFox Gold Corp is listed on the TSX Venture Stock Exchange under the ticker symbol FFOX. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a huge portfolio 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,
“Carl Löfberg” Chief Executive Officer
CONTACT:
FireFox Gold Corp. Email:
Telephone: +1-778-938-1994
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: maximizing value of the Company’s projects; the intent to conduct additional drilling; the belief as to the location of the most prospective gold targets; the location of targets for future drill programs; and the current and future work program, including the extent and nature of exploration to be conducted in 2023. 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.
SODANKYLÄ, FINLAND – (February 15, 2023) – FireFox Gold Corp. (TSX.V: FFOX)(OTCQB: FFOXF)(“FireFox” or the “Company”) is pleased to report the remaining results of the successful fall 2022 core drilling campaign at the Company’s 100%-held Mustajärvi Gold Project in Lapland, Finland. Drill holes 22MJ024 and 22MJ025 at the East Target both encountered significant near-surface high-grade gold and extended the East Target mineralization to the northwest, southeast, and downdip. These holes were drilled along two different sections separated by 25m (See Figure 1). Drill hole 22MJ024 further delineated a western lobe of shallow high-grade gold first discovered in 22MJ022 (Company news release dated January 18, 2023). Whereas 22MJ025 further defined the eastern lobe of surface high grade defined by 22MJ006 (Company news release dated September 6, 2022).
Highlights of selected intervals are shown below, while Table 1 includes all significant intercepts:
- 22MJ024:
- 13.05m at 15.04 g/t Au from 29.6m depth**, including
- 1.2m at 35.23 g/t Au from 30.6m, and
- 1.8m at 53.66 g/t Au from 34.6m, including 0.8m at 100.43 g/t Au, and
- 1.05m at 39.17 g/t Au from 40.0m;
- 1.2m at 35.23 g/t Au from 30.6m, and
- 3.4m at 50.91 g/t Au from 91.8m depth, including
- 1.0m at 170.67 g/t Au from 94.2m;
- 13.05m at 15.04 g/t Au from 29.6m depth**, including
- 22MJ025:
- 12.55m at 14.34 g/t Au from 14.3m depth, including
- 1.0m at 64.67 g/t Au from 14.3m, and
- 2.0m at 49.78 g/t Au from 22.8m;
- 1.0m at 64.67 g/t Au from 14.3m, and
- 1.0m at 14.53 g/t Au from 73.8m depth;
- 1.2m at 8.75 g/t Au from 251.0m depth ;
- 12.55m at 14.34 g/t Au from 14.3m depth, including
FireFox’s CEO, Carl Löfberg, commented, “Our drill program in late 2022 has provided the best evidence yet that Mustajärvi hosts replacement style gold mineralization with the potential for bulk tonnage at excellent grades. These most recent holes extend the outstanding results from 22MJ006 and 22MJ021 for at least 20m to the southwest and 15m to the north, while also revealing narrower high-grade structures with vertical continuity. There is plenty of room to grow the East Target in all directions, and our structural model strongly suggests that there is more of this style of mineralization to be found along the +2km strike of the system. We expect to be drilling again at Mustajärvi by April, and we intend to excavate trenches during the summer for initial metallurgical test work.”
These two holes were part of a six-hole program (977.1 metres) designed to test a new near-surface high-grade gold zone at the East Target first defined by 22MJ006 and 22MJ018. The first three of the holes also returned high-grade gold assays (see Company news release dated January 18, 2023). These results are significant because they confirm and expand a volume of near-surface replacement style mineralization with greater continuity than previously realized. The East Target also includes narrow high-grade structures oriented in at least two directions that carry mineralization to greater depths and may be contiguous with the thicker replacement zones.
The final hole of the program, 22MJ026, was at the Northeast target, the site of numerous high-grade intercepts in 2021 and 2022. It was directed to the northeast, orthogonal to most of the previous drilling in that area, to test for the northwest trending cross structures now known to be important at the East Target. The hole encountered several lower grade intercepts that are reported in Table 1.
The FireFox team continues to advance its structural model for Mustajärvi, and the work suggests numerous drill targets based on possible extensions to the northwest, southwest, and south. Multielement analytical data is also still pending for the drilling from late 2022.
Figure 1 - Mustajärvi Location Map with Recent Drilling over Ground Magnetics
Mustajärvi Project and Drill Program Details
The Mustajärvi Project lies along the highway between the cities of Kittilä and Sodankylä, approximately 17 kilometres east of Kittilä. The property straddles the Mustajärvi Shear Zone (MSZ), a major right-lateral shear zone that has associated second and third-order structures which further dissect the project into separate structural zones. The Sodankylä Group rocks, which are primarily to the north of the shear zone in the footwall, include metamorphosed sedimentary and volcaniclastic rocks. Geophysics and drilling have identified an extensive corridor of albite – sericite alteration in the footwall along more than two kilometres of the structure. The project remains at an early stage as FireFox and predecessor companies have drilled approximately 12,600 metres to date.
FireFox’s structural model identified repetitive dilatant zones along the MSZ where vein swarms, replacement style, and higher-grade gold are concentrated. Three main areas of gold mineralization have been identified along a 2.1-kilometre segment of the MSZ, namely the Central Zone, the Northeast Target, and the East Target (Figure 2). The Central Zone and East Target have clear expressions of significant grade and thickness of gold mineralization at surface, whereas the gold at the Northeast Target is concentrated between 100 and 150 metres below surface. Folding and extensive faulting are in evidence, suggesting the potential for locating much more gold around and between these three widely spaced targets.
Figure 2- Long Section View of Gold Intercepts with Surface Projection and Magnetics
During 2022, FireFox completed a total of 25 diamond drill holes for 3,904 metres at Mustajärvi, testing the Northeast Target, the East Target, the Gabbro Target and the Central Zone. The final program of the year included six holes totalling 977 metres, three of those holes are reported herein.
The East Target mineralization exhibits extensive albite – sericite alteration, as is typical along the MSZ, but iron oxide and iron carbonate veining are more common in this eastern part of Mustajärvi. The drill logs from the recent drilling also include increased reports of mafic rocks crosscutting and interbedded with the metasediments and tuffaceous rocks that host most of the Mustajärvi mineralization. The mafic rocks likely included mafic and ultramafic volcanic rocks, as well as crosscutting mafic dikes. Gold continues to be closely correlated with the occurrence of pyrite. Similar to previously reported holes from the East Target, the near-surface gold mineralization from the most recent holes is associated with fractures and impregnation of (partially oxidized) pyrite along fractures, forming blebs, nests, disseminated, semi-massive and massive pyrite mineralization within the host rock. The thicker intervals reported now in several drill holes present strong evidence of hydrothermal replacement of the host rock with quartz-sericite-pyrite + iron oxide. Pyrite can be seen to be replacing laminations and other sedimentary textures, particularly in the shallow portions of the East Target. In the long section vie (oriented east-northeast), the replacement style of mineralization can be seen coming to surface beneath thin glacial sediments. Its shape is controlled in party by folded bedding (foliations) in the metasedimentary rocks (Figure 3).
Figure 3 - Long Section through Mustajärvi East Target
The deeper mineralized intervals include the more typical quartz-carbonate-tourmaline-pyrite (QCTP) veins that are commonly seen at Mustajärvi. The vein and replacement types of mineralization may be related to separate events within a complex deformation history. There are at least two major directions of controlling structure on the Mustajärvi system, east-northeast striking (slightly oblique to the MSZ) and north-northwest striking (perpendicular to the MSZ). The structural system at the East target is interpreted as a multi-phase dextral strike-slip dominated fault system with hydrothermal replacement centred on dilational jogs developed in folded stratigraphy. The system has subsequently undergone several episodes of brittle reactivation. The latest work by the FireFox team using oriented drill core has signalled preliminary indications of fold axis control on the best-developed thicker high-grade zones.
While the multielement data is incomplete, the geochemistry of the replacement and vein styles of mineralization appears to be very similar – dominated by an association with bismuth, tellurium, molybdenum, cobalt, and nickel and low in arsenic and copper.
Hole 22MJ024 was drilled with an azimuth of 320° designed to test the western extent of the near-surface high-grade gold mineralization identified in drill holes 22MJ006, 22MJ018, and 22MJ021. It also tested for the southern and downdip extension of the intercepts reported in 22MJ022. The hole was collared approximately 33 metres southeast of 22MJ006 on a section line 25 metres to the west. As with other holes in the area, the collar location was in thin glacial sediments overlying intensely altered intermediate tuffites (See Figure 4).
Drill hole 22MJ024 intersected four gold-mineralized intervals (>0.5 g/t gold) which included both vein and replacement styles of mineralization, starting at a depth of 29.6m downhole and continuing to a depth of 100.8m (Table 1). The extensive mineralization encountered in this hole marks a significant westward extension to the East Target mineral system, and the deeper intercepts to the north bode well for the untested shallow magnetic anomaly to the north of 22MJ023.
The near-surface mineralization was consistent with that seen in earlier holes, replacement style quartz-pyrite-sericite alteration in pervasively albitized metasedimentary or tuffaceous rocks. The zone of 13.05m averaging 15.04 g/t Au starting at 29.6 m was remarkably consistent with the similar intercepts reported in 22MJ021 and 22MJ006, approximately 30m away. It included 0.8m of core loss (22MJ021 included 1.7m of lost core). The upper mineralized zone also cut what appears to be a narrow mafic dike that was only weakly mineralized with gold but flanked by strong gold grades.
Importantly, there was also deeper high-grade gold mineralization in the hole, such as 3.4m of 50.91 g/t Au, including 1.0m at 170.67 g/t Au from 91.8m downhole depth. This deeper bonanza zone confirms the continuation of the high-grade system mineralization towards the northwest, and it may be on strike and related to similar intercepts in 22MJ006 and 22MJ022. There were numerous other narrow intercepts of gold mineralization at depth that remain open.
Figure 4 - Mustajärvi East Target Cross Section A-A’ Looking Southwest
Drill hole 22MJ025 was drilled with an azimuth of 140° towards the interpreted contact between Sodankylä group metasedimentary rocks and the Savukoski group mafic-ultramafic volcanic unit. It also formed a scissor relationship with drill hole 22MJ006, which contained very high-grade surface mineralization, so that it tested the northern extension and down dip of that interval. It was collared well to the northwest of other drilling on the section in thin glacial sediments overlying intensely altered intermediate tuffites. Encountering both thick shallow gold mineralization and deeper narrow high-grade, this hole was successful in extending the known mineral system to the northwest and the southeast. The best interval began at only 14.3m downhole and averaged 14.34 g/t gold over 12.55 metres, including narrow intervals of much higher grade. This interval was also associated with the quartz-pyrite-sericite replacement within albitized rocks (See Figure 5).
In total, this drill hole passed through 15 intervals containing >0.5 g/t Au, starting from 14.3 metres downhole (Table 1). The narrow higher-grade intercepts are connected across multiple holes, and appear to be linked to shallower replacement style gold. At 177.6 metres downhole, gold mineralization was intersected just beneath a long interval of strongly mylonitized and intensively altered metasediments, interbedded with mafic volcanics. Here the gold is associated with narrow quartz-tourmaline veining and fine-grained disseminated pyrite. FireFox geologists believe that the mylonite zones may indicate proximity to a sheared contact zone between the siliciclastic metasediments and ultramafic volcanic rocks. Even though the frequency of narrow gold intercepts was increasing with depth, the drill hole did not yet reach the contact. The last mineralized interval in this hole was sampled from 3.7 metres above the end of the drill hole, starting at a depth of 263 metres, and returned 2.0m averaging 1.14 g/t Au. Mineralization remains open to depth.
Figure 5- Mustajärvi East Target Cross Section B-B' Looking Southwest
Hole 22MJ026 was drilled at the Northeast Target, approximately 750 metres southwest from the recent East Target drilling. The hole was designed to test the cross structures previously noted during geologic logging of the drill core. These cross structures have proven to be significant at the East Target. It intersected intensively altered intermediate tuffites with interlayers of mafic volcanics, which might be indicating proximity to a major geological contact. It did not penetrate significant grade thickness of high-grade gold, but in total, drill hole 22MJ026 intersected three narrow intervals that assayed above 0.5 g/t Au (Table 1).
Table 1: Significant Drill Intercepts in Drillholes 22MJ024 - 22MJ026 Cut-off Grade 0.5 g/t Au
Drill Hole | From (m) | To (m) | Interval* (m) | Au Grade (g/t) | Grade Thickness (gram – metres) | |
22MJ024 | 29.6 | 42.65 | 13.05 | 15.04** | 392.47 | |
including | 29.6 | 37.2 | 7.6 | 19.24 | ||
and including | 30.6 | 31.8 | 1.2 | 35.23 | ||
and including | 34.6 | 37.2 | 2.6 | 37.66 | ||
and including | 36.4 | 37.2 | 0.8 | 100.43 | ||
including | 40.0 | 42.65 | 2.65 | 18.84 | ||
and including | 40.0 | 41.05 | 1.05 | 39.17 | ||
66.0 | 67.85 | 1.85 | 8.67 | |||
including | 67.15 | 67.85 | 0.7 | 22.0 | ||
91.8 | 95.2 | 3.4 | 50.91 | |||
including | 94.2 | 95.2 | 1.0 | 170.67 | ||
97.65 | 100.8 | 3.15 | 2.26 | |||
including | 97.65 | 98.8 | 1.15 | 5.69 | ||
22MJ025 | 14.3 | 26.85 | 12.55 | 14.34 | 232.98 | |
including | 14.3 | 15.3 | 1.0 | 64.67 | ||
including | 22.8 | 24.8 | 2.0 | 49.78 | ||
34.2 | 35.2 | 1.0 | 1.93 | |||
63.0 | 63.85 | 0.85 | 4.19 | |||
73.8 | 74.8 | 1.0 | 14.53 | |||
177.60 | 178.6 | 1.0 | 0.69 | |||
181.0 | 183 | 2.0 | 4.81 | |||
194.65 | 194.45 | 0.8 | 0.8 | |||
197 | 197.9 | 0.9 | 1.52 | |||
199.85 | 200.85 | 1.0 | 2.75 | |||
205 | 206.15 | 1.15 | 0.76 | |||
216.75 | 217.75 | 1.0 | 0.73 | |||
219.75 | 220.8 | 1.0 | 1.22 | |||
251.0 | 252.2 | 1.2 | 8.75 | |||
257.0 | 260.0 | 3.0 | 0.79 | |||
263.0 | 265.0 | 2.0 | 1.14 | |||
22MJ026 | 40.8 | 43 | 2.2 | 1.28 | 9.1 | |
130.9 | 133 | 2.1 | 1.71 | |||
145.55 | 147.1 | 1.55 | 1.73 | |||
* Drilling is believed to be perpendicular to the dip of the mineralization, however true widths are not yet known and will be confirmed with additional drilling and geologic modelling. ** Intercept includes 0.8 m of core loss. The lost interval was assigned a grade of 0.0 g/t Au for all calculations. |
Table 2: Mustajärvi Q4 of 2022 Collar Information (coordinates presented in EPSG:3067).
Drill Hole | Easting | Northing | Azimuth (°) | Plunge (°) | Final Depth (m) | Status |
22MJ021 | 429080.6 | 7501029.7 | 60 | 40 | 103.4 | Reported Earlier |
22MJ022 | 429046.5 | 7501009.9 | 60 | 35 | 151.2 | Reported Earlier |
22MJ023 | 429028.2 | 7501039.4 | 60 | 40 | 124.9 | Reported Earlier |
22MJ024 | 429098.9 | 7500995.5 | 320 | 35 | 160.5 | Reported Here |
22MJ025 | 429080.0 | 7501061.0 | 140 | 62 | 266.7 | Reported Here |
22MJ026 | 428403.0 | 7500706.0 | 40 | 50 | 170.4 | Reported Here |
Methodology & Quality Assurance
The core was transported from the rig to the Company´s core storage facility in Sodankylä, where FireFox’s exploration team conducted the geological and geotechnical logging and selected the assay intervals. Assay intervals were generally 1 metre but in some circumstances were modified according to lithological boundaries and other factors. FireFox geologists maintained chain of custody and sampling procedures according to best industry practice and with due attention to quality assurance and quality control, including sampling field duplicates and insertion of certified standard and blank samples.
FireFox team members transported the samples to an ALS sample prep lab in Sodankylä. The samples were sawed then crushed to -2 mm, split and pulverized into 1kg pulps, before being shipped to the ALS facility in Rosia Montana, Romania for gold by fire assay of 50 gm aliquots with AAS finish (method Au-AA24). All samples exceeding 10.0 g/t Au were re-assayed in triplicate by fire assay of 50 gm aliquots with a gravimetric finish (method Au-GRA22).
ALS Laboratories is a leading international provider of assay and analytical data to the mining industry. All ALS geochemical hub laboratories, including the Irish facility, are accredited to ISO/IEC 17025:2017 for specific analytical procedures. The Firefox QA/QC program consists of insertion of certificated standard material and blanks inserted by Firefox into the analytical batches did not show deviations from recommended values.
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, reviewed, and approved the technical information in this news release.
Dr. Sven Hönig, Certified European Geologist (EFG EurGeol Title # 1789) and General Manager - Exploration of the Company, is a qualified person as defined by National Instrument 43-101. Dr. Hönig has supervised the field work reported herein and has helped to 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. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a huge portfolio 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,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: +1-778-244-8439
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 intent to conduct additional drilling; the belief as to the location of the most prospective gold targets; the location of targets for future drill programs; and the current and future work program, including the extent and nature of exploration to be conducted in 2023. 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.
SODANKYLÄ, FINLAND – (January 25, 2023) – FireFox Gold Corp. (TSX.V: FFOX)(OTCQB: FFOXF)(“FireFox” or the “Company”) is pleased to provide a summary of results from the 2022 exploration programs at its 100% held Jeesiö, Sarvi, Lehto and Kolho gold properties in Lapland, Finland (see Figure 1).
Trenching and bedrock sampling in the southern part of the huge Jeesiö Project returned anomalous gold over a large area, including 33.60 g/t Au from a bedrock grab sample at the Katajavaara Hill prospect. Nearly a kilometre away, FireFox geologists collected a rock chip channel sample at the Kataja South prospect that averaged 1.33 g/t Au over 0.8 metres. Another sample in the area contained 1.43 g/t Au, and numerous other samples in the area were highly anomalous in gold. These are the latest sampling results from the first excavations in the area, which was first identified by FireFox reconnaissance sampling late in 2019. The extent of gold mineralization at both prospects is not known, as the gold anomalies remain open along strike and at depth.
Bedrock mapping at the Sarvi property identified several new locations exhibiting strong alteration in metavolcanic and metasedimentary rocks, as well as mineralized chert with disseminate sulfide and gold values of 0.31 g/t in surface rock samples. The team noted similar geology farther north while mapping at the Company’s Lehto Property. During the 2022 field campaign, geologists collected a grab sample at Lehto that contained 0.97 g/t gold. At the Kolho property, the field team completed preliminary reconnaissance bedrock mapping in preparation for the first round of mechanized base-of-till (BoT) sampling expected during the spring of 2023.
Carl Löfberg, FireFox CEO, commented about these results “At FireFox, we continue to advance several projects at various stages among our large portfolio of properties. We are always excited to see more than 10 g/t gold from early-stage exploration, and this is something we often observe on gold projects in Lapland. We have been heavily focused at Mustajärvi, but these results from Katajavaara, Sarvi, and Lehto warrant more work. We are confident the team will transform these strong early indications into viable drill targets by late this year.”
In 2023, FireFox plans additional mapping and sampling at the Katajavaara prospects in order refine the targets for follow-up drilling. At Sarvi, the FireFox team will conduct more follow-up work from the 2022 BoT sampling to include mapping, sampling, ground geophysics, and core drilling. Initial exploration permits are expected before the end of the second quarter at Kolho, so the Company expects to continue with its target development at Lehto and Kolho and to add a BoT drill rig in that area during Q2. This work is in addition to the ongoing program at the Company’s 100%-held Mustajärvi gold project, from which results for the first three holes of the Q4 2022 drilling campaign were recently reported, including 15.5m of 13.09 g/t gold (see Company news release dated January 18, 2023). The final results from that drill program are expected in February.
Jeesiö Project Program Details
The 100%-controlled Jeesiö Gold Project covers approximately 75.8 km2 along the Sirkka Shear Zone, a trans-crustal structure that controls the emplacement of most of the known orogenic gold deposits in Lapland. The main Jeesiö targets include the Utsamo and Kataja Belt areas. From south to north, the Kataja Belt consists of three gold prospects: Saittavaara, Katajavaara South (KJ South) and Katajavaara Hill (KJ Hill). The prospects span at least 3 kilometres, apparently related to en echelon northerly striking younger (“D3” or “D4”) structures. The recently acquired high-resolution airborne magnetics data reveal multiple generations of folding and faulting across the entire Jeesiö Project area. Younger asymmetric folding west of the Kataja Belt shows evidence of disruption by right-lateral shearing broadly parallel with northeast trending axial planes. These shears appear to be associated with the gold showings in the Kataja Belt.
The 2022 trenching campaign was focused on the KJ South and KJ Hill prospects, which emerged from FireFox reconnaissance work in 2019 and 2020. The team excavated 9 small exploration trenches and collected 68 chip/channel and 34 grab samples from bedrock. In summary, approximately 68% of the total samples exceeded the detection limit for the method (0.005 g/t gold), and 15% of the samples contained anomalous levels of gold more than 0.100 g/t gold. Channel samples were taken perpendicular to observed mineralized veins and structures to represent true width. Most anomalous gold samples were hosted within quartz veins and lenses. The team recorded detailed information on the geology, alteration, veining, and structures from the trenches that will guide future work and drilling on these emerging targets.
Figure 1- FireFox Land Position with Jeesiö and Northern Properties Highlighted (Click here to enlarge)
Katajavaara South
At KJ South, FireFox geologists identified high gold in the area (10.5 g/t Au) from quartz-magnetite-sulphide vein samples from outcrop in 2019 and 2020 (see Company news release dated October 6, 2020). These anomalous samples are associated with the southwest margin of a magnetic body believed to represent mafic intrusives or volcanic rocks. This outcrop area was the target of the 2022 exploration trenching campaign, the results of which are summarized in Figure 2 and Table 1.
Figure 2 - Kataja Permit Area with Rock Sample Results (Click here to enlarge)
The trenches exposed the intensely sheared contact between siliciclastic metasedimentary and mafic intrusive rocks, revealing several mineralized quartz-sulphide veins and lenses within both units. In addition to pyrite and magnetite, geologists also noted the presence of chalcopyrite and copper oxides in these samples. The gabbro in the area is likely attributable to mafic sills that are related to a younger continental rift setting (Haaskalehto-type), which are common at the Jeesiö Project.
The mineralization encountered in the trenches is clearly controlled by shearing, as it crosscuts both lithologies and the contact between them. Among several samples in the area containing strongly anomalous gold, one chip channel sample averaged 1.33 g/t gold over 0.8 metres. Another grab sample contained 1.43 g/t gold. When considered in concert with the high gold values previously reported in the area (Figure 2), it is clear that this gold target is open and unconstrained in all directions and undrilled.
Katajavaara Hill
KJ Hill is located approximately 900 metres to the north of KJ South along the trend of a N-S oriented magnetic feature. Along the eastern slope of the hill, there are fields of locally derived boulders displaying abundant mineralized quartz veins intruding metasedimentary (arkose and quartzite) and mafic rocks. FireFox teams collected grab samples from boulders of these quartz veins in 2020, including one sample with 4.73 g/t Au (see Company news release dated October 6, 2020). This trend of anomalous samples is approximately 400 metres long and appears to be associated with a younger structure that crosscuts the north-trending magnetic anomaly in a northeasterly direction. This outcrop area was another focus of the 2022 exploration trenching campaign; and the geology and gold values are summarized in Figure 2 and Table 1.
At KJ Hill, the team cut three trenches that exposed several quartz lenses and veins hosted in siliciclastic metasedimentary rocks. The mineralization exposed in the trenches was relatively simple, quartz with chlorite and minor sulfides (partially oxidized). The highest-grade sample was 33.60 g/t Au from a bedrock grab sample of quartz vein. The extent of this system is not known, and it is undrilled.
FireFox had intended to continue the trenching at this prospect but the 2022 program was cut short due to weather. The majority of the Kataja Belt is on high ground and accessible year-round, so the team will return during 2023 for follow-up work.
Table 1. Selected highlights of the 2022 Katajavaara sampling campaign.
Target | Sample Type | Rock Type | Sample Weight (kg) | Gold (g/t) |
KJ Hill | Grab | Quartz vein with minor chlorite, slightly weathered | 1.53 | 33.60 |
KJ Hill | Chip - channel | Quartz vein with mica and chlorite, minor weathering, | 2.52 | 0.72 |
KJ Hill | Grab | Quartz lens-vein, rusty surface, with weathered sulphides | 2.65 | 0.59 |
KJ South | Grab | Quartz vein pieces with red staining, vuggy texture | 5.02 | 1.43 |
KJ South | Chip - channel | Mafic intrusive. Silicified matrix with pyrite nest | 1.49 | 1.33 |
KJ South | Chip - channel | Quartz lens with pyrite, chalcopyrite, magnetite, and Cu and Fe-oxides | 1.8 | 0.65 |
KJ South | Grab | Quartz lens with pyrite, chalcopyrite, and minor Cu and Fe-oxides | 3.64 | 0.64 |
KJ South | Chip - channel | Quartz lens with pyrite, chalcopyrite, and minor Cu and Fe-oxides | 7.11 | 0.49 |
KJ South | Chip - channel | Quartz lens with chlorite and traces of disseminated pyrite | 1.71 | 0.48 |
KJ South | Grab | Quartz vein with pyrite, malachite, goethite, and magnetite stringers | 2.09 | 0.46 |
Kolho and Northern Properties Program
FireFox also conducted limited reconnaissance bedrock mapping on its vast Kolho Property during the field season of 2022. Much of the Kolho area is situated within low-lying areas and swamps, where winter conditions are needed to conduct mechanized exploration. FireFox has several permit applications at Kolho and expects at least one expedited permit to be granted in the first half of 2023.
Reconnaissance bedrock mapping was also conducted on the Company’s Sarvi and Lehto properties, which have valid permits in place. At Sarvi, Company geologists identified several locations of intensely carbonate-altered metavolcanics, massive carbonate units, and sulphide-bearing chert formations. These samples from the chert unit with disseminated sulphides contained anomalous gold, including one sample with 0.31 g/t. The FireFox team considers such intense alteration and polymetallic anomalies associated with mafic metavolcanics and major crosscutting structures (D2 and D3) as key elements for hosting an orogenic gold deposit at the Sarvi Project.
Similar sulphide-rich sedimentary and volcano-sedimentary rock units in close proximity to high-volume mafic volcanism are also often seen at the nearby Lehto Property. A limited sampling campaign at Lehto in 2022 also resulted in anomalous gold samples, including one sample containing 0.97 g/t Au.
Methodology & Quality Assurance
Channel samples were sawed by a diamond saw in solid exposed bedrock and taken out by chisel and hammer. Geologists took the chip-channel samples with chisel and hammer from exposed bedrock, which was sometimes strongly weathered. Both types of channel samples were approximately 10 cm wide and taken perpendicular to observed mineralized veins and structures to represent true width. In some areas where continuous channel sampling was not possible, geologists collected grab samples. The grab samples discussed in this release are believed to be from in situ bedrock. FireFox geologists maintained chain of custody and sampling procedures according to best industry practice and with due attention to quality assurance and quality control, including sampling field duplicates and insertion of certified standard and blank samples.
FireFox team members transported the samples to an ALS sample prep lab in Sodankylä. The samples were then crushed to -2 mm, split and pulverized into 1kg pulps, before being shipped to the ALS facility in Rosia Montana, Romania for gold by fire assay of 50 gm aliquots with AAS finish (method Au-AA24).
ALS Laboratories is a leading international provider of assay and analytical data to the mining industry. All ALS geochemical hub laboratories, including the Irish facility, are accredited to ISO/IEC 17025:2017 for specific analytical procedures. The Firefox QA/QC program consists of insertion of certificated standard material and blanks inserted by Firefox into the analytical batches did not show deviations from recommended values.
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, reviewed, and approved, the technical information in this news release.
Dr. Sven Hönig, Certified European Geologist (EFG EurGeol Title # 1789) and General Manager of Exploration for the Company, is a qualified person as defined by National Instrument 43-101. Dr. Hönig has supervised the field work reported herein and has helped to 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. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a huge portfolio 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,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: +1 778-938-1994
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 intent to conduct additional exploration and drilling; the likelihood of exploration permits being granted, the belief as to the location of the most prospective gold targets; the location of targets for future drill programs; and the current and future work program, including the extent and nature of exploration to be conducted in 2023. 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.
SODANKYLÄ, FINLAND – (January 18, 2023) – FireFox Gold Corp. (TSX.V: FFOX)(OTCQB: FFOXF)(“FireFox” or the “Company”) is pleased to report results from the first three drill holes of the fall 2022 core drilling campaign at the Company’s 100%-held Mustajärvi Gold Project in Lapland, Finland. These three holes were part of a six-hole program (977.1 metres) that tested a new near-surface high-grade gold zone at the East Target (see Figure 1). All three of the holes returned high-grade gold assays, including some of the richest intercepts yet reported from the project.
