FireFox
Gold Delineates Multiple
Drill
Targets and Plans
Fall Drill Program
at
Mustajärvi Gold Project
VANCOUVER, BC – September 30th,
2020 --
InvestorsHub NewsWire -- FireFox Gold Corp. ("FireFox" or the
"Company") (TSXV:FFOX) (USOTC:FFOXF) 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
CONTACT:
FireFox Gold
Corp.
Email:
info@firefoxgold.com
Telephone:
+1-778-244-8439
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.
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