First Mining Finance intersects 1.39 g/t gold over 202 metres, including 43.28 g/t gold over 2 metres, at Goldlund Infill Drilling Program 12 of 14 drill holes intersect significant gold mineralization
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First Mining Finance intersects 1.39 g/t gold over 202 metres, including 43.28 g/t
gold over 2 metres, at Goldlund Infill Drilling Program
12 of 14 drill holes intersect significant gold mineralization
July 27, 2017
Vancouver, British Columbia – First Mining Finance Corp. (“First Mining” or the
“Company”) is pleased to announce the sixth set of assay results, comprising 14 drill holes
(Tables 1 and 2) from its Phase 1, 24,300 metre diamond drill infill program on its 100% owned
Goldlund Gold Project (“Goldlund ”), located near the town of Sioux Lookout in northwestern
Ontario, Canada.
Highlights:
Hole GL-17-106 intersected 202.0 metres of 1.39 grams per tonne gold
o Including 2.0 metres of 43.28 grams per tonne gold
Hole GL-17-053 intersected 179.0 metres of 1.13 grams per tonne gold
o Including 2.0 metres of 12.07 grams per tonne gold
Hole GL-17-065 intersected 90.0 metres of 1.32 grams per tonne gold
o Including 2.0 metres of 11.82 grams per tonne gold
Hole GL-17-107 intersected 134.0 metres of 0.91 grams per tonne gold
o Including 2.0 metres of 13.92 grams per tonne gold
Note: Assaying for the Goldlund 2017 drill program is being done by SGS at their laboratories in Red Lake, ONT, and Burnaby, BC.
Reported widths are drilled core lengths; true widths are unknown at this time. Assay values are uncut.
The primary goal of the 2017 drilling campaign at Goldlund is to upgrade Inferred resources into
the Measured and Indicated categories , with the majority of the drilling focused on Zone 7 and
Zone 1 (Figures 1 and 2), and to gain further knowledge of the geology and gold mineralization
in preparation for a Phase 2 drilling program. The Phase 1 drilling program , comprising 100
holes (24,300 metres), was completed at the end of May and the remaining assay results from
the Phase 1 program will continue to be released in batches as they are received.
Since the commencement in January of the Phase 1 drilling program, the Company has issued
five press releases (on April 25, May 2, May 24, June 20 and July 10, 2017 ) comprising a total
of 60 drill hole results. With today’s latest press release, the Company has now released the
results for 74 drill holes from the Phase 1 program, of which 69 drill holes contain significant
intervals of gold mineralization, a 93% success rate.
Commenting on the results, Patrick Donnelly, President of First Mining stated, “As our drilling
program continues at Goldlund we keep hitting very encouraging intersections of gold
mineralization which supports our view that the Goldlund project is amenable to bulk mining
methods. Furthermore, once we complete the Phase 2 drilling campaign currently underway at
Goldlund, and receive the remaining assay results, we will commence work on a new NI 43-101
mineral resource estimate for Goldlund.”
In addition, Keith Neumeyer, the Chairman of First Mining, stated, “ The latest results from the
Goldlund program re affirm our decision to move forward in drilling and de-risking this asset
which we believe will add organic value to the Company and our shareholders. I look forward to
seeing the Phase 2 drilling results later this year as it will move the focus away from infill drilling
and towards pure exploration targets at this large project. This has the potential to provide
further upside to future project economics and I continue to gain confidence that Goldlund will
become one of our flagship assets.”
Table 1. Drill Hole Assay Results from Goldlund
Assaying for the 2017 Goldlund drill program is being done by SGS at their laboratories in Red Lake, Ontario, and Burnaby, BC.
Prepared samples are analyzed for gold by either Bulk Leach Extractable Gold (BLEG) ass ay techniques or by lead fusion fire
assay with an atomic absorption spectrometry (AAS) finish. Multi-element analysis on the mineralized zones is also being
undertaken by two-acid aqua regia digestion with ICP-MS and AES finish.