Drillholes 22MJ021 and 22MJ022 both encountered significant high-grade gold at depths of less than 20 metres below surface. The best intercept in this round of results was 15.5m of 13.09 g/t gold in 22MJ021, which began just below the covering glacial sediments at 11m downhole depth. Importantly, these holes were drilled perpendicular to the drilling orientation favoured in the previous campaigns and appear to have successfully confirmed that the observed cross-structures host significant mineralization.
FireFox’s CEO, Carl Löfberg, commented, “Our drilling at Mustajärvi East is yielding consistent improvement in grade and thickness of the gold mineralization. In addition to the continued presence of narrow bonanza veins, our most recent drillholes have encountered replacement style mineralization over greater widths than previously seen on the project. It also happens that these new robust intercepts lie at very shallow depths in the East Target. By drilling these new holes towards the northeast, we have expanded the footprint of the high-grade system to the west, to the north, and to depth. We anticipate results from two more holes in the East Target in a few weeks.”
Highlights of selected intervals are shown below, while Table 1 includes all significant intercepts:
- 22MJ021: 15.5m at 13.09 g/t Au from 11.0m depth*, including
-
- 3.6m at 16.45 g/t Au from 14.4 metres depth, and
- 6.5m at 19.18 g/t Au from 20.0 metres depth, including
- 3.5m at 24.35 g/t Au from 23.0 metres depth
-
- 22MJ022: 7.2m at 16.43 g/t Au from 22.8 metres depth, including
-
- 3.0m at 37.9 g/t Au from 26.2 metres depth; and
- 1.7m at 31.6 g/t Au from 86.0 metres depth
-
- 22MJ023: 1.0m at 26.4 g/t Au from 53.0 metres depth
- 4.0 metres at 4.22 g/t Au from 89.0 metres depth, including
- 2.0 metres at 6.36 g/t Au
- 4.0 metres at 4.22 g/t Au from 89.0 metres depth, including
This drilling was prompted by the extraordinary results from drill hole 22MJ006, which returned 13.85m averaging 28.74 g/t gold from only 24 metres downhole (see Company news release dated September 6, 2022). Drill holes 22MJ021 and 22MJ022 were drilled perpendicular to 22MJ006 to test for lateral and downdip extension of the 22MJ006 mineralization. The third drill hole in this phase of work, 22MJ023, tested the expansion of the mineralized trend farther to the north. All three drill holes returned multiple significant intercepts including high-grade gold mineralization that are expected to expand the East Target laterally and at depth.
Figure 1 - Mustajärvi East Target Oct 2022 Drilling (Click here to enlarge)
Mustajärvi Project and Drill Program Details
The Mustajärvi Project lies along the highway between the cities of Kittilä and Sodankylä, approximately 17 kilometres east of Kittilä. The property straddles the Mustajärvi Shear Zone (MSZ), a major right-lateral shear zone that has associated second and third-order structures which further dissect the project into separate structural zones. The Sodankylä Group rocks, which are primarily to the north of the shear zone in the footwall, include metamorphosed sedimentary and volcaniclastic rocks. Geophysics and drilling have identified an extensive corridor of albite – sericite alteration in the footwall along more than two kilometres of the structure. The project remains at an early stage as FireFox and predecessor companies have drilled approximately 12,594 metres to date.
FireFox’s structural model identified repetitive dilatant zones along the MSZ where vein swarms and higher-grade gold are concentrated. Three main areas of gold mineralization have been identified along a 2.1-kilometre segment of the MSZ, namely the Central Zone, the Northeast Target, and the East Target.
During the year 2022, FireFox completed a total of 25 diamond drill holes for 3,904 metres at Mustajärvi, testing the Northeast Target, the East Target, the Gabbro Target and the Central Zone. The final program of the year included six holes totalling 977 metres, three of those holes are reported herein.
The East Target mineralization exhibits extensive albite – sericite alteration, as is typical along the MSZ, but iron oxide and iron carbonate veining are more common in this eastern part of Mustajärvi. The drill logs from the recent drilling also include increased reports of mafic volcanics interbedded with the metasediments and tuffaceous rocks that host most of the Mustajärvi mineralization. Gold continues to be closely correlated with the occurrence of pyrite. Similar to previously reported holes from the East Target, the near-surface gold mineralization from the most recent holes is associated with fractures and impregnation of (partially oxidized) pyrite along fractures, forming blebs, nests, disseminated, semi-massive and massive pyrite mineralization within the host rock. The thicker intervals reported in 22MJ021 and 22MJ022 present strong evidence of hydrothermal replacement of the host rock with quartz-sericite-pyrite + iron oxide. Pyrite can be seen to be replacing laminations and other sedimentary textures (See Figures 2 and 3).
Figures 2 and 3 – Albite-quartz (+ tourmaline) alteration with pyrite replacement at East Target (Click here to enlarge)
The deeper mineralized intervals include the more typical quartz-carbonate-tourmaline-pyrite (QCTP) veins that are commonly seen at Mustajärvi. The vein and replacement types of mineralization may be separate events, but the geochemistry is very similar – dominated by an association with bismuth, tellurium, molybdenum, cobalt, and nickel and low in arsenic and copper. There are at least two major directions of controlling structure on the Mustajärvi mineralization, east-northeast striking (parallel to the MSZ) and north-northwest striking (perpendicular to the MSZ). There are still results pending for two holes drilled along the northwest-southeast profile at the East Target, and FireFox geologists continue to study the relationship between the narrow high-grade veins and thicker replacement style of mineralization.
Hole 22MJ021 was designed to test the east-west extent of the near-surface, high grade gold mineralization identified in drill hole 22MJ006. The hole was collared approximately 28 metres west of 22MJ006 in thin glacial sediments overlying intensely altered intermediate tuffites, interbedded with mafic volcanic rocks.
The 28 mineralized intervals (>1 g/t gold) confirmed by the assays included both vein and replacement styles of mineralization, starting immediately below glacial till overburden at a depth of 11.0m and continuing to a depth of 94.65m (Table 1). The best interval reported above (15.5m averaging 13.09 g/t Au*) appears to be contiguous with the high-grade gold reported previously in 22MJ006 and extends that mineralization approximately 15m to the west-southwest. The results from the upper portion of this drillhole (11.0 to 27.5m) have been reported from a 1,000-gram screen fire assay protocol.
Hole 22MJ022 was drilled on the same profile as hole 22MJ021, approximately 40 metres to the southwest, and nearly 65 metres west of 22MJ006. Its east-plunging configuration was designed to undercut the shallow high-grade zone. It was collared in thin glacial sediments overlying intensely altered intermediate tuffites and lesser mafic sequences, and it intersected eleven intervals containing >1.0 g/t Au, starting at 20.1m downhole. The best interval started at 24.6m depth and returned 5.4m averaging 21.66 g/t Au, including 3.0 m at 37.39 g/t Au.
More importantly, hole 22MJ022 also intersected deeper high-grade gold mineralization at 86m, such deeper veins have not been commonly encountered to date at the East Target. This interval returned 1.7m averaging 31.6 g/t Au, including 0.7m at 55.06 g/t Au. The deepest interval from this hole was at a depth of 90.7m and included 2.0m averaging 6.13 g/t Au.
Hole 22MJ023 was drilled approximately 35 metres northwest of hole 22MJ022. The hole was collared in thin glacial sediments overlying intensely altered tuffites and metasediments. The hole intersected 8 narrow intervals that assayed above 1 g/t Au, including a deeper interval of 4.0m averaging 4.22 g/t Au starting at 89m. The highest-grade interval started at 53m and returned 1m at 26.4 g/t Au.
Table 1: Significant Drill Intercepts in Drillholes 22MJ021 - 22MJ023
Cut-off Grade 0.5 g/t Au
Drill Hole | From (m) | To (m) | Interval (m) | Au Grade (g/t) | Grade Thickness (gram – metres) |
22MJ021 | 11.0 | 26.5 | 15.5 | 13.09* | 266 |
including | 14.4 | 18.0 | 3.6 | 16.45 | |
including | 20.0 | 26.5 | 6.5 | 19.18 | |
including | 23.0 | 26.5 | 3.5 | 24.35 | |
34.3 | 35.0 | 0.7 | 1.40 | ||
36.0 | 37.0 | 1.0 | 0.69 | ||
39.0 | 40.0 | 1.0 | 0.70 | ||
40.0 | 42.0 | 2.0 | 9.07 | ||
44.0 | 46.0 | 2.0 | 10.51 | ||
including | 45.0 | 46.0 | 1.0 | 19.43 | |
47.0 | 48.0 | 1.0 | 1.27 | ||
50.0 | 51.0 | 1.0 | 1.73 | ||
60.7 | 62.7 | 2.0 | 0.98 | ||
65.55 | 66.4 | 0.85 | 1.49 | ||
68.0 | 69.9 | 1.9 | 1.88 | ||
75.1 | 78.0 | 2.9 | 1.26 | ||
80.0 | 82.2 | 2.2 | 2.87 | ||
86.2 | 87.15 | 0.95 | 0.51 | ||
88.15 | 89.0 | 0.85 | 1.11 | ||
93.65 | 94.65 | 1.0 | 1.00 | ||
22MJ022 | 20.1 | 21.0 | 0.9 | 1.19 | 191 |
22.8 | 30.0 | 7.2 | 16.43 | ||
including | 24.6 | 30.0 | 5.4 | 21.66 | |
including | 26.2 | 29.2 | 3.0 | 37.9 | |
63.4 | 64.4 | 1.0 | 2.59 | ||
67.5 | 68.5 | 1.0 | 0.63 | ||
74.2 | 76.0 | 1.8 | 1.06 | ||
86.0 | 87.7 | 1.7 | 31.61 | ||
including | 86.8 | 87.7 | 0.9 | 55.07 | |
90.7 | 92.7 | 2.0 | 6.13 | ||
101.5 | 102.5 | 1.0 | 0.53 | ||
22MJ023 | 34.3 | 35.2 | 0.9 | 0.60 | 53 |
40.0 | 41.0 | 1.0 | 0.66 | ||
45.0 | 46.0 | 1.0 | 1.03 | ||
53.0 | 54.0 | 1.0 | 26.40 | ||
57.0 | 58.0 | 1.0 | 5.04 | ||
61.0 | 61.9 | 0.9 | 3.16 | ||
89.0 | 93.0 | 4.0 | 4.22 | ||
including | 90.0 | 92.0 | 2.0 | 6.36 | |
Notes: Drilling is believed to be perpendicular to the dip of the mineralization, however interval true widths are not yet known and will be confirmed with additional drilling and geologic modelling. In this table, the aggregate grade-thickness of the entire drill hole is provided. For each interval exceeding the 0.5 g/t Au cut-off, the interval thickness is multiplied by its gold grade, and the sum of all those intervals is reported as total Grade – Thickness in “gram – metres” of gold. * Intercept includes a total of 1.7m of core loss – one interval of 0.9 and another of 0.8m. Both intervals were near the top of the hole (above 14.4 metres downhole). These lost intervals were assigned a grade of 0.0 g/t Au for all calculations. |
The table below summarizes the location information for the fall 2022 drill campaign at Mustajärvi.
Table 2: Collar Details for Drilling at Mustajärvi Q4 2022 (coordinates presented in EPSG:3067).
Drill Hole | Easting | Northing | Azimuth (°) | Plunge (°) | Final Depth (m) | Status |
22MJ021 | 429080.6 | 7501029.7 | 60 | 40 | 103.4 | Reported Here |
22MJ022 | 429046.5 | 7501009.9 | 60 | 35 | 151.2 | Reported Here |
22MJ023 | 429028.2 | 7501039.4 | 60 | 40 | 124.9 | Reported Here |
22MJ024 | 429098.9 | 7500995.5 | 320 | 35 | 160.5 | Assays Pending |
22MJ025 | 429080.0 | 7501061.0 | 140 | 62 | 266.7 | Assays Pending |
22MJ026 | 428403.0 | 7500706.0 | 40 | 50 | 170.4 | Assays Pending |
Methodology & Quality Assurance
The core was transported from the rig to the Company´s core storage facility in Sodankylä, where FireFox’s exploration team conducted the geological and geotechnical logging and selected the assay intervals. Assay intervals were generally 1 metre but in some circumstances were modified according to lithological boundaries and other factors. FireFox geologists maintained chain of custody and sampling procedures according to best industry practice and with due attention to quality assurance and quality control, including sampling field duplicates and insertion of certified standard and blank samples.
FireFox team members transported the samples to an ALS sample prep lab in Sodankylä. The samples were sawed then crushed to -2 mm, split and pulverized into 1kg pulps, before being shipped to the ALS facility in Rosia Montana, Romania for gold by fire assay of 50 gm aliquots with AAS finish (method Au-AA24). Selected samples were assayed with a 1,000-gram Au-SCR24 method (screen fire assays). Other elements, altogether 48, were measured after four-acid digestion by ICP-AES and ICP-MS (method ME-MS61) at the ALS facility located in Loughrea, Ireland.
ALS Laboratories is a leading international provider of assay and analytical data to the mining industry. All ALS geochemical hub laboratories, including the Irish facility, are accredited to ISO/IEC 17025:2017 for specific analytical procedures. The Firefox QA/QC program consists of insertion of certificated standard material and blanks inserted by Firefox into the analytical batches did not show deviations from recommended values.
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, reviewed, and approved the technical information in this news release.
Dr. Sven Hönig, Certified European Geologist (EFG EurGeol Title # 1789) and General Manager - Exploration of the Company, is a qualified person as defined by National Instrument 43-101. Dr. Hönig has supervised the field work reported herein and has helped to 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. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a huge portfolio 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,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: +1-778-244-8439
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 intent to conduct additional drilling; the belief as to the location of the most prospective gold targets; the location of targets for future drill programs; and the current and future work program, including the extent and nature of exploration to be conducted in 2023. 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.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.
Drill Hole From (m) To (m) Interval (m) Au Grade (g/t) Grade Thickness
(gram – metres)
22MJ021 11.0 26.5 15.5 13.09* 266
including 14.4 18.0 3.6 16.45
including 20.0 26.5 6.5 19.18
including 23.0 26.5 3.5 24.35
34.3 35.0 0.7 1.40
36.0 37.0 1.0 0.69
39.0 40.0 1.0 0.70
40.0 42.0 2.0 9.07
44.0 46.0 2.0 10.51
including 45.0 46.0 1.0 19.43
47.0 48.0 1.0 1.27
50.0 51.0 1.0 1.73
60.7 62.7 2.0 0.98
65.55 66.4 0.85 1.49
68.0 69.9 1.9 1.88
75.1 78.0 2.9 1.26
80.0 82.2 2.2 2.87
86.2 87.15 0.95 0.51
88.15 89.0 0.85 1.11
93.65 94.65 1.0 1.00
22MJ022 20.1 21.0 0.9 1.19 191
22.8 30.0 7.2 16.43
including 24.6 30.0 5.4 21.66
including 26.2 29.2 3.0 37.9
63.4 64.4 1.0 2.59
67.5 68.5 1.0 0.63
74.2 76.0 1.8 1.06
86.0 87.7 1.7 31.61
including 86.8 87.7 0.9 55.07
90.7 92.7 2.0 6.13
101.5 102.5 1.0 0.53
22MJ023 34.3 35.2 0.9 0.60 53
40.0 41.0 1.0 0.66
45.0 46.0 1.0 1.03
53.0 54.0 1.0 26.40
57.0 58.0 1.0 5.04
61.0 61.9 0.9 3.16
89.0 93.0 4.0 4.22
including 90.0 92.0 2.0 6.36
Notes: Drilling is believed to be perpendicular to the dip of the mineralization, however interval true widths are not yet known and will be confirmed with additional drilling and geologic modelling. In this table, the aggregate grade-thickness of the entire drill hole is provided. For each interval exceeding the 0.5 g/t Au cut-off, the interval thickness is multiplied by its gold grade, and the sum of all those intervals is reported as total Grade – Thickness in “gram – metres” of gold.
* Intercept includes a total of 1.7m of core loss – one interval of 0.9 and another of 0.8m. Both intervals were near the top of the hole (above 14.4 metres downhole). These lost intervals were assigned a grade of 0.0 g/t Au for all calculations.
VANCOUVER, BC – (January 10, 2023) – FireFox Gold Corp. (TSX.V: FFOX)(OTCQB: FFOXF) (“FireFox” or the “Company”) is pleased to announce the appointment of Dr. Andor Lips to its board of directors. Dr. Lips is an experienced geologist who resides in the Netherlands. Dr Lips holds advisory and board positions across the globe. HCF International Advisories, Western Tethyan Resources, 79th Group, Spectral Industries, and Verde Magnesium are a few of the groups that are benefiting from his expertise in strategic, technical, financial and governance matters.
Prior to his current consulting and advisory activities, he worked for Eldorado Gold as VP European Strategy & Corporate Sustainability. He also held prior positions with the Commodity Discovery Fund (Fund Manager), ING Bank N.V. (Senior Banker), Lydian International Ltd (Technical Director), and BRGM (Senior Geologist and Program Manager) whilst also providing external expert advice to the European Commission over the past decade. Dr. Lips earned his PhD and Master’s degrees in Structural Geology and Geodynamics at Utrecht University in the Netherlands.
FireFox also announces the resignation of Mr. Timo Mäki as a director of the Company. The Company would like to express its heartfelt appreciation to Mr. Mäki for his contribution to the board of directors. FireFox wishes Mr. Mäki every success in his future endeavors.
Dr. Lips commented about joining the FireFox team, “It is a great pleasure to join FireFox in these exciting times. The large landholding that FireFox has secured across the Central Lapland Greenstone Belt is phenomenal. This area has always been on my radar since my initial compilations at BRGM of the mineral potential across Europe. Combined with our deep Finland expertise and locally based management team, the company holds all the key ingredients for future success.”
FireFox chairman, Patrick Highsmith, added, “We believe it is of great value to bring independent technical directors to the board of FireFox. Andor is a geologist who comes to the team with a substantial track record of success across industry, finance, and government. His experience in banking and investment funds further enhances the value of his perspective. We look forward to a tremendous 2023.”
Issuance of Share Purchase Options
In association with this appointment and in keeping with its intended annual calendar, FireFox also reports that its board of directors has approved the grant of 3,900,000 incentive stock options to certain directors, officers, staff and consultants in recognition of their respective contributions to the development of the Company. This grant of options is subject to the terms and conditions of the Company’s incentive stock option plan, which has been approved by shareholders, and approval by the TSX Venture Exchange and regulatory authorities. The options are valid for five years from the date of issuance and exercisable at a price of $0.12 per share, a 9% premium to the closing price of the stock on Friday, January 6, 2023.
About FireFox Gold Corp.
FireFox Gold Corp is listed on the TSX Venture Stock Exchange under the ticker symbol FFOX. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a huge portfolio 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 Fireox 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,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: 778-938-1994
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, changes in government and regulations affecting the mining industry.
Forward-looking statements in this release may include statements regarding: the Company’s prospects for exploration success and its current and future work program, including the extent and nature of exploration to be conducted in 2023. 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.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES
VANCOUVER, BC – (December 14, 2022) – FireFox Gold Corp. (TSX.V: FFOX)(OTCQB: FFOXF) (“FireFox” or the “Company”) announces, effective December 19th, subject to regulatory acceptance, it will have successfully completed the non-brokered private placement (the “Private Placement”) announced on November 21, 2022 ($0.5M) with an oversubscription resulting in gross proceeds of $1,068,480.
The first tranche that closed on December 9th raised total gross proceeds of $773,480 by issuing 9,668,500 units at a purchase price of $0.08 per unit. The second tranche will raise total gross proceeds of $295,000 by issuing 3,687,500 units at a purchase price of $0.08 per unit when it closes on December 19th. Each unit consists of one common share of the Company and one common share purchase warrant, with each whole warrant being exercisable to acquire one additional common share of the Company at an exercise price of C$0.12 per share for a term of two years from the date of issuance. The shares issued pursuant to the Private Placement will be subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation.
The Company intends to use the proceeds of the Private Placement for general corporate purposes, working capital and exploration activities on FireFox’s gold exploration properties in Finland.
Certain directors, officers and other insiders of the Company purchased or acquired direction and control over a total of 270,000 units under the private placement. The placement to those persons constitutes a “related party transaction” within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”) adopted in the Policy. The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61 101 in respect of related party participation in the placement as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved the related parties, exceeded 25% of the Company’s market capitalization (as determined under MI 61-101).
In association with the first tranche of this financing, subject to TSX-V acceptance, the Company will pay to qualified finders $14,801 in cash finder’s fees and will issue 185,010 finder’s warrants. The second tranche of this financing, subject to TSX-V acceptance, will result in payment of advisory fees of $6,660 and 83,250 warrants and finder’s fees of $11,040 along with 138,000 finder’s warrants. Each whole warrant issued to advisors and finders will be exercisable to acquire one common share of the Company at an exercise price of $0.12 for a term of 2 years from the date of issuance.
About FireFox Gold Corp.
FireFox Gold Corp is listed on the TSX Venture Stock Exchange under the ticker symbol FFOX. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a huge portfolio 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,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: 778-938-1994
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 size and closing date of the Private Placement. 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.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES
VANCOUVER, BC – (November 21, 2022) – FireFox Gold Corp. (TSX.V: FFOX; OTCQB: FFOXF)(“FireFox” or the “Company”) announces that, subject to regulatory approval, it intends to raise up to $500,000 by way of a non-brokered private placement (the “Private Placement”). The Private Placement will consist of up to 6,250,000 units of the Company (“Units”) at a price of $0.08 per Unit. Each Unit will consist of one common share of the Company ("Common Share") and one common share purchase warrant ("Warrant"), with each whole Warrant being exercisable to acquire one common share of the Company (a “Warrant Share”) at an exercise price of $0.12 per Warrant Share for a term of two years following the closing of the Offering..
It is anticipated that the proceeds of the Private Placement will be used for general working capital and exploration activities at Mustajärvi and other Company projects in Finland. Prior to this financing, FireFox has 124.7 million shares outstanding, 14.8 million warrants outstanding, and 6.6 million stock options issued.
The Shares issued pursuant to the Private Placement will be subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation. The Company anticipates that the Private Placement will close on or about November 30, 2022. The Company expects to pay finder’s fees in association with this financing.
About FireFox Gold Corp.
FireFox Gold Corp is listed on the TSX Venture Stock Exchange under the ticker symbol FFOX. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a huge portfolio 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,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: 778-938-1994
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 size and closing date of the Private Placement. 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.
SODANKYLÄ, FINLAND – (November 18, 2022) – FireFox Gold Corp. (TSX.V: FFOX)(OTCQB: FFOXF)(“FireFox” or the “Company”) is pleased to announce that it has completed a small drilling program aimed primarily at offsetting the newly discovered high-grade zone in the East Target at its Mustajärvi Project in Finland. The Company drilled 6 shallow diamond core holes at Mustajärvi totaling 977 metres.
FireFox announced on July 13, 2022, that its May drill program at Mustajärvi had returned the best drillhole yet on the project (22MJ006: 13.85m at 14.39 g/t gold), and that the mineralization encountered in this new zone occurs very near surface (less than 20.0m vertical). Subsequent screen fire assays identified significant coarse gold in one of the samples. The results from the more rigorous screen fire assays returned a calculated total gold for one of the samples of approximately 227.4 g/t gold. All other high-grade (>10.0 g/t) samples within the interval were confirmed by multiple 50-gram fire assays with gravimetric finish and by the 1,000-gram screen fire assays. The resulting new weighted average for the interval in drill hole 22MJ006 was 13.85m at 28.74 g/t gold (See Company news release dated September 6, 2022).
After observing apparent cross structures in the drill core from the East Target, the FireFox team designed a drill program with 5 holes to test the alternative direction and also explore for expansions of the new shallow high-grade zone. Drillholes 22MJ021, -22, and -23 were directed to the northeast instead of to the north-northwest, which has been the prevailing drill direction at Mustajärvi. Two additional holes (22MJ024 and -025) were drilled parallel to 22MJ006 to test for continuations of the high-grade zone to depth and to the southwest. The sixth hole was also aimed at testing for the cross structures, but at the Northeast Target, a few hundred metres away. All the holes in this program were of modest depth, five of the six ranged between 100 and 160m depth, and one hole was drilled to 267m.
FireFox’s CEO, Carl Löfberg, commented about the recently completed drill program, “It is uncommon in gold exploration today to encounter such thick intervals of high-grade at less than 20 metres below surface, so we moved quickly to follow-up on our last drill results with these several shallow drill holes. It was also a great opportunity to test our observations that suggest some new controls on the mineralization in the East Target. Success in these recent drillholes would result in a considerable expansion of the newest high-grade zone. We look forward to reporting the results from this drill program in a few weeks.”
Geologic Details of the East Target
Drillhole 22MJ006 was the sixth drillhole along approximately 1.5km of strike of the Mustajärvi Shear Zone that penetrated more than 90 gram-metres of gold, expressed as grade – thickness (thickness of significant interval in metres multiplied by the weighted average gold content in grams per tonne). Most of these intervals have been reported from drill holes directed to the north-northwest, perpendicular to the Mustajärvi Shear Zone, because that has been shown to be an important controlling direction for the gold mineralization. In several instances, FireFox geologists have noted crossing structures that also appear to host significant alteration, veining, and gold. The most recent intercepts from the East Target indicate that the cross structures may be very important in this area and could expand the thickness of the mineralization.
The host rocks at the East Target also seem to include more sedimentary rocks (laminated siliciclastic rocks) and mafic volcanics or intrusions than have characterized either the Central Zone or the Northeast Target. These important observations about changes to the mineral system as it trends to the northeast were strong drivers for the latest follow-up drilling.
Figure 1 - Mustajärvi Location Map with Oct 2022 Drilling
Qualified Person
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, reviewed, and approved 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. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a huge portfolio 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,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: 778-938-1994
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 drill program, including the extent and nature of exploration to be conducted in 2022 and 2023 and the anticipated results of the drill program. 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.
VANCOUVER, BC – (November 16, 2022) – FireFox Gold Corp. (“FireFox” or the “Company”) announces, effective November 15, 2022 that, subject to regulatory acceptance, it has completed the second and final tranche of the non-brokered private placement (the “Private Placement”) announced on September 21, 2022.
FireFox has raised gross proceeds of $506,000 by issuing 5,060,000 units of the Company at a purchase price of $0.10 per unit. Each unit consists of one common share of the Company and one-half common share purchase warrant, with each whole warrant being exercisable to acquire one additional common share of the Company at an exercise price of $0.18 per share for a term of two years from the date of issuance. The Shares issued pursuant to the Private Placement will be subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation.
The Company intends to use the proceeds of the Private Placement for general corporate purposes, working capital and exploration activities on FireFox’s gold exploration properties in Finland.
FireFox paid to qualified finders $1,800 in cash finders fees and issued 18,000 finders warrants exercisable at $0.18 for 2 years from the date of issuance in association with the first tranche of the Private Placement.
About FireFox Gold Corp.
FireFox Gold Corp is listed on the TSX Venture Stock Exchange under the ticker symbol FFOX. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a huge portfolio 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,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: +1-778-938-1994
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 expected total financing amounts, terms, and timeframe; and the current and future work program, including the extent and nature of exploration to be conducted in 2020. 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.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.
VANCOUVER, BC – (October 7th, 2022) – FireFox Gold Corp. (TSX.V: FFOX)(OTCQB: FFOXF) (“FireFox” or the “Company”)announces, effective October 6, 2022 that, subject to regulatory acceptance, it has completed the first tranche of the non-brokered private placement (the “Private Placement”) announced on September 21, 2022. The Company expects additional subscribers to join the financing, so it has elected to keep the Private Placement open for a second tranche. FireFox expects to complete the second tranche on or about October 21, 2022.
In this first tranche, the Company has raised total gross proceeds of $486,000 by issuing 4,860,000 units of the Company at a purchase price of $0.10 per unit. Each unit consists of one common share of the Company and one-half common share purchase warrant, with each whole warrant being exercisable to acquire one additional common share of the Company at an exercise price of $0.18 per share for a term of two years from the date of issuance. The Shares issued pursuant to the Private Placement will be subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation.
The Company intends to use the proceeds of the Private Placement general working capital, drilling on the Mustajärvi project, and exploration activities on other gold exploration properties in Finland.
Certain directors, officers and other insiders of the Company purchased or acquired direction and control over a total of 250,000 units under the private placement. The placement to those persons constitutes a “related party transaction” within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”) adopted in the Policy. The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61 101 in respect of related party participation in the placement as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved the related parties, exceeded 25% of the Company’s market capitalization (as determined under MI 61-101).
FireFox will pay to qualified finders $1,800 in cash finder’s fees and will issue 18,000 finders warrants exercisable at $0.18 for 2 years from the date of issuance in association with the first tranche of the Private Placement.
About FireFox Gold Corp.
FireFox Gold Corp is listed on the TSX Venture Stock Exchange under the ticker symbol FFOX. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a huge portfolio 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,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: +1-778-938-1994
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 expected total financing amounts, terms, and timeframe; and the current and future work program, including the extent and nature of exploration to be conducted in 2020. 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.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.
