First Mining Finance Completes Metallurgical Drill Program at the Springpole Project, Intersects 1.51 g/t over 341 metres, including 2.81 g/t over 87 metres
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First Mining Finance Completes Metallurgical Drill Program at the Springpole Project,
Intersects 1.51 g/t over 341 metres, including 2.81 g/t over 87 metres
February 6, 2017
Vancouver, British Columbia – First Mining Finance Corp. (“First Mining” or the
“Company”) is pleased to announce the completion of a metallurgical diamond drill program on
its 100% owned Springpole Gold Project (“Springpole ”), located in northwestern Ontario,
Canada.
Highlights:
Hole PM-DH-01 intersected 1.22 g/t over 354.5 metres including 1.65 g/t over 177 .0
metres.
Hole PM -DH-02 intersected 1.51 g/t over 341 .0 metres including 2.81 g/t over 87 .0
metres.
Hole PM -DH-03 intersected 1.25 g/t over 359 .0 metres including 2.75 g/t over 44.0
metres.
Hole PM -DH-04 intersected 2.15 g/t over 146.7 metres including 2.54 g/t over 108.7
metres.
Note: Reported widths are drilled core lengths in vertical drill holes that generally track through
the core of known mineralization. Consequently , the drilled lengths are indicative only of the
vertical continuity of the deposit, and do not represent deposit width in any way. The drill holes
cover approximately 830 metres distance along strike of the deposit. All assays were performed
by SGS Laboratories of Red Lake, Ontario, who are independent of First Mining and have no
relationship with First Mining. Assay values are uncut.
A total of four holes comprising approximately 1,200 metres were drill ed during the fall 2016
program with hole lo cations specifically designed to recover sample material that is
representative of the Springpole deposit. The drill program was specifically designed to provide
material for metallurgical testing. Material from the drill holes ha s been subjected to both assay
testing and metallurgical testing. The intent of the metallurgical testing program is to determine
the optimal grind size and processing flow sheet so as to maximize metallurgical recoveries.
The results from this metallurgica l testing program are expected to be incorporated into a new
Preliminary Economic Assessment (“PEA”) for Springpole which is expected to be released in
the first half of 2017.
Commenting on the results, Patrick Donnelly, President of First Mining , stated “The recent
drilling program at Springpole confirms previous work that demonstrates that this deposit has
exceptional mineralization continuity over a significant vertical extent . We look forward to
receiving the metallurgical data and completin g the new PEA for Springpole later this year, as
we believe it could confirm that our Springpole Gold Project is highly viable in the current gold
price environment.”
Table 1. Drill Hole Intercepts at Springpole
All assays were performed by SGS Laboratories of Red Lake, Ontario, who are independent of First Mining and have
no relationship with First Mining. Samples were analyzed by using 30 gram fire assay with an atomic absorption finish
(protocol GE FAA313). Samples greater than 10 grams per tonne or with visible gold were analyzed by 30 gram fire
assay with a gravimetric finish (protocol GO FAG303). All assays reported are uncut. Reported widths are drilled core
lengths, and do not indicate true widths.
The Springpole deposit is an alkali gold system characterized by a relatively uniform gold grade
distribution within a tuffaceous diatreme breccia complex approximately 1 ,400 metres long by
250 metres wide and 400 metres deep, as currently understood. The diatreme intrudes an older
greenstone sequence of volcaniclastic rocks and basalt flows with thin iron formation composed
of laminated pyrite and red chert. Mineralization within the alkali diatreme breccia is composed
of native gold, electrum, gold in pyrite, and gold and silver tellurides associated with widespread
biotite, minor calcite and fluorite. Mineralization does extend into the greenstone sequence and
tends to be more irregular in distribution although higher in gold grade. Gold in the greenston e
sequence is associated with quartz veins with ancillary ankerite and tourmaline. The difference
in mineralogy between the diatreme hosted and greenstone hosted gold may represent a
different stage of gold mineralization in time or it may be a result of zoning. The bulk of gold at
Springpole is contained in the diatreme breccia.
Hole ID From (m) To (m) Interval (m) Au g/t
PM-DH-01 16.5 371.0 354.5 1.22
PM-DH-01 including 18.0 60.0 42.0 1.61
PM-DH-01 and including 96.0 273.0 177.0 1.65
PM-DH-02 74.0 415.0 341.0 1.51
PM-DH-02 including 143.0 182.0 39.0 2.93
PM-DH-02 and including 170.0 182.0 12.0 7.43
PM-DH-02 and including 189.0 276.0 87.0 2.81
PM-DH-02 and including 283.0 302.0 19.0 2.22
PM-DH-03 50.0 409.0 359.0 1.25
PM-DH-03 including 312.0 356.0 44.0 2.75
PM-DH-04 186.3 333 146.7 2.15
PM-DH-04 including 186.3 295.0 108.7 2.54
PM-DH-04 and including 196.9 208.0 11.2 6.41
Figure 1. Plan Map Showing Drill Hole Locations
Figure 2. Long Section Map with Grade Blocks
Figure 3. Long Section within Mineralized Zone
QA/QC Procedures
Assaying for the Springpole 2016 drill program was done by SGS at their laboratories in Red
Lake, Ontario, and Burnaby, B ritish Columbia. Prepared samples were analyzed for gold by
lead fusion fire assay with an atomic absorption spectrometry (AAS) finish. Samples returning
assays in excess of 10 g/t gold were re -analyzed by fire assay with a gravimetric finish. As per
past practices, fire assay analysis was done on 30 g splits of the pulp for gold, and a further 50
g split was sent to the SGS Burnaby lab f or multi -element analysis by two -acid aqua regia
digestion with ICP-MS and AES finish.
