SODANKYLÄ, Finland,
Aug. 26, 2020 /CNW/ - FireFox
Gold Corp. ("FireFox" or the "Company") is pleased to provide an
update on its 2020 summer exploration program in the Central
Lapland Greenstone Belt (CLGB) of northern Finland. Since announcing the commencement of
field work in mid-July (see Company news release dated July 14, 2020), work has progressed smoothly
across FireFox's large land position.
The team has reached the following milestones towards
designating targets for the anticipated fall-winter drill
program:
- A high-resolution UAV (unmanned aerial vehicle) airborne
magnetics survey has been completed
-
- 2,314 line kilometres surveyed at 50m flight line spacing and nominal 35m sensor altitude;
- Excavator trenching and sampling is underway on two different
projects;
- Follow-up sampling and mapping in several areas after strong
results in 2019; and
- The GoldSpot integrated interpretation exercise is underway,
with a geologist on site in Finland.
The majority of the work has been focused on the Jeesiö Project
and the Sarvi property of the Seuru Project, close to the ongoing
work being conducted by Aurion Resources and Rupert Resources.
However, continued work at the Company's 100% owned Mustajärvi
Project has revealed new areas of alteration warranting following
up trenching and sampling (See various Company news releases in
2019, but most notably those dated Jan
3, Jan 21, and Mar
1).
Detailed Airborne Survey
The Company has now completed the detailed airborne magnetic
survey over its Jeesiö Project and the Sarvi property. The
drone-based survey, conducted by Radai Ltd (www.radai.fi), covered
more than 104 km2 with tightly spaced 50-metre flight
lines. A preliminary review of the results from both areas
demonstrates that the new data provide significantly improved
resolution over the older governmental regional airborne surveys.
This is facilitating much more precise follow-up of the potential
host structures in the area.
In particular, the team is excited about the additional
information on the structural setting of the Katajavaara Target, in
the southern part of the Jeesiö Project and southwest of Aurion's
Launi vein discovery. FireFox geologists had previously interpreted
the gold-bearing quartz veins at Katajavaara to be related to an
intersection of the southeast striking Venejoki Thrust Zone, (VTZ)
and north-south oriented faults (see Company news release dated
June 9, 2020). It is now clear from
the new magnetics data that the role of the VTZ is not very
significant, but instead the gold is likely controlled by
north-northeast trending, younger D3 strike-slip faults
and key lithologic contacts. It has long been recognized that there
is a similar association of gold mineralization with D3
shearing at the Kittilä Mine, where the deposit occurs within a
slight bend of a major D3 shear, the Kiistala Shear
Zone.
Mapping and Sampling at Sarvilehto
FireFox geological teams have been conducting surface
exploration at the Sarvi and Lehto properties north of Rupert's
Ikkari and Heinä discoveries. The glacial sediments tend to be
a little thicker here, often obscuring outcrop. However, there are
significant features evident in the magnetics and historical
sampling that warrant follow-up. Geologists have been mapping and
sampling along apparent D3 structures that crosscut or
track along magnetic highs. While no data are available from the
sampling yet, the geologists have noted significant veining, albite
alteration, and sulfides associated with contacts between
metasediments and mafic intrusive and volcanic rocks.
Apart from the completion of the airborne magnetics survey,
perhaps the most significant accomplishment of the summer program
to date has been the collection of hundreds of structural
measurements and more than 1,000 rock samples in areas that hadn't
seen significant modern exploration. Management expects results
from rock and trench sampling to be reported during September and
October.
Corporate Update
FireFox also wishes to report that its board of directors has
issued 2.7 million incentive stock options to certain officers,
directors, employees, and consultants of FireFox and its
subsidiary, subject to the terms of the Company's incentive stock
option plan. The options have an exercise price of $0.15 cents per share, and are valid for five
years from the date of issuance, until August 26, 2025.
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.
Dr. Petri Peltonen, Exploration
Manager of FireFox Gold, is a qualified person as defined by
National Instrument 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.
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 150,000
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 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.
SOURCE FireFox Gold Corp.