VANCOUVER, BC – (Sept 21, 2022) – FireFox Gold Corp. (TSX.V: FFOX)(OTCQB: FFOXF)(“FireFox” or the “Company”) announces that it intends to raise up to $1,000,000 by way of a non-brokered private placement (the “Private Placement”). The Private Placement will consist of up to 10,000,000 units of the Company (“Units”) at a price of $0.10 per Unit. Each Unit will consist of one common share of the Company ("Common Share") and one-half common share purchase warrant ("Warrant"), with each whole Warrant being exercisable to acquire one common share of the Company (a “Warrant Share”) at an exercise price of $0.18 per Warrant Share for a term of two years following the closing of the Offering.
It is anticipated that the proceeds of the Private Placement will be used for general working capital, drilling on FireFox’s Mustajärvi project, and other exploration activities on the Company’s other gold exploration properties in Finland. Prior to this financing, FireFox has 119.5 million shares outstanding, 18.2 million warrants outstanding, and 7.6 million stock options issued.
The Shares issued pursuant to the Private Placement will be subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation. The Company anticipates that the Private Placement will close on or about September 30, 2022. The Company expects to pay finder’s fees in association with this financing.
About FireFox Gold Corp.
FireFox Gold Corp is listed on the TSX Venture Stock Exchange under the ticker symbol FFOX. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a huge portfolio 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,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: +1-778-938-1994
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.
Sample ID
From (m)
To (m)
Au FA/AA
(g/t)
Au FA/Grav (”Overlimits”)
(g/t)
Au Screen FA**
(g/t)
#1
#2
#3
D110166
24.15
25.05
>10.0
16.85
17.35
17.15
17.40
D110167
25.05
26.00
>10.0
16.75
17.00
16.35
15.85
D110168*
25.05
26.00
>10.0
18.70
18.20
18.20
439
D110171
26.00
27.00
>10.0
18.85
19.05
19.20
18.40
D110172
27.00
28.00
>10.0
15.85
15.85
15.65
16.00
D110173
28.00
28.80
>10.0
18.65
18.00
18.70
17.90
D110174
28.80
29.80
>10.0
59.10
59.80
60.20
63.0
D110175
29.80
30.30
1.205
D110176
30.30
31.30
2.90
D110177
31.30
32.30
6.27
D110178
32.30
33.20
6.41
D110179
33.20
34.20
>10.0
14.20
14.65
14.30
11.05
D110180
34.20
35.00
5.86
D110181
35.00
36.00
9.43
D110182
36.00
37.00
8.55
D110183
37.00
38.00
5.34
* - Sample is a field duplicate of D110167, each sample is half drill core representing 25.05 – 26.00 metres
** - Full screen fire assay procedure details are provided below, this value is total gold calculated from assays of the coarse and fine fractions.
SODANKYLÄ, FINLAND – (September 6, 2022) – FireFox Gold Corp. (TSX.V: FFOX)(OTCQB: FFOXF)(“FireFox” or the “Company”) reports additional analyses from the recent drill program at the Company’s 100%-held Mustajärvi Gold Project in Lapland, Finland. FireFox previously reported its best drill intercept yet from Mustajärvi, a 13.85-metre interval of drill hole 22MJ006 that averaged 14.39 g/t gold beginning only 24.2m down hole (see Company news release dated July 13, 2022). A subsequent program of screen fire assays of the highly mineralized interval confirmed that the mineralization is remarkably consistent, but the tests also identified coarse gold in one of the samples (Table 1).
HIGHLIGHTS FROM SCREEN FIRE ASSAYS OF 13.85 METRE HIGH-GRADE INTERVAL IN 22MJ006
- One sample from 25.05 to 26.00 metres depth returned a total gold grade of 439 g/t
- This sample contained 423 milligrams of coarse gold
- This bonanza grade sample was part of a field duplicate pair:
- The duplicate twin contained total gold of 15.85 g/t
- If all the screen fire results were incorporated into the broader high-grade interval, it would average 28.74 g/t over 13.85 metres
- Most of the interval exhibited excellent consistency between original fire assay and screen fire assays
- FireFox is working with its consultants and service providers to better understand and characterize the coarse gold at Mustajärvi
“The high-grade gold at Mustajärvi comes with its own special challenges, but the team has done an excellent job implementing a rigorous quality assurance protocol. These screen fire assay results remind us that this system contains significant coarse gold, and any noteworthy drill intercept may contain more gold than we first estimate,” commented Carl Löfberg, CEO of FireFox Gold. “The gold system in the East Target comes right to surface and we see evidence for more than one direction of structural control. We look forward to bringing the drill back to follow-up, as these shallow intercepts are open in several directions.”
The Company’s consulting geochemist and quality control expert, Mary Doherty1, remarked in her evaluation of the new drilling data from Mustajärvi, “The Firefox sampling, preparation and analytical procedures are very thorough and carefully thought out. The one interval with extremely high gold suggests the presence of coarse gold which is not unexpected and is well characterized. Precision for the other gold assays in the drill hole examined is very good at 7% precision and < 4% bias between sample groups.”
FireFox maintains an ongoing quality assurance program that includes screen fire gold assays on the high-grade intervals encountered at Mustajärvi. In this case, the team selected 8 samples from the 13.85-metre interval for screen fire gold assay. These samples all contained more than 10 g/t gold, as reported from an initial 50-gram fire assay and confirmed by triplicate 50-gram gravimetric “overlimit” fire assays.
As an additional component of its quality assurance program, FireFox designates approximately 3% of drilling samples as field duplicates. One of the field duplicates fell within this highly mineralized interval. In this instance, the other half of the sawed core is submitted blindly to the lab as a check of the total variability of gold, including that caused by the geological sample medium plus sample preparation and analysis. This resulted in the entire drill core being processed for the 0.95-metre interval in question. Hence, the discovery that this interval contained a coarse gold fragment (a “nugget”).
Native gold tends to be malleable, which means it may not be ground or reduced in size when subjected to pulverizing in a standard lab preparation procedure. The screen fire assay procedure (see details below) evaluates this component of unpulverized material for gold by passing the entire 1,000-gram sample through a 106-micron (Tyler 150 mesh) screen. Gold and other material that has not been sufficiently pulverized will be retained on the screen, then this entire “plus fraction” is fire assayed, reporting the contained gold in milligrams.
During the screen fire process, the assayers determined that there were 423 milligrams of coarse gold in the sample, a significant part of the 23.2 grams of material collected in the plus fraction. Interestingly, the fine fraction of material, which did pass through the screen, assayed consistently around 16 g/t gold. The weighted average of the gold in the fine fraction plus the gold in the coarse fraction results in a calculated total gold value of the sample of 439 g/t.
Table 1: Complete Listing of Gold Assays in High-Grade Interval from Drill Hole 22MJ006
Sample ID | From (m) | To (m) | Au FA/AA (g/t) |
Au FA/Grav ("Overlimits:) (g/t) |
Au Screen FA** (g/t) |
||
#1 | #2 | #3 | |||||
D110166 | 24.15 | 25.05 | >10.0 | 16.85 | 17.35 | 17.15 | 17.40 |
D110167 | 25.05 | 26.00 | >10.0 | 16.75 | 17.0 | 16.35 | 15.85 |
D110168* | 25.05 | 26.00 | >10.0 | 18.70 | 18.20 | 18.20 | 439 |
D110171 | 26.00 | 37.00 | >10.0 | 18.85 | 19.05 | 19.20 | 18.40 |
D110172 | 27.00 | 28.00 | >10.0 | 15.85 | 15.85 | 15.65 | 16.00 |
D110173 | 28.00 | 28.80 | >10.0 | 18.65 | 18.00 | 18.70 | 17.90 |
D110174 | 28.80 | 29.80 | >10.0 | 59.10 | 59.80 | 60.20 | 63.0 |
D110175 | 29.80 | 30.30 | 1.205 | ||||
D110176 | 30.30 | 31.30 | 2.90 | ||||
D110177 | 31.30 | 32.30 | 6.27 | ||||
D110178 | 32.30 | 33.20 | 6.41 | ||||
D110179 | 33.20 | 34.20 | >10.0 | 14.20 | 14.65 | 14.30 | 11.05 |
D110180 | 34.20 | 35.00 | 5.86 | ||||
D110181 | 35.00 | 36.00 | 9.43 | ||||
D110182 | 36.00 | 37.00 | 8.55 | ||||
D110183 | 37.00 | 38.00 | 5.34 | ||||
* - Sample is a field duplicate of D110167, each sample is half drill core representing 25.05 – 26.00 metres ** - Full screen fire assay procedure details are provided below, this value is total gold calculated from assays of the coarse and fine fractions. |
Significance of Coarse Gold at Mustajärvi
Coarse gold is something for which explorers must plan when drilling an orogenic gold system. However, visual logging will never identify all coarse gold in drill core or rock samples. Despite abundant high-grade gold assays, FireFox geologists believe they have recognized visible (coarse) gold in only three drill holes so far on the Mustajärvi Project, most notably in the first hole of the 2021 drill program (see Company news releases dated April 15, 2021 & June 17, 2021). Two of the three drill holes with likely visible gold were in the Northeast Target, and one hole in the East Target may have contained very small grains of visible gold (22MJ018). There was no such report in the log from 22MJ006. As noted, FireFox has rigorous procedures in place to help assure quality samples and the application of appropriate sample preparation and analytical procedures. The consistency and precision of the gold assays in this interval within 22MJ006 confirm that most of the gold in the East Target is fine-grained or in a mineral phase that is relatively homogeneous in the host rock.
Coarse gold occurs in isolated particles, blebs, wires, or inclusions that cannot be quantitatively estimated. The random element of coarse gold dictates that more is present in a mineral system than will ever be identified during drilling. Therefore, once it has been identified on a project, it is incumbent on the technical team to study and characterize the occurrences. This information may be used in the future to build a statistical model to support resource calculations. Based on that kind of work, a qualified person may elect to cap extremely high-grade assays in a resource model. The knowledge that coarse gold exists in a deposit implies that any significant gold intercept is subject to some uncertainty as to the actual contained gold grade.
FireFox’s quality control consultant has recommended that the Company maintain its current sampling procedures, laboratory method selection, and quality assurance protocol. As an extra measure of caution, she also recommended that the Company implement additional cleaning sand during sample preparation between samples within zones identified as likely to be high-grade. The wash sand can be assayed for gold to assess possible carryover between samples.
The Company also plans to work with its consultant and certain expert service providers to initiate another study to rigorously characterize the coarse gold in the high-grade zones at Mustajärvi. The exact nature of the follow-up study will remain confidential as it may constitute a competitive advantage for the Company in its ongoing work. Findings from the study will be evaluated and released, likely in 2023.
Geology and Geochemistry of the High-Grade Drill Intercept
Most of the gold mineralization at Mustajärvi occurs in volcaniclastic or tuffaceous rocks (Sodankylä Group) that occupy the northern footwall of a sheared contact with mafic volcanic and ultramafic rocks of the Savukoski Group to the south. A corridor along the northeast-striking shear zone has been shown by FireFox drilling to be albite-altered with variable silica and sericite for more than 2.0 kilometres. Gold occurs in at least three significant pods or clusters associated with quartz-carbonate-tourmaline-pyrite (QCTP) veins of variable width or with more intense alteration and disseminated pyrite (including semi-massive to massive pyrite). The three zones of drill-indicated gold (so far) are called the Central Zone, the Northeast Target, and the East Target. The most recent drill results have come from the East Target (Figure 1).
Figure 1 – Mustajärvi East Target Drilling On Magnetics Base Map
In this part of the East Target, FireFox geologists have logged the host unit as tuffites of intermediate composition. The sequence in drill hole 22MJ006 is pervasively altered by albite with variable but intense silica and sericite. There is increased pyrite from approximately 24.5 metres through approximately 36 metres downhole (Figures 2 and 3). The strongest gold values in the mineralized interval are associated with bands or clots of semi-massive to massive pyrite, which is sometimes oxidized in the shallow portions of these holes. The zone is also cut by modest QCTP veins with molybdenite. Structures are frequently in evidence, based on intense fracturing, open space, and intense oxidation.
Gold mineralization has been drilled at Mustajärvi along more than 2.0 kilometres of the Mustajärvi Shear Zone (MSZ). The mineralization has been consistent in its primary geochemical association: bismuth, tellurium, molybdenum, cobalt, nickel, and selenium. There is also low-level silver, copper, lead, zinc, arsenic, antimony, and rhenium. The altered shear zone is typically depleted in arsenic, copper, and zinc with only local minor enrichment in these elements with high gold. The 13.85 metre high-grade gold interval in 22MJ006 contains some of the highest molybdenum (757 ppm) and tellurium (274 ppm) geochemistry yet drilled at Mustajärvi.
One element of the geochemistry may be related to the consistency generally seen in the gold-mineralized intervals from Mustajärvi. Gold is closely associated with tellurium in all the drilling to date on the project. FireFox has seen gold within complex telluride minerals under microscope examination, both as free mineral grains and within pyrite. Gold has also been observed within the mineral molybdenite. Telluride minerals are known to behave in a much more brittle fashion than native gold and electrum, meaning that gold telluride minerals are more likely to be effectively reduced in size during pulverization. This behaviour could account for high-grade gold samples with good repeatability. The rare coarse native gold and electrum would account for the coarse particles captured by the screen fire assay procedure.
Figure 2 – Photo of drill core (sawed) from hole 22MJ006 – 24m to 30m down hole. (Click HERE for full sized image)
Figure 3 – Photo of drill core (whole) from hole 22MJ006 – 27m – 34m down hole. (Click HERE for full sized image)
Methodology & Quality Assurance
The core was transported from the rig to the Company´s core storage facility in Sodankylä, where FireFox’s exploration team conducted the geological and geotechnical logging and selected the assay intervals. Assay intervals were generally 1 metre but in some circumstances were modified according to lithological boundaries and other factors. FireFox geologists maintained chain of custody and sampling procedures according to best industry practice and with due attention to quality assurance and quality control, including sampling field duplicates and insertion of certified standard and blank samples.
FireFox team members transported the samples to an ALS sample prep lab in Sodankylä. The samples were sawed then crushed to -2 mm, split and pulverized into 1kg pulps, before being shipped to the ALS facility in Rosia Montana, Romania for gold by fire assay of 50 gm aliquots with AAS finish (method Au-AA24). Samples assaying above 10 g/t gold are automatically re-assayed by a 50 gm fire assay with gravimetric finish (method Au-GRA22). At FireFox’s request, these overlimit assays were completed in triplicate in order to evaluate the homogeneity of the gold in the prepared samples. Other elements, altogether 48, were measured after four-acid digestion by ICP-AES and ICP-MS (method ME-MS61) at the ALS facility located in Loughrea, Ireland.
In this case, FireFox geologists requested that the samples exceeding 10 g/t gold be re-analysed by a 1,000-gm screen fire assay (Au-SCR24) on a new pulp collected from coarse reject. The following is the laboratory procedure as provided publicly by ALS Geochemistry:
The sample pulp is passed through a 106 µm (Tyler 150 mesh) stainless steel screen. Any material remaining on the screen (+) 106 µm is retained and analyzed in its entirety by fire assay with gravimetric finish and reported as the Au (+) fraction. The material passing through the screen [(-) 106 µm fraction] is homogenized and two sub-samples (50g) are analyzed by fire assay with AAS finish (Au AA26 and Au AA26D). The average of the two AAS results is taken and reported as the Au (-) fraction result. All three values are used in calculating the combined gold content of the plus and minus fractions.
The gold values for both the (+) 106 and (-) 106-micron fractions are reported together with the weight of each fraction as well as the calculated total gold content of the sample.
Calculations:
Au-avg(ppm) = (Au-(1) + Au-(2)) / 2
AuTotal(ppm) = ((Au-avg(ppm) * Wt.Minus(g)) + (Au+(ppm) * Wt.Plus(g))) / (Wt.Minus(g) + Wt.Plus(g))
It should be noted that FireFox audited the local ALS sample preparation lab during 2021 and found it to be operating to a high standard. Additional follow-up interactions with the lab after receipt of these results also identified no problems with lab procedures. The consistency of the gold between the original assays and the screen fire assays, in most cases, is a good indication that the sample preparation is likely not introducing contamination. This is because screen fire assays are prepared from the original crushed reject material, which means that rock was not passed through the grinding mills in the first place. The pulverization process is almost always the source of carryover contamination.
ALS Laboratories is a leading international provider of assay and analytical data to the mining industry. All ALS geochemical hub laboratories, including the Irish facility, are accredited to ISO/IEC 17025:2017 for specific analytical procedures. The Firefox QA/QC program consists of insertion of certificated standard material and blanks into the analytical batches, none of which showed significant deviations from recommended values in the reported data.
1– Mary Doherty is an exploration geochemist and certified professional geologist with more than 35 years’ experience in mining and mineral exploration. She has recently held positions as Exploration Technologies Group Executive and Chief Geochemist for Newmont Goldcorp Mining Corp. and North American Business Development Manager for ALS Minerals. Ms. Doherty is currently an adjunct professor of exploration geochemistry at the Colorado School of Mines and principal of International Geochemical Consultants LLC. She is engaged by FireFox as a consultant but is otherwise independent of the Company.
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, reviewed, and approved the technical information in this news release.
Dr. Sven Hönig, Certified European Geologist (EFG EurGeol Title # 1789) and General Manager of Exploration for the Company, is a qualified person as defined by National Instrument 43-101. Dr. Hönig has supervised the field work reported herein and has helped to prepare and approved 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. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a huge portfolio 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,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: +1-778-244-8439
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 intent to conduct additional drilling; the belief as to the location of the most prospective gold targets; the location of targets for future drill programs; and the current and future work program, including the extent and nature of exploration to be conducted in 2022. 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.
Sample ID
From (m)
To (m)
Au FA/AA
(g/t)
Au FA/Grav (”Overlimits”)
(g/t)
Au Screen FA**
(g/t)
#1
#2
#3
D110166
24.15
25.05
>10.0
16.85
17.35
17.15
17.40
D110167
25.05
26.00
>10.0
16.75
17.00
16.35
15.85
D110168*
25.05
26.00
>10.0
18.70
18.20
18.20
439
D110171
26.00
27.00
>10.0
18.85
19.05
19.20
18.40
D110172
27.00
28.00
>10.0
15.85
15.85
15.65
16.00
D110173
28.00
28.80
>10.0
18.65
18.00
18.70
17.90
D110174
28.80
29.80
>10.0
59.10
59.80
60.20
63.0
D110175
29.80
30.30
1.205
D110176
30.30
31.30
2.90
D110177
31.30
32.30
6.27
D110178
32.30
33.20
6.41
D110179
33.20
34.20
>10.0
14.20
14.65
14.30
11.05
D110180
34.20
35.00
5.86
D110181
35.00
36.00
9.43
D110182
36.00
37.00
8.55
D110183
37.00
38.00
5.34
* - Sample is a field duplicate of D110167, each sample is half drill core representing 25.05 – 26.00 metres
** - Full screen fire assay procedure details are provided below, this value is total gold calculated from assays of the coarse and fine fractions.
SODANKYLÄ, FINLAND – (August 25, 2022) – FireFox Gold Corp. (TSX.V: FFOX)(OTCQB: FFOXF)(“FireFox” or the “Company”) is pleased to report the final results from its 2021 - 2022 drilling program at the Company’s 100%-held Mustajärvi Gold Project in Lapland, Finland. The last two core holes (22MJ017 and 22MJ018) tested the East Target (see Figure 1), which hosts the best drill hole to date from the project: 13.85 metres averaging 14.39 g/t gold in 22MJ006 (see Company news release dated July 13, 2022). Both of these drill holes encountered significant gold mineralization, sometimes coming to surface beneath thin glacial sediments.
Hole 22MJ018 returned multiple significant gold intervals starting near-surface and continuing to depths of approximately 80 metres, an extension of nearly 50 metres down-plunge from previous drilling at this location. The intercepts are summarized below, but in aggregate, the grade-thickness of gold mineralization in this hole is more than 110 gram-metres. FireFox has now drilled six holes into three different target areas at Mustajärvi with > 90 gram-metres of gold mineralization. These intercepts occur along more than 1.5km strike of the shear zone.
The strongest intercepts from both new holes are highlighted below, and additional details are provided in Table 1:
- 22MJ017: 1.0m at 9.42g/t Au from 70.7m depth;
- 22MJ018: 11.6m at 5.06 g/t Au from 10.3m depth, including
- 4.2m at 10.60 g/t Au from 17.7m depth;
- 22MJ018: 4.6m at 7.91 g/t Au from 77.2m depth, including
- 1.7m at 11.19 g/t Au from 77.20m depth.
“These results cap off a very successful program at Mustajärvi that has seen us drill many new gold intervals including three new +100 gram-metre holes,” commented Carl Löfberg, President of FireFox Gold. “While our structural model holds up well in the East Target, the team has also noted some potentially important changes in host rock and alteration. The strike length of the system is impressive and each round of drilling yields high-grade gold intercepts. We are hard at work on the evolving interpretation of the results and planning for more drilling in the last quarter of the year."
Mustajärvi Project and Drill Program Details
The Mustajärvi Project lies along the highway between the cities of Kittilä and Sodankylä, approximately 17 kilometres east of Kittilä. The property straddles the Mustajärvi Shear Zone (MSZ), a major right-lateral shear zone that has associated second and third-order structures which further dissect the project into separate structural zones. The Sodankylä Group rocks, which are primarily to the north of the shear zone in the footwall, include metamorphosed sedimentary and volcaniclastic rocks. Geophysics and drilling have identified an extensive corridor of albite – sericite alteration in the footwall along more than two kilometres of the structure. The project remains at an early stage as FireFox and predecessor companies have drilled approximately 11,644 metres to date.
FireFox’s structural model identified repetitive dilatant zones along the MSZ where vein swarms and higher-grade gold are concentrated. Three main areas of gold with significant mineralization have been identified along a 2.1-kilometre segment of the MSZ, namely the Central Zone, the Northeast Target, and the Eastern Target. The recently completed drill program at Mustajärvi included 23 diamond drill holes for a total of 4,624 metres between October and May, which included drilling at the Northeast Target and the recently reported drill tests at the Central Zone and Gabbro Target, but much of the focus was on the newly discovered East Target.
The final two drill holes of the campaign were collared in the East Target (see Figure 1) and returned significant gold intervals as shown in Table 1 and described below.
Table 1: Summary of Significant Drill Intercepts Cut-off Grade 0.5 g/t Au
Drill Hole
|
From (m)
|
To (m)
|
Interval* (m)
|
Gold (g/t)
|
Grade - Thickness (gram - metres)
|
22MJ018
|
10.3
|
21.9
|
11.6
|
5.06**
|
58.7
|
including
|
17.7
|
21.9
|
4.2
|
10.6
|
|
including
|
1.3
|
21.3**
|
|
||
and including
|
19
|
20
|
1.0
|
7.39
|
|
and including
|
20.9
|
21.9
|
1.0
|
8.42
|
|
|
30.7
|
34
|
3.3
|
2.97
|
9.8
|
including
|
31.5
|
32.3
|
0.8
|
4.91
|
|
and including
|
33.2
|
34
|
0.8
|
8.57
|
|
|
46.6
|
47.6
|
1.0
|
6.10
|
6.1
|
|
62.7
|
63.7
|
1.0
|
0.89
|
0.90
|
|
77.2
|
81.8
|
4.6
|
7.91
|
36.3
|
including
|
77.2
|
78.9
|
1.7
|
11.19**
|
|
22MJ017
|
70.7
|
71.7
|
1.0
|
9.42**
|
9.42
|
* Drilling is believed to be perpendicular to the dip of the mineralization, however true widths are not yet known and will be confirmed with additional drilling and geological modelling.
** Selected intervals were subjected to a 1,000gm screen fire assay designed to capture coarse gold
|
The East Target mineralization exhibits extensive albite – sericite alteration, as is typical along the MSZ, but iron oxide and iron carbonate veining is more common in this eastern part of Mustajärvi. Similar to previously reported holes from the East Target, the gold mineralization is associated with fractures and impregnation of partially oxidized pyrite along fractures, forming blebs, nests, disseminated and semi-massive mineralization within the host rock. The deeper mineralized intervals include the more typical quartz-carbonate-tourmaline-pyrite (QCTP) vein style of mineralization commonly seen at Mustajärvi.
Drill hole 22MJ018 was a twin hole designed to test for depth continuation of gold mineralization identified in drill hole 22MJ011, which was drilled to only 33 metres using a light hybrid drill rig. That hole intersected three significant gold intervals and ended in a 2-metre interval of semi-massive pyrite mineralization that assayed 5.11 g/t Au and was strongly enriched in silver (Ag), bismuth (Bi), tellurium (Te), selenium (Se), cobalt (Co), nickel (Ni), and tungsten (W) (see Company news Release dated July 13, 2022).
Figure 1. Mustajärvi Project drilling locations with target zones over detailed ground magnetics (08/2022)
Drill hole 22MJ018 was collared in thin glacial sediments overlying intensely altered intermediate tuffites and intersected gold mineralization immediately beneath the glacial cover starting at 10.3 m down-hole. Like its predecessor 22MJ011, this hole returned several gold intervals in the top 35 metres, including 11.6 m averaging 5.06 g/t Au. The highest-grade intercept was 1.3 m at 21.3 g/t Au from 17.7 m depth. In addition, the hole successfully confirmed that gold mineralization continues past the depth of the previous hole by at least 46 metres. In fact, the upper 80 metres of the drill hole included a total of 16 assay intervals exceeding 1.0 g/t gold.
The near-surface high-grade gold mineralization is associated with strong enrichment of Co, Ni and Te. The hole intersected semi-massive and massive pyrite intervals that returned 8.1m averaging 0.17% Co from 13.8m depth and 2.3m averaging 0.37% Co from 17.7m depth, including 1.3m averaging 0.46% Co from 17.7m depth.
At approximately 85 metres depth, this drill hole encountered a zone of intensely altered ultramafic volcanic rocks. The ultramafic rocks were only weakly anomalous in gold, but a 4.6 metre interval just above the ultramafics averaged 7.91 g/t gold. This association of disseminated pyrite and fuchsite (a green mica containing elevated chromium) in ultramafic rocks with nearby gold is noted at a number of other gold occurrences in Lapland, as well as other greenstone belts around the world. FireFox geologists have now noted the altered ultramafic rocks in several of the holes in the East Target.
Drill hole 22MJ017 was collared 70 metres to the southeast from drill hole 22MJ018, also in thin glacial sediments (approximately 8.8 metres thick) and passed quickly into unaltered ultramafic volcanic rock. It was designed to test an interpreted magnetic low and possible splay in the MSZ. Drilling passed back into the intermediate tuffites, which are commonly albite-sericite altered and variably veined. One of the QCTP veins at approximately 70.7 metres downhole contained 9.42 g/t gold over 1.0 metre.
Deeper in the hole, faulting appears to increase, and the rock is commonly mylonitized. Thin units of mafic to ultramafic volcanics dominate the lithology below 125 metres depth, often cut by veins of various composition. There are multiple intervals of silica carbonate alteration with variable fuchsite, disseminated pyrite, and (rare) chalcopyrite. Once again, the abundant mylonite cutting chrome-altered mafic and ultramafic rocks appear to underly the gold mineralization in the East Target.
Table 2: Mustajärvi 2022 Collar Information (coordinates presented in EPSG:3067).
Drill Hole | Easting | Northing | Azimuth (°) | Plunge (°) | Final Depth (m) |
22MJ017 | 429154 | 7501012 | 320 | 45 | 169.6 |
22MJ018 | 429088 | 7501029 | 140 | 80 | 125.3 |
Methodology & Quality Assurance
The core was transported from the rig to the Company´s core storage facility in Sodankylä, where FireFox’s exploration team conducted the geological and geotechnical logging and selected the assay intervals. Assay intervals were generally 1 metre but in some circumstances were modified according to lithological boundaries and other factors. FireFox geologists maintained chain of custody and sampling procedures according to best industry practice and with due attention to quality assurance and quality control, including sampling field duplicates and insertion of certified standard and blank samples.
FireFox team members transported the samples to an ALS sample prep lab in Sodankylä. The samples were sawed then crushed to -2 mm, split and pulverized into 1kg pulps, before being shipped to the ALS facility in Rosia Montana, Romania for gold by fire assay of 50 gm aliquots with AAS finish (method Au-AA24). Selected samples were assayed with a 1,000 gram Au-SCR24 method (screen fire assays). Other elements, altogether 48, were measured after four-acid digestion by ICP-AES and ICP-MS (method ME-MS61) at the ALS facility located in Loughrea, Ireland.
ALS Laboratories is a leading international provider of assay and analytical data to the mining industry. All ALS geochemical hub laboratories, including the Irish facility, are accredited to ISO/IEC 17025:2017 for specific analytical procedures. The Firefox QA/QC program consists of insertion of certificated standard material and blanks inserted by Firefox into the analytical batches did not show deviations from recommended values.
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, reviewed, and approved, the technical information in this news release.
Dr. Sven Hönig, Certified European Geologist (EFG EurGeol Title # 1789) and General Manager of Exploration for the Company, is a qualified person as defined by National Instrument 43-101. Dr. Hönig has supervised the field work reported herein and has helped to 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. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a huge portfolio 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,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: +1 778-938-1994
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 intent to conduct additional drilling; the belief as to the location of the most prospective gold targets; the location of targets for future drill programs; and the current and future work program, including the extent and nature of exploration to be conducted in 2022. 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.
