VANCOUVER, BC, Oct. 6, 2020
/CNW/ - FireFox Gold Corp. ("FireFox" or the "Company") is
pleased to announce that a new extensive gold-bearing structure has
been identified in the southern part of its Jeesiö Project. Field
crews investigated the area to follow-up on anomalous gold from
sampling completed in 2019. The highlights of rock chip samples
from the summer 2020 program in this area include boulder samples
of 2.6, 2.75, and 4.73 grams per tonne (g/t) gold and outcropping
quartz-magnetite-sulphide veins containing 10.5 g/t gold. These
higher-grade samples are not representative of the entire target
area, but are indications of local intense gold mineralization that
has not yet been tested with trenching or drilling.
This area, termed the Kataja Belt, is at least 3 kilometres
long, and occurs approximately 2 kilometres west – southwest of the
Launi gold target reported by Aurion Resources. The new
high-resolution airborne magnetics data (see FireFox news release
dated August 26, 2020) indicate that
the targets identified to date in the Kataja Belt form a single
gold-bearing structure, even though locally deep glacial sediments
over the area preclude direct surface sampling in some areas (See
Figure 1: https://bit.ly/2Sx5mV3). The magnetics data further
suggest that the Kataja Belt is located within a very complex
structural setting, reflected by multiple directions and
generations of regional folding and significant through-going
faults.
Dr. Petri Peltonen, FireFox's
exploration manager, commented on the significance of the new
targets: "Interpretation of the new magnetics data indicates
that late structures associated with the newly-identified gold
showings in our Kataja Belt are likely related to the
D3 shear structures known to control the deposition of
gold in the region at major deposits such as Agnico's Kittilä
Mine."
Based on the exciting new gold results from the southern part of
the Jeesiö Project, FireFox is immediately launching an Induced
Polarization (IP) survey in order to test the depth extent and
continuity of the Kataja Belt mineralization, which will be
followed by a bottom-of-till sampling program.
Details of the Kataja Belt
The Kataja Belt is 100% controlled by FireFox under an
Exploration Permit application, which is expected to be granted in
a few months. Non-mechanized exploration work is allowed under the
current application, and a granted Exploration Permit will allow
for drilling. So far, Company geologists have collected and
analyzed more than 540 samples in the area taken from outcrops and
local boulder fields. Approximately 20% of these samples (110)
assayed above the detection limit for gold, while 30% of those (33)
were highly anomalous at >0.100 g/t gold. Eleven rock samples in
this area assayed above 1.0 g/t gold.
From south to north, the Kataja Belt consists of three gold
prospects: Saittavaara, Katajavaara South and Katajavaara North.
The prospects span an area at least 3 kilometres long, apparently
related to en echelon northerly striking younger ("D3")
structures. The recent high-resolution airborne magnetics data
reveal multiple generations of folding and faulting across the
entire Jeesiö Project area. Younger asymmetric folding west of the
Kataja Belt shows evidence of disruption by right-lateral shearing
broadly parallel with northeast trending axial planes. These shears
are associated with the gold showings in the Kataja Belt. This is
notable because these structures are likely related to the
D3 shears known to control the deposition of gold across
the region, most notably at Agnico's Kittilä Mine.
[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 analogies are
simply used as elements of the prospectivity analysis of the
Company's properties.]
At Saittavaara, boulder fields include metasedimentary rocks
from a likely local source that exhibit strong quartz-sericite
alteration. Some of these altered metasediments include
disseminated pyrite and contain up to 2.6 g/t Au. The altered
metasediments, quartz tourmaline veins, and sheeted quartz veining
occur along a considerable 600-metre-long zone at the margin of a
sharp linear magnetic feature, where more anomalous rock samples
occur (up to 2.75 g/t Au). The FireFox teams will return to the
area for additional detailed mapping and sampling of outcrop and
boulders.
At Katajavaara South, which is located about 1.4 kilometres
northeast from Saittavaara, quartz-magnetite-sulphide vein samples
from outcrop yielded assays up to 10.5 g/t Au. This sample site is
quite close to a 6.4 g/t Au sample collected in 2019, and the area
of gold-rich samples now covers at least 130 by 320 metres. These
anomalous samples are associated with the southwest margin of a
magnetic body believed to represent mafic volcanic rocks.
Katajavaara North is located another 920 metres north along the
trend of the magnetic feature. Along the eastern slope of
Katajavaara Hill, fields of locally derived boulders reflect
abundant mineralized quartz veins intruding metasedimentary rocks
including arkose and quartzites. Samples of these quartz veins
contain up to 4.73 g/t Au. This trend of anomalous samples is
approximately 400 metres long and appears to be associated with a
younger structure that cross-cuts the north-trending magnetic
anomaly in a northeasterly direction.
Farther north, the area beyond Katajavaara seems to be dominated
by a regional scale fold that encompasses the southwestern Utsamo
target area and the gold-bearing veins at Aurion's Launi prospect.
The Launi prospect occupies the eastern limb of the fold, and
high-grade gold occurrences at Utsamo (up to 4.56 g/t Au; see
FireFox news release dated September 3,
2019) lie near the nose on the western limb of the fold.
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.