VANCOUVER, Nov. 26, 2019 /CNW/ - FireFox Gold Corp. ("FireFox" or the "Company") is pleased to report the first results of the Phase 2 diamond core drilling program at its 100% owned Mustajärvi Gold Project in the Central Lapland Greenstone Belt, Finland. This phase of drilling consisted of nine drill holes, and assays have been received from the first five holes. Notably, two step-out drill holes, 19MJ006 and 19MJ005, intercepted gold mineralization 500 metres northeast of the known gold mineralization (the "Central Zone"), which has a strike length of approximately 400 metres. These holes targeted the previously untested northeastern extent of the shear zone that controls mineralization in the Central Zone. At "Mustajärvi NE", this shear zone is associated with consecutive gold-in-till anomalies, which continue at least one kilometre northeast from the newly discovered gold mineralization (see Figure 1: https://bit.ly/2qEXl69).
Drill hole 19MJ006 intersected more than 50 metres of a strongly brecciated zone with abundant quartz-tourmaline veining. Gold mineralization averaging 12 g/t Au over 1.95 metres was intersected between 125.75 and 127.9 metres down-hole (including 0.2 metre core loss). This mineralized interval consisted of massive tourmaline-quartz-pyrite veining with more than 50% tourmaline and 10-20% pyrite. Within the same broad breccia zone, a second mineralized zone intersected one metre averaging 2.29 g/t Au between 144.7 and 145.7 metres down-hole. This intercept consisted of a quartz-pyrite vein with ~40% pyrite. A second step-out hole, 19MJ005, was collared 75 metres west-southwest of drill hole 19MJ006. It intersected a similar brecciated zone as seen in hole 19MJ006, although narrower. Assays returned two metres averaging 0.9 g/t Au.
"This drill program has successfully expanded the potential gold footprint of the Mustajärvi Project," commented Carl Löfberg, President and CEO of FireFox Gold. "The shear zone that controls the mineralization identified to date is currently defined over nearly three kilometres in strike and today's reported step out holes give further evidence of the potential this structure holds. Future drilling will test within the new 500-metre step-out to determine the extent of mineralization in the northeastern extent of the shear zone."
An additional three new holes, 19MJ001, 19MJ002 and 19MJ004, were drilled within the Central Zone in order to follow up the high-grade gold interval discovered earlier this year (hole 18MJ002 yielded 2m @ 45 g/t Au; see FireFox new release dated Jan 21, 2019). These new drill holes confirmed the presence of gold veins at predicted depths 25 metres along strike in both directions and 25 metres down-dip.
Drill hole 19MJ001, which targeted gold mineralization 25 metres down-dip of 18MJ002, intersected 0.6 metres averaging 4.5 g/t Au starting from 142.2 metres down hole and an anomalous two metre interval averaging 0.33g/t Au from 107.3 metres down hole. Hole 19MJ002, located 25 metres west of 18MJ002, intersected an anomalous one metre interval averaging 0.64 g/t Au at 117.7 metres, and 0.55 metres averaging 1.27g/t Au from 136.55 metres down hole. Hole 19MJ004, was collared 25 metres east of 18MJ002 and intersected 1.9 metres averaging 1.06g/t Au. Gold mineralization in all three holes was associated with semi-massive pyrite mineralization with accessory quartz and tourmaline.
Table 1: Summary of Drill Intercepts
Notes: Drill hole numbering was not consecutive. 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 following the program. Internal dilution and tails are mineralized but assay below the Company's 1 g/t cutoff for high grade gold.
The core was transported from the rig to the Company´s core storage facility in Sodankylä, where the geological and geotechnical logging was conducted, assay intervals selected by FireFox´s exploration team and it was cut in half. Intervals were generally one metre but in some circumstances, were modified according to lithological boundaries and other factors. FireFox geologists maintained chain of custody and sampling procedures reported in this news release according to best industry practice and with due attention to quality assurance and quality control, including the insertion of standard and blank samples. The logged core was then transported to Labtium Laboratory Oy in Sodankylä, Finland, where half core samples were crushed, pulverized and split with a riffle splitter.
The lab performed fire assay for gold on 25 gram aliquots followed by ICP-OES determination (method 704P; detection limit 0.01ppm). In addition, the lab reports a large suite of elements from a subsample that is digested in hot aqua regia and analyzed by ICP-OES and ICP-MS (method 515PM). The multielement analyses are not completed at the time of this news release. Labtium Laboratory Oy is an independent facility accredited to the SFS-EN ISO/IEC 17025:2005 standard. The quality system of Labtium also complies with the requirements of the Standards Council of Canada (CAN-P-1579) "Guidelines for Accreditation of Mineral Analysis Testing Laboratories".
Dr. Petri Peltonen, Exploration Manager of FireFox Gold, is a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Dr. Peltonen has supervised the collection and interpretation of the technical data generated in the Company's field program and has helped prepare, and approves, the technical information in this news release.
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, and approves, the technical information in this news release.
The Company is also pleased to announce that it has engaged Petri Nousiainen as Investor Relations Director, Europe, subject to the acceptance of the TSX Venture Exchange. Mr. Nousiainen is a Certified European Financial Analyst with over 20 years of experience as a broker and trader in Finland. He also served as the Chairman of Finland's Stock Brokers' Association for eight years. Mr. Nousiainen is tasked with building the shareholder base by introducing FireFox to his extensive network of contacts including brokers, portfolio managers and high net worth investors in Finland and throughout Europe. In consideration, the Company has agreed to pay, via its wholly-owned Finnish subsidiary FireFox Gold Oy, a monthly salary of 2,800€ for a term of 1 year. Mr. Nousiainen currently holds 135,500 shares of FireFox.
About FireFox Gold Corp.
FireFox Gold Corp is listed on the TSX Venture stock exchange under the ticker symbol FFOX. The Company is focused entirely on gold exploration in Finland where it is exploring its project portfolio that includes over 150,000 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 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.
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.
SOURCE FireFox Gold Corp.
For further information: FireFox Gold Corp., Email: [email protected], Telephone: 604-558-7687