SODANKYLÄ, FINLAND – (August 17, 2022) – FireFox Gold Corp. (TSX.V: FFOX)(OTCQB: FFOXF)(“FireFox” or the “Company”) is pleased to report additional results from its 2022 core drilling program at the Company’s 100%-held Mustajärvi Gold Project in Lapland, Finland. Of particular note are results from drill hole 22MJ015, which intersected 1 metre averaging 46.93 g/t gold from 33.5 metres down-hole. This hole was collared approximately 40 metres northeast of the easternmost drill hole at the Central Zone. Drill hole 22MJ016 also encountered 1.15 metres averaging 4.4 g/t gold from 94.4m depth on the western end of the Central Zone.
In addition, drilling intersected elevated gold grades within the Gabbro Target in drill holes 22MJ004 and 22MJ013. The Gabbro Target lies farther west at Mustajärvi and has seen very limited drill testing (see Figure 1). These new narrow low grade gold intercepts associated with veining and alteration are considered encouraging for the future potential of this part of the property.
“We believe that this high-grade interval in drill hole 22MJ015 may represent the continuation of a similar vein that we intersected previously”, commented Carl Löfberg, President of FireFox Gold. “If that is the case, then this vein would have a strike length of about 88 metres and remain open along strike to the NE as well as down-dip. This style of mineralization at the contact with the hangingwall ultramafic rocks is less common at Mustajärvi and its geometry is poorly understood at depth. The alteration and low-grade gold in the Gabbro Target also confirms that the Mustajärvi mineral system spans well over 2.0km. While we await results from two more holes in the East Target, it is clear that Mustajärvi holds a lot more potential.”
Table 1, below, summarizes significant intercepts from the recent drill results.
The recently completed drill program at Mustajärvi included 23 diamond drill holes for a total of 4,624 metres between October and May, testing the Eastern Target, the Gabbro Target and the Central Zone (see Figure 1). The results reported herein are from the Central Zone and Gabbro Target, and results are pending from two holes at the Eastern Target.
Mustajärvi Project and Drill Program Details
The Mustajärvi Project lies along the highway between the cities of Kittilä and Sodankylä, approximately 17 kilometres east of Kittilä. The property straddles the Mustajärvi Shear Zone (MSZ), a major right-lateral shear zone that has associated second and third-order structures which further dissect the project into separate structural zones. The Sodankylä Group rocks, which are primarily to the north of the shear zone in the footwall, include metamorphosed sedimentary and volcaniclastic rocks. Geophysics and drilling have identified an extensive corridor of albite – sericite alteration in the footwall along more than two kilometres of the structure. The project remains at an early stage as FireFox and predecessor companies have drilled approximately 11,644 metres to date.
FireFox’s structural model identified repetitive dilatant zones along the MSZ where vein swarms and higher-grade gold are concentrated. Three main areas of gold with significant mineralization have been identified along a 2.1-kilometre segment of the MSZ, namely the Central Zone, the Northeast Target, and the Eastern Target.
Central Zone
Drill hole 22MJ015 was collared in the eastern part of the Mustajärvi Central Zone in thin glacial sediments (about 3.5 metres deep), overlying ultramafic volcanic rocks. The hole intersected a mineralized contact between ultramafic volcanic rocks and intermediate tuffites that yielded 1.0m at 46.93 g/t Au from 33.5m down-hole. Gold is associated with semi-massive pyrite mineralization at the contact zone between intensively altered ultramafic rock, with fuchsite, and intensively albitized intermediate tuffites. In addition, the contact zone mineralization is significantly enriched in silver, cobalt, nickel, and tellurium.
Drill hole 22MJ015 extends the Central Zone mineralization about 40 metres towards the northeast from previous FireFox hole 18MJ014. That hole encountered 0.35m averaging 12.26 g/t (See Company news release dated March 1, 2019). Outokumpu Oy also drilled gold at the same contact zone, cutting approximately 1.2m averaging 5.45 g/t gold (See FireFox NI 43-101 Technical Report on www.firefoxgold.com or SEDAR).
Drill hole 22MJ016 was collared in the western part of the Central Zone, approximately 250 metres to the southwest of drill hole 22MJ015. It was also collared in thin glacial sediments (approximately 5.8 metres deep), overlying ultramafic volcanic rocks. The hole intersected several strongly albitized intervals of alteration with a relatively small amount of pyrite mineralization. The best intercept returned an interval of 4.1 g/t gold over 1.15m starting from 94.35m down-hole. The gold in this interval is hosted in quartz-carbonate-tourmaline-pyrite (QCTP) veins related to intensively sericitized, brecciated tuffites with strong pyrite mineralization.
Gabbro Target
Drill holes 22MJ004, 22MJ008, 22MJ009, and 22MJ014 were designed to test various anomalies within the magnetic high on the western end of the permit, which has been shown to be a large mafic intrusive (gabbro). The gabbro is divided by a NE-SW trending structure, corresponding to a strong magnetic low. All these holes intersected contacts between the gabbro unit and altered intermediate tuffites of the Sodankylä group. Only hole 22MJ004 returned notably elevated gold with an interval of 0.95m averaging 0.546 g/t gold starting from 20.8m down-hole. Here, gold mineralization is related to disseminated pyrite hosted at the contact of altered mafic volcanic rocks in the hangingwall (Savukoski group) with metasediments in the footwall (Sodankylä group). No significant gold intercepts were reported from drill holes 22MJ009, 22MJ008 and 22MJ014.
Drill hole 22MJ009 intercepted several individual narrow sections of epidote-altered gabbro with narrow parallel dark quartz veins, resembling a sheeted vein structure, at 53.5m, 61.0m, 74.5m, and 93.0m down-hole. Geologists noted local weak pyrite in the wall-rock to the veins.
Drill hole 22MJ013 was collared about 160m north of hole 22MJ009 and targeted the interpreted northern contact of the gabbro. This apparent contact is marked by a strong magnetic low, which may be linked to another through-going structure. The hole returned 1.0m averaging 0.823 g/t gold starting from 44m down-hole. This mineralization is related to narrow QCTP veins, as commonly seen at Mustajärvi.
Table 1: Summary of Significant Drill Intercepts
Cut-off Grade 0.5 g/t Au
Drill Hole | From (m) | To (m) | Interval* (m) | Au Grade (g/t) |
Central Zone | ||||
22MJ015 | 33.5 | 34.5 | 1.0 | 46.93** |
129.9 | 130.9 | 1.0 | 2.54 | |
22MJ016 | 94.35 | 95.5 | 1.15 | 4.1 |
Gabbro Target | ||||
22MJ013 | 44.0 | 45.0 | 1.0 | 0.823 |
22MJ004 | 20.8 | 21.75 | 0.95 | 0.546 |
* Drilling is believed to be perpendicular to the dip of the mineralization, however true widths are not yet known and will be confirmed with additional drilling and geological modelling. ** Selected intervals will be subjected to a 1,000gm screen fire assay protocol designed to capture coarse gold |
Figure 1. Mustajärvi Project diamond drilling locations and results status to date on magnetics base map (08/2022).
Table 2: Mustajärvi 2022 Collar Information (coordinates presented in EPSG:3067).
Drill Hole | Easting | Northing | Azimuth (°) | Plunge (°) | Final Depth (m) |
22MJ004 | 427396 | 7499721 | 335 | 45 | 304.5 |
22MJ008 | 427200 | 7499676 | 340 | 45 | 229.3 |
22MJ009 | 427327 | 7499893 | 340 | 45 | 200.3 |
22MJ013 | 427275 | 7500032 | 340 | 45 | 170.4 |
22MJ014 | 427434 | 7499631 | 340 | 45 | 209.2 |
22MJ015 | 427890 | 7500264 | 340 | 45 | 163.8 |
22MJ016 | 427680 | 7500130 | 340 | 45 | 230.5 |
Methodology & Quality Assurance
The core was transported from the rig to the Company´s core storage facility in Sodankylä, where FireFox’s exploration team conducted the geological and geotechnical logging and selected the assay intervals. Assay intervals were generally 1 metre but in some circumstances were modified according to lithological boundaries and other factors. FireFox geologists maintained chain of custody and sampling procedures according to best industry practice and with due attention to quality assurance and quality control, including sampling field duplicates and insertion of certified standard and blank samples.
FireFox team members transported the samples to an ALS sample prep lab in Sodankylä. The samples were sawed then crushed to -2 mm, split and pulverized into 1kg pulps, before being shipped to the ALS facility in Rosia Montana, Romania for gold by fire assay of 50 gm aliquots with AAS finish (method Au-AA24). Selected samples were assayed with a 1,000 gram Au-SCR24 method (screen fire assays). Other elements, altogether 48, were measured after four-acid digestion by ICP-AES and ICP-MS (method ME-MS61) at the ALS facility located in Loughrea, Ireland.
ALS Laboratories is a leading international provider of assay and analytical data to the mining industry. All ALS geochemical hub laboratories, including the Irish facility, are accredited to ISO/IEC 17025:2017 for specific analytical procedures. The Firefox QA/QC program consists of insertion of certificated standard material and blanks inserted by Firefox into the analytical batches and analytical results of these materials did not show deviations from recommended values.
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, reviewed, and approved, the technical information in this news release.
Dr. Sven Hönig, Certified European Geologist (EFG EurGeol Title # 1789) and General Manager of Exploration of the Company, is a qualified person as defined by National Instrument 43-101. Dr. Hönig has supervised the field work reported herein and has helped to 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. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a huge portfolio 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,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: +1 778-938-1994
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 intent to conduct additional drilling; the belief as to the location of the most prospective gold targets; the location of targets for future drill programs; and the current and future work program, including the extent and nature of exploration to be conducted in 2022. 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.
SODANKYLÄ, FINLAND – (August 9, 2022) – FireFox Gold Corp. (TSX.V: FFOX)(OTCQB: FFOXF)(“FireFox” or the “Company”) is pleased to report that it has completed a detailed airborne magnetic survey over its 100% controlled Naula Project in Lapland, Finland. Naula is a new project for the Company, lying in the western portion of the Central Lapland Greenstone Belt (CLGB), approximately 13 kilometres west of the town of Sirkka and 28 kilometres northwest from the town of Kittilä (Figure 1). FireFox has identified several strong targets at Naula and has applied for exploration permits covering approximately 26 km2.
The FireFox technical team collaborated with GoldSpot Discoveries Corp. (“GoldSpot”)(TSX.V: SPOT.V) in the interpretation and evaluation of the new survey. Interpretation of the survey data has considerably upgraded FireFox’s understanding of the geology at Naula, which had been based on widely spaced government magnetics surveys and limited work by others in the area. The data appear to indicate the presence of at least two significant NNE-SSW striking structures that had not been previously mapped. If confirmed, such structures can be highly prospective for gold in Lapland. Flexures in the major structures and their intersections with other faults are high priority targets for follow-up exploration.
Carl Löfberg, FireFox’s President and CEO, commented about the progress at the Naula project, “This new geophysics bolsters our belief in the potential for gold discovery at this property. Applying new technology in geophysics and data processing has identified a structural setting that we believe to be analogous to that hosting the Kittilä gold deposit, which is less than 40 kilometres away from the project. The property is large and at a very early stage, but we are excited about the opportunity presented by the hard work to come. We expect Naula to be our sixth permitted project in Lapland during 2023.”
FireFox is currently formulating plans for a till sampling program over the newly identified structural targets. Coincident anomalies in geophysics and till sampling are common drivers of drill targeting in the search for gold in Lapland.
Project and Program Details
The Naula Project is located in the western portion of the CLGB, just north of the Sirkka Shear Zone (SSZ). The geology of the area is comprised of the Kittilä suite volcanics, which is dominated by tholeiitic mafic flows and graphite bearing mafic tuffites. This volcanic complex is host to Agnico Eagle’s Kittilä gold mine, located 37 kilometres to the east-northeast. The southern boundary of the project area is located less than 2.5 kilometers north from the SSZ, which hosts the nearby historic Saattopora gold mine and numerous other gold deposits.
The majority of the project area is covered by glacial-fluvial sediments, and the outcrop exposure is extremely limited. Previous explorers of the property completed only 500 metres of diamond drilling for geological mapping purposes, and of that, only one of the nine drill holes reached a depth of more than 45 metres. FireFox’s review of the available data indicates that the project area has multiple structural and lithological similarities to the central part of the CLGB and the Kiistala shear zone, on which the Kittilä Mine is situated.
Figure 1. Naula Regional Setting
FireFox completed the airborne magnetic survey over the Naula project in early February 2022. The survey was conducted by the Finnish company Radai, an experienced provider of geophysical surveys using Unmanned Aerial Vehicles (UAV). GoldSpot and FireFox invested additional effort in the interpretation of the data with a focus on identifying possible crustal scale structures and related off-setting faults. This type of structural setting is believed to be prospective for gold mineralization, mimicking the deformation history of the NNE-SSW striking Kiistala shear zone and other significant gold-hosting structures in the region. The 3D inversion of the magnetics reveals at least two significant linear patterns of magnetic low that strike NNE across the property. The westernmost of these is much more significant than the eastern one. Potentially favorable targets occur along that structure where it deflects or intersects with other faults (Figure 2).
In addition to the NNE-SSW major structures, the survey confirmed the presence of numerous NW-SE structures that had been mapped in the area. These are roughly parallel to the throughgoing SSZ and may be related splays of that giant fault system, which is believed to be earlier than the NNE-SSW shear zones (often called a D3 or third deformation event).
Naula had previously been part of a much larger exploration reservation, and FireFox has applied for an exploration permit covering approximately 26 km2 of what it considers to be the highest priority ground in the area. Once granted, the permit will allow for mechanized exploration such as base of till (BoT) sampling and diamond core drilling.
Figure 2. Naula Targets
Qualified Person
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, reviewed, and approved, the technical information in this news release.
Dr. Sven Hönig, Certified European Geologist (EFG EurGeol Title # 1789) and General Exploration Manager of the Company, is a qualified person as defined by National Instrument 43-101. Mr. Hönig has supervised the field work reported herein and has helped to 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. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a huge portfolio 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,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: +1 778-938-1994
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 intent to conduct additional drilling; the belief as to the location of the most prospective gold targets; the location of targets for future drill programs; and the current and future work program, including the extent and nature of exploration to be conducted in 2022. 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.
SODANKYLÄ, FINLAND – (July 13, 2022) – FireFox Gold Corp. (TSX.V: FFOX)(OTCQB: FFOXF)(“FireFox” or the “Company”) is excited to report additional results from its 2022 core drilling program at the Company’s 100%-held Mustajärvi Gold Project in Lapland, Finland. Four holes returned significant near-surface, high-grade gold mineralization, highlighted by hole 22MJ006 in the East Target that returned a 13.85-metre interval averaging 14.39 g/t gold. Expressed in terms of grade-thickness, this interval measures 199 gram-meters of gold, the strongest mineralized interval yet drilled at Mustajärvi (see Table 1 and Figure 1).
The details of several key drill intercepts are highlighted below:
- 22MJ006: 13.85m at 14.39 g/t Au from 24.2m depth, including
- 5.65m at 25.02 g/t Au; including
- 1.0m at 59.70 g/t Au
- 22MJ006: 2.0m at 4.30 g/t Au from 11.0m depth
- 22MJ005: 2.1m at 8.26 g/t Au from 33.6m depth, including
- 1.15m at 12.53 g/t Au
- 22MJ005: 0.8m at 65.28 g/t Au from 57.0m depth
- 22MJ011: 8.1m at 3.03 g/t Au from7.9m depth
- 22MJ011: 2.0m at 5.11 g/t Au from 31.0m depth
FireFox also reports results from seven additional drill holes in the first drill program at the Sarvi Project. There were no significant gold intercepts encountered in those holes, but work is ongoing to interpret those data and develop targets for the next round of drilling on the large property that adjoins Rupert Resources’ Area 1 discovery.
“These results continue to highlight the high-grade gold potential at Mustajärvi,” commented Carl Löfberg, President of FireFox Gold. “Gold mineralization intersected at the East Target starts immediately below shallow overburden and is characterized by multiple high-grade gold intervals that remain open at depth and along strike. We are still awaiting results from two more holes in the area, as well as new tests of the Gabbro Target and Central Zone."
So far this year, 19 diamond drill holes, totalling 2,930 metres have been completed at Mustajärvi testing the East Target, the Gabbro Target and the Central Zone. The results reported herein are from the East Target and results are pending from seven additional holes, including those testing the Gabbro Target, the Central Zone extensions and the last two drill holes from the East Target.
Mustajärvi Project and Drill Program Details
The Mustajärvi Project lies along the highway between the cities of Kittilä and Sodankylä, approximately 17 kilometres east of Kittilä. The property straddles the Mustajärvi Shear Zone (MSZ), a major right-lateral shear zone that has associated second and third-order structures which further dissect the project into separate structural zones. The Sodankylä Group rocks, which are primarily to the north of the shear zone in the footwall, include metamorphosed sedimentary and volcaniclastic rocks. Geophysics and drilling have identified an extensive corridor of albite – sericite alteration in the footwall along more than two kilometres of the structure. The project remains at an early stage as FireFox and predecessor companies have drilled approximately 11,644 metres to date.
FireFox’s structural model identified repetitive dilatant zones along the MSZ where vein swarms and higher-grade gold are concentrated. Three main areas of gold mineralization have been identified along a 2.1-kilometre segment of the MSZ, namely the Central Zone, the Northeast Target, and the East Target. Four holes had previously been drilled into the East Target, with all four intersecting gold (see FireFox news releases dated August 17, 2021, January 25, 2022 and April 5, 2022). The Company drilled ten holes into the East Target during the recent program concluded in May (See Figure 1). Complete assays on these six holes were received by the Company on July 10, 2022, and assays are still pending from two holes in the area. Four of the recent holes returned significant gold intervals, as shown in Table 1, and summarized below.
Drill holes 22MJ005, 22MJ006, and 22MJ011 were designed to follow up on results reported from 21MJ015 in January 2022, including 2.45m at 7.97 g/t Au, 1.0m at 11.04 g/t Au, and 1.0m at 7.62 g/t Au – all of which were at less than 50m depth below surface.
Drill hole 22MJ005 was collared in thin glacial sediments overlying intensely altered intermediate volcanic tuffites. It intersected multiple near-surface gold mineralized intervals. The gold is associated with fractures and impregnation of partially oxidized pyrite along these fractures, forming blebs, nests, semi-massive and disseminated mineralization within the host rock. The interval also includes the more typical quartz-carbonate-tourmaline-pyrite (QCTP) vein style of mineralization commonly seen at Mustajärvi.
This hole also passed through a zone of altered ultramafic volcanic rocks with fuchsite and pyrite. This interval was not mineralized with gold, but the presence of highly altered ultramafic rocks is encouraging based on other gold occurrences in Lapland.
22MJ005 intersected seven intervals of gold mineralization ranging from 0.8 to 3m in length within the upper 65 metres of the 189-metre-long hole. The shallowest interval started at just 10m down-hole.
Drill hole 22MJ006 extended the near-surface mineralized zone to the north. Mineralization was similar to that observed in hole 22MJ005, comprised of abundant partially oxidized pyrite in blebs, nests, semi-massive, massive and disseminated forms with fewer QCTP veins. The host rocks are highly fractured tuffites of intermediate composition that are pervasively and intensely altered by albite. Three intervals of significant gold mineralization were returned from the upper 45m of the 71-metre-deep hole. The shallowest interval started at 11m down-hole, immediately beneath a thin veneer of glacial sediments.
The high-grade gold mineralization is associated with strong bismuth (Bi), tellurium (Te), and molybdenum (Mo). There are visible blebs and stringers of molybdenite in the interval with concentrations up to 200 ppm Mo. In addition, the pyrite mineralization in this area is enriched in nickel (Ni) and cobalt (Co). Hole 22MJ006 had two intervals of cobalt mineralization within the high-grade gold zone: 1.85m averaging 0.16% Co from 24.15m and 0.36% Co over 3.8m from 26m depth, including 1.0m at 0.50% Co.
Drill hole 22MJ007 is the easternmost hole in the new East Target, located about 100m NE from drill hole 22MJ005. Drilling started in shallow glacial sediments (approximately 7m) and passed into intermediate tuffites. The alteration and chemistry of the narrow intercepts in this hole are similar to the other East Target gold zones, but most of the gold is deeper than the holes to the west. Nevertheless, these intercepts extend the strike of high-grade gold (>5 g/t) to more than 2.1 km along the MSZ.
Drill hole 22MJ011 was collared in shallow glacial cover (approximately 7m) over intermediate tuffs. The hole intersected three near surface intervals of gold mineralization similar in character to the other holes in the East Target. The drill hole was terminated at 33m within semi-massive pyrite mineralization that assayed 8.08 g/t Au and was strongly enriched in silver, bismuth, tellurium, selenium, cobalt, nickel, and tungsten.
Hole 22MJ011 was one of several holes in this campaign drilled with a light hybrid drill rig, which is used primarily for base-of-till drilling but is capable of reaching a maximum depth of 33m when drilling core to support bedrock mapping. Drill holes 22MJ012 and 22MJ020 were also drilled with the hybrid rig. Hole 22MJ011 was successful at intersecting potentially significant gold, and therefore, was subsequently twinned and deepened using a larger diamond drill rig in hole 22MJ018, for which results are pending.
Table 1: Summary of Significant Drill Intercepts
Cut-off Grade 0.5 g/t Au
Drill Hole | From (m) | To (m) | Interval* (m) | Au Grade (g/t) | G-T (g-m) |
22MJ006 | 11.0 | 13.0 | 2.0 | 4.30 | 8.6 |
including | 11.0 | 12.0 | 1.0 | 7.01 | |
24.15 | 38.0 | 13.85** | 14.39 | 199.3 | |
including | 24.15 | 29.8 | 5.65** | 25.02 | |
including | 28.8 | 29.8 | 1.0** | 59.70 | |
42.0 | 45.0 | 3.0 | 1.30 | 3.90 | |
22MJ005 | 10.0 | 13.0 | 3.0 | 2.34 | 7.0 |
including | 12.3 | 13.0 | 0.7 | 5.23 | |
18.8 | 21.7 | 2.9 | 1.56 | 4.5 | |
29.6 | 31.6 | 2.0 | 1.79 | 3.6 | |
33.6 | 35.7 | 2.1 | 8.26 | 17.4 | |
including | 33.6 | 34.75 | 1.15** | 12.53 | |
43.0 | 44.0 | 1.0 | 2.04 | 2.0 | |
57.0 | 57.8 | 0.8** | 65.28 | 52.2 | |
61.9 | 65.0 | 3.1 | 0.90 | 2.8 | |
22MJ011 | 7.9 | 16.0 | 8.1 | 3.03 | 24.5 |
27.7 | 29.2 | 1.5 | 2.59 | 3.9 | |
31.0 | 33.0 | 2.0 | 5.11 | 10.2 | |
including | 32.5 | 33.0 | 0.5 | 8.08 | |
22MJ007 | 86.2 | 87.0 | 0.8 | 2.02 | 1.6 |
91.0 | 92.0 | 1.0** | 9.54 | 9.5 | |
* Drilling is believed to be perpendicular to the dip of the mineralization, however true widths are not yet known and will be confirmed with additional drilling and geological modelling. ** Selected intervals will be subjected to a 1,000gm screen fire assay protocol designed to capture coarse gold |
Figure 1. Mustajärvi Project diamond drilling locations with magnetics and assay status as of July 12, 2022.
The rocks from deeper in these East Target drill holes are strongly sheared and locally brecciated, exhibiting abundant intense sericitization. Disseminated pyrite in the altered host rocks is also more common in this newly drilled mineralization, particularly in the deeper intercepts.
The FireFox team has noted several key differences between the mineralization in the East Target and the high-grade gold reported in 2021 from the Northeast Target, including:
- Tourmaline is not as abundant in the East Target, possibly preceding main stage gold;
- Gold is most closely associated with pyrite localized by fractures and forming as blebs, nests semi-massive, and massive forms;
- Disseminated pyrite is more common in the East Target, with or without significant gold;
- Altered ultramafic rocks with fuchsite and pyrite occur close to the gold in the East Target (and the Central Zone), but the ultramafic rocks have not yet been observed at the Northeast Target; and
- Fluorite is associated with gold in both zones, but the fluorite at the East Target tends to be below the high-grade gold, whereas it always occurs above the high-grade QCTP veins in the Northeast Target.
The table below summarizes the location information for the 2022 Mustajärvi East Target drill holes.
Table 2: Mustajärvi East Target 2022 Collar Information (coordinates presented in EPSG:3067).
Drill Hole | Easting | Northing | Azimuth (°) | Plunge (°) | Final Depth (m) | Status |
22MJ003 | 429080 | 7501043 | 140 | 65 | 19.85 | Reported Earlier |
22MJ005 | 429109 | 7501027 | 320 | 80 | 189 | Reported Here |
22MJ006 | 429109 | 7501027 | 320 | 45 | 71.3 | Reported Here |
22MJ007 | 429197 | 7501085 | 320 | 45 | 143.1 | Reported Here |
22MJ010 | 429061 | 7501037 | 140 | 80 | 19.55 | Reported Here |
22MJ011 | 429088 | 7501029 | 140 | 80 | 33 | Reported Here |
22MJ012 | 429069 | 7501059 | 90 | 10.8 | Reported Here | |
22MJ017 | 429154 | 7501012 | 320 | 45 | 169.6 | Assays Pending |
22MJ018 | 429088 | 7501029 | 140 | 80 | 125.3 | Assays Pending |
22MJ020 | 429121 | 7501037 | 140 | 80 | 16.8 | Reported Here |
Sarvi Project Drillholes
FireFox further reports that the first round of drill testing of the Sarvi Project has been completed. In addition to follow-up of favourable trench results and other targets in the northwest of the property, several drillholes tested magnetic highs divided by a NE-SW structure with a corresponding magnetic low. Assays from all 12 holes have now been received, including the first five which were reported in FireFox news release dated May 27, 2022. No significant gold intercepts were reported from the most recent seven drill holes, however the program added considerable information to the geological database that will support continued target delineation and drilling. Drill collar information for all 12 holes can be found in FireFox news release dated May 27, 2022.
Methodology & Quality Assurance
The core was transported from the rig to the Company´s core storage facility in Sodankylä, where FireFox’s exploration team conducted the geological and geotechnical logging and selected the assay intervals. Assay intervals were generally 1 metre but in some circumstances were modified according to lithological boundaries and other factors. FireFox geologists maintained chain of custody and sampling procedures according to best industry practice and with due attention to quality assurance and quality control, including sampling field duplicates and insertion of certified standard and blank samples.
FireFox team members transported the samples to an ALS sample prep lab in Sodankylä. The samples were sawed then crushed to -2 mm, split and pulverized into 1kg pulps, before being shipped to the ALS facility in Rosia Montana, Romania for gold by fire assay of 50 gm aliquots with AAS finish (method Au-AA24). Samples assaying above 10 g/t gold are automatically re-assayed by a 50 gm fire assay with gravimetric finish (method Au-GRA22). At FireFox’s request, these overlimit assays were completed in triplicate in order to evaluate the homogeneity of the gold in the prepared samples. Other elements, altogether 48, were measured after four-acid digestion by ICP-AES and ICP-MS (method ME-MS61) at the ALS facility located in Loughrea, Ireland.
ALS Laboratories is a leading international provider of assay and analytical data to the mining industry. All ALS geochemical hub laboratories, including the Irish facility, are accredited to ISO/IEC 17025:2017 for specific analytical procedures. The Firefox QA/QC program consists of insertion of certificated standard material and blanks into the analytical batches, none of which showed significant deviations from recommended values in the reported data.
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, reviewed, and approved the technical information in this news release.
Dr. Sven Hönig, Certified European Geologist (EFG EurGeol Title # 1789) and General Manager of Exploration for the Company, is a qualified person as defined by National Instrument 43-101. Dr. Hönig has supervised the field work reported herein and has helped to prepare and approved 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. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a huge portfolio 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,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: +1 778-938-1994
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 intent to conduct additional drilling; the belief as to the location of the most prospective gold targets; the location of targets for future drill programs; and the current and future work program, including the extent and nature of exploration to be conducted in 2022. 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.
VANCOUVER, BC – (July 8, 2022) – FireFox Gold Corp. (“FireFox” or the “Company”) announces, effective July 7, 2022 that, subject to regulatory acceptance, it has completed the second and final tranche of the non-brokered private placement (the “Private Placement”) announced on June 14th, 2022. In completing the second tranche, FireFox has increased the total gross proceeds of the Private Placement to $502,010.
In this final tranche, the Company has raised gross proceeds of $50,000 by issuing 357,143 units of the Company at a purchase price of $0.14 per unit. Each unit consists of one common share of the Company and one common share purchase warrant, with each whole warrant being exercisable to acquire one additional common share of the Company at an exercise price of $0.21 per share for a term of two years from the date of issuance. The Shares issued pursuant to the Private Placement will be subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation.
The Company intends to use the proceeds of the Private Placement for general corporate purposes, working capital and exploration activities on FireFox’s gold exploration properties in Finland.
