Precious Metals

FireFox Gold Corp. (TSXV: FFOX) ("FireFox" or the "Company") is pleased to report that it has encountered coarse visible gold (VG) in the first drill hole of a newly commenced phase 4 diamond drilling program at its 100%-owned Mustajärvi Gold Project in the Central Lapland Greenstone Belt of northern Finland . The visible gold occurs as six discrete flakes (up to 1.0mm across) in a quartz-carbonate-tourmaline vein (QCT vein) within a 32-metre-wide zone of variably veined and altered metasedimentary rocks. The drill core is being logged and prepared for sampling, so no assays are available yet to confirm the quantity or extent of gold in the drill hole.

FireFox has reported numerous drill intercepts of relatively narrow high-grade gold mineralization (as shown in Table 1) at the Mustajärvi Project since its first drill program in 2018, but this is the first visible gold reported by FireFox geologists at the project. Drill hole 21MJ001 is a significant step-out (150 metres) to the northeast from a recently reported high-grade intersection in drill hole 20MJ009 ( 2.0m at 33.25 g/t gold, see Company news release dated January 27, 2021 ) (see Figure 1: https://bit.ly/3uQyuYF ).

Highlights:

  • Hole 21MJ001 intercepted visible gold (at least six discrete flakes up to 1.0mm across) at a depth of approximately 185.5m downhole (see Figure 2: https://bit.ly/32guK6w )
  • The VG occurs in a 1.4 metre (m) section of QCT-veins from 184.2 to 185.6m depth
  • QCT veins also host the high-grade gold mineralization previously reported in drill holes 20MJ009, 19MJ006, and others in the Central Zone
  • There are several QCT veins of variable thickness within altered metamorphosed sedimentary and volcaniclastic rocks from 165.6m to the end of this hole at 199.4m downhole (see Figure 3: https://bit.ly/3adj2Of )
  • This hole is a step-out of approximately 150m from drill hole 20MJ009 along the northeast trending Mustajärvi Shear Zone
  • Drill hole 21MJ001 was completed in the early hours of April 11, 2021 , so assays have not yet been completed to confirm the quantity or extent of gold in the drill core

"We are very excited to report the first visible gold from drilling at the Mustajärvi Project. The new drilling has encountered significant zones of intense alteration and veining along trend but beyond the extents of previous drilling," commented Carl Löfberg, President and CEO of FireFox. "In light of this favorable geology, we shall move quickly to secure assays on these samples and to carefully consider our plans for the current drill program."

Preliminary Geologic Details of Drill Hole

The Mustajärvi Project lies along the highway between the cities of Kittilä and Sodankylä, approximately 17 kilometers east of Kittilä. The project remains in the early stages of exploration, having only seen approximately 4,170m of drilling by FireFox since 2018. 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. Company geologists believe that the most prospective gold targets are in the Sodankylä Group metasedimentary rocks, which are to the north of the shear zone in the footwall. In this area, the Sodankylä Group includes metamorphosed sedimentary and volcaniclastic rocks. At Mustajärvi, the most quartz-rich portions of these rocks have become brittle due to pre-gold pervasive alteration with silica and albite, and host higher-grade gold where they have been shattered, brecciated, and veined.

The 2021 drill program is targeting the brittle rocks in these interpreted dilatant zones at the Northeast Target, the Central Zone with its historic surface workings, and possibly at new targets farther to the northeast and southwest. These high-grade gold (>5 g/t) pods are known to occur along a distance of more than 1.5 kilometres of the hydrothermally altered shear zone from the southwest to northeast on the project. The sparsely drilled Northeast Target is one of these pods, and the area returned the best intercepts in both the 2019 and 2020 drill programs (see Table 1). The current Phase 4 drilling program was planned to include approximately 1,400 metres of diamond core drilling, but the program may be expanded. The first hole, 21MJ001, is in the Northeast Target area, approximately 150m northeast from drill hole 20MJ009, and nearly 750m from the Central Zone of gold mineralization.

