VANCOUVER, BC, Nov. 10, 2020 /CNW/ - FireFox Gold Corp.
("FireFox" or the "Company") is pleased to announce that it has
secured two new properties near Rupert Resources' Area 1 targets in
the Central Lapland Greenstone Belt ("CLGB") of Finland.
Keulakko Property
The 4.78 km2 Keulakkopäärinne ("Keulakko") property
adjoins the western boundary of the Company´s Sarvi property and
will be incorporated into the Sarvi Project on the northern
boundary of Rupert Resources' Area 1 tenements. Keulakko is located
approximately 2km north of the Sirkka Shear Zone and approximately
4km northwest of Rupert's Ikkari gold discovery. Bedrock in the
Keulakko area consists of mafic volcanic rocks of the Kautoselkä
Formation and graphitic tuffs of the Porkonen Formation.
The area has seen some historical exploration, including
reconnaissance till sampling and diamond core drilling by the
Geological Survey of Finland
("GTK"). The public GTK database indicates that these programs
yielded elevated gold-in-till values and short gold-bearing drill
intercepts such as 0.45m @ 3.5 g/t Au
and 4.6m @ 0.55 g/t Au. The GTK
recommended further work in the area following the positive
reconnaissance results. FireFox has applied for and been
granted an exploration reservation for Keulakko, which allows for
non-mechanized exploration work for 2 years, and the exclusive
right to apply for an exploration permit. The Keulakko area was
part of FireFox´s detailed UAV magnetic survey during the summer
(see Company news release dated August
26th, 2020).
Lehto2 Property
During the summer of 2020, FireFox geologists conducted
significant reconnaissance mapping and sampling on the Lehto and
Kolho properties. After noting significant alteration at Lehto in
particular, the Company applied for additional ground in the area.
FireFox has now been granted an exploration reservation at a second
new property, Lehto2, which is 23.04 km2 in size and
located approximately 5 kilometres north of the Sarvi Project.
Lehto2 includes several blocks that fill some of the gaps between
the Company´s Lehto and Kolho properties (see Company news release
dated September 16th,
2020). Lehto2 is within a broadly similar lithological sequence as
Keulakko but also includes banded iron formation ("BIF")
occurrences of up to 200 metre thickness.
Winter Till Sampling and Drilling
Following the completion of the ongoing diamond core drilling
program at its Mustajärvi and Jeesiö Projects (see FireFox news
release dated November
3rd, 2020), the Company intends to launch a
combined bottom-of-till (BOT) sampling and scout diamond core
drilling program at Jeesiö. BOT sampling has been a key discovery
strategy in Lapland for exploring beneath deeper glacial sediments,
and Rupert Resources has employed it to high-profile success at
Ikkari. The FireFox team is excited to deploy this new hybrid
BOT – core drilling technology and expects to add significantly to
its planned meterage for core drilling during the winter of
2020-2021. The drill operator will be experienced service provider
Taratest Oy (https://www.taratest.fi/en/). FireFox intends to
continue its BOT - core sampling program to the Sarvi Project as
soon as the requisite exploration permit is granted, which is
expected to occur in the first quarter of 2021. The Sarvi Project
adjoins Rupert's Area 1 to the north.
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 has been exploring for
gold in Finland since 2017 where
it holds a 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 the planned drilling meterage 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.