FireFox will pay to qualified finders $2,520 in cash finders fees and will issue 15,000 finders warrants exercisable at $0.21 for 2 years from the date of issuance in association with the first tranche of the Private Placement.
About FireFox Gold Corp.
FireFox Gold Corp is listed on the TSX Venture Stock Exchange under the ticker symbol FFOX. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a huge portfolio 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,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: 778-938-1994
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 expected total financing amounts, terms, and timeframe; and the current and future work program, including the extent and nature of exploration to be conducted in 2020. 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.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.
VANCOUVER, BC – (July 4th, 2022) – FireFox Gold Corp. (“FireFox” or the “Company”) announces, effective June 29, 2022 that, subject to regulatory acceptance, it has completed the first tranche of the non-brokered private placement (the “Private Placement”) announced on June 14th, 2022. The Company intends to complete a second tranche of the Private Placement before July 14, 2022.
In this first tranche, the Company has raised total gross proceeds of $452,010 by issuing 3,228,643 units of the Company at a purchase price of $0.14 per unit. Each unit consists of one common share of the Company and one common share purchase warrant, with each whole warrant being exercisable to acquire one additional common share of the Company at an exercise price of $0.21 per share for a term of two years from the date of issuance. The Shares issued pursuant to the Private Placement will be subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation.
The Company intends to use the proceeds of the Private Placement for general corporate purposes, working capital and exploration activities on FireFox’s gold exploration properties in Finland.
Certain directors, officers and other insiders of the Company purchased or acquired direction and control over a total of 387,143 units under the private placement. The placement to those persons constitutes a “related party transaction” within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”) adopted in the Policy. The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61 101 in respect of related party participation in the placement as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved the related parties, exceeded 25% of the Company’s market capitalization (as determined under MI 61-101).
FireFox will pay to qualified finders $1,680 in cash finder’s fees and will issue 10,000 finders warrants exercisable at $0.21 for 2 years from the date of issuance in association with the first tranche of the Private Placement.
About FireFox Gold Corp.
FireFox Gold Corp is listed on the TSX Venture Stock Exchange under the ticker symbol FFOX. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a huge portfolio 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,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: 778-938-1994
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 expected total financing amounts, terms, and timeframe; and the current and future work program, including the extent and nature of exploration to be conducted in 2020. 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.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES
VANCOUVER, BC – (June 14, 2022) – FireFox Gold Corp. (“FireFox” or the “Company”) announces that it intends to raise up to $1,000,000 by way of a non-brokered private placement (the “Private Placement”). The Private Placement will consist of up to 7,142,857 units of the Company (“Units”) at a price of $0.14 per Unit. Each Unit will consist of one common share of the Company ("Common Share") and one common share purchase warrant ("Warrant"), with each whole Warrant being exercisable to acquire one common share of the Company (a “Warrant Share”) at an exercise price of $0.21 per Warrant Share for a term of two years following the closing of the Offering.
It is anticipated that the proceeds of the Private Placement will be used for general working capital and exploration activities on FireFox’s gold exploration properties in Finland. Prior to this financing, FireFox has 112.7 million shares outstanding, 27.1 million warrants, and 7.6 million stock options issued.
The Shares issued pursuant to the Private Placement will be subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation. The Company anticipates that the Private Placement will close on or about June 28, 2022. The Company expects to pay finder’s fees in association with this financing.
About FireFox Gold Corp.
FireFox Gold Corp is listed on the TSX Venture Stock Exchange under the ticker symbol FFOX. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a huge portfolio 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 www.firefoxgold.com and profile on the SEDAR website at www.sedar.com .
On behalf of the Board of Directors,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: +1-778-244-8439
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.
VANCOUVER, BC, June 02, 2022 – FireFox Gold Corp. ("FireFox" or the "Company") (TSXV: "FFOX") announces that the Company has entered into an agreement with Oy Kati Ab Kalajoki ("Kati"), an arm's length party, pursuant to which the Company will issue common shares of the Company in full satisfaction of drilling services (the "Services") provided by Kati in Northern Finland.
The Company has received invoices from Kati for work performed to March 31, 2022 and under the Agreement will issue 1,056,997 common shares to Kati with a value of $0.15 per share in settlement of invoices totaling $158,549.
The securities will be subject to a four month hold period, expiring October 02, 2022. This shares-for-debt arrangement is subject to the approval of the TSX Venture Exchange.
About FireFox Gold Corp.
FireFox Gold Corp is listed on the TSX Venture Stock Exchange under the ticker symbol FFOX. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a huge portfolio 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 concerning the Company, please refer to the Company’s profile on the SEDAR website at www.sedar.com.
On behalf of the Board of Directors,
“Carl Löfberg”
Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CONTACT:
FireFox Gold Corp.
Email:
Telephone: 778-938-1994
Forward Looking Statements
The information in this news release 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, 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 drill program, including the expected number, depth, location, and direction of the drill holes; the timing of assay results; and possible extensions of mineralization along with its thickness and quality. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary. The forward-looking statements contained in this press release represent the expectations of FireFox as of the date of this press release 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.
It should also be noted that while FireFox’s properties are sometimes adjacent to or nearby operating or historic gold mines or active gold projects being advanced by other companies, the mineralization on properties nearby FireFox’s land packages is not necessarily indicative of mineralization on FireFox’s properties.
SODANKYLÄ, FINLAND – (May 27, 2022) – FireFox Gold Corp. (TSX.V: FFOX) (OTCQB: FFOXF)(“FireFox” or the “Company”) is pleased to provide an update on exploration at its 100%-controlled Sarvi and Mustajärvi gold projects in Lapland, Finland. FireFox has drilled approximately 8,319m of diamond core to date in the 2021-2022 drill program on the Jeesiö, Mustajärvi, and Sarvi Projects, including the first 12 holes at Sarvi. This release includes a summary of drill results from the first five widely spaced holes across the northern section of the Sarvi target area (See Figure 1).
This program also includes new drilling at the Mustajärvi Project, where possible extensions to the high-grade shear-zone-hosted gold mineralization have been tested at the East Target and Gabbro Target. The new drilling includes 10 holes, five holes at the East Target and five holes at the Gabbro Target. Results are pending for all of these recent holes.
The first hole at Sarvi, 22SA001, intersected low grade but significant gold mineralization across several intervals in an apparent downdip extension of the anomalous gold encountered in FireFox’s first trenches in the area (see Company news release dated January 20, 2022). The rocks in this area are tholeiitic basalt, graphite tuff, and iron formation, which are interpreted to straddle the contact with the Porkonen Formation. This is the formation that hosts much of the Kiistala Shear Zone and Kittilä Mine to the west and northwest from Sarvi.
The gold zones in this hole were often accompanied by highly elevated silver and base metals, as summarized below:
- 17.0m at 0.134 g/t Au from 111.0m downhole depth, which was part of a thicker interval of high silver (25.5m at 1.94 g/t Ag);
- 2.60m at 0.189 g/t Au from 145.0m downhole and 7.20m at 0.119 g/t Au from 158.0m downhole, both of which are within an interval of 45.0m of elevated silver (1.29 g/t Au);
- Additional narrow intervals of highly anomalous gold, including 1.0m at 0.42 g/t Au from 218.0m downhole; and
- Associated enrichment in arsenic (As), antimony (Sb), bismuth (Bi), copper (Cu), molybdenum (Mo), tellurium (Te), zinc (Zn), and other elements.
“The team has drilled at four separate target areas during this campaign, and it is appropriate to finish up at Sarvi and Mustajärvi. The initial results at Sarvi are encouraging as we encountered significant low-grade gold and silver mineralization associated with graphite-bearing tuffites and iron formation, a favorable setting for gold mineralization in Lapland. Our first-ever drill hole at Sarvi confirmed the anomalous gold encountered in our trenches, and we have many other targets to test based on the base-of-till and magnetic anomalies to the southeast from these first drill holes. It is also important that we have drilled significant new step outs in the East Target and Gabbro at Mustajärvi. We look forward to receipt of the remainder of our assays from drilling at both projects during the summer,” commented Carl Löfberg, President and CEO of FireFox.
Figure 1 - Sarvi Project with Geology and Drill Hole Locations
Sarvi Program Details
The first drill campaign at Sarvi included 12 widely spaced drill holes totaling 2327.8 metres. The FireFox team targeted these holes based on both geochemical anomalies from base-of-till (BOT) sampling and prospective structural features interpreted from detailed geophysical data. Results for the 5 holes in the northwest portion of the original Sarvi permit are presented here.
Portions of the tholeiitic basalt, mafic (graphite) tuff, and banded iron formation that are interpreted to underlie the northwestern portion of the Sarvi Project are believed to be part of the Porkonen Formation. The Kiistila Shear Zone, which hosts Agnico Eagle’s Kittilä Mine, cuts through the Porkonen Formation to the northwest from the Sarvi Project. FireFox geologists noted anomalous Au, Ag, As, Sb, Bi, Cu, Mo, Zn, and other elements in the BOT sampling in this part of the Sarvi Project. Prospecting also revealed localized areas of outcrop exhibiting silicification, partially oxidized sulfide minerals (gossan), and highly anomalous As and base metals. Follow-up trenching in 2021 confirmed the presence of elevated gold and associated elements, highlighted by 18.0m averaging 0.23 g/t Au. Drill hole 22SA001 confirms the continuation of this low-grade gold zone to depth.
The first drill hole passed through graphite-bearing tuff and schists in the upper portion of the hole with occasional semi-massive to massive pyrrhotite (lesser pyrite) that appear to be exhalative in nature. The exhalate horizons are sometimes cut by iron-carbonate veins and stockworks. The best gold zone is 17.0m at 0.134 g/t, but much of the upper portion of the hole is anomalous in Au, and gold enrichment is always associated with elevated Ag, As, Sb, Bi, Cu, Mo, Te, and Zn. At greater depths in the hole, sphalerite (zinc sulfide) is associated with the iron-carbonate veining. Copper and zinc are also broadly elevated in the hole, but isolated maximum values in the hole are 0.2% for Cu and 0.54% for Zn.
Below the anomalous sulfide-rich zones in the tuff and schists the drill hole passed into more massive mafic volcanics without abundant sulfides. Given the wide spaced drilling and limited sampling in the area so far, this target remains open in all directions for follow-up exploration.
Drill holes 22SA002, 003, and 004 were aimed at various anomalies from till and heavy mineral sampling. These holes penetrated similar volcanic geology, but with more massive volcanic units and much less evidence of exhalite or sulfide mineralization. Each of the holes exhibited anomalous geochemistry in pathfinder elements but without corresponding significant enrichment in gold or silver.
Drill hole 22SA005 was located farther to the northeast to test anomalous BOT geochemistry and an interpreted structure. The hole encountered deeper water black shales and graphitic mudstones, but the hole collapsed in a fault zone and was terminated at 172m depth. The final sample in the hole assayed 31.2 g/t silver, but without corresponding enrichment in gold.
The remaining drill holes at Sarvi were drilled in a different geological setting on the southeastern third of the permit area. The geology in that area is interpreted to be dominated by mafic volcanics, volcaniclastics, graphite schists, and sedimentary rocks. Most of the drilling in that area was targeted on geochemical BOT anomalies associated with magnetic lows and interpreted faults, some of which are projected from areas to the south being explored by Rupert Resources and B2 Gold. The results for holes 22SA006 to 22SA012 are not yet complete and will be reported separately.
Table 1. Sarvi Collar Information (coordinates presented in EPSG:3067)
Drill Hole |
Easting |
Northing |
Depth (m) |
Azimuth (°) |
Plunge (°) |
22SA001 |
451740.4 |
7501785 |
253.7 |
140 |
45 |
22SA002 |
452260.5 |
7501192 |
271.4 |
135 |
45 |
22SA003 |
453513.1 |
7501236 |
214.7 |
100 |
45 |
22SA004 |
453606.7 |
7501589 |
232.8 |
360 |
45 |
22SA005 |
454323.6 |
7502130 |
171.7 |
360 |
45 |
22SA006 |
453834 |
7500785 |
139.8 |
180 |
45 |
22SA007 |
454429 |
7501047 |
214.6 |
180 |
45 |
22SA008 |
454535 |
7500809 |
200 |
125 |
45 |
22SA009 |
454528 |
7500890 |
99.7 |
180 |
45 |
22SA010 |
455178 |
7500633 |
178.2 |
300 |
45 |
22SA011 |
454850.4 |
7501168 |
145.7 |
120 |
45 |
22SA012 |
454574.9 |
7500582 |
205.5 |
310 |
45 |
Mustajärvi Update
Following the completion of the drilling at Sarvi, FireFox moved the drill rig back to the Mustajärvi Project. On April 5, 2022, FireFox reported results from two holes in the high-grade zone at the Northeast Target and one shallow hole in the East Target. The team has completed 10 additional holes at Mustajärvi so far with several more holes pending. The new drilling includes five holes into the East Target and five holes into the Gabbro Zone on the western end of the property (see Figure 2).
The focus of this drill campaign has been on new targets with significant potential to extend the thickness and strike length of known gold mineralization at Mustajärvi. The East Target has already yielded several significant intercepts of near-surface gold, such as 4.0m averaging 6.35 g/t of Au from 13.6m down hole, including 0.8m at 25.93 g/t Au (see Company news releases dated January 25 and April 5, 2022).
The program is on-going and expected to be completed by the end of the month.
Figure 2 - Mustajärvi Project Showing Current Drilling in Progress
Methodology & Quality Assurance
The core was transported from the rig to the Company´s core storage facility in Sodankylä, where FireFox’s exploration team conducted the geological and geotechnical logging and selected the assay intervals. Assay intervals were generally 1 metre but in some circumstances were modified according to lithological boundaries and other factors. FireFox geologists maintained chain of custody and sampling procedures according to best industry practice and with due attention to quality assurance and quality control, including sampling field duplicates and insertion of certified standard and blank samples.
FireFox team members transported the samples to an ALS sample prep lab in Sodankylä. The samples were sawed then crushed to -2 mm, split and pulverized into 1kg pulps, before being shipped to the ALS facility in Rosia Montana, Romania for gold by fire assay of 50 gm aliquots with AAS finish (method Au-AA24). Other elements, altogether 48, were measured after four-acid digestion by ICP-AES and ICP-MS (method ME-MS61) at the ALS facility located in Loughrea, Ireland.
ALS Laboratories is a leading international provider of assay and analytical data to the mining industry. All ALS geochemical hub laboratories, including the Irish facility, are accredited to ISO/IEC 17025:2017 for specific analytical procedures. The Firefox QA/QC program consists of insertion of certificated standard material and blanks inserted by Firefox into the analytical batches did not show deviations from recommended values.
QP Statement
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, reviewed, and approved, 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. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a huge portfolio 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,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: +1-778-244-8439
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 intent to conduct additional drilling; the belief as to the location of the most prospective gold targets; the location of targets for future drill programs; and the current and future work program, including the extent and nature of exploration to be conducted in 2022. 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.
SODANKYLÄ, FINLAND – (May 12, 2022) – FireFox Gold Corp. (TSX.V: FFOX)(OTCQB: FFOXF)(“FireFox” or the “Company”) reports that it has completed a detailed airborne geophysical survey focused on its vast Kolho Property in Lapland, Finland. This is the third phase of airborne surveying completed over the Company’s Northern Group of properties in the last two years and extends the contiguous coverage of the Company’s detailed magnetics data in the region to more than 250km2 (see Figure 1 below). FireFox is also pleased to announce that it is lodging several applications for exploration permits covering most of the Kolho reservation.
Carl Löfberg, President and CEO of FireFox commented “Our field mapping at the Kolho property had suggested that it was a structurally complex area with geological analogies to the settings of the region’s multi-million-ounce gold deposits. This magnetics survey has confirmed structural similarities to both the Kittilä Mine and the Ikkari deposit, and identified new, previously unmapped structures, all of which provide exciting exploration targets for follow-up work.”
Highlights of the magnetics data from the Kolho area include:
- Similarities, in both in EM and Mag, between the eastern-central Kolho property and the setting of Rupert Resource’s Ikkari deposit (see Figure 2 below); and
- Banded N-S features forming a trend running NW through the Sarvi-Lehto-Kolho properties show similarities to the Kittilä/Kiistala shear zone (see Figure 3 below); and
- New unmapped structures were identified and provide further targets for exploration (e.g. SE Kolho with isoclinal folding and crosscutting features and/or central Kolho where two new major structural intersections were interpreted).
Based in part on these new geophysics, combined with data from reconnaissance geological traverses, mapping, and sampling, FireFox is making application for five separate exploration permits, which will substantially cover the Kolho exploration reservation and allow for detailed mechanized work including drilling. The FireFox technical team continues to evaluate the magnetics data to focus follow-up work planned for 2022-23. Two priority targets have been identified based on similarities in apparent structure and magnetics to the Ikkari discovery (see Figure 2 below). Additional targets will be generated in advance of the next phase of exploration, which is likely to include base-of-till (BoT) sampling that is expected to commence in the most prospective parts of the Kolho Property late this year.
Airborne Magnetics Survey Details
The recently completed airborne magnetics survey covered more than 100km2 focused mainly on the Kolho Property in the eastern portion of the Northern Group. Including previous surveys completed in 2020 and 2021, the Company now has over 250km2 of contiguous magnetics survey data for the area. The recent work was conducted by the Finnish company Radai, who have extensive experience in providing geophysical surveying using unmanned aerial vehicles (UAV). Further structural interpretations for the geophysical survey data were conducted by the technical team from GoldSpot Discoveries Corp. (TSX.V: SPOT).
The Kolho Property is comprised of a vast area along a major geologic break – the eastern contact between the Kittilä suite and Savukoski group rocks. This contact is a major thrust verging to the east, towards the Sodankylä group quartzites and the Archean Pomokaira complex (granodiorites and tonalite gneisses). This contact zone forms a 23-kilometer-long thrust zone, which the Kolho Property straddles.
The Kittilä suite rocks are bordered by the Sodankylä and Savukoski group rocks in the east, and elsewhere by various types of granitoids. The Kittilä suite comprises volcano-sedimentary remnants of an oceanic island arc and an ophiolitic rim obducted onto passive margin terranes later intruded by post collisional granites. The Kolho Property is structurally complex and hosts a lithologic package analogous to that seen at Rupert Resources’ Area 1, which is a high-priority exploration model for all Lapland explorers.
Further data interpretation revealed multiple areas where these prospective lithologies are either significantly folded or cross-cut by several proposed structures. The more detailed data also revealed previously unmapped structures in the area.
Figure 1. FireFox UAV Magnetic Interpretation over Northern Properties
Figure 2. Regional Magnetics over Northern Properties
Figure 3. Regional Structural Overview
QP Statement
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, reviewed, and approved, 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. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a huge portfolio 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,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: +1-778-244-8439
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 intent to conduct additional drilling; the belief as to the location of the most prospective gold targets; the location of targets for future drill programs; and the current and future work program, including the extent and nature of exploration to be conducted in 2022. 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.
SODANKYLÄ, FINLAND – (May 5, 2022) – FireFox Gold Corp. (TSX.V: FFOX)(OTCQB: FFOXF)(“FireFox” or the “Company”) is pleased to report that it has concluded its winter exploration program at the Sarvi Gold Project in Lapland, Finland. The program included a significant base-of-till (BoT) sampling campaign and a 12-hole maiden diamond drilling program (see Company news release dated January 20th 2022). Having met its work commitments under the option agreement with Magnus Minerals, the Company now intends to exercise the option to acquire a 100% interest in the group of properties that includes the Sarvi Project. The project includes three valid exploration permits that occupy approximately 8-km along the northern boundary of Rupert Resources’ Area 1 discovery.
FireFox Chairman Patrick Highsmith commented, “The Sarvi Project is without a doubt one of our most exciting projects. Even before receiving results from the recent program, we are keen to exercise our option for the core Sarvi property to secure a 100% interest in the project almost five months ahead of schedule. The option also includes the Lehto property to the north, which hosts similar geology but where we have yet to do detailed work.”
Results from the BoT sampling and core drilling are expected over the next two months. These initial results will be important to guide the focus of the phase 2 drilling program at Sarvi, which will commence in the fourth quarter of this year.
Option Exercise
On August 21, 2018, the Company entered into an option agreement (“the Seuru Option”) with Magnus Minerals Ltd. (“Magnus”) to acquire a 100% interest in mineral exploration reservations (properties) in the Central Lapland Greenstone Belt of northern Finland. Since then, some of the properties have been evaluated and dropped, while other reservations and permits have been added and are subject to the conditions of the agreement (please refer to FireFox’s management discussion and analysis filings for more details).
In order to exercise the Seuru Option, FireFox has completed the following commitments:
- issued 1,500,000 shares,
- made cash payments to Magnus totalling $150,000, and
- incurred C$1.5M in mineral exploration expenditures on the Seuru properties
FireFox will make a final payment to Magnus of $50,000 during May, ahead of the scheduled deadline of October 5, 2022.
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.
Qualified Person
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, reviewed, and approved, 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. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a huge portfolio 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,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: +1-778-244-8439
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 intent to conduct additional drilling; the belief as to the location of the most prospective gold targets; the location of targets for future drill programs; and the current and future work program, including the extent and nature of exploration to be conducted in 2022. 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.
SODANKYLÄ, FINLAND – (April 5, 2022) – FireFox Gold Corp. (TSX.V: FFOX)(OTCQB: FFOXF)(“FireFox” or the “Company”) is pleased to provide an update on winter drilling at its wholly-owned Mustajärvi and Jeesiö Projects. This report includes a summary of results from three more diamond core holes at Mustajärvi and seven core holes at the Utsamo and Saittavaara targets at Jeesiö. In total, these news holes constitute 2,157 metres (m) of drilling.
The results from the Phase 5 drill program at Mustajärvi included holes totaling 2,337m. The results from four earlier holes were announced in a Company news release dated January 25, 2022. The objectives of this program were to better define the controls on the bonanza grade mineralization in the Northeast Target and to test magnetic and structural features at the East Target to determine if a robust mineral system extends into that area (see Figure 1, below).
The three holes reported today include new gold intercepts around the high-grade zone in the Northeast Target and a very shallow new gold intercept in the East Target. At the East Target, a new hybrid drill rig intercepted gold associated with disseminated and vein pyrite in altered tuffites coming quite close to surface (22MJ003). Two new holes offsetting the high-grade zone in the Northeast Target (22MJ001 and 22MJ002) also encountered significant gold mineralization, confirming the northeast strike and southeast dip of the en echelon vein system.
Highlights of Phase 5 2022 Drilling at Mustajärvi
- Drill hole 22MJ003 returned 4m averaging 6.35 grams per tonne (g/t) of Au from 13.6m down hole, including 0.8m at 25.93 g/t Au;
- Drill hole 22MJ001 returned multiple narrow intercepts of 5.76 to 15.92 g/t Au, including
- 1.9m averaging 8.96 g/t Au from 149.8m downhole, including 1.0m at 14.5 g/t Au; and
- 1.0m at 8.09 g/t Au from 164.3m downhole; and
- 1.25m at 8.32 g/t Au from 180.0m downhole, including 0.6m at 15.92 g/t Au; and
- 1.35m at 5.76 g/t Au from 203m downhole;
- Drill hole 21MJ002 intersected the high-grade zone up dip to the west in a narrow interval of 0.6m averaging 5.98 g/t Au from 154.3m downhole, as well as several narrow intercepts of 1.06 to 1.86 g/t Au shallower in the hole.
The early-stage drilling at the Jeesiö Project did not return significant gold intercepts, but the structural zone at the Utsamo Target continues to return encouraging evidence of faulting, alteration, and anomalous geochemistry.
“Drilling along the strike of the inferred mineralization on both the East Target and Northeast targets at Mustajärvi has not only confirmed the continuation of gold mineralization within the controlling structures but also aided in defining their orientation,” commented Carl Löfberg, President and CEO of FireFox. “This information will help us target additional potential high-grade gold mineralization in future drill programs. We are very excited to see the results later in the spring when we focus the drill rig on the wide open, shallow mineralization at the East Target and on the new targets in the gabbro to the southwest of the permit.”
The drilling program has moved on to FireFox’s Sarvi Project. However, further drilling is planned at Mustajärvi later this spring. New drilling will focus on the East Target and new targets in the southwest part of the permit. The East Target has now yielded multiple intercepts of strong gold mineralization that are open in all directions.
Mustajärvi Project and Drill Program Details
The Mustajärvi Project lies along the highway between the cities of Kittilä and Sodankylä, approximately 17 kilometres (km) east of Kittilä. The property straddles the Mustajärvi Shear Zone (MSZ), a major right-lateral shear zone that has associated second and third-order structures that further dissect the project into separate structural zones. The Sodankylä Group rocks, which are primarily to the north of the shear zone in the footwall, include metamorphosed sedimentary and volcaniclastic rocks. Geophysics and drilling have identified an extensive corridor of albite – sericite alteration in the footwall along more than 2km of the structure. The project remains at an early stage as FireFox and predecessor companies have only drilled approximately 9,357 metres to date.
FireFox’s structural model identified repetitive dilatant zones along the MSZ where vein swarms and higher-grade gold are concentrated. Three main areas of gold mineralization have been identified along a 2.1-km segment of the MSZ, namely the Central Zone, the Northeast Target, and the East Target. The Central Zone and Northeast Target both host bonanza grade gold associated with clusters of veins in the footwall of the shear zone and are separated by more than 700m. The Northeast Target hosts the best drill intercepts to date including drill holes 21MJ001 and 21MJ010, which both returned high-grade intervals equivalent to approximately 150 gram-metres of gold (expressed as gold grade * thickness of mineralization) (see Company news releases dated June 17 and September 9, 2021). The East Target was first identified in the phase 4 drill program when two holes were drilled based on the new structural model, and both intersected modest shallow gold-mineralized intervals (see Company news release dated August 17, 2021). The East Target represents the third zone of dilation along the MSZ predicted by structural model.
Within the East Target area, hole 22MJ003 was collared about 750m northeast of the high-grade zone and 55 m to the northwest of the previously released drill hole 21MJ015 (refer to Company news release dated January 25th, 2022). This hole was a test of a new light hybrid drill rig designed for BOT sampling but having the capability to drill cost-effective diamond core to approximately 25m depth.
This test was a success, resulting in a core hole completed to a depth of 19.8m that intercepted lithology and mineralization similar to that found in 21MJ015. Gold was hosted in strongly altered and kaolinized intermediate tuffite metavolcanics with vein and disseminated pyrite mineralization. The best interval in the hole was 6.35 g/t Au over 4.4m (including 0.8m at 25.93 g/t Au) from 13.6 metres down hole. This shallow intercept is considered significant as all four holes in the East Target have intercepted gold mineralization, which remains open in all directions (see Figure 1).
Figure 1. Mustajärvi Gold Project Drill Hole Plan Map
In the Northeast Target area, drill holes 22MJ001 and 22MJ002 were collared in the vicinity of the bonanza grade mineralization in order to confirm and extend its strike. Drill hole 22MJ001 was collared 20m northeast of 21MJ010, and drill hole 22MJ002 was collared 10m to the west-southwest from 21MJ010.
Both of these drill holes encountered the extensive alteration system cut by multiple quartz-carbonate-tourmaline-pyrite (QCTP) veins with significant gold grades (see Figure 2). Based on apparent strike, dip, depth, and vein mineralogy, the team is confident that these intercepts confirm continuity of the high-grade zone, even though grade and thickness vary, as previously reported. The strongest gold intercepts come from 22MJ001, including: 1.9m averaging 8.96 g/t Au starting 149.8m downhole, which includes 1.0m at 14.50 g/t Au; 1.0m at 8.09 g/t Au from 164.3m downhole; 1.25m at 8.32 g/t Au from 180.0m downhole, including 0.6m at 15.92 g/t Au; and 1.35m at 5.76 g/t Au from 203.0m depth. This hole extends the mineralized zone by approximately 12m to the east-northeast from high-grade intercepts in 21MJ010.
Drill hole 22MJ002 was collared 10m to the west-southwest from hole 21MJ010 and intersected several narrow QCTP-veins within the strongly altered intermediate tuffite. The best interval yielded 0.6m averaging 5.98 g/t Au from 154.3m downhole. This intercept appears to be up dip from the original high-grade intercepts. Shallower in the hole, there were other notable intervals within the hole including: 0.95m at 1.86 g/t Au from 133.7m downhole, 0.8m at 1.86 g/t Au from 136.2m, and 0.5m at 1.06 g/t Au from 139.9m downhole.
Interpretation of the results suggests that the Northeast Target gold-controlling structure trends sub-parallel with the main shear zone and lithological contact in a southwest-northeast direction and dips toward the east-southeast dip. The axis of the high-grade portion of this system is believed to represent an en-echelon structure that plunges approximately 35°-40° the northeast.
Figure 2. Mustajärvi Cross-Section, Northeast Target
Jeesiö Drill Program Update
FireFox has also received results for the reconnaissance drilling campaign that commenced late in 2021 at the Company’s 100% held Jeesiö Project (see Company News Release dated November 11th, 2021). A total of seven holes were drilled, including five at the Utsamo target totaling 1,113m and two at the Saittavaara target totaling 400m (see Table 1).