Table 1: Highlights of Previous Mustajärvi High-Grade Drill Intercepts

Drill

Hole

Easting

Northing

Azimuth

(°)

Plunge

(°)

Depth

(m)

From

(m)

To

(m)

Interval *

(m)

Gold

(g/t)

Central Zone

18MJ002

427702

7500228

340

45

82.1

34.35

34.75

0.35

11.63

18MJ010

422728

7500162

340

45

154.8

125.5

127.5

2.00

45.05

20MJ008

427716

7500191

340

45

200

97.5

98.0

0.5

11.20

Northeast Zone

19MJ006

427709

7500244

340

45

179

125.75

127.9

1.95**

12.0





including

126.25

127.1

0.85

24.7

20MJ009

428335

7500581

340

45

178.5

65.0

67.0

2.0

33.25







146.5

147.0

0.5

9.36

* - 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 0.2m of core loss

Please see the original news releases for additional details:  Holes 18MJ002 and 18MJ010 reported January 21, 2019; 19MJ006,
reported January 15, 2020; and 20MJ008 & 20MJ009 reported January 27 th , 2021.

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 199.4m . This section of rocks is pervasively altered with moderate to very abundant amounts of silica, albite, sericite, and pyrite. The altered rock sequence is cut throughout its width by QCT veins, quartz tourmaline, and quartz veins that contain abundant to semi-massive and massive zones of pyrite (see Figure 3). There are additional sulfide, or possibly telluride and bismuth-bearing minerals (not yet confirmed), that are common in the most intensely altered and veined rocks. Intense sericitic alteration with disseminated pyrite and narrow quartz tourmaline veins (up to 1cm) can be observed at the bottom of the drill hole.

It may be significant that the most intense mineralization occurs at depths below previous drilling at the Northeast Target. Six individual zones of very well-developed tourmaline and pyrite alteration can be distinguished within the albite-sericite altered tuffs and sediments from 172.8- 184.2m . Near the top of this zone there is an occurrence of bladed calcite textures in a vein (see Figure 4: https://bit.ly/3uLMbrC ). This is often an indication of separation of liquid and vapor phases during vein formation, which may occur in the epizonal portion of orogenic gold deposits.

Visible gold appears as six individual flakes, up to 1.0mm in size, observed on the core surface. These are hosted in a milky-colored carbonate-rich portion of a QCT vein. The vein is 1.4m -thick (184.2 - 185.6m ) in total, with an approximately 5cm-wide zone of milky carbonate hosting the VG occurrence. Pyrite is abundant throughout the vein, increasing to semi-massive in places. The VG at 185.5 metres downhole occurs in close proximity to semi-massive pyrite and unconfirmed silver-colored minerals within a QCT vein.

The previous holes in the Northeast Target also hosted high-grade mineralization in quartz tourmaline and QCT veins. However, the altered and veined volcano-sedimentary package encountered in 21MJ001 is interpreted to be stratigraphically below the mineralization encountered in 19MJ006 and 20MJ009. Previous drilling reported brecciated zones in altered metasediments with abundant quartz tourmaline veins and pyrite. FireFox geologists have confirmed that the alteration and veining in the vicinity of the VG occurrence is geologically similar to the previously reported mineralization along the Mustajärvi Shear Zone and at the Northeast Target.

The drill rig has moved to drill hole location 21MJ002 (See Figure 1), which is approximately midway between drill hole 20MJ009 and 21MJ001. Company geologists are working diligently to complete the drill logging and sampling process for 21MJ001 so that samples will be delivered to the lab promptly.

FireFox cautions the reader that the samples from this new core hole have not yet been assayed. Hence, descriptions of mineralization and comparisons to previously reported mineralized intervals cannot be relied upon. However, the reported visible gold has been visually confirmed by experienced Company geologists, including FireFox's Exploration Manager and General Manager of Exploration. The team further collaborated closely through a photographic review with senior technical advisors (Dr. Richard Goldfarb and Dr. Quinton Hennigh ) and senior geologists on the board of directors ( Timo Maki and Patrick Highsmith ) who all confirmed the presence of coarse visible gold in the drill core.

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 photographed the core. Company geologists will select and mark sample intervals prior to sawing of drill core and sampling for analysis.  After insertion of quality controls samples into the shipment, the samples will be promptly delivered to an accredited laboratory for gold and multielement analyses.

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 reviewed and approved all of the geological data and observations disclosed in this news release. The review process included a rigorous analysis of photographs, telephone discussions with geologists on site, and consultation with senior technical advisors to the Company. Mr. Highsmith has visited the Mustajärvi Project and reviewed drill core in person from earlier drill programs. Mr. Highsmith is not independent of the Company, as he owns shares and is a member of the board of directors.

