VANCOUVER, Nov. 10, 2020 - 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.
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).
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.
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,
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.