Previous drilling at the Utsamo target intersected significant fault zones, which are believed to be part of the Sirkka Shear Zone. The recent Utsamo drilling program was aimed at multi-element anomalies from BOT sampling completed across the structural zone and additional interpreted structures from the geophysical data (see Figure 3). The BOT anomalies included multiple pathfinder elements for orogenic gold, such as gold, tellurium, bismuth, arsenic, and antimony (see Company news release dated October 26th, 2021). Drill holes 21JEE004 and 21JEE005 targeted one of the strongest BOT geochemical anomalies in the northwestern part of the Utsamo target area. Both drill holes intersected thin intervals of albitized metasediments with disseminated and vein-related pyrite, but no significant gold. Drill hole 21JEE006 targeted the same interpreted structure, farther to the northwest from 21JEE004 and 21JEE005. This drill hole intersected a significant fault zone, and the drilling was terminated due to technical issues at 208.8m downhole.
Drill hole 21JEE007 was collared in the central part of the Utsamo target testing another geochemical anomaly, approximately 1.08km southeast from 21JEE004. This drill hole intersected a package of strongly faulted and altered metasediments with varying mafic volcanic and intrusive rocks but no significant gold. Drill hole 21JEE008 was targeted on another interpreted structural feature that apparently cuts an interpreted gabbroic intrusive in the southeast of the target area. The drilling did not confirm the presence of a structure.
Drill holes 21JEE009 and 21JEE010 were drilled at the Saittavaara Prospect, approximately 10km south of Utsamo, where a near-surface zone of 4.0m averaging 2.03 g/t Au, including 2.0m at 3.18 g/t Au was reported from scout drilling in 2021 (see Company news releases dated August 3rd, 2021). Despite favorable indications from the geophysics, the drilling did not encounter the same strong deformation or alteration previously seen in the area.
Figure 3. Jeesiö Project Drill Holes, Utsamo Target
Table 1. Collar Information (coordinates presented in EPSG:3067)
Drill Hole |
Easting |
Northing |
Azimuth (°) |
Plunge (°) |
Final Depth (m) |
Mustajärvi Drill Holes |
|||||
22MJ001 |
428471 |
7500700.7 |
327 |
71 |
349.5 |
22MJ002 |
428447 |
7500681.1 |
340 |
70 |
274.4 |
22MJ003 |
429080 |
7501043 |
140 |
65 |
19.85 |
Jeesiö (Utsamo) Drill Holes |
|||||
21JEE004 |
470026.5 |
7489087 |
227 |
-45 |
234.8 |
21JEE005 |
469947.3 |
7489074 |
227 |
-45 |
238.4 |
21JEE006 |
469636 |
7489102 |
227 |
-45 |
208.8 |
21JEE007 |
470829.7 |
7488357 |
225 |
-45 |
204.6 |
21JEE008 |
472242 |
7487137 |
0 |
-45 |
226.7 |
Jeesiö (Saittavaara) Drill Holes |
|||||
21JEE009 |
469853.4 |
7478346 |
60 |
-45 |
204.4 |
21JEE010 |
470061.4 |
7478293 |
240 |
-45 |
195.5 |
The core was transported from the rig to the Company´s core storage facility in Sodankylä, where FireFox’s exploration team conducted the geological and geotechnical logging and selected the assay intervals. Assay intervals were generally 1 metre but in some circumstances were modified according to lithological boundaries and other factors. FireFox geologists maintained chain of custody and applied sampling procedures according to best industry practice and with due attention to quality assurance and quality control, including sampling field duplicates and insertion of certified standard and blank samples.
Methodology & Quality Assurance
FireFox team members transported the samples to an ALS sample prep lab in Sodankylä. The samples were first crushed to -2 mm, split and pulverized into 1kg pulps, before being shipped to the ALS facility in Rosia Montana, Romania for gold by fire assay of 50 gm aliquots with AAS finish (method Au-AA24). Gold values which exceeded 10 ppm were assayed in triplicate by fire assay with a gravimetric finish (method Au-GRA22, Au-GRA22d and Au-GRA22t). Selected samples were assayed with a 1,000-gram Au-SCR24 method (screen fire assays) based on the presence of visible gold. Other elements, altogether 48, were measured after four-acid digestion by ICP-AES and ICP-MS (method ME-MS61) at the ALS facility located in Loughrea, Ireland.
ALS Laboratories is a leading international provider of assay and analytical data to the mining industry. All ALS geochemical hub laboratories, including the Irish facility, are accredited to ISO/IEC 17025:2017 for specific analytical procedures. The Firefox QA/QC program consists of insertion of certificated standard material and blanks inserted by Firefox into the analytical batches did not show deviations from recommended values.
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, reviewed, and approved, 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. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a huge portfolio 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,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: +1-778-244-8439
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 intent to conduct additional drilling; the belief as to the location of the most prospective gold targets; the location of targets for future drill programs; and the current and future work program, including the extent and nature of exploration to be conducted in 2022. 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.
SODANKYLÄ, FINLAND – (January 25, 2022) – FireFox Gold Corp. (TSX.V: FFOX)(OTCQB: FFOXF)(“FireFox” or the “Company”) is pleased to announce results for the first four diamond core holes from the phase 5 drilling program at the Company’s 100%-held Mustajärvi Gold Project. This round of drilling included three holes in the same section of the Northeast Target from which bonanza-grade gold was previously reported and one hole at the East Target. All four holes returned significant gold assays (grades exceeding 3.0 g/t). The new hole in the East Target was especially interesting as it represents a step-out of more than 100 metres (m) from the nearest drilling, over 750m from the high-grades in the Northeast Target, and approximately 1.6 kilometers from the Central Zone. Two additional holes from the Northeast Target at Mustajärvi are awaiting results.
HIGHLIGHTS OF THE PHASE 5 DRILLING
- Drill hole 21MJ014 confirmed the presence of the bonanza grade zone at the Northeast Target by intercepting 1.5m at 45.85 g/t Au from 168.5m depth, including 0.5m at 130.5 g/t Au - total grade-thickness of gold mineralization at 102 gram-metres
- Drill hole 21MJ013 extended the bonanza grade zone with an intercept of 0.75m of 41.46 g/t Au from 157.15m depth
- Confirmed the presence of at least one additional gold-bearing vein system in the Northeast Target dipping north, as opposed to the prevailing south dip of the veins reported to date
- The first intercept of high-grade mineralization in the East Target in drill hole 21MJ015, with 1.0m at 11.04 g/t Au from 51.8m depth, including 0.6m at 14.8 g/t Au
Carl Löfberg, President and CEO of FireFox, commented, “We are very pleased with the work by our technical team to unravel the complex structural controls on the high-grade gold at the Northeast Target. Their initiative has resulted in more bonanza grade intercepts and clear direction on where to drill next. The shallow high-grade intercepts at the East Target may be even more significant as that drill hole extends the Mustajärvi system to more than 1.6km of strike with gold intercepts of greater than 10 g/t. Mustajärvi is only one of four permitted FireFox projects in Lapland, but we are reaping the benefits of what we learn here in our drilling elsewhere.”
Mustajärvi Project and Drill Program Details
The Mustajärvi Project lies along the highway between the cities of Kittilä and Sodankylä, approximately 17 kilometers east of Kittilä. The property straddles the Mustajärvi Shear Zone (MSZ), a major right-lateral shear zone that has associated second and third-order structures that further dissect the project into separate structural zones. The Sodankylä Group rocks, which are primarily to the north of the shear zone in the footwall, include metamorphosed sedimentary and volcaniclastic rocks. Geophysics and drilling have identified an extensive corridor of albite – sericite alteration in the footwall along more than two kilometers of the structure. The project remains at an early stage as FireFox and predecessor companies have only drilled approximately 8,700 metres to date.
FireFox’s structural model identified repetitive dilatant zones along the MSZ where vein swarms and higher-grade gold are concentrated. Three main areas of gold mineralization have been identified along a 2.1-kilometre segment of the MSZ, namely the Central Zone, the Northeast Target, and the East Target. The Central Zone and Northeast Target both host bonanza grade gold associated with clusters of veins in the footwall of the shear zone and are separated by more than 500 metres. The Northeast Target hosts the best drill intercepts to date including phase 4 holes 21MJ001 and 21MJ010, which both returned high-grade intervals equivalent to approximately 150 gram-metres of gold (expressed as gold grade * thickness of mineralization) (see Company news releases dated June 17 and September 9, 2021). The East Target was first identified in the phase 4 drill program when two holes were drilled based on the new structural model, and both intersected modest shallow gold-mineralized intervals (see Company news release dated August 17, 2021).
A primary objective of the phase 5 Mustajärvi drill program was to better define the controls on the bonanza grade mineralization in the Northeast Target. A secondary objective was to test magnetic and structural features at the East Target to determine if a robust mineral system extends into that area. Table 1 provides a summary of gold intersections exceeding 3.0 g/t.
Details of the Northeast Target
The first three holes of this program were 21MJ012 – 14. These three holes were collared approximately on the northwest line of section that hosted the bonanza grade gold in 21MJ001 and 21MJ010 (See Figure 1). This drilling confirmed that the Mustajärvi gold mineralization is predominantly hosted in strongly albitized (sodic alteration) tuffites and meta-sedimentary rocks of the Sodankylä Group. These host rocks are commonly cut by veins of various composition and different orientations, and gold is closely linked to the presence of pyrite. The first two holes (21MJ012 and -013) aimed to test the downdip extension of the high-grade zone to the south. The third hole (21MJ014) was designed as a “scissor hole”, drilled in the opposite direction of the other holes on the section, to test for mineralization having a different structural control, i.e., north dipping veins. The scissor hole was also aimed at the bonanza grade zone and offered the opportunity to test for pinching and swelling in the main south dipping vein system.
Figure 1. Mustajärvi Gold Project Drill Hole Plan Map
These three holes into the Northeast Target demonstrated that the high-grade zone is open along strike to the northeast and southwest, but that the zone is controlled by flexures and cross cutting structures giving it a much flatter dip than the host veins. As can be seen in the cross section (Figure 2), there are now numerous strong gold intercepts between 100 and 170m below surface. Drill holes 21MJ013 and -014 both delivered narrow bonanza grade intercepts associated with the key horizon. This sort of apparent elevation control is common in orogenic gold systems. The gold occurs in multiple veins and vein sets but is controlled by a zone of dilatancy striking parallel to the shear zone (NE-SW). There are likely to be multiple en echelon vein sets, and the potential for additional high-grade mineralization has already been demonstrated with the previously reported high-grade at the Central Zone and the new encouraging results at the East Target.
Figure 2. Mustajärvi Cross-Section, Northeast Target
Drill holes 21MJ012 and -013 were collared close to drill holes 21MJ001 and -010 and drilled with the same azimuth but at different plunges to facilitate testing of the continuity of mineralization to depth. These holes began in the Savukoski Group mafic volcanics and passed into the Sodankylä Group intermediate tuffites at depth. The intermediate tuffites are pervasively albitized throughout and include quartz veins with differing mineralogy that often localize and intensify silica-sericite alteration. Gold continues to be associated with quartz-carbonate-tourmaline-pyrite (QCTP) veins.
Drill holes 21MJ012 and -013 included numerous narrow gold intercepts above 1.0 g/t. The best intercept in 21MJ012 was 0.9m at 3.6 g/t Au, and the strongest result in 21MJ013 was 0.75m at 41.46. The mineralogy of these higher-grade intercepts was consistent with the previous Mustajärvi drilling. Among the pyrite and telluride minerals in the veins, FireFox geologists also documented the presence of molybdenite.
Drill hole 21MJ014 was collared 16 metres north-northwest from drill hole 21MJ006, but it was drilled to the south-southeast to verify the indications from earlier drilling that multiple vein directions exist in the Northeast Target. Since it was collared farther north, this hole remained in the altered tuffites of the Sodankylä Group. The hole intersected 14 mineralized intervals/veins with grades over 1 g/t Au. Mineralization is again consistently related to quartz-carbonate-tourmaline vein systems with disseminated, patchy and (sometimes) massive pyrite. The best interval was intersected at 168.5 to 172.6m downhole depth and it included QCTP veins with disseminated and locally semi-massive to massive pyrite. FireFox geologists confirmed the presence of multiple micro-grains of visible gold among the pyrite-rich section of the hole. While anomalous gold spanned this entire interval, the strongest gold grades occurred over 1.5m that averaged 45.85 g/t Au from 168.5m depth, including 0.5m at 130.5 g/t Au (the highest single assay yet received from drilling at Mustajärvi). Other high-grade intercepts in this hole, also related to QCTP veins, included 1.0m at 19.17 g/t Au from 131.3m and 0.8m at 13.01 g/t Au from 325.65m downhole. Taken together, these high-grade intercepts make 21MJ014 the third FireFox drill hole with greater than 100 gram-metres of gold in grade thickness (102 gram-metres).
The high-grade intercepts in 21MJ013 and -014 between 157 and 173m downhole depths are interpreted to be extensions of the high-grade zone reported from drill holes 21MJ001 and -010. FireFox is drilling oriented core and is investing considerable effort to build a three-dimensional model of the Mustajärvi mineral system. Based on this work, FireFox’s preliminary interpretation is that the high-grade zone at the core of the Northeast Target results from a swarm of en echelon veins and that the strongest gold grades appear to be in a relatively flat horizon that trends parallel to the MSZ. The team awaits assays from two additional holes in this zone that will test this part of the system to the northeast and southwest from the high-grade discovery holes.
East Target Results
The East Target is approximately 1.5km northeast from the original site of the Mustajärvi discovery at the Central Zone. FireFox identified the target for drilling based on a kink in the MSZ and an interpreted dilatant zone that was associated with anomalous gold in base-of-till sampling and a magnetic low. Phase 4 drilling included two holes in the area, both of which intersected narrow intercepts of significant but low-grade gold. Drill hole 21MJ004 returned 2.90m of 1.30 g/t Au, while 21MJ005 intercepted 1.0m of 3.79 g/t Au (see Company news released dated August 17, 2021).
Ongoing work on the MSZ and the East Target has revealed likely cross structures striking north to northeast through this part of the system, and a pronounced magnetics low occurs just east of last year’s drilling. Drill hole 21MJ015 was designed to test this area. The hole was collared approximately 100m east of 21MJ004 and directed to the northwest. In total, the hole encountered seven vein systems with grades over 1 g/t Au and several more with grades between 0.5 -1 g/t Au. The best results come from an interval beginning at 45.5m downhole, 2.45m that averaged 7.97 g/t Au. However, other narrow intervals of note include 0.6m at 14.8 g/t Au from 51.8m and 1.0m at 7.62 g/t from 22.1m downhole. These intercepts are consistent with early results from the Central Zone and the Northeast Target, and these gold values clearly demonstrate the presence of another potentially significant gold bearing vein system that is open in all directions.
The lithology in the hole was dominated by the intermediate tuffites of the Sodankylä Group, and the rocks are almost pervasively altered by albite and silica, with locally intense sericitization. Mineralization was encountered in this hole at a relatively shallow depth (<30m downhole), but the sulfide content became more localized or decreased below approximately 70m.
This zone is remarkably consistent with mineralization elsewhere along the +2.1km mineralized strike of the Mustajärvi Shear Zone. Gold enrichment is normally related to QCTP veins with disseminated, patchy and locally semi-massive pyrite mineralization. The intensity of the veining in the upper portions of this hole is very high with significant development of vein breccias. While most of the gold appears to be hosted by south dipping veins (near perpendicular to the core axis), there is also evidence of significant veining parallel to the core axis (north dipping). While hematite (iron oxide) is noted at the Northeast Target, hematite and specular hematite are more common and abundant in the East Target.
Table 1: Summary of Significant (>3.0 g/t Au) Drill Intercepts Cutoff Grade 1.0 g/t Au
Drill Hole | From (m) | To (m) | Interval* (m) | Gold (g/t) |
21MJ012 | 196.9 | 197.8 | 0.9 | 3.6 |
21MJ013 | 124.45 | 125.15 | 0.7 | 5.84 |
and | 157.15 | 157.9 | 0.75 | 41.46 |
and | 160.7 | 161.2 | 0.5 | 4.59 |
21MJ014 |
131.3 | 132.3 | 1.0 | 19.17 |
and | 153.75 | 154.3 | 0.55 | 6.4 |
and | 168.5 | 170 | 1.5 | 45.85** |
including | 168.5 | 169.0 | 0.5 | 130.5** |
and | 325.65 | 326.45 | 0.8 | 13.01 |
21MJ015 | 22.1 | 23.1 | 1.0 | 7.62 |
and | 45.55 | 48.0 | 2.45 | 7.97** |
and | 51.8 | 52.8 | 1.0 | 11.04** |
including | 51.8 | 52.4 | 0.6 | 14.80 |
* Drilling is believed to be perpendicular to the dip of the mineralization, however true widths are not yet known and will be confirmed with additional drilling and geological modelling. ** These intervals were subjected to a 1,000gm screen fire assay protocol designed to capture coarse gold |
The table below summarizes the location information for these drill holes.
Table 2: Collar Information (coordinates presented in EPSG:3067).
Drill Hole | Easting | Northing | Azimuth (°) | Plunge (°) | Final Depth (m) |
21MJ012 | 428480 | 7500631 | 340 | 70 | 515.4 |
21MJ013 | 428463 | 7500668 | 340 | 70 | 445.1 |
21MJ014 | 428406 | 7500804 | 155 | 55 | 413.6 |
21MJ015 | 429125 | 7501011 | 318 | 45 | 319.4 |
Methodology & Quality Assurance
The core was transported from the rig to the Company´s core storage facility in Sodankylä, where FireFox’s exploration team conducted the geological and geotechnical logging and selected the assay intervals. Assay intervals were generally 1 metre but in some circumstances were modified according to lithological boundaries and other factors. FireFox geologists maintained chain of custody and sampling procedures according to best industry practice and with due attention to quality assurance and quality control, including sampling field duplicates and insertion of certified standard and blank samples.
FireFox team members transported the samples to an ALS sample prep lab in Sodankylä. The samples were first crushed to -2 mm, split and pulverized into 1kg pulps, before being shipped to the ALS facility in Rosia Montana, Romania for gold by fire assay of 50 gm aliquots with AAS finish (method Au-AA24). Gold values which exceeded 10 ppm were assayed in triplicate by fire assay with a gravimetric finish (method Au-GRA22, Au-GRA22d and Au-GRA22t). Selected samples were assayed with a 1,000 gram Au-SCR24 method (screen fire assays) based on the presence of visible gold. Other elements, altogether 48, were measured after four-acid digestion by ICP-AES and ICP-MS (method ME-MS61) at the ALS facility located in Loughrea, Ireland.
ALS Laboratories is a leading international provider of assay and analytical data to the mining industry. All ALS geochemical hub laboratories, including the Irish facility, are accredited to ISO/IEC 17025:2017 for specific analytical procedures. The Firefox QA/QC program consists of insertion of certificated standard material and blanks inserted by Firefox into the analytical batches did not show deviations from recommended values.
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, reviewed, and approved, 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. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a huge portfolio 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,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: +1-778-244-8439
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 intent to conduct additional drilling; the belief as to the location of the most prospective gold targets; the location of targets for future drill programs; and the current and future work program, including the extent and nature of exploration to be conducted in 2022. 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.
SODANKYLÄ, FINLAND – (January 20, 2022) – FireFox Gold Corp. (TSX.V: FFOX)(OTCQB: FFOXF)(“FireFox” or the “Company”) is pleased to announce that the winter drilling program is progressing as planned with approximately 3,800 metres drilled to date on three separate projects. The Company is now set to begin its first drilling at the Sarvi Project, which adjoins Rupert Resources’ Area 1 property. The first phase of diamond drilling at Sarvi is slated to start before the end of January and will include up to 500m in the northwestern portion of the project, where trenching and base-of-till (BOT) sampling have identified several gold and multielement anomalies. There is an ongoing BOT sampling program at Sarvi and results are not yet available for the southern and eastern portions of the property (see Figure 1, below). The Company expects to bring the drill rig back to Sarvi during the second quarter for an estimated 2,000 metres of additional drilling.
Carl Löfberg, President and CEO of FireFox, commented, “Our winter drill program is going very well so far. In fact, for the first time in FireFox’s history we have a core rig operating at the same time as two base-of-till drilling rigs. We have already drilled three of our four permitted projects and are now advancing towards the first drilling on our Sarvi Project. Our integrated interpretation of geophysics, mapping, BOT sampling, and new trenching data has dramatically improved our understanding of the geology and targets at Sarvi. Our team believes that the southern portion of the Sarvi Project occupies a similar geologic setting to Rupert’s Area 1 Project, so this is a very exciting time in the company’s short history.”
The Sarvi Project is part of the Company’s large land package covering part of the Kittilä Suite of volcanic rocks in the Central Lapland Greenstone Belt. The project is centred on the Sarvi exploration permit, and also includes the Sarvi-2 tenement to the north and Keulakko to the west. The Company was recently granted exploration permits for the latter two properties, expanding its ability to conduct mechanized exploration and drilling across all three properties, a total of 21 km2.
Sarvi Work Program and Results to Date
FireFox conducted an airborne magnetic survey covering the Sarvi area in 2020. The processing and interpretation of these data identified several possible NW-SE trending structures that intersect E-W and NE-SE trending major structures that appear to be earlier. These structures define some major lithologic contacts and also crosscut the dominantly mafic volcanic terrane. The later crosscutting structures may be part of the so called D3 event, or third stage of deformation, which has been linked to major gold mineralizing events in Lapland. Comparable structural settings have been reported at Rupert Resources’ Area 1 target to the south, where several significant gold occurrences have been discovered recently (See Figure 1 on Rupert Resources’ news release dated January 18th, 2022).
FireFox cautions that proximity to a discovery or mineral resource, does not ensure 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.
In early 2021, Firefox followed up with a more detailed ground magnetic survey to better delineate these structural targets. In addition, exploration trenching and an ongoing BOT sampling program have identified anomalies that are often coincident with key structural features and may be related to the D3 event.
During reconnaissance geologic mapping and rock sampling, the Firefox team identified an area in the northwest of the Sarvi permit with thin overburden and anomalous results from rock chip and till sampling. A total of eight trenches spanning 475m were excavated, mapped, and sampled on this target. The trenching campaign exposed a volcano-sedimentary unit including significant thicknesses of graphite schist. FireFox geologists collected 169 channel/chip samples and 73 grab samples from the trenches. Most anomalous gold samples were hosted within graphitic schist, with the highest interval averaging 0.23 g/t gold over 18m (including 10m averaging 0.31 g/t gold). The anomalous gold was correlated with elevated arsenic, silver, copper, molybdenum, and other elements. The team recorded detailed information on the geology, alteration, veining, and structures from the trenches that will guide future drill targeting on these gold anomalies.
Firefox has also completed roughly one third of the planned stage 1 BOT sampling program at Sarvi. To date, the Company has collected approximately 1,200 BOT samples, of which 769 analytical results have been received, mostly in the northwest portion of the project. The program will continue across the property and with infill BOT sampling on closer spacing around the emerging targets in the northwest. So far, the BOT results have returned potentially significant anomalies in gold, silver, arsenic, antimony, copper, molybdenum, bismuth, tellurium, and other elements. The team continues to receive results from the lab on a regular basis, so analysis and interpretation remains preliminary. However, the anomalous results occur in clusters, often associated with interpreted structures and geologic contacts from the geophysics.
Figure 1. Sarvi Project Area, Winter 2022 Program Progress
Winter Drill Program Update
As announced on November 11, 2021, FireFox completed the first pass of the phase 5 drilling program at its 100%-held Mustajärvi Gold Project, including 1,694 metres in four holes. Since then, an additional two holes have been completed, totaling 624 metres.
In November and December, FireFox drilled 1,113 metres in 5 drill holes at the Utsamo Prospect, northern Jeesiö Project. The Utsamo drilling was based primarily on the gold and multielement BOT anomalies reported in the October 26, 2021 news release. FireFox plans to continue BOT sampling at Utsamo to delineate additional drill targets associated with the complex structural setting there.
Less than 10 kilometres to the southwest of Utsamo, FireFox also completed two additional scout drill holes totaling 400m at the Saittavaara Prospect, also within the large Jeesiö Project. This target was drilled for the first time earlier in 2021 and yielded gold mineralization of more than 0.9 g/t in two of three holes, as reported on August 3rd.
Assays and interpretation are pending for all drill holes.
Methodology & Quality Assurance
BOT sampling targets the basal till and bedrock interface using a percussion drill mounted on a tracked vehicle. FireFox geologists supervised sampling procedures and maintained chain of custody according to best industry practice and with due attention to quality assurance and quality control. The BOT program includes collection of field duplicates and insertion of certified reference materials and blank samples into the laboratory submittals. FireFox team members transported the rock samples to an ALS sample prep lab in Sodankylä and BOT samples to the ALS sample prep lab in Outokumpu.
The lab dried (60° C) and screened the till samples to -180 µm and analyzed them by the AuME-TL43 method, utilizing an aqua regia digestion with an ICP-MS finish. Bedrock samples, including grab samples, channel samples and chip samples were dried and crushed to -2 mm, split and pulverized into 1kg pulps, before being shipped to a facility in Ireland for gold by fire assay of 50 gm aliquots with AAS finish (method Au-AA24). Other elements, altogether 48, were measured after four-acid digestion by ICP-AES and ICP-MS (method ME-MS61). ALS Laboratories is a leading international provider of assay and analytical data to the mining industry. All ALS geochemical hub laboratories, including the Irish facility, are accredited to ISO/IEC 17025:2017 for specific analytical procedures.
No QA/QC issues were identified from a review of the analytical data discussed herein.
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, reviewed, 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. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a huge portfolio 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,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: +1-778-244-8439
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 intent to conduct additional drilling; the belief as to the location of the most prospective gold targets; the location of targets for future drill programs; and the current and future work program, including the extent and nature of exploration to be conducted in 2022. 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.
SODANKYLÄ, FINLAND – (November 11th, 2021) – FireFox Gold Corp. (TSX.V: FFOX)(OTCQB: FFOXF)(“FireFox” or the “Company”) is pleased to provide an update on its diamond drilling campaign that is underway testing up to four of the Company’s gold properties in Finland’s Central Lapland Greenstone Belt, as announced on October 6th, 2021.
FireFox has completed the first pass of the phase 5 drilling program at its 100%-held Mustajärvi Gold Project, including 1,664 metres in four holes (see Figure 1 and Table 1). Drilling was primarily focused at the Northeast Target where the Company previously reported a high-grade gold zone including 93.88 g/t gold over 1.35 metres in hole 21MJ001 and 7.69 g/t gold over 16.45 metres in hole 21MJ010 (see news releases dated June 17th, 2021 and September 9th, 2021). A fourth hole was drilled to probe for the heart of the new East Target, located approximately 750 metres east from 21MJ001 (see news release dated August 17, 2021). All results are pending as these four holes are at various stages of logging, cutting, and sampling or are newly arrived at the laboratory for sample preparation and analysis.
Carl Löfberg, President and CEO of FireFox, commented, “The main strategy for this round of drilling at Mustajärvi was to add closely spaced step-out holes around the high-grade zone to gain a better understanding of its dimensions and controls. We have further tested the overall size of the mineralized system by adding another hole in the East Zone, one hundred metres from the encouraging results from earlier in 2021. While the Mustajärvi core is being processed and analyzed, we are moving ahead to evaluate the exciting new targets at Utsamo. We shall return to Mustajärvi for more drilling later in this drill program.”
The drill rig has now mobilized to the Utsamo Prospect at the Jeesiö Gold Project, where base-of-till (BOT) sampling from 2020 and 2021 identified strong gold and multielement anomalies, likely associated with multiple interpreted splays of the Sirkka Shear Zone (see Company news release dated October 26th, 2021). Drilling will commence immediately with up to six holes planned, for a total of approximately 1,300 metres in two areas (see Figure 2).
The priority is the group of holes aimed at the prominent multi-line BOT anomaly near the northwest limits of the sampling, which is comprised of associated gold and pathfinder elements along the margin of a magnetic low. The second group will include a few drill holes farther south and east aimed at structural and geophysical targets with associated BOT anomalies. The Utsamo Corridor includes more than 5 kilometers along the inferred path of the Sirkka Shear Zone as it bends through the project area. FireFox’s gold targets have resulted from an integrated interpretation of geological, geophysical, and geochemical data.
The drill campaign is expected to continue through January 2022 with two additional target areas likely to see drilling:
- The 100%-held Sarvi Project, adjoining Rupert Resources’ Area 1 discovery zone, where FireFox is currently engaged in a detailed BOT sampling program to define targets; and
- The Saittavaara Prospect in the southern Kataja Belt of the Jeesiö Project, which was drilled for the first time earlier this year and yielded gold mineralization of more than 0.9 g/t gold in two of three holes as reported on August 3rd.
Figure 1- Drilling at the Mustajärvi Gold Project
Figure 2- Drill Targets at the Utsamo Target Area
Table 1: Mustajärvi Phase 5 Collar Information. Coordinates presented in EPSG: 3067.
