VANCOUVER, BC, Sept. 30, 2020 /CNW/ - FireFox Gold Corp.
("FireFox" or the "Company") is pleased to announce that the summer
exploration program has successfully generated a series of drill
targets throughout its extensive gold property portfolio in the
Central Lapland Greenstone Belt ("CLGB") of Finland. The FireFox technical team, including
the experts at GoldSpot Discoveries (TSXV: SPOT) ("GoldSpot"), has
completed a ranking of the various targets to guide an aggressive
drilling program, which the Company intends to commence this fall
starting at the 100% owned Mustajärvi Gold Project ("Mustajärvi" or
"the Project").
Mustajärvi is FireFox's most advanced project. The Company has
completed two previous drilling campaigns, with multiple intervals
of high-grade gold intersected, and mineralization remaining open
in three directions and down-dip.
FireFox's summer 2020 program integrated new and existing data
from rock and trench sampling, till surveys, geophysical surveys,
and structural analysis. At Mustajärvi, this process generated
three types of priority drill targets:
- Continuation of chargeability anomalies into metasediments
north of known mineralization;
- Major structural intersections and flexures coincident with
geophysical anomalies; and
- Structurally disrupted rigid bodies with alteration as well as
gold and geochemical anomalies in till.
Dr. Richard Goldfarb, Technical
Advisor for FireFox, noted the prospectivity of this southern
portion of the CLGB where FireFox, Rupert Resources, B2 Gold, and
Aurion Resources are actively exploring: "The southern part of
the Kittilä terrane is marked by the structurally complex
Sirkka-Venejoki system of faults that has been long noted as
related to numerous gold occurrences. Recent drilling activity
on these anomalies in this structural corridor by a number of
companies clearly indicates that the area comprises a part of the
Central Lapland Greenstone Belt that is highly prospective for the
discovery of large orogenic gold deposits."
Dr. Goldfarb went on to comment on the discovery potential seen
at Mustajärvi: "FireFox's Mustajärvi occurrence comprises
gold-bearing veins along a sedimentary-volcanic rock contact within
the trans-crustal Venejoki Fault. Two concealed rigid gabbro
bodies on opposite sides of the fault, to the southwest of any past
workings, represent distinctive sites of heterogeneous stress that
are typical of environments world-wide hosting major orogenic gold
deposits. Structures reflecting highly fractured intrusive
rock identified from geophysical modeling now indicate some very
exciting drill targets in this part of Mustajärvi."
Additional details on the fall drilling program will be provided
in the coming weeks.
Mustajärvi Project Highlights
The Mustajärvi Project is situated approximately 17 kilometres
east of the town of Kittilä in flat, glacial till-covered terrain
occupying high ground that is reached via paved highway, making it
easily accessible for a fall drill campaign.
FireFox has completed extensive work at Mustajärvi, including:
detailed ground magnetics, an induced polarization ("IP") survey,
extensive bottom-of-till ("BOT") drill sampling, a small amount of
trenching, and two separate diamond core drilling campaigns in 2018
and 2019. Highlights of the previous drilling campaigns include the
discovery of several intervals of high-grade gold mineralization as
well as lower grade gold intersections in most of the drill
holes:
- Drill hole 18MJ0010 included 2m @
45.1 g/t Au (Company news release dated Jan
21, 2019)
- Drill hole 19MJ006 intercepted 1.95m @ 12 g/t Au in a 500-metre step-out hole
(Company news release dated Jan 15,
2020)
Technical Discussion of Mustajärvi Targets
Outcrop is rare in this part of Lapland. At Mustajärvi, glacial
till and other sediments average approximately 3 metres in depth.
The historical prospect was discovered by Outokumpu Oyj in the
1990s based on exceptionally high gold content in local till. The
abundant native gold in till attracted artisanal gold miners, who
exploited small surficial deposits, exposing outcrop in the shallow
open pits. The surface mineralization is typical of other orogenic
gold occurrences in the southern part of the belt. These are
typically hosted by albitized mafic-ultramafic metavolcanic and
clastic metasedimentary rocks, where the gold is associated with
pyrite- and telluride-bearing quartz and quartz-tourmaline veins.