Table 1 (continued). Drill Hole Assay Results from Goldlund
Assaying for the 2017 Goldlund drill program is being done by SGS at their laboratories in Red Lake, Ontario, and Burnaby, BC.
Prepared samples are analyzed for gold by either Bulk Leach Extractable Gold (BLEG) assay techniques or by lead fusion fire
assay with an atomic absorption spectrometry (AAS) finish. Multi-element analysis on the mineralized zones is also being
undertaken by two-acid aqua regia digestion with ICP-MS and AES finish.
Hole ID From (m) To (m) Length (m) Au g/t
GL-17-065 204.0 294.0 90.0 1.32
inc 214.0 226.0 12.0 2.59
and inc 220.0 222.0 2.0 7.22
and inc 262.0 284.0 22.0 3.00
and inc 266.0 268.0 2.0 11.82
GL-17-067 3.8 16.0 12.2 0.73
inc 12.0 16.0 4.0 1.64
and inc 38.0 40.0 2.0 1.92
and 94.0 96.0 2.0 1.39
and 104.0 106.0 2.0 1.43
GL-17-076 46.0 54.0 8.0 3.44
inc 46.0 48.0 2.0 12.40
GL-17-077 32.0 68.0 36.0 0.46
inc 32.0 34.0 2.0 2.08
and inc 66.0 68.0 2.0 1.99
and 104.0 106.0 2.0 1.87
and 124.0 126.0 2.0 1.82
and 134.0 136.0 2.0 1.32
GL-17-106 66.0 268.0 202.0 1.39
inc 76.0 80.0 4.0 2.25
and inc 178.0 194.0 16.0 6.66
and inc 188.0 190.0 2.0 43.28
and inc 226.0 268.0 42.0 3.21
and inc 242.0 244.0 2.0 13.51
and inc 262.0 264.0 2.0 13.88
GL-17-107 82.0 216.0 134.0 0.91
inc 82.0 98.0 16.0 1.38
and inc 82.0 84.0 2.0 8.82
and inc 114.0 122.0 8.0 4.21
and inc 118.0 120.0 2.0 13.92
and inc 176.0 182.0 6.0 2.40
and inc 192.0 194.0 2.0 9.17
and inc 212.0 214.0 2.0 4.85
GL-17-108 38.0 40.0 2.0 1.02
and 110.0 112.0 2.0 3.87
and 146.0 156.0 10.0 0.71
and 266.0 326.0 60.0 0.39
inc 296.0 298.0 2.0 4.13
and inc 322.0 326.0 4.0 1.34
GL-17-113 GL-17-113 no significant mineralisation
GL-17-065
GL-17-067
GL-17-076
GL-17-077
GL-17-106
GL-17-107
GL-17-108
Figure 1. Plan Map
Table 2. Drill Hole Locations
Hole ID Azimuth ° Dip ° Length (m) UTM East UTM North Section
GL-17-039 180 -80 327.6 545850 5527265 545850E
GL-17-040 0 -90 173.0 545849 5527246 545850E
GL-17-050 0 -90 144.0 545950 5527285 545950E
GL-17-051 180 -80 341.0 545951 5527284 545950E
GL-17-052 0 -90 257.0 545951 5527265 545950E
GL-17-053 0 -90 299.0 545952 5527245 545950E
GL-17-065 0 -90 341.0 546000 5527245 546000E
GL-17-067 0 -90 206.0 546050 5527295 546050E
GL-17-076 0 -90 176.0 546100 5527315 546100E
GL-17-077 0 -90 206.0 546100 5527295 546100E
GL-17-106 180 -80 302.0 545900 5527275 546100E
GL-17-107 180 -90 269.0 545901 5527254 545900E
GL-17-108 180 -80 328.5 545901 5527254 545900E
GL-17-113 0 -90 89.0 545900 5527275 545900E
Figure 2. Cross-Section through the Goldlund Project
Gold observed during the current drilling program at Goldlund occurs bo th as fine
disseminations in quartz vein stockworks and as more discre te larger grains up to 2 mm
spatially associated with pyrite in the quartz veins. Calaverite, a gold telluride mineral, has been
noted occasionally in higher grade intervals on fracture surfaces i n the quartz veins. Higher
grade gold distribution in the granodiorite dike is often, but not always, associated with zones of
more intense quartz stock working and potassic alteration. Figure 2 above displays a cross -
section of the geology and gold miner alization with drill holes GL-17-042, GL-17-106 to GL-17-
108, and GL-17-113.