Drill Hole |
Easting |
Northing |
Azimuth (°) |
Plunge (°) |
Final Depth (m) |
21MJ012 |
428480.1 |
7500631.0 |
340 |
70 |
504.3 |
21MJ013 |
428463.3 |
7500668.0 |
340 |
70 |
435.1 |
21MJ014 |
428406.0 |
7500804.0 |
155 |
65 |
405.1 |
21MJ015 |
429125.4 |
7501011.8 |
318 |
45 |
319.4 |
Corporate Update
FireFox also announces that the Board of Directors has approved the grant of stock options to certain directors, officers, employees, and consultants of the Company allowing for the acquisition of up to, in the aggregate, 2,500,000 shares of the Company. The grant is pursuant and subject to the terms and conditions of the Company's existing stock option plan. The options are exercisable at a price of $0.30 per share, an 11% premium to the closing price on the previous trading day, for a period of five years from the date of grant and are subject to the approval of the TSX Venture Exchange and all regulatory approvals.
Quality Assurance
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, reviewed, 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. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a huge portfolio 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,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: +1-778-244-8439
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 intent to conduct additional drilling; the belief as to the location of the most prospective gold targets; the location of targets for future drill programs; and the current and future work program, including the extent and nature of exploration to be conducted in 2021 – 2022. 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.
SODANKYLÄ, FINLAND – (October 26, 2021) – FireFox Gold Corp. (TSX.V: FFOX)(OTCQB: FFOXF)(“FireFox” or the “Company”) today reported the results of its recently completed base-of-till (BOT) sampling program at the Utsamo Prospect in the northeast part of the Company’s 100% owned Jeesiö Gold Project. The data include strong gold and multielement anomalies associated with multiple interpreted splays of the important Sirkka Shear Zone (SSZ).
The most prominent feature emerging from the survey is a multi-line anomaly near the northwest limits of sampling that is comprised of a spatial association among gold and several other trace elements. There are at least two other robust anomalies farther south and east. Each of the major anomalies is associated with major interpreted structures and magnetic anomalies that could be favorable settings for gold deposits (see Figure 1). The core drill will arrive at Utsamo in November, so the FireFox team is readying drill sites based on these BOT data.
Key takeaways from the Utsamo BOT survey include:
- High contrast gold anomalies against a very low background, the maximum gold value in the 2021 data is just under 1 ppm (0.919 ppm);
- Well-developed spatially associated anomalies in key pathfinder element such as: tellurium, bismuth, arsenic, antimony, silver, and molybdenum;
- Statistical and spatial associations in the geochemistry assist in mapping geology, as well as mineralization, beneath the glacial sediments; and
- The high priority BOT anomalies correlate with important faults and geophysical anomalies that were already believed to have potential for gold mineralization.
Carl Löfberg, President and CEO of FireFox, commented, “We have recently seen the value of quality BOT sampling with the Rupert discovery at Area 1, and now the FireFox team has delivered some great results at Utsamo. We knew that Utsamo occupied a major structural corridor where the Sirkka Shear Zone bends from dominantly east-west to dominantly north-south. Now we can see geochemical evidence of a gold system that heightens the importance of the 2021 drilling that is about to begin. We are excited for the Utsamo target to become our second prospect tested this fall, as the drill will soon depart Mustajärvi.”
Base of Till Program Summary and Interpretation
Similar to other gold exploration projects in the Central Lapland Gold Belt (CLGB), such as Rupert Resources’ Area 1 Discovery, this part of the Jeesiö Project is covered by glacial sediments of varying depths. BOT sampling is a very useful tool to prospect through this cover by capturing samples of the basal till or bedrock. Sometimes the BOT anomalies may be transported “down-ice” by glacial processes and subsequent groundwaters, but in other cases the anomalies may be very near their source. This is partially due to the fact that this part of Lapland is near the origin of the glaciers.
Figure 1. Location Map of New Exploration Permits at Sarvi and Lehto
The Utsamo Corridor is a five-kilometre-long zone of complex folds, faults and shears developed along a flexure in the SSZ. A BOT survey with numerous survey lines and closely spaced sample sites was planned to test prospective geological, structural, and geophysical targets within the structural corridor. Between March and August of this year the FireFox team completed the detailed BOT sampling program with 1,012 sample points in an area spanning approximately 3.5 by 4 kilometres where bedrock is covered by an estimated 5 to 30 metres of glacial overburden. This brings the total BOT samples at Utsamo to 1,233.
ALS Global labs analyzed the BOT samples using an aqua regia digestion and ultra-trace analysis for gold and a suite of 50 elements. FireFox employed industry standard quality assurance protocols during the sampling program, including the inclusion of analytical control samples. The quality of the data was found to be good. There are numerous gold anomalies across the survey area and they are not confined to a single geologic unit but appear to be related to faults and major interpreted lithologic contacts. While the maximum gold values reach as high as 0.919 ppm, the most prospective anomalies are likely where gold anomalies correlate with other important pathfinder elements such as arsenic, bismuth, tellurium, and antimony.
The FireFox team and its technical advisors employed principal components and factor analysis of the large multielement database to identify targets and map geology. The statistical analysis captured at least two multi-element associations that may be related to buried gold systems. One statistical factor that is believed to be significant in the Utsamo targets includes a simple gold (Au) – tellurium (Te) association. There is another more complex association that maps more extensive anomalous patterns, including elements such as antimony (Sb), molybdenum (Mo), arsenic (As), mercury (Hg), bismuth (Bi), lead (Pb), tellurium (Te), and zinc (Zn). By grouping these multielement responses into one statistical factor, referenced here as the “Mineralization Factor”, more information can be conveyed in a single map, as shown in Figure 1.
The strongest anomalies for this associated group of elements form an arcuate pattern in the northeast part of the target area that is coincident with several gold anomalies. The 2019 drill campaign tested a very small part of this area with three holes, but the anomaly strengthens considerably over a 500-metre trend farther to the northwest from the previous drilling. While the 2019 drilling did not intercept significant gold, those three core holes did confirm the presence of a significant fault in the area (see Company news release dated January 21, 2020) cutting through intermediate to mafic volcanic rocks cut by ultramafic dikes or sills. Confirming the presence of a fault in this area makes the continuation of this anomaly to the northwest even more interesting, particularly given the prevailing ice transport direction in the area coming from the northwest. FireFox intends to drill test this target during November and December.
There are other significant anomalies visible on the map of the Utsamo Corridor. The southeastern anomaly is very interesting as the multielement association correlates with several gold anomalies associated with another likely splay of the SSZ. There is also a prominent northeast trending fault that has been interpreted from the magnetics data cutting through the area. Here too FireFox has previously drilled in the area. The four holes shown on the map were drilled in late 2020 and news released on March 5, 2021. The target at the time was an interpreted structural zone cutting through a metasedimentary and volcanic rock package. The reconnaissance drilling was helpful in confirming a fault in the area as well as moderate hydrothermal alteration and associated anomalous trace element geochemistry. The potential drill targets for the 2021 - 2022 drill program will be shifted back to the southeast closer to the interpreted cross fault and anomalous BOT results.
Methodology & Quality Assurance
The basal till and bedrock interface was targeted using a percussion drill mounted on a tracked vehicle. FireFox geologists maintained chain of custody and sampling procedures according to best industry practice and with due attention to quality assurance and quality control, including collection of field duplicates and insertion of certified reference materials and blank samples into the laboratory submittals. FireFox team members transported the samples to an ALS sample prep lab in Sodankylä. The samples were first crushed to -2 mm, split and pulverized into 1kg pulps, before being shipped to the ALS facility in Loughrea, Ireland to be measure for gold and a package of 50 other elements to ultra-trace levels after aqua-regia digestion by ICP-MS (method AuME-TL43). ALS Laboratories is a leading international provider of assay and analytical data to the mining industry. All ALS geochemical hub laboratories, including the Irish facility, are accredited to ISO/IEC 17025:2017 for specific analytical procedures.
No QA/QC issues were identified from a review of the analytical data.
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, reviewed, and approves, the technical information in this news release.
About the Jeesiö Project
The 100%-controlled Jeesiö Gold Project covers approximately 142km2 of the prospective Central Lapland Greenstone Belt, proximal to other exciting recent gold discoveries in Finland. The Jeesiö properties are positioned along the major regional structure known as the Sirkka Shear Zone, a trans-crustal structure that controls the emplacement of most of the orogenic gold deposits in Lapland. The main Jeesiö targets include the Utsamo and Kataja Belt areas. Utsamo is situated directly between Aurion Resources’ Risti and Launi gold occurrences, while Kataja is only two kilometres southwest from the gold-bearing quartz-sulfide vein system at Launi.
About FireFox Gold Corp.
FireFox Gold Corp is listed on the TSX Venture stock exchange under the ticker symbol FFOX. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a project portfolio that includes over 80,000 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,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: +1-778-244-8439
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 intent to conduct additional drilling; the belief as to the location of the most prospective gold targets; the location of targets for future drill programs; and the current and future work program, including the extent and nature of exploration to be conducted in 2021 – 2022. 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.
SODANKYLA , FINLAND – (October 6th, 2021) – FireFox Gold Corp. (TSX.V: FFOX)(OTCQB: FFOXF)(“FireFox” or the “Company”) is pleased to announce that it has commenced a new fully funded campaign of diamond drilling that will test up to four of the Company’s gold properties in Finland’s Central Lapland Greenstone Belt over the next four months.
Carl Lo fberg, President and CEO of FireFox, commented, “We have focused on executing a systematic exploration plan and it has paid off with four exciting drill-ready gold targets this year, including the Sarvi Project which we plan to drill for the first time. The potential for significant gold mineralization is high at all of these targets and we look forward to discovering the next deposit…or two, in Lapland.”
The drill program has commenced at the 100%-owned Mustaja rvi Project, where the recently completed Phase 4 program hit a high-grade gold zone including 93.88 g/t gold over 1.35 metres in hole 21MJ001 and 7.69 g/t gold over 16.45 metres in hole 21MJ010 (see news releases dated June 17th, 2021 and September 9th, 2021). The new work will include up to 2,000 metres targeted primarily at the high-grade zone in the Northeast Target.
The second priority property likely to be drill tested before the end of January 2022 is FireFox’s 100%-held Sarvi Project, which adjoins Rupert Resources’ Area 1 discovery zone. FireFox is currently engaged in a detailed trenching and BOT sampling program at Sarvi. To date, the team has collected 168 chip channel and over 500 BOT samples. These new data will be integrated with earlier geophysics and gold, arsenic, and copper anomalies from till and rock sampling to generate priority drill targets (see news release dated August 24th, 2021). Drilling at Sarvi will likely advance in phases as targets become better defined based on data still pending from the 2021 trenching and BOT campaigns.
By early November, FireFox plans to move the drill rig to the Utsamo target area of the Jeesio Project. This area was subjected to a detailed base-of-till (BOT) sampling program in the spring and summer with over 1,000 samples collected. Results are now being processed and interpreted to refine final drill targets for the fall campaign, which is expected to include up to 1,000 metres of drilling at Utsamo. If permits, schedule and conditions permit, FireFox plans additional exploration holes at the Saittavaara Prospect in the southern Kataja Belt of the Jeesio Project. This area was drilled for the first time earlier this year, and yielded gold mineralization of more than 0.9 g/t gold in two of three holes, including a near-surface zone of 4.0m averaging 2.03 g/t gold in 21JE002 (see news release dated August 3rd, 2021).
Quality Assurance
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, reviewed, 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. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a project portfolio that includes over 80,000 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,
“Carl Löfberg” Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: +1-778-244-8439
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 intent to conduct additional drilling; the belief as to the location of the most prospective gold targets; the location of targets for future drill programs; and the current and future work program, including the extent and nature of exploration to be conducted in 2021 – 2022. 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.
SODANKYLÄ, FINLAND – (September 9th, 2021) – FireFox Gold Corp. (TSX.V: FFOX)(OTCQB: FFOXF)(“FireFox” or the “Company”) is pleased to announce the results of the final four holes of the Phase 4 diamond drilling program at its 100%-owned Mustajärvi Project. These results confirm a considerable down dip extension of previously drilled high-grade gold. Drill hole 21MJ010 intersected multiple significant gold intervals, the highlight of which was 7.69g/t gold over 16.45 metres, including 42.47 g/t gold over 0.9 metres.
Modeling of 21MJ010 appears to confirm the down-dip continuation and thickening of the bonanza-grade zone intercepted by drill hole 21MJ001, which yielded 1.35 metres at 93.88 g/t gold as reported by FireFox on June 17, 2021 (see Figure 1, below).
In addition, drilling encountered several new intervals of alteration and gold mineralization at depth that may suggest growing potential with depth.
Carl Löfberg, President and CEO of FireFox, commented about the latest encouraging results, “This extension of high-grade gold to depth at Mustajärvi is a real breakthrough for FireFox. Not only has our team been able to predict, test, and intercept new high-grade gold occurrences along strike for more than a kilometre, but we can also now visualize and model a strong mineral system growing in thickness with depth. A core rig will arrive back on site in early October, and we will proceed with a pattern of closely spaced step out holes to fully evaluate this high-grade zone. We shall also be testing new targets at depth and farther to the northeast.”
Table 1: Summary of Significant (>1.0 g/t Au) Drill Intercepts
Drill Hole |
From (m) |
To (m) |
Interval* (m) |
Gold (g/t) |
21MJ009 |
66.3 |
67.0 |
0.7 |
2.21 |
21MJ010 |
100.8 |
101.9 |
1.10 |
4.44 |
154.15 |
170.60 |
16.45 |
7.69 |
|
including |
155.30 |
155.95 |
0.65 |
28.57 |
and |
157.4 |
158.0 |
0.60 |
24.70 |
and |
159.90 |
160.85 |
0.95 |
12.70 |
and |
162.0 |
167.0 |
5.00 |
5.56 |
and |
168.4 |
170.6 |
2.20 |
22.34 |
including |
168.4 |
169.3 |
0.90** |
42.47 |
323.0 |
324.0 |
1.0 |
9.10 |
|
345.0 |
347.0 |
2.0 |
3.92 |
|
* Drilling is believed to be perpendicular to the dip of the mineralization, however true widths are not yet known and will be confirmed with additional drilling and geological modeling. **Including 0.4m of core loss |
Figure 1. Mustajärvi Cross-Section A-A’ with Holes 21MJ001, 21MJ006 and 21MJ010
Mustajärvi Project and Drill Program Details
The Mustajärvi Project lies along the highway between the cities of Kittilä and Sodankylä, approximately 17 kilometers east of Kittilä. The property straddles the Mustajärvi Shear Zone (MSZ), a major right-lateral shear zone that has associated second and third-order structures which further dissect the project into separate structural zones. The Sodankylä Group rocks, which are primarily to the north of the shear zone in the footwall, include metamorphosed sedimentary and volcaniclastic rocks. Geophysics and drilling have identified an extensive corridor of albite – sericite alteration in the footwall along more than two kilometers of the structure. The project remains at an early stage as FireFox and predecessor companies have drilled less than 7,000 metres to date.
FireFox has developed a structural model that has identified repetitive dilatant zones along the MSZ where vein swarms and higher-grade gold are concentrated. There are three main areas of gold mineralization along a 2.1-kilometre trend, namely the Central Zone, the Northeast Target, and the new East Target (see Figure 2).
Figure 2. Mustajärvi Drilling and Structures on Magnetic Data
The Central Zone and Northeast Target both host bonanza grade gold associated with clusters of veins in the footwall of the shear zone but are separated by more than 500 metres. These two areas have been tested by several programs since 2018 that have expanded the lateral extent of known mineralization in multiple directions.
The Northeast Target returned the best intercepts in both the 2019 and 2020 drill programs, and the Phase 4 program has further improved the grades and intervals. Holes 21MJ001 (reported June 17, 2021) and hole 21MJ010 both returned bonanza grades and approximately 150 gram-metres of gold (expressed as total grade * thickness of mineralization).
Drill hole 21MJ010 was collared 57 metres north-northwest from drill hole 21MJ001 and was drilled with a steeper plunge, in order to confirm the continuation of the mineralization to depth. Interpreting these new data in the context of ongoing three-dimensional modeling, the FireFox technical team has concluded that the high-grade vein system at the Northeast Target continues and thickens down dip (see Figure 1). However, more drilling is required to confirm the true thickness and extent of this high-grade gold system.
Hole 21MJ010 was collared in hanging wall Savukoski mafic volcanics and intersected the intermediate tuffs of the Sodankylä Group at approximately 74m depth. This is consistent with most of the drilling along the Mustajärvi Shear Zone (MSZ), which meanders and forms splays along the zone that often coincides with this major contact. The footwall Sodankylä Group rocks are pervasively albitized along this corridor, exhibiting both brittle and ductile deformation fabrics, but the dominant foliation is nearly perpendicular to the core axis.
The upper contact of the more intense gold mineralization is marked by bladed calcite with open space, similar to the upper zone observed in hole 21MJ001. The gold is hosted in multiple quartz–carbonate-tourmaline-pyrite (QCTP) veins, including disseminated and locally semi-massive to massive pyrite. Among the pyrite and telluride minerals in the veins, the team has also confirmed the presence of molybdenite. The veins have similar characteristics to those intersected up dip in hole 21MJ001. The high-grade vein system strikes approximately 50° NE and dips 60° SE.
The intensity of albite alteration (+ sericite and silica) increases downhole. The two deeper gold intercepts reported at 323m and 345m, respectively, are significant. The upper zone is another relatively narrow QCTP vein, which appears to include very fine-grained visible gold, but the deeper intercept is associated with more subtle disseminated pyrite in albite-altered tuffite with tourmaline veinlets. So far, it has been rare at Mustajärvi to see gold associated with disseminated sulphides.
The FireFox team believes that the increasing intensity of alteration with depth in the Northeast Target may be favorable for the depth potential of the system. Drill hole 21MJ010 is the deepest hole drilled in this area to date, and it stands out as having passed through 20 mineralized veins, each with at least anomalous gold content.
Drill hole 21MJ011 tested the Company’s structural model by drilling the area between the interpreted dilatant zones of the Central Zone and Northeast Target. Several moderately albitized and broken zones with limited tourmaline veining and narrow quartz veins were intersected, but no significant gold intervals were detected.
The only hole of the Phase 4 program to target the Central Zone was 21MJ009. This hole was drilled more steeply than prior holes in an area of previously reported high-grade gold. Several strongly albitized intervals contained evidence of multiple phases of deformation, likely confirming the presence of the down dip extension of the shear zone. However, there were relatively small amounts of pyrite and tourmaline, and correspondingly low grades of gold intercepted, with only one notable interval of 2.21g/t over 0.7 metres recorded at 66.3 metres downhole.
Finally, drill hole 21MJ008 was drilled near the far southwest extent of the Mustajärvi permit. The hole was located proximal to a gold-in-till anomaly and drilled to test for the presence of the MSZ passing through the gabbro. Although locally strongly albitized gabbro was intersected, no significant gold grades were returned.
The table below summarizes the location information for these drill holes.
Table 2: Collar Information
Drill Hole |
Easting |
Northing |
Azimuth (°) |
Plunge (°) |
Final Depth (m) |
21MJ008 |
427153 |
7499366 |
360 |
45 |
166.6 |
21MJ009 |
427715 |
7500196 |
340 |
72 |
311.9 |
21MJ010 |
428456 |
7500686 |
338 |
70 |
350.5 |
21MJ011 |
427960 |
7500341 |
343 |
45 |
152.2 |
Quality Assurance
The core was transported from the rig to the Company´s core storage facility in Sodankylä, where FireFox’s exploration team conducted the geological and geotechnical logging and selected the assay intervals. Assay intervals were generally 1 metre but in some circumstances were modified according to lithological boundaries and other factors. FireFox geologists maintained chain of custody and sampling procedures according to best industry practice and with due attention to quality assurance and quality control, including sampling field duplicates and insertion of certified standard and blank samples.
FireFox team members transported the samples to an ALS sample prep lab in Sodankylä. The samples were first crushed to -2 mm, split and pulverized into 1kg pulps, before being shipped to a facility in Ireland for gold by fire assay of 50 gm aliquots with AAS finish (method Au-AA24). Other elements, altogether 48, were measured after four-acid digestion by ICP-AES and ICP-MS (method ME-MS61).
ALS Laboratories is a leading international provider of assay and analytical data to the mining industry. All ALS geochemical hub laboratories, including the Irish facility, are accredited to ISO/IEC 17025:2017 for specific analytical procedures. The FireFox QA/QC program includes the insertion of certificated standard material and blanks into the analytical batches, and none of the analytical control samples in these reports showed deviations from recommended values.
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, reviewed, and approves, the technical information in this news release.
Firefox Gold Webinar
The Company is also pleased to announce that President and CEO, Carl Lofberg and Chairman, Patrick Highsmith will be presenting the latest update from the Company's Finland projects in a live webinar taking place on Monday, September 13th, 2021, at 1 p.m. PT / 4 p.m. ET. The webinar will be hosted by Focus Communications Investor Relations (FCIR) and Cory Fleck of the Korelin Economics Report. Participants are encouraged to submit any questions for the company prior to the event by e-mailing FCIR at
Event Details
Date: Monday, September 13th, 2021
Time: 1 p.m. PT/ 4 p.m. ET
Registration: https://event.webinarjam.com/channel/FFOX
About FireFox Gold Corp.
FireFox Gold Corp is listed on the TSX Venture stock exchange under the ticker symbol FFOX. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a project portfolio that includes over 80,000 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,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: +1-778-244-8439
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 intent to conduct additional drilling, the belief as to the location of the most prospective gold targets; the location of possible new targets for future drill programs; the current and future work program, including the extent and nature of exploration to be conducted in 2021 - 2022 and the potential expansion of the same, and the significance of the most intense alteration and mineralization occurring at depths below previous drilling at the Northeast Target. 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.
SODANKYLÄ, FINLAND – (August 24th, 2021) – FireFox Gold Corp. (TSX.V: FFOX)(OTCQB: FFOXF)(“FireFox” or the “Company”) announces the commencement of systematic mechanized exploration on its 100%-controlled Sarvi Project, which adjoins Rupert Resources’ Area 1 discovery zone. FireFox geologists began ground geophysics during the winter of 2021, followed immediately by mapping and sampling earlier this summer, and they have now escalated work to include: bottom-of-till (BOT) sampling and excavator trenching at high-priority targets on the newly granted exploration permit.
The expansion of work at Sarvi comes immediately on the heels of two permit issuances by the Finnish Safety and Chemicals Agency (Tukes). This level of permit allows mechanized exploration, including drilling. The applications for exploration permits at the Sarvi and Lehto properties were made in November 2019 after preliminary interpretations of regional data and reconnaissance traverses yielded several attractive targets warranting follow-up. The Sarvi permit encompasses 944 hectares and is accessed via all-season secondary roads from the Sodankylä – Kittilä highway. The Lehto permit covers approximately 494 hectares and is also accessible by road. There remain several FireFox permit applications surrounding Sarvi, and new reservations farther north tie the area together into a very large holding (See Figure 1 below).
Carl Löfberg, FireFox’s President and CEO, commented on the significance of the Sarvi Project, “The granting of the exploration permit at Sarvi marks our fourth drill-ready project, and the team is already hard at work confirming and expanding upon several prospects. Sarvi hosts an attractive interaction of multiple episodes of structure with favorable host rocks. We are very excited to deploy our teams with drills and excavators to investigate the several gold and arsenic anomalies we have been developing. We expect to finalize initial targets and commence core drilling at Sarvi by November.”
Summary of Sarvi and Lehto Properties
The Sarvi and Lehto properties are key parts of the Company’s large Northern Group land package in the eastern succession of the Kittilä Suite mafic volcanic rocks. Both properties are subject to the Seuru Option agreement with Magnus Minerals (See Company news release dated August 30, 2018), and FireFox expects to vest in 100% equity under the agreement early in 2022.
In August 2020, FireFox completed a detailed unmanned airborne vehicle (UAV) magnetic survey over the Sarvi Project. Integrating these data with other regional surveys and data from the Geological Survey of Finland (GTK), FireFox interpreted several possible NW-SE trending structures intersecting E-W and NE-SE structures that are believed to be older. The youngest major event in this area may be the prolific D3 structures that appear to control much of the gold in the Central Lapland Gold Belt (CLGB), but additional work is required to confirm this. Several gold and arsenic anomalies at Sarvi are related to the northwest trending faults. Similar structural trends have been reported by Rupert Resources across Area 1 and in particular at the Ikkari Discovery, which lies only 5km south of the tenement boundary.
FireFox cautions that proximity to a discovery or mineral resource, does not ensure 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.
In early 2021, FireFox augmented the already-extensive magnetics data at Sarvi with a detailed ground magnetic survey on 50-metre line spacing. This detailed approach to magnetics has led to drilling success at the Company’s Mustajärvi Gold Project, where the fine-scale magnetic lows have proven to host high-grade vein systems. FireFox geologists believe that detailed ground geophysical surveys play an important role in focusing upcoming BOT sampling, trenching, and diamond drilling where glacially-deposited sediments cover the bedrock.
Figure 1. Location Map of New Exploration Permits at Sarvi and Lehto
While FireFox’s structural model is evolving, the intersection of D3 or D4 with earlier brittle faulting has led to numerous discoveries in the CLGB. Till sampling and prospecting at Sarvi have already identified gold and arsenic anomalies, most of which are associated with interpreted major faults. Highlights so far include rock chip samples of 1.47 g/t gold and 1.86% copper, and highly anomalous counts of gold micro-nuggets (accompanied by arsenic) in heavy mineral samples and till (See Figure 2 below).
This part of the CLGB is nearly unique in the FireFox portfolio as having an association of very high arsenic with gold in mafic volcanic rocks, without the high bismuth and tellurium that occurs at Mustajärvi and other prospects. This is the geochemical signature of the orogenic gold deposits at the Kittilä Mine, and the presence of graphite-bearing tuff in both areas is also noteworthy. The abundant mafic lithologies that are mapped at Sarvi, including tholeiitic basalt, are encouraging because these rocks can be excellent hosts of gold mineralization due to how they accommodate deformation and react with mineralizing fluids.
FireFox’s fall and winter drill program is to commence in early October. The current plan is to test new targets at Sarvi with a modest sized program starting in November and a second follow-up program in Q1 2022.
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, reviewed, and approves, the technical information in this news release.
Figure 2. Detailed Magnetics and Preliminary Structures at Sarvi Project
About FireFox Gold Corp.
FireFox Gold Corp is listed on the TSX Venture stock exchange under the ticker symbol FFOX. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a project portfolio that includes over 80,000 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,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: +1-778-244-8439
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 the planned drilling meterage 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.
SODANKYLÄ, FINLAND – (August 17, 2021) – FireFox Gold Corp. (TSX.V: FFOX)(OTCQB: FFOXF)(“FireFox” or the “Company”) is pleased to announce that it has extended the drill-indicated gold system by an additional 650 metres along trend from the Northeast Target at its 100%-owned Mustajärvi Project in the Central Lapland Gold Belt of Finland (See Figure 1). Drill hole 21MJ004 was drilled 654 metres northeast of the previously reported bonanza-grade hole 21MJ001 (see Company news release dated June 17, 2021) and yielded 2.9 metres at 1.30 g/t gold. Drill hole 21MJ005, which was collared 580 metres from 21MJ001, returned 3.79 g/t gold over a 1 metre interval from 15m downhole, sitting atop a wider zone of weakly anomalous gold.
Figure 1. Mustajärvi Drill Holes and Targets
Key Implications from the Newest Mustajärvi Results Include:
- New gold mineralization revealed along the probable continuation of the shear zone delineates a stretch of more than 2.1 kilometers with gold-bearing drill intercepts;
- Quartz-carbonate-tourmaline-pyrite veins at new East Target are lower grade (so far) but consistent in mineralogy and geochemistry with high grade veins at Central Zone & Northeast Targets;
- The veins have variable continuity, but the larger and more sulfide-rich veins have been intersected in four drill holes (21MJ001, 21MJ002, 21MJ006, and 21MJ010) and appear to become higher grade with depth;
- Predictive 3D modeling of dilational jogs along the Mustajärvi Shear Zone continues to yield altered country rock and significant gold in drilling, even while exploring beneath overburden; and
- Geophysics and 3D modeling of the results indicate multiple untested targets in the vicinity of the Northeast and East Targets – another sizable drill program is planned for winter of 2021 – 2022.
“These two holes were the first to test for mineralization in this newly modeled part of the shear zone, so we are very excited to confirm new gold intercepts with similar alteration, vein mineralogy, and geochemistry to the established high-grade areas in the Central Zone and the Northeast Target. These first gold hits at the East Target are important because we know that persistence and hard work yielded bonanza grade intercepts at both the Central and Northeast Targets. Adding these new targets to the close step-outs planned around 21MJ001, we have some incredible targets lined up for the fall and winter drill program, which is fully funded,” commented Carl Löfberg, President and CEO of FireFox.
In addition to the East Target holes, drill hole 21MJ006 was collared 170 metres northwest from 21MJ001, along the same drill section of the Northeast Target. It appears to have been successful in intersecting the lower grade up-dip continuation of the vein system that contained the bonanza grade, here averaging 3.0 metres of 1.31 g/t gold. Also reported herein is hole 21MJ007, which targeted interpreted structures within the gabbro on the western end of the property, but for which no significant gold results were received.
The individual veins encountered in the northeast part of the project have variable continuity, but some have been intersected along strike for more than 70 metres. The vein system hosting bonanza-grade gold that was intercepted in 21MJ001 also appears to have been intercepted down-dip in 21MJ010 (for which assays are pending). These gold-bearing veins occur in swarms with potential for expansion along strike and at depth. In addition to 21MJ010, analytical results and geological interpretations are pending for three additional holes, 21MJ008, 21MJ009 and 21MJ011.
