FireFox Gold Corp. (TSXV: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: https://bit.ly/3wzrotC and Table 1, below). 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: https://bit.ly/2YDylgO).
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.
Table 1: Mustajärvi Phase 5 Collar Information. Coordinates presented in EPSG: 3067.
Final Depth (m)
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.
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,
Chief Executive Officer
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.
SOURCE: FireFox Gold Corp.
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