VANCOUVER, BC, Feb. 1, 2021 /CNW/ - FireFox Gold Corp.
("FireFox" or the "Company") is pleased to report that it has
completed its earn-in requirements and exercised the option for a
100% interest in the Jeesiö Gold Project in Lapland, Finland. The exercise comes more than six
months ahead of schedule.
FireFox Chairman Patrick
Highsmith commented, "Jeesiö is one of our core projects,
occupying approximately 142km2 right in the heart of
Finland's new gold rush, with
exciting targets at both the Utsamo and Kataja zones. Having
completed a significant exploration program in 2020 and in position
to secure our ownership, it makes perfect sense to exercise the
option now. Our next program is a detailed bottom-of-till sampling
program and we are planning to follow that with more core drilling
in the spring."
FireFox entered into the RJY option agreement with Magnus
Minerals Ltd ("Magnus") for the Riikonkoski, Jeesiö, and
Ylöjӓrvi gold projects in August of 2017. In order to complete the
option, FireFox was required to issued six million common shares
and make cash payments of C$250,000
to Magnus, and to incur C$2.5 million
in exploration expenditures on the projects. Magnus had extended
the dates for expenditures and payments so that the final
commitments were not due until August 31,
2021. FireFox met its expenditure requirements in
December 2020, and with C$100,000 left in cash payments, due February 28th and August 31st, 2021, elected to complete
the payments immediately and exercise the option. FireFox is
obligated to pay Magnus an additional payment, equal to the value
of 1,000 troy ounces of gold, within 12 months of the commencement
of commercial production from the properties. In addition, Magnus
retains a 1.5% net smelter return royalty ("NSR"), which may be
reduced to 1% by the payment to Magnus of 1,000 troy ounces of gold
within 90 days of publishing a positive feasibility study. FireFox
maintains the Riikonkoski and Ylöjӓrvi Projects but they are not
currently a focus for the Company.
About the Jeesiö Project
The Jeesiö Gold Project covers approximately
142km2 of the prospective Central Lapland
Greenstone Belt, proximal to other exciting recent gold discoveries
in Finland. The Jeesiö properties
are positioned along the major regional structure known as the
Sirkka Shear Zone, a trans-crustal structure that controls the
emplacement of most of the orogenic gold deposits in Lapland. The
main Jeesiö targets include the Utsamo and Kataja Belt areas.
Utsamo is situated directly between Aurion Resources' Risti and
Launi gold occurrences, while Kataja is only two kilometres
southwest from the gold-bearing quartz-sulfide vein system at
Launi.
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.