Firefox Gold Launches Summer Exploration Program in Finland
Firefox Gold Launches Summer Exploration Program in Finland |
[14-July-2020] |
SODANKYLÄ, Finland, July 14, 2020 /CNW/ - FireFox Gold Corp. ("FireFox" or the "Company") is pleased to announce that following its oversubscribed non-brokered private placement (see Company news release dated July 2, 2020), it has launched a multidisciplinary field program on several of its gold projects in the Central Lapland region of Finland. The majority of the field work will be focused on the Jeesiö and Sarvilehto ("Sarvi") Projects, which are in a portion of the Central Lapland Greenstone Belt ("CLGB") that has been a hotbed of recent activity by fellow explorers, Aurion Resources, Rupert Resources, and others. The primary objective of the program is to define drill targets at both Jeesiö and Sarvi for a fall and winter drill program. There are four major elements of the summer exploration program:
Patrick Highsmith, FireFox's chairman, commented, "We are very excited to launch a significant and fully funded summer exploration program that will include a state-of-the-art UAV magnetics survey as well as extensive good old-fashioned prospecting. Our Jeesiö and Sarvi Projects occur on-trend with important structures, where we have already identified gold occurrences of note. In addition to this work, we look forward to unveiling a next-generation integrated targeting exercise in the coming weeks. It is fantastic to see the Central Lapland Greenstone Belt finally enjoying significant levels of funding and drilling for its gold potential. As a team, we have been working these rocks for a long time; the emerging discoveries in the belt have heightened the intensity for all of us." Detailed Airborne Survey The Radai team will deploy a fixed-wing autonomous aircraft using a fluxgate sensor to measure total magnetic field. The aircraft will operate at an altitude of 40 metres with flight line spacing of 50 metres in order to achieve high resolution. The detailed magnetic data will facilitate a careful analysis of bedrock geology beneath the glacial sediments, including faulting, folding, and alteration that may be important indications of gold mineralization. Excavator Trenching and Sampling The machine will also travel to the Mustajärvi Project, where FireFox has previously reported high-grade gold in boulders, channel samples, and in core drilling at shallow depths below surface (See 43-101 Technical Report on SEDAR, as well as Company news releases dated January 3 and 21, 2019). The Phase 1 drill program in late 2018 followed from a small drill program on the property by Outokumpu in the 1990's. FireFox identified a different style of mineralization that included narrow intervals of massive to semi-massive pyrite and grades up to 45 g/t over 2.0 metres from 125.5 metres downhole. The mineralization is believed to be related to the northeast trending Venejoki Thrust Zone, which is a splay of the well-known Sirkka Shear Zone, but there appear to be important cross structures that are not well understood. New trenches at Mustajärvi will enable collection of extensive structural geology data and detailed sampling of key structures, alteration, and host rocks. The extent of the trenching program could expand based on the mapping and sampling work that is already underway. The Company expects the trenching to include hundreds of metres of excavation and sampling in areas with anomalous rock and till geochemistry, or where geophysics or drilling indicate important near-surface features of interest. Prospecting, Mapping, and Sampling The Naula reservation covers approximately 21,820 hectares and is located in the western part of the CLGB along the northeast continuation of major crustal-scale structures from the historical Saattopora Gold Mine. The Lehto exploration permit application area (494 hectares) is located closer to FireFox's other properties in the eastern end of the belt, approximately 27 kilometres southeast from the Agnico Eagle's Kittilä Mine. The Lehto property occurs within the Kittilä Group volcano-sedimentary sequence, which also hosts the Kittila Mine. Regional geologic maps suggest that the underlying bedrock is dominated by mafic volcanics, including iron tholeiites, graphitic tuffs, and banded iron formation along NS-trending structures. [ 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.] 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. About FireFox Gold Corp. 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" 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 future possible drilling 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. | ||
Company Codes: TorontoVE:FFOX |
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