The QA/QC program for the metallurgical drilling consisted of the submission of coarse
duplicates from bulk rejects at a frequency of one for every 20 samples submitte d (5% of total).
Pulp duplicate submissions were done at the same frequency. Because the drilling was
intended for metallurgical test work, no rig duplicates from quartered core were submitted to
preserve the core against loss or damage. Commercially ob tained certified blank reference
materials and standards were inserted on a frequency of one each per 40 samples submitted:
2.5% standards; 2.5% blanks for a total of 5%. Standards consisted of 5 different gold grades
ranging from 0.5 to 9.5 g/t, and were sourced from CDN Resource Laboratories in Langley ,
British Columbia, along with the blank CRM materials.
SGS also undertook their own internal coarse and pulp duplicates analysis to ensure proper
sample preparation and equipment calibration. These were r andomly inserted at a frequency of
12%, as per laboratory protocol.
Dr. Chris Osterman, P.Geo., CEO of First Mining, is the “qualified person” for the purposes of
National Instrument 43 -101 Standards of Disclosure for Mineral Projects and he has reviewed
and approved the scientific and technical disclosure contained in this news release.
ABOUT THE SPRINGPOLE GOLD PROJECT
Springpole is one of the largest undeveloped gold projects in Canada that has had
approximately $74 million invested in the project over the last 20 years. The project area covers
over 32,000 hectares in northwestern Ontario, and is approximately 110 kilometres from the
Township of Red Lake. The project hosts an NI 43 -101 Indicated Resource of 128.2 million
tonnes (mt) grading 1.07 gra ms per tonne (g/t) gold (Au) and 5.7 g/t silver (Ag), containing
4,410,000 ounces (oz.) Au and 23,800,000 oz. Ag. In addition , the project hosts an Inferred
Resource of 25.7 Mt grading 0.83 g/t Au and 3.2 g/t Ag, containing 690,000 oz. Au and
2,700,000 oz. Ag.
ABOUT FIRST MINING FINANCE CORP.
First Mining is a mineral property holding company whose principal business activity is to
acquire high quality mineral assets with a focus in the Americas. The Company currently holds a
portfolio of 25 mineral assets in Canada, Mexico and the United States with a focus on gold.
Ultimately, the goal is to continue to increase its portfolio of mineral assets through acquisitions
that are expected to be comprised of gold, silver, copper, lead, zinc and nickel.
For further information, please contact Patrick Donnelly, President at 604 -639-8854, or Derek
Iwanaka, Vice President, Investor Relations at 604 -639-8824, or visit our website at
www.firstminingfinance.com.
ON BEHALF OF FIRST MINING FINANCE CORP.
“Keith Neumeyer”
Keith Neumeyer
Chairman
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain “forward -looking information” and “forward -looking
statements”(collectively “forward -looking statements”) within the meaning of applicable Cana dian and
United States securities legislation including the United States Private Securities Litigation Reform Act of
1995. All statements, other than statements of historical fact, included herein, without limitation,
statements relating the future operat ing or financial performance of the Company, are forward -looking
statements.
Forward-looking statements are frequently, but not always, identified by words such as “expects”,
“anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and s imilar expressions, or
statements that events, conditions, or results “will”, “may”, “could”, or “should” occur or be achieved.
Forward-looking statements in this news release relate to, among other things: receiving metallurgical
data on the Springpole go ld project and the results of the metallurgical test program, completion of a new
PEA for the Springpole project in 2017; the extent of mineralization continuity at the Springpole project;
and the exploration potential an d upside of any of the Company’s projects. There can be no assurance
that such statements will prove to be accurate, and actual results and future events could differ materially
from those anticipated in such statements. Forward -looking statements reflect the beliefs, opinio ns and
projections on the date the statements are made and are based upon a number of assumptions and
estimates that, while considered reasonable by the respective parties, are inherently subject to significant
business, economic, competitive, political an d social uncertainties and contingencies. Many factors, both
known and unknown, could cause actual results, performance or achievements to be materially different
from the results, performance or achievements that are or may be expressed or implied by such forward-
looking statements and the parties have made assumptions and estimates based on or related to many o f
these factors. Such factors include, without limitation, the results of future exploration efforts at the
Springpole Crow project; management’s d iscretion to refocus its exploration efforts; fluctuations in the
spot and forward price of gold, silver, base metals or certain other commodities; fluctuations in the
currency markets (such as the Canadian dollar versus the U.S. dollar); changes in nation al and local
government, legislation, taxation, controls, regulations and political or economic developments; risks and
hazards associated with the business of mineral exploration, development and mining (including
environmental hazards, industrial acciden ts, unusual or unexpected formations, pressures, cave -ins and
flooding); the presence of laws and regulations that may impose restrictions on mining; employee
relations; relationships with and claims by local communities and indigenous populations; availab ility and
increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration
and development; and title to properties . Readers should not place undue reliance on the forward -looking
statements and information contained in this news release concerning these times. Except as required by
law, First Mining does not assume any obligation to update the forward -looking statements of beliefs,
opinions, projections, or other factors, should they change, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.