About the Mustajärvi Gold Project

The Mustajärvi Gold Project (the "Project") consists of an exploration permit and exploration permit application totaling 2.68 km 2 . The project area is flat, glacial till-covered terrain in the Lapland region of northern Finland , 17km east of the town of Kittilä, with road and power on the property. The Project is situated in the Central Lapland Greenstone Belt, which hosts several recent gold discoveries. The Project occupies more than two kilometres strike length of the Mustajärvi Shear Zone, which is believed to be a splay of the Venejoki Thrust Zone and related to the Sirkka Thrust Zone, an important host to gold mineralization in the belt.  The observed gold mineralization, structural setting and work to date support the potential for a high-grade orogenic gold deposit on the Mustajärvi property.

For additional details on the Project, please visit the Company's website www.firefoxgold.com .

About FireFox Gold Corp.

FireFox Gold Corp is listed on the TSX Venture stock exchange under the ticker symbol FFOX. 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

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 move quickly to complete the drill logging and sampling process so that samples will be delivered to the lab promptly so that the Company can secure assays on the samples; plans to review the current drill 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 2021 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.

FireFox cautions the reader that the samples from this new core hole are currently being logged and prepared for sampling, so no assays are available yet to confirm the quantity or extent of gold in the drill hole. Hence, descriptions of mineralization and comparisons to previously reported mineralized intervals cannot be relied upon.

Further, although drilling is believed to be perpendicular to the dip of the mineralization, true widths are not yet known and will be confirmed with additional drilling and geological modeling.

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.

Cision View original content: http://www.newswire.ca/en/releases/archive/April2021/15/c6993.html

News Provided by Canada Newswire via QuoteMedia

FireFox Gold

FireFox Gold

Overview

FireFox Gold Corp (TSXV:FFOX,FSE:A2PDU7) is a resource exploration company with a portfolio of highly-prospective gold projects in Finland. FireFox Gold is a leading tenement holder and one of only a handful of companies actively exploring for gold in Finland’s Central Lapland Greenstone Belt (CLGB). The CLGB is an under-explored orogenic gold belt comparable in size to some of the world’s most notable gold-bearing greenstone belts, and the site of a new gold rush. The gold belt may be under-explored, but Finland’s mining industry is well established. The Nordic nation consistently ranks as one of the world’s top mining jurisdictions.

Recent notable discoveries made in the belt by Rupert Resources Ltd (TSX:RUP) and Aurion Resources Ltd (TSXV:AU) are driving a gold rush atmosphere. These discoveries have attracted the interest and investment from major players including Agnico Eagle Mines (NYSE:AEM,TSX:AEM), Kinross Gold Corporation (TSX:K,NYSE:KGC) and B2Gold Corp. (TSX:BTO). Agnico Eagle owns the Kittilä underground gold mine, located in the CLGB, which has gold reserves of 4.4 million ounces, produces about 175,000 ounces of gold annually and has a 17-year mine life. Kinross, B2Gold and others have entered the field via agreements with the tenement-controlling juniors. In March 2021, FireFox expanded its tenements holdings to over 800 square kilometres in strategic locations for gold exploration within the CLGB, creating new opportunities for advancement through both exploration and strategic partnerships.

FireFox Gold’s flagship property, the Jeesiö gold project, may offer a springboard to further discoveries in the CLGB. At Jeesiö, FireFox is exploring two high-priority target areas that are bracketed by Aurion’s Risti and Launi gold discoveries. The company’s 2021 program for Jeesiö started with the first extensive bottom-of-till (BOT) sampling to test below the glacial cover at the Utsamo target, where early sampling returned up to 4.6g/t gold at surface. Results from this work, combined with the 2020 detailed geophysics, is expected to identify priority drill targets for the follow-up diamond drilling program. Detailed BOT sampling combined with geophysics is a demonstrated exploration path that has led to target delineation and discovery in other parts of the CLGB.

FireFox Gold is led by a team of capital market and mining professionals including Finnish team members well versed in the nation’s mining laws and geologic potential.

FireFox Gold Company Highlights

  • Finland ranked first in the Fraser Institute mining survey in 2017, has a strong mining tradition, clearly defined mining laws and world-leading geological technical databases.
  • CLGB is an underexplored gold belt highly prospective for numerous multi-million-ounce discoveries.
  • FireFox is focused solely on gold in Finland, controlling approximately 800 square kilometres of key exploration ground in the CLGB.
  • The recently expanded land position gives FireFox two paths to discovery – direct exploration and joint venture.
  • Detailed 2021 exploration program underway at the Jeesiö gold project, in close proximity to Aurion Resources’ recent discoveries.
  • Detailed summer exploration planned for the new Sarvi gold project, adjacent to Rupert Resources’ recent Area 1 discovery.
  • Leadership exhibits a balance of technical and financial strengths, gold industry expertise and deep knowledge of Finland mining industry.
  • Tight structure with strong institutional support.