Mustajärvi Project and Drill Program Details
The Mustajärvi Project lies along the highway between the cities of Kittilä and Sodankylä, approximately 17 kilometers east of Kittilä. The property straddles the Mustajärvi Shear Zone (MSZ), a major right-lateral shear zone that has associated second and third-order structures which further dissect the project into separate structural zones. The Sodankylä Group rocks, which are primarily to the north of the shear zone in the footwall and host most of the known mineralization, include metamorphosed sedimentary and volcaniclastic rocks. Geophysics and drilling have identified an extensive corridor of albite – sericite alteration in the footwall along more than two kilometers of the structure. The project remains at an early stage as FireFox and predecessor companies have drilled less than 7,000 metres to date.
FireFox has developed a structural model that has identified repetitive dilatant zones along the MSZ where vein swarms and higher-grade gold are concentrated. The main areas of mineralization, so far, are the Central Zone and the Northeast Target, both of which host bonanza grade gold associated with clusters of veins in the footwall of the shear zone but are separated by more than 500 metres. Including drill intercepts southwest of the Central Zone and extending through the Northeast Target, the MSZ hosts high-grade (>5 g/t) gold in arrays of narrow quartz veins along a corridor of more than 1.5 kilometers. The FireFox team predicted another dilatant zone with similar characteristics 500 to 600 metres farther northeast from the Northeast Target (See Figure 2). Drill holes 21MJ004 and 21MJ005 were the first holes to test this area and the results confirm this zone as a new and additional zone of gold mineralization (the East Target) – extending the favorable trend to more than 2.1 kilometers.
Figure 2. Mustajärvi Structural Interpretation
The Central Zone and Northeast Target have been tested by several programs since 2018 that have expanded the lateral extent of known mineralization in multiple directions. The Northeast Target returned the best intercepts in both the 2019 and 2020 drill programs, including bonanza grades in the first hole of this Phase 4 program. The initial success at the East Target has prompted planning for considerable new work.
Drill hole 21MJ004 was collared in a structural block interpreted to host the continuation of the MSZ and was directed to the northwest. The hole appears to initiate in Sodankylä Group metasedimentary rocks, variably altered intermediate tuffites, and did not pass through a major lithologic contact with mafic volcanics. The gold mineralization was hosted within an intensively deformed interval that included abundant hematite and quartz-carbonate-tourmaline-pyrite (QCTP) veining at 150.35 to 153.25 metres down hole. The 2.9-metre interval averaged 1.30 g/t gold with a few additional metres of weakly anomalous gold below. There are also several broader intervals of weakly anomalous gold higher up in the hole. The veins encountered in drill hole 21MJ004 have a similar composition to the QCTP veins noted in the Northeast Target, but hematite is notably more abundant at the East Target.
Hole 21MJ005 was collared very close to an interpreted trace of the shear zone. The hole intercepted shallow mineralization within intensively altered intermediate tuffites, where the highest gold grades were encountered at 15 to 16 metres down hole, yielding 3.79 g/t gold. Elevated gold values expanded the anomalous zone down hole to 28.4 metres, including several samples with 0.32 to 0.75 g/t Au. The shallow mineralization encountered in hole 21MJ005 was associated with breccias and QCTP veins and abundant hematite.
Drill hole 21MJ006 was drilled along the same northwest drill fence that includes 21MJ001 and 21MJ010. It was targeted on a base of till (BOT) gold anomaly and expected to test for the up-dip continuation of the vein system with visible gold reported in 21MJ001. The hole intercepted a 3-metre interval of thin QCTP veins at the approximate location where the bonanza vein was projected to occur. This 3-metre zone from 56 to 59 metres downhole averaged 1.31 g/t gold. There are numerous other narrow quartz-carbonate and quartz-tourmaline veins cutting through the altered tuffites in this hole associated with several intervals of weakly anomalous gold, including samples with 0.32 to 0.69 g/t.
Drillhole 21MJ007 was one of the first drill tests of geochemical and geophysical anomalies associated with the gabbro near the west end of the property. It was collared more than 1.5 kilometers west of the Northeast Target. While no significant gold has been encountered yet in the gabbro, the lower third of the hole encountered pervasive strong albitization.
FireFox geologists report that the three zones now known to host significant gold at Mustajärvi are quite comparable in their lithology, alteration, vein mineralogy, geochemisty, and their structural architecture. The interpreted dilational jogs correlate well with magnetic lows (Figure 2), and it is noteworthy that the strongest magnetic lows in the East Target (northeast of 21MJ004) have not yet been tested. A preliminary mineralogical report on the Northeast and East Target gold intercepts reveals that gold occurs both as free gold and as inclusions in pyrite and hematite. The Mustajärvi gold system continues to be consistently enriched in bismuth, tellurium, and cobalt, but the ongoing data compilation is highlighting many other geochemical features that may be useful pathfinder elements to help vector towards stronger gold mineralization. The team is also planning an induced polarization/resistivity (IP) survey over the Northeast and East Targets, as the pyrite-rich mineralization should generate strong anomalies. Combined with mapping and three-dimensional modeling, the new data are expected to yield more strong drill targets for the fall and winter drilling.
The table below summarizes the location information for these drill holes.
Table 1: Collar Information
Drill Hole |
Easting |
Northing |
Azimuth (°) |
Plunge (°) |
Final Depth (m) |
21MJ004 |
429026.0 |
7500993.2 |
335 |
45 |
211.9 |
21MJ005 |
428849.7 |
7501105.8 |
333 |
45 |
120.5 |
21MJ006 |
428416.6 |
7500790.2 |
340 |
45 |
123.9 |
21MJ007 |
427193.3 |
7499874.2 |
345 |
45 |
200.1 |
Quality Assurance
The core was transported from the rig to the Company´s core storage facility in Sodankylä, where FireFox’s exploration team conducted the geological and geotechnical logging and selected the assay intervals. Assay intervals were generally 1 metre but in some circumstances were modified according to lithological boundaries and other factors. FireFox geologists maintained chain of custody and sampling procedures according to best industry practice and with due attention to quality assurance and quality control, including sampling field duplicates and insertion of certified standard and blank samples.
FireFox team members transported the samples to an ALS sample prep lab in Sodankylä. The samples were first crushed to -2 mm, split and pulverized into 1kg pulps, before being shipped to a facility in Ireland for gold by fire assay of 50 gm aliquots with AAS finish (method Au-AA24). Other elements, altogether 48, were measured after four-acid digestion by ICP-AES and ICP-MS (method ME-MS61).
ALS Laboratories is a leading international provider of assay and analytical data to the mining industry. All ALS geochemical hub laboratories, including the Irish facility, are accredited to ISO/IEC 17025:2017 for specific analytical procedures. The FireFox QA/QC program includes the insertion of certificated standard material and blanks into the analytical batches, and none of the analytical control samples in these reports showed deviations from recommended values.
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, reviewed, 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. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a project portfolio that includes over 80,000 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,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: +1-778-244-8439
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: the receipt of the assay results, 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 intent to conduct additional geophysics and drilling, expectations for the receipt of assays on samples already submitted to the lab; the belief as to the location of the most prospective gold targets; the location of possible new targets for the 2021 - 2022 drill program; the current and future work program, including the extent and nature of exploration to be conducted in 2021 - 2022; and the potential expansion of the same and the significance of the most intense mineralization occurring at depths below previous drilling at the Northeast Target. 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.
SODANKYLÄ, FINLAND – (Aug 3, 2021) – FireFox Gold Corp. (TSX.V: FFOX) (OTCQB: FFOXF) (“FireFox” or the “Company”) recently completed a three-hole reconnaissance diamond drill program at the Saittavaara Prospect on its 100%-owned Jeesiö Project in Lapland. Saittavaara is a prospect near the southern boundary of Jeesiö, along the highway from Sodankylä to Kittilä (Figure 1: https://bit.ly/3rKZg4g). These three holes, totaling 309.1 metres, are the first known drilling in the area by any operator. Two of the three holes encountered gold mineralization of more than 0.9 grams per tonne (g/t). Drill hole 21JE002 intercepted a near-surface zone of 4.0m averaging 2.03 g/t Au, including 2.0m at 3.18 g/t Au.
Confirming gold in bedrock with the first shallow drill holes in the area is significant because it highlights the potential of the untested anomalies farther north on this trend (Figure 2: https://bit.ly/3jpOMnp). There are numerous higher-grade gold bearing rock chip samples associated with D3 and D4 structures farther northeast from the initial Saittavaara occurrence.
Carl Löfberg, FireFox’s President & CEO, explained the significance of FireFox’s new results, “The drilling at Saittavaara during May 2021 was simple and efficient, easily accomplished during a short break from the Mustajärvi program. In previous programs our geologists sampled a lot of gold in veins and boulders at Saittavaara and Katajavaara. Drilling into this zone of quartz-sericite-pyrite alteration with 3.0 g/t gold mineralization is very encouraging as we follow the major structures and geophysical targets along trend towards Katajavaara. It is exciting to confirm a second project now with significant gold in drill holes, only a short drive down the highway from Mustajärvi.”
Target Development at Saittavaara
The area is believed to lie within highly deformed metasedimentary rocks that are cut by later D3 and D4 shear zones. Rejuvenated interest in the area came from the last FireFox sampling campaign of 2019 that returned 6.4 g/t Au from a boulder at Katajavaara (approximately 2 kilometres north of the Saittavaara occurrence).
The prospectivity of Saittavaara was enhanced by results from reconnaissance mapping and sampling during 2020 that returned rock chip samples of 2.60 and 2.75 g/t Au from angular quartz boulders and outcrop with significant iron staining and fresh pyrite. Saittavaara is the southernmost of three prospects in a belt spanning approximately three kilometres, where rock samples returned highly anomalous gold values from 0.2 to 10.5 g/t (“the Kataja Belt”) (See Company news release dated October 6, 2020). The anomalies at Saittavaara are part of a structural corridor trending northeast towards the higher-grade gold samples at Katajavaara. In addition, these prospects are situated only a few kilometers from the high-grade gold reported at Aurion Resources’ Launi Prospect.
FireFox cautions that proximity or similar geology to another prospect or 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.
FireFox’s high-resolution airborne magnetics survey further heightened interest as the team noted apparent lithologic contacts with structurally controlled magnetic lows. The FireFox teams moved forward with additional geophysics and plans to test the surface gold sampling with a reconnaissance drill program in Spring 2021.
During late 2020, FireFox commissioned a small-scale 2D pole-dipole gradient array induced polarization/resistivity (IP) survey with GRM Services. The single-line IP survey was a trial to investigate if the gold samples at surface had roots in outcrop. The data showed a near‐surface high-resistivity, high-chargeability feature that corresponded well with the pyrite-bearing quartz veins and silicified sediments that hosted the gold in sampling. The survey also suggested the presence of deeper anomalies in the area, but the design of the test survey was insufficient to resolve the deeper targets for drilling. Firefox intends to expand the IP survey over more of the mineralized trend later in 2021.
Drill Program Details
FireFox’s 2021 drill program directed three shallow reconnaissance drill holes at the gold in rock samples and geophysical anomalies at Saittavaara. The drill sites are on high ground in a boulder field close to the highway. Since FireFox has a permit application pending over the Kataja Belt, the team proceeded with this small-scale drill program after securing permission from the surface landowners, in accordance with common practice in Finland. The Company reports that much more work is expected to follow-up on this drilling and to test the additional gold anomalies from rock sampling.
Drill hole 21JEE002 intersected intensively sheared and sericitized quartzite from just below shallow overburden. There are several quartz veins with strongly sheared and silicified wall rock. Geologists have described the zone of intense shearing and obvious deformation as a mylonite. The mylonite zone continues from near-surface to approximately 18m downhole depth. As disseminated pyrite is prevalent but variable, the alteration may be termed quartz-sericite-pyrite (QSP), which is commonly seen in orogenic gold deposits. A massive to milky quartz zone with disseminated pyrite between 11 and 17 metres downhole carries the best gold grades, averaging 1.48 g/t over its entirety. The siliceous interval continues downhole to 84.2m, including additional narrow zones of more intense QSP alteration at 25.0m and 66.0m depth with gold values of 1.05 and 0.527 g/t, respectively. Pyrite is most abundant in the shallower higher-grade interval. At approximately 84.2m the mylonite zone passes into an unaltered greywacke unit.
Table 1: Summary of Significant Intercepts from Drill Hole 21JEE002 (Cutoff grade of 0.5 g/t Au)
Drill Hole | From (m) | To (m) | Interval* (m) | Gold (g/t) |
---|---|---|---|---|
21JEE002 | 13 | 17 | 4 | 2.03 |
Including | 14 | 16 | 2 | 3.18 |
25 | 26 | 1 | 1.06 |
* Drilling is believed to be perpendicular to the dip of the mineralization, however true widths are not yet known and will be confirmed with additional drilling and geological modeling.
Drill hole 21JEE001 was drilled west towards 21JEE002 in a scissor fashion since the orientations of the quartz veins and structures in the area were not known. It encountered similar lithology including QSP-altered and veined quartzites from surface to approximately 37m depth downhole. The drill hole intersected several quartz veins with more abundant pyrite down to approximately 14.40m. The best gold mineralization was associated with multiple quartz-pyrite (oxidized) veins over approximately 4 metres from 25.0 to 29.0m downhole, including one metre that assayed 0.96 g/t Au. The quartzite gives way to weakly silicified graywacke sediments at approximately 37m downhole.
Drill hole 21JEE003 was collared approximately 500 metres northeast of the first two holes. It encountered a narrow mylonite zone near surface, but consisted mainly of unaltered greywacke from 9.0 to 98.35m downhole, followed by a mafic intrusion with patchy quartz-carbonate veins to the end of the hole. There were no significant gold assays returned.
Table 2: Collar Information (coordinates presented in EPSG:3067)
Drill Hole | Easting | Northing | Azimuth (°) | Plunge (°) | Final Depth (m) |
---|---|---|---|---|---|
21JEE001 | 470013 | 7478248 | 270 | 45 | 106.8 |
21JEE002 | 469953 | 7478242 | 90 | 45 | 97.6 |
21JEE003 | 470436 | 7478520 | 90 | 45 | 104.7 |
Structural Interpretation
The FireFox technical team has conducted a preliminary structural interpretation from magnetics and other data across the Jeesiö Project (Figure 2), and more specifically around the Kataja Belt. Geologists note at least two major structural fabrics based on the data so far, including: D3 deformation with a north to northeast trend, and D4 deformation indicative of regional strain oriented NW-SE. The magnetics data reflect likely transform faulting (D4) of the earlier shear zones (D3).
The significance of D3 structures has been frequently discussed by FireFox and other Lapland explorers, as they are well-known to host the economic gold mineralization in the northern part of the Central Lapland Gold Belt at Agnico Eagle´s Kittilä Mine. The Kittilä Mine is hosted along the NE-striking Kiistala Fault, an important early thrust fault that was likely reactivated by later D3 shearing.
Both D3 and D4 structures can be observed in the Kataja Belt, however the limited outcrop means it is not yet possible to relate the structural fabric or vein orientations measured at Saittavaara to the numerous other gold anomalies and emerging targets in the area. Further bedrock mapping and structural geology work are in progress.
Quality Assurance
The core was transported from the rig to the Company´s core storage facility in Sodankylä, where FireFox’s exploration team conducted geological and geotechnical logging and selected the assay intervals. Assay intervals were generally 1 metre but in some circumstances were modified according to lithological boundaries and other factors. FireFox geologists maintained chain of custody and sampling procedures according to best industry practice and with due attention to quality assurance and quality control, including collection of field duplicates and insertion of certified reference materials and blank samples into the laboratory submittals.
FireFox team members transported the samples to an ALS sample prep lab in Sodankylä. The samples were first crushed to -2 mm, split and pulverized into 1kg pulps, before being shipped to the ALS facility in Rosia Montana, Romania for gold by fire assay of 50 gm aliquots with AAS finish (method Au-AA24). Other elements, altogether 48, were measured after four-acid digestion by ICP-AES and ICP-MS (method ME-MS61) at the ALS facility located in Loughrea, Ireland.
ALS Laboratories is a leading international provider of assay and analytical data to the mining industry. All ALS geochemical hub laboratories, including the Irish facility, are accredited to ISO/IEC 17025:2017 for specific analytical procedures.
No QA/QC issues were identified from a review of the analytical data with this drilling.
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, reviewed, 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. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a project portfolio that includes over 80,000 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,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: +1-778-244-8439
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 intent to conduct follow-up drilling; plans to review the future modeling and exploration program in light of the results disclosed herein; the belief as to the location of the most prospective gold targets; the location of possible new targets for the next drill program; and the current and future work program, including the extent and nature of exploration to be conducted in 2021. 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.
SODANKYLÄ, FINLAND – (June 17, 2021) – FireFox Gold Corp. (TSX.V: FFOX)(OTCQB: FFOXF)(“FireFox” or the “Company”) has completed the expanded 11 hole Phase 4 diamond drill program (2,364 metres) at its 100%-owned Mustajärvi Project in the Central Lapland Greenstone Belt of Finland. Today the Company reports assay results for the first three holes of the program. Hole 21MJ001 is a significant highlight yielding 1.35m averaging 93.88 g/t gold, including 0.65m at 129.5 g/t gold. This interval was previously reported to host visible gold in a quartz-carbonate-tourmaline (QCT) vein with abundant pyrite (see Company news release dated April. 15, 2021). With the two additional high-grade gold intervals of 5.27 g/t and 26.9 g/t, this drill hole included a total of more than 150 gram – metres of gold.
Near surface high-grade intervals were encountered in both of the first two holes of the program, as shown in Table 1. These drill holes extend high-grade gold in the Northeast Target by an additional 150 metres along strike to the northeast (See Figure 1: https://bit.ly/3cLi1OX). This newly discovered veining and alteration occurs at depths less than 200m below surface and remains open down dip and to the northeast (See Figure 2: https://bit.ly/3pZvCYi). The FireFox team is anxious to follow up with closely spaced drilling to test this new high-grade zone, the richest yet discovered at Mustajärvi.
“Since 2018 we have methodically built up our knowledge of the geology and structure, vectoring towards the heart of this high-grade gold at Mustajärvi. Our modeling is clearly paying off, and we are thrilled that the initial hole in the 2021 drill program has resulted in the first 100-gram-metre interval at the project. The Northeast Target is proving to be very exciting, and we look forward to results from the remaining two holes in this area, as well as the step-outs farther northeast along the shear zone,” commented Carl Löfberg, President and CEO of FireFox.
Table 1: Summary of Significant High-Grade (>4.0 g/t Au) Drill Intercepts
Drill Hole |
From (m) |
To (m) |
Interval* (m) |
Gold (g/t) |
21MJ001 |
172.90 |
174.15 |
1.25 |
5.27** |
|
184.15 |
185.50 |
1.35 |
93.88** |
including |
184.15 |
184.85 |
0.70 |
60.8** |
and |
184.85 |
185.50 |
0.65 |
129.5** |
|
220.35 |
221 |
0.65 |
26.9 |
|
||||
21MJ002 |
139.5 |
141.5 |
1.00 |
13.27 |
|
161.9 |
163.6 |
1.70 |
11.16 |
* Drilling is believed to be perpendicular to the dip of the mineralization, however true widths are not yet known and will be confirmed with additional drilling and geological modeling. ** Based on the presence of visible gold in the drill core, these intervals were subjected to a 1,000 gram screen fire assay protocol designed to capture coarse gold. |
Upon completion of this 11-hole drill program, FireFox has now drilled approximately 6,250 metres at Mustajärvi, emphasizing the still-early stage of technical work on this project that has consistently yielded near-surface intercepts of gold above 10 g/t. The Central Zone was the site of approximately 700 metres of shallow drilling by Outokumpu in the 1990s, which yielded numerous historic intercepts of more than 10 g/t (See the Company’s NI 43-101 technical report on Mustajärvi at www.firefoxgold.com or on SEDAR). There was also very small-scale exploitation of gold from a pit in the Central Zone. FireFox reported rock chip results from the pit area that included 10 samples assaying more than 10 g/t gold, including one sample with 140.5 g/t gold (See Company news release dated Jan 3, 2019).
The strongest mineralization along the Mustajärvi Shear Zone can be shown to plunge gently to the northeast from the surface outcrop in the Central Zone. The system has not yet been tested below 200 metres vertically below surface. Gold mineralization is believed to occur in zones of dilatancy along host structures and/or subject to other controls on gold precipitation. FireFox’s evolving structural model, combined with the growing database of geological details and multielement geochemistry, is improving the team’s understanding of the veins and alteration zones. Important next steps will include tight step-out holes around this new 150 gram-metre drill hole.
Mustajärvi Project and Drill Program Details
The Mustajärvi Project lies along the highway between the cities of Kittilä and Sodankylä, approximately 17 kilometers east of Kittilä. The property straddles the Mustajärvi Shear Zone (MSZ), a major right-lateral shear zone that has associated second and third-order structures which further dissect the project into separate structural zones. FireFox has developed a structural model that has identified dilatant zones along the major structure where higher grade gold is concentrated (See Figure 3: https://bit.ly/3cM1NoL).
During the 2019 and 2020 seasons, exploration drilling at the project advanced to the northeast from the Central Zone to the Northeast Target, more than 500 metres along the shear zone, based on geophysical data and gold in bottom-of-till (BOT) sampling. These zones host high-grade (>4 g/t) gold in narrow quartz veins along more than 1.5 kilometres of the hydrothermally altered shear zone from the southwest to northeast. The Northeast Target returned the best intercepts in both the 2019 and 2020 drill programs. Holes 21MJ001 to 21MJ003, reported here, are in the Northeast Target area.
The Phase 4 program targeted the brittle altered metasediments in the footwall of the shear zone. The individual veins appear to have variable continuity, but some have been intersected along strike for more than 70 metres. The highest-grade vein intercepted in 21MJ001 appears to have been intercepted in 21MJ010 (for which assays are pending), and the vein remains open to depth and along strike (See Figure 2). These veins seem to occur in clusters with potential for expansion along strike and at depth. Analytical results and geological interpretations are pending for eight additional holes, 21MJ004 to 21MJ011.
Drill holes 21MJ001 and 21MJ002 were planned to test the continuation of the vein system intercepted in drill hole 20MJ009, which returned 2.0m at 33.25 g/t Au (see Company news release dated Jan. 27, 2021). Drill hole 21MJ001 is 155 metres ENE from 20MJ009 and drill hole 21MJ002 is approximately midway between the two holes (83m ENE from 20MJ009). Drill hole 21MJ003 was aimed at the western side of the Northeast Target area and did not intersect significant veining or gold mineralization (See Table 2).
Table 2: Collar Information (coordinates presented in EPSG:3067)
Drill Hole |
Easting |
Northing |
Azimuth (°) |
Plunge (°) |
Final Depth (m) |
21MJ001 |
428479.7 |
7500633.6 |
340 |
45 |
292.60 |
21MJ002 |
428410.2 |
7500615.8 |
343 |
45 |
240.8 |
21MJ003 |
428174.5 |
7500533.7 |
338 |
45 |
193.0 |
Each of the drill holes reported here passed through the Savukoski Group ultramafic-mafic volcanics and across the contact into strongly altered Sodankylä Group metasediments and metavolcanics. The strongest mineralization to date at Mustajärvi has occurred in the footwall Sodankylä Group rocks, which are to the north of the shear zone. In this area, the Sodankylä Group includes metamorphosed sedimentary and volcaniclastic rocks. Along the alteration zone associated with the shear zone, these rocks have been made brittle by pre-gold pervasive alteration, including albite, silica, and sericite. Where these altered rocks are shattered, brecciated, and veined, high grade veins have been reported.
In drill hole 21MJ001, the targeted volcano-sedimentary series was encountered at approximately 104m down hole and continued to the termination of the hole at 292.6m. This section of rocks is pervasively altered with moderate to high intensity of albite, silica, and sericite. The altered rock sequence is cut throughout its width by QCT veins, quartz tourmaline, and quartz veins that contain semi-massive to massive zones of pyrite over narrow widths. There are additional sulfide, or possibly tellurium and bismuth-bearing minerals (not yet confirmed), that are common in the most intensely mineralized rocks. Gold correlates strongly with the presence of pyrite and other sulfide, sulfosalt, or bismuth-tellurium bearing minerals. Intense sericitic alteration with disseminated pyrite and narrow quartz tourmaline veins (up to 1cm) can be observed deeper in the hole. All the high-grade gold intercepts in this area are low in arsenic but high in bismuth and tellurium.
Drill hole 21MJ001 intersected several gold mineralized intervals, with the highest-grade interval occurring at 184.5 metres downhole depth in a pyrite rich, brecciated and complex quartz-tourmaline pyrite vein. Visible gold was observed within this quartz-tourmaline-carbonate vein at 185.4-185.5 m. (see Figure 2). It should be noted that multiple zones of low-grade anomalous gold occur throughout the altered rocks in this hole, sometimes spanning 10 to 12m and including a single interval of 1.68 g/t gold.
The best interval in hole 21MJ002 occurred at 161.9 metres downhole, grading 1.7m averaging 11.16 g/t gold. This intercept was hosted within strongly albitized metasediments, which were brecciated by several quartz-tourmaline-pyrite veins. There is another narrow high-grade interval at 139.5m depth, which contained 1.0m at 13.27 g/t gold. The larger of these two mineralized veins appear to align with the highest grade intercept in 21MJ001 and may indicate continuity of the veining over that 72m intervening distance. 21MJ002 also included several zones of low-grade anomalous gold over 15 to 20m and including isolated samples of 1.35 and 3.3 g/t gold.
Quality Assurance
The core was transported from the rig to the Company´s core storage facility in Sodankylä, where FireFox’s exploration team conducted the geological and geotechnical logging and selected the assay intervals. Assay intervals were generally 1 metre but in some circumstances were modified according to lithological boundaries and other factors. FireFox geologists maintained chain of custody and sampling procedures according to best industry practice and with due attention to quality assurance and quality control, including sampling field duplicates and insertion of certified standard and blank samples.
FireFox team members transported the samples to an ALS sample prep lab in Sodankylä. The samples were first crushed to -2 mm, split and pulverized into 1kg pulps, before being shipped to the ALS facility in Rosia Montana, Romania for gold by fire assay of 50 gm aliquots with AAS finish (method Au-AA24). Gold values which exceeded 10 ppm were assayed in triplicate by fire assay with a gravimetric finish (method Au-GRA22, Au-GRA22d and Au-GRA22t). Selected samples were assayed with a 1,000 gram Au-SCR24 method (screen fire assays) based on the presence of visible gold. Other elements, altogether 48, were measured after four-acid digestion by ICP-AES and ICP-MS (method ME-MS61) at the ALS facility located in Loughrea, Ireland.
ALS Laboratories is a leading international provider of assay and analytical data to the mining industry. All ALS geochemical hub laboratories, including the Irish facility, are accredited to ISO/IEC 17025:2017 for specific analytical procedures. The Firefox QA/QC program consists of insertion of certificated standard material and blanks inserted by Firefox into the analytical batches did not show deviations from recommended values.
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, reviewed, and approved, 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. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a project portfolio that includes over 80,000 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,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: +1-778-244-8439
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: the receipt of the assay results, 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 intent to conduct follow-up drilling around the new intercepts; the expectation for receipt of assays on drill holes already completed, sampled, and submitted to the lab; plans to review the future modeling and exploration program in light of the results disclosed herein; the belief as to the location of the most prospective gold targets; the location of possible new targets for the next drill program; the current and future work program, including the extent and nature of exploration to be conducted in 2021; and the potential expansion of the same and the significance of the most intense mineralization occurring at depths below previous drilling at the Northeast Target. 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.
VANCOUVER, BC – June 14, 2021 – FireFox Gold Corp. (TSX.V: FFOX)(OTCQB: FFOXF)("FireFox" or the “Company”) is pleased to announce that it has received final approval to list on the OTC Markets Group's OTCQB Venture Market in the United States under the symbol “FFOXF”. FireFox will commence trading on the OTCQB on June 15, 2021 with 99,117,263 shares outstanding, while continuing to trade on its home exchange in Canada, the TSX Venture Exchange. FireFox is a gold exploration company at the forefront of the new gold rush in northern Finland.
Patrick Highsmith, FireFox’s Chairman, commented, “We are excited to upgrade onto the OTCQB Venture Market in the United States, bringing the compelling FireFox story to an even broader audience of institutional and retail investors. It is an added benefit to increase our visibility in the United States since our largest shareholder, Crescat Capital, is based in Denver, Colorado.”
The OTCQB is recognized as an established public financial market for international companies to trade in the United States through a quality investment experience. The OTCQB Venture Market offers companies the opportunity to build their visibility, expand their liquidity and diversify their shareholder base on an established public market. The OTCQB offers transparent trading in early stage firms, such as exploration companies, while ensuring that listed businesses must pass background checks, meet certain minimum reporting requirements, and undergo annual verification.
About FireFox Gold Corp.
FireFox Gold Corp is focused on gold exploration in Finland, where it is advancing a project portfolio that includes over 80,000 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,
“Carl Löfberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email:
Telephone: +1-778-244-8439
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking information within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or bel