QA/QC Procedures
The QA/QC program for the 2017 drilling program at Goldlund consists of the submission of
duplicate samples and the insertion of certified reference materials a nd blanks at regular
intervals. These are inserted at a rate of one standard for every 20 samples (5% of total) and
one blank for every 30 samples (3% of total). The standards used in the 2017 program consist
of 5 different gold grades ranging from 1 to 9 g/t, and are sourced from CDN Resource
Laboratories in Langley, BC. Blanks have been sourced locally from barren granitic material.
Field duplicates from quartered core, as well as ‘co arse’ or ‘pulp’ duplicates taken from coarse
reject material or pulverized splits, are also submitted at regular intervals with an insertion rate
of 4% for field duplicates and 4% for coarse or pulp duplicates. Additional selected duplicates
are being submitted for screened metallic fire assay analysis and to an umpir e lab for check
assaying. SGS also undertake their own internal coarse and pulp duplicate analysis to ensure
proper sample preparation and equipment calibration.
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 GOLDLUND PROJECT
The Goldlund deposit is situated within a land p ackage of approximately 280 square kilometres
(28,000 hectares) referred to as the Goldlu nd Gold Project. The Property has a strike-length of
over 50 kilometres in the Wabigoon Subprovince. Goldlund is an Archean lode -gold project
located in northwestern Ontario, approximately 60 kilometres from the township of Dryden. The
claims that make up the land package cover the historic Goldlund and Windward mines.
On January 9, 2017, the Company announced an initial mineral resource estimate for Goldlund.
At a 0.4 g/t Au cut-off grade, the Goldlund deposit contains pit constrained Indicated Resources
of 9.3 million tonnes at 1.87 grams per tonne or 560,000 ounces of gold. At a 0.4 g/t Au cut -off
grade, the Goldlund deposit contains pit constrained Inferred Res ources of 40.9 million tonnes
at 1.33 grams per to nne or 1,750,000 ounces of gold. The technical report for this resource
estimate is available under the Company’s SEDAR profile at www.sedar.com, and is also
available on the Company’s website at www.firstminingfinance.com.
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 Unit ed States with a focus on gold.
Ultimately, the goal is to continue to increase its portfolio of mineral assets through acquisition s
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 webs ite 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 Canadian and
United States securities legislation including the United States Priv ate Securities Litigation Reform Act of
1995. All statements, other than statements of historical fact, included herein, without limitation,
statements relating the future operating 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 similar 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: the potential results of the
remainder of the Company’s Phase 1 drilling program at Goldlund and the timing of the dissemina tion of
such results by the Company ; the views of the Company that the Goldlund project is amenable to bulk
mining methods, completion of the Phase 2 drilling program, preparation of a new 43 -101 mineral
resource estimate for the Goldlund project and the timing for the completion of such a resource estimate,
the potential for the Phase 1 and Phase 2 drilling programs to provide further upside to future project
economics at the Goldlund project ; any upgrade to, or expansion of, the resources on the Goldlund
project; and the potential for further value to be unlocked at the project . 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, opinions 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 si gnificant
business, economic, competitive, political and 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 explo ration efforts at the
Goldlund project; management’s discretion 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 Cana dian dollar versus the U.S. dollar); changes in national and local government,
legislation, taxation, controls, regulations and political or economic developments; risks and hazards
associated with the business of mineral exploration, development and minin g (including environmental
hazards, industrial accidents, 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; availability and increasing
costs associated with mining inputs and labour; the speculative nature of mineral exploration and
development; and title to pro perties. Readers should not place undue reliance on t he 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.