Central Lapland Greenstone Belt – Site of a New Gold Rush in Finland

Central Lapland Greenstone Belt

The CLGB is comparable in size to other major greenstone belts, such as Canada’s Abitibi, Western Australia’s Norseman-Wiluna and the Zimbabwe Craton. However, by 2015 only 9.1 million ounces of gold resources had been delineated across 13 gold deposits. According to a 2015 study on the Central Lapland Greenstone Belt, there remains significant potential for million-ounce deposits in the area due to the lack of exploration up to this point.

The dearth of exploration is due to the fact that prior to joining the European Union in 1995, foreign companies could not hold a majority share in an exploration or mining company. All exploration and exploitation was completed via state-owned companies such as Outokumpu. The end result was limited gold exploration. In many cases when gold was discovered (whether in soil sample, rock chips, or drilling), it was rarely followed up.

This lack of exploration was underscored by a comment made by FireFox Gold’s Chairman, Patrick Highsmith, in 2005: “Newmont drills more for gold in one year in Nevada alone than has ever been spent on gold drilling in the history of the CLGB”. This is also one of the reasons Mr. Highsmith decided to aid in founding FireFox Gold.

Graph of log normal distribution of similarly-sized gold belts

With new discoveries now starting to be made, the FireFox team believes that it is only a matter of time before significant gold deposits are delineated in this part of Finland, and that the companies that control the most prospective ground have the best chance for value creation.

Flagship Property: Jeesiö Gold Project

Located in Finland’s northernmost province of Lapland, Jeesiö gold project shares an address with many of the recent gold discoveries in the country’s Central Lapland Greenstone Belt.

The 100% held Jeesiö gold project hosts multiple orogenic gold targets and is positioned along the Sirkka Shear Zone, a major crustal structure that cuts through the CLGB and controls the emplacement of the majority of the orogenic gold deposits in Lapland.

The Jeesiö property’s prospectivity for gold was first identified by GTK (Finnish Geological Survey) during a country-wide reconnaissance till sampling program between 1983 and 1991. Further early-stage exploration work by Outokumpu and the GTK between 1990 and 2006 generated additional data supporting continuing gold exploration on the property. This work was never followed up.

Jeesiö Gold Project

Since acquiring the property in 2017, FireFox has performed reconnaissance till sampling, BOT sampling, ground-based and UAV geophysical surveys, geochemical sampling programs, bedrock sampling and mapping, trenching and reconnaissance drilling. The work has led to the identification of numerous prospective targets at Jeesiö including the high-priority Utsamo and Katajavaara.

The Utsamo target is located directly between Aurion’s recent Risti and Launi gold discoveries. Surface sampling programs at Utsamo have returned numerous gold anomalies at surface, up to 4.6 g/t gold, and the main trend is believed to be situated on the Sirkka Shear Zone.

The second high-priority target area is the Kataja Belt, located nine kilometres south of the Utsamo target and two kilometres southwest from Launi, a gold-bearing quartz-sulfide vein system. FireFox has completed ground and detailed aerial (UAV) magnetic geophysical surveys of the Kataja Belt target area. Mapping and sampling campaigns revealed multiple anomalous samples with outcropping quartz-sulfide veins yielding gold up to 10.5 g/t, and combined with the geophysical data set, significantly extended the target area. Drilling is expected to commence following the granting of the appropriate permits.

FireFox is highly encouraged by the results at both prospects, especially as both Utsamo and Katajavaara have had limited work to date in comparison with neighboring discoveries.

FireFox is advancing both prospects in 2021 with detailed work programs including drilling.

Mustajärvi Gold Project

The 100% held Mustajärvi gold project is situated within the CLGB and along the Venejoki Thrust Zone in Finland’s Lapland province. The project came with an extensive historic database including till anomalies from GTK (The Finnish Geological Survey) and Outokumpu as well as 12 diamond drill holes by Outokumpu and small-scale gold exploitation by a local prospector in the Central Zone.

