SODANKYLÄ, Finland,
Sept. 16, 2020 /CNW/ - FireFox
Gold Corp. ("FireFox" or the "Company") is pleased to announce that
it has added two new properties to its exploration portfolio in the
Central Lapland Greenstone Belt (CLGB) of Finland (see Figure 1:
https://bit.ly/2E4DOD5). During the course of FireFox's 2020 summer
field season, the Company has applied for and been granted two new
exploration reservations, the Kolho and the Kelontekemä Properties.
These new reservations bring FireFox's tenement holdings in
northern Finland to approximately
1,720 km2, among the largest holdings of gold explorers
in Lapland. Field programs have been initiated at both
properties.
Kolho Property - Eastern margin of CLGB
On September 3rd, the
Finnish mining authority granted FireFox Gold a large new
exploration reservation covering approximately 148.15
km2 within the counties of Kittilä and Sodankylä. The
new property lies approximately 21 km from the Kittilä mine (Agnico
Eagle) and 4 km from the Pahtavaara Mine (Rupert Resources).
Geologically, the area is located along the eastern margin of the
Kittilä Suite of rocks. The area is characterized by a major thrust
fault between allochthonous oceanic crust (Kittilä Suite) thrusted
onto older rocks to the east. The Kittilä Suite consists of
Kautoselkä and Vesmajärvi mafic volcanic rocks and Porkonen mafic
graphite tuffs (the same sequence of rocks hosting the gold
deposits at the Kittilä Mine). The leading edge of the thrusted
sheet consists of Savukoski Group ultramafic volcanics, Matarakoski
black schists and Sodankylä Group arkosic quartzites (the
lithological association that hosts Rupert's Ikkari discovery). The
autochthonous rocks to the east are comprised of older Archean
basement rocks.
FireFox cautions that proximity or similar geology to an
active or past-producing 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. These facts were simply
used as elements of the prospectivity analysis of these
properties.
In spite of its prospective lithological and structural setting,
the Kolho area has not seen significant gold exploration activity
in the past. FireFox has already initiated a mapping and sampling
campaign in Kolho. Associated with the NW-SE striking shear zone,
the teams have identified brittle quartz-limonite-pyrite veins,
sheeted veins and quartz stockwork within moderately to strongly
silicified mafic volcanics and tuffs. Assays for the first round of
rock samples are pending. FireFox geologists have also identified
and assayed 128 historical bottom-of-till (BOT) samples collected
by the Geological Survey of Finland (GTK), for gold and pathfinder
elements. The GTK samples yielded anomalous gold and multielement
anomalies warranting further prospecting.
Kelontekemä Property – West of Jeesiö Project
On July 27th, the
Finnish mining authority granted FireFox Gold another new
exploration reservation encompassing approximately 71.06
km2 in the counties of Kittilä and Sodankylä. The new
property lies between the Company's Jeesiö (east) and Mustajärvi
(west) Projects, just south of the Sirkka Shear Zone. Apart from a
few gold anomalies in till samples, there is no evidence of
significant historic gold exploration at Kelontekemä, but FireFox
teams are conducting reconnaissance mapping and sampling in the
area as part of the 2020 field season. This application was
competitive with other groups, such as Rupert Resources, who hold
ground to the east and north.
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, and approves, the
technical information in this news release.
Dr. Petri Peltonen, Exploration
Manager of FireFox Gold, is a qualified person as defined by
National Instrument 43-101. 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.
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 170,000
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:
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 receipt of survey results 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.
SOURCE FireFox Gold Corp.