Previous owners Outokumpu Oyj and Aurora Exploration Oy ("Aurora"),
in, respectively, 1990-1992 and 2017, conducted ground geophysical
surveys (magnetic, IP, and self-potential), trenching, systematic
till geochemistry, and drilled 12 shallow diamond drill holes to
depths up to 72 metres.
Historic drilling on the Project by Outokumpu Oyj intersected
shallow gold mineralization, including 2.7m @14.6 g/t Au (from 20.7m), 12.0m @ 2.7
g/t Au (from 21.0 m), and
1.01m @ 18.8 g/t Au (from
41.0m). The drilling suffered from
significant core loss due to faulting and fracturing, therefore,
widths may not represent true thickness. Aurora geologists also
collected grab samples during the 2017 field season from trenches
and boulders; one sample of sulfide-rich quartz vein material
assayed 79.8 g/t Au.
While the Company believes the preceding historical drilling
and sampling data are reliable, readers are cautioned that a
"qualified person" (as defined by National Instrument 43-101) has
not yet completed sufficient work to be able to verify the
historical information, and therefore the information should not be
relied upon.
FireFox geologists later confirmed the presence of high-grade
gold in surface channel samples, which were reported in a Company
news release dated Jan 3, 2019. There
were 33 chip samples collected from a vein system and adjoining
wallrock over 45 metres of strike. These samples ranged from
<0.005 to 140.5 g/t Au and averaged 10.84 g/t Au, including
numerous samples of more than 10 g/t Au. This work was followed up
by two drill programs in 2018 and 2019 as summarized above.
Drilling to date has tested less than 800 metres of strike along
the major fault system that hosts the known high-grade gold and
only to depths of less than 200 metres below surface. The drilling
indicated mineralization remains open in three directions and down
dip.
The 2020 summer field program included significant mapping and
prospecting activity across the FireFox portfolio of properties. In
addition to FireFox geologists, GoldSpot dispatched a senior
structural geologist to join the FireFox field teams. At
Mustajärvi, the team excavated eight trenches/test pits on the
western end of the property in an attempt to reach bedrock. Only
four of the trenches reached bedrock, and in these cases,
geologists observed gabbroic rocks with several parallel quartz
veins, with strong alteration halos surrounding the veins. The most
significant gold result was 296 ppb, from a till sample taken at a
depth of 4 metres.
The integrated effort between FireFox and GoldSpot has improved
confidence in several geophysical anomalies, especially where they
coincide with prospective structural features and geochemical
anomalies in BOT samples. Target area 1 is located in the western
part of the license, approximately 900 metres southwest from the
known mineralization. The target is associated with a rheologically
competent gabbro which offers a strong contrast with the
surrounding metasediments. The competent gabbro appears to have
accommodated deformation by fracturing, and it is located at an
intersection of regional structures observed in magnetics, the
southwest continuation of the Mustajärvi shear zone, and
northwest-striking D3 faults. This target area is also associated
with anomalous gold, tellurium, and bismuth in till.
Target area 2 is located on the northern side (footwall) of the
main Mustajärvi mineralization where anomalous till values
(elevated gold, tellurium, and bismuth) are closely associated with
geophysical conductors parallel and in close proximity to known
auriferous veins. Target area 3 is located within a structurally
complex setting in central Mustajärvi, where the main shear zone
deflects, apparently influenced by other northeast-trending faults.
It is also coincident with a plunging IP (chargeability) anomaly
and gold nugget anomalies in the down-ice direction.
For additional details on the Project, please visit the
Company's website www.firefoxgold.com.
Quality Assurance
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 ("NI 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.
Patrick Highsmith, Certified
Professional Geologist (AIPG CPG # 11702) and director of the
Company, is a qualified person as defined by NI 43-101. Mr.
Highsmith 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.