Since 2018, FireFox Gold has completed BOT sampling, channel sampling, geologic mapping, geophysics, trenching and drilling that has delineated hige-grade gold over more than 1.5 kilometres of strike. FireFox first drilled the Central Zone in late 2018 and confirmed high-grade gold mineralization to greater depths than previously targeted. The Phase 1 program discovered a new style of high-grade gold at depth and included intercepts of 22.89 g/t gold over 3.95 metres, including 2 metres at 45 g/t gold. FireFox continued systematic exploration work in 2019, including a second drill campaign that identified new high-grade gold mineralization more than 500 metres to the northwest of the Central Zone, including an interval of 12 g/t gold over 1.95 metres.

Mustajärvi Gold Project

The third program, completed in the fall of 2020, included additional trench sampling followed by drilling that further expanded the strike of high-grade gold, including a new interval of 2 metres averaging 33.25 g/t gold in hole 20MJ009.

FireFox Gold Management & Technical Team

Carl Löfberg, MSc. — CEO and Director

Carl Löfberg has a Master’s degree in Industrial Economics and broad experience in business consulting, project management, company start-ups and financing. Mr. Löfberg is an economist and precious metals investor, and an expert in hard currency and contrarian business strategy. He has been Managing Director for Magnus Minerals since 2006.

Patrick Highsmith, MSc., CPG — Chairman

Patrick Highsmith is a professional geologist and mining executive with experience on +300 projects around the world for companies such as Newmont, BHP, Rio Tinto, Fortescue Metals Group, Lithium One, Pure Energy Minerals, and others. He has led teams through creative transactions, new discoveries, scoping & prefeasibility studies. He is a veteran of the capital markets who has worked in Finland since 2005.

Joe Mullin — Director

Joe Mullin is CEO & Director of QuestEx Gold & Copper Ltd., a Partner & Director of Mount Arvon Partners LLC and an Independent Director of Industrial Metals and Pure Energy Minerals Limited. Mr. Mullin has over 20 years experience in corporate finance, private equity, restructuring, resources & consulting. He formerly was a Financial Analyst at Goldman Sachs, a Private Equity Analyst at WL Ross / Invesco Ltd. and a Portfolio Manager at Millennium Global Investments Ltd. He has a B.A. from Harvard University.

Timo Mäki — Director

Timo Mäki is an experienced geologist who resides in Finland. He was most recently the Chief Geologist at First Quantum’s Pyhäsalmi Mine, where he worked from 1988-2018. He is credited with the discovery of the Mullikkoräme zinc deposit in 1987 and Pyhäsalmi deep deposit in 1996.

Janice Craig, CPA, CGA — CFO & Corporate Secretary

Ms Craig has held management roles in several publicly listed mining companies working on gold, tungsten and coal projects in North America, Central America & Europe. She has a strong background in financial reporting, strategic planning, cash management and change management.

Sven Hönig, PhD, General Manager of Exploration

Dr. Hönig has 12 years exploration experience, with a strong background in structural geology and interpretation applied to a variety of deposit types, including orogenic and intrusion-related gold. He acted as chief geologist, project manager and project geologist, for projects ranging from grass roots to advanced stage.

Petri Peltonen, PhD — Technical Advisor

Dr. Petri Peltonen has more than 25 years of experience in geoscientific research, exploration and mining. Most recently, he was engaged as Exploration Manager Europe for First Quantum Minerals Ltd. He is an accredited Chartered Professional of Australian Institute of Mining & Metallurgy (AusIMM), European Geologist (EurGeol), and SEG Fellow. He also serves as Professor of Practice of Economic Geology at the University of Helsinki.

Richard Goldfarb, PhD — Technical Advisor

Dr. Richard Goldfarb has more than 40 years of experience as an exploration geologist, researcher and professor. He is a world-renowned expert on the geology of gold deposits with an emphasis on orogenic gold. Dr. Goldfarb’s specialty is target generation and optimization in greenfields exploration for orogenic gold. In addition to operating a well known geological consultancy, he is a Research Professor at the Colorado School of Mines as well as a Fellow and former President of the Society of Economic Geologists.

Quinton Hennigh, PhD, Technical Advisor

Quinton Hennigh has worked with Newcrest Mining and Newmont Mining, and subsequently founded Novo Resources Corp, acting as its CEO and currently serving as Chairman. Among his notable project involvements are Novo’s conglomerate-hosted gold projects in the Pilbara, First Mining Gold’s Springpole gold deposit in Ontario, Kirkland Lake Gold’s acquisition of the Fosterville gold mine in Australia, the Rattlesnake Hills gold deposit in Wyoming, and Lion One’s Tuvatu gold project in Fiji.

Alf Björklund, PhD —Technical Advisor

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