First Mining Finance Releases Initial Assay Results from its Goldlund Infill Drilling Program 12 of 12 drill holes intersect significant gold mineralization
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First Mining Finance Releases Initial Assay Results
from its Goldlund Infill Drilling Program
12 of 12 drill holes intersect significant gold mineralization
April 25, 2017
Vancouver, British Columbia – First Mining Finance Corp. (“First Mining” or the
“Company”) is pleased to announce the first assay results from the first 12 holes of a 106 hole,
28,500 metre diamond drill in -fill program on its 100% owned Goldlund Gold Project
(“Goldlund”), located near the town of Sioux Lookout in northwestern Ontario, Canada.
Highlights:
• Hole GL-17-044 intersected 26.0 metres of 2.14 grams per tonne gold
o Including 2.0 metres of 18.43 grams per tonne gold
• Hole GL-17-021 intersected 52.0 metres of 2.21 grams per tonne gold
o Including 2.0 metres of 43.09 grams per tonne gold
• Hole GL-17-017 intersected 62.0 metres of 0.90 grams per tonne gold
o Including 2.0 metres of 12.74 grams per tonne gold
Note: Assaying for the Goldlund 2017 drill program is being done by SGS at their laboratories in Red Lake, Ontario, and Burnaby,
BC. Reported widths are drilled core lengths; true widths are unknown at this time. Assay values are uncut.
The 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 (Figure 1). The total budgeted amount of drilling is 28,500 metres within 106 drill holes using
HQ sized (6 3.5 mm) core . Table 1 shows the results of drilling the first 12 holes for t he 2017
Goldlund drilling campaign and Table 2 provides additional drill hole information.
Commenting on the results, Patrick Donnelly, President of First Mining stated, “We are
extremely pleased with the first assay results from Goldund in which 12 out of 12 drill holes
contain significant intercepts of gold mineralization, including a number of high grade intercepts.
We expect that additional results from Goldlund will c ontinue to increase our confidence in the
resource. The current drilling program is 60% complete and we expect to complete the program
in early summer. Once the drilling campaign is completed, the results will be compiled in order
to make plans for a much larger drill campaign which will be announced once definitive plans
are completed.”
In addition, Keith Neumeyer, the Chairman of First Mining, stated “We also wanted to take this
opportunity to comment on recent trading activity in the junior gold market. In December of last
year, First Mining was added to the VanEck Vectors Junior Gold Miners Exchange Traded Fund
(the “GDXJ”), a well-known Exchange Traded Fund that i nvests in junior gold companies.
According to their most recent public filings, the GDXJ holds over 15% of the outstanding
shares of First Mining. The GDXJ recently announced a change in their investment criteria in
order to allow a larger number of companies into their portfolio so that they could distribute their
capital over a larger pool of companies. These changes mean that the GDXJ will be required to
significantly rebalance its portfolio. We believe that this announcement has contributed to the
recent declines in the share price of First Mining, along with a number of other junior gold
companies. We wanted to let investors know that it is business as usual at First Mining. We
are making good progress with our exploration programs at our projects, and expect to release
further drill results from our Goldlund project over the next few weeks. I remain as convinced as
ever that the fundamentals for gold remain strong and that the volatility we are seeing is only a
temporary distortion.”
Table 1. Drill Hole Assay Results from Goldlund
Assaying for the Goldlund 2017 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-17-016 40.0 48.0 8.0 0.77
and 54.0 64.0 10.0 0.55
GL-17-017 5.7 210.0 204.3 0.45
inc 12.0 74.0 62.0 0.90
and inc 12.0 38.0 26.0 1.79
and inc 32.0 38.0 6.0 5.46
and inc 32.0 34.0 2.0 12.74
and 106.0 116.0 10.0 1.86
inc 106.0 112.0 6.0 2.91
and inc 106.0 108.0 2.0 7.38
and 134.0 140.0 6.0 0.54
and 204.0 244.0 40.0 0.32
inc 236.0 244.0 8.0 0.66
GL-17-018 30.0 112.0 82.0 0.43
inc 30.0 38.0 8.0 0.83
and inc 52.0 72.0 20.0 0.70
and inc 70.0 72.0 2.0 3.26
and inc 104.0 110.0 6.0 1.33
and inc 108.0 110.0 2.0 3.53
GL-17-019 118.0 126.0 8.0 0.45
and 152.0 170.0 18.0 0.55
inc 166.0 170.0 4.0 1.82
and 226.0 232.0 6.0 0.98
GL-17-21 155.0 365.0 210.0 0.85
inc 155.0 207.0 52.0 2.21
and inc 185.0 203.0 18.0 5.14
and inc 201.0 203.0 2.0 43.09
and inc 273.0 301.0 28.0 1.38
and inc 281.0 283.0 2.0 8.80
and inc 289.0 291.0 2.0 6.29
GL-17-031 25.0 59.0 34.0 0.91
inc 51.0 59.0 8.0 2.81
and inc 55.0 57.0 2.0 8.77
GL-17-034 104.0 134.0 30.0 0.98
inc 108.0 110.0 2.0 8.75
GL-17-016
GL-17-017
GL-17-018
GL-17-019
GL-17-031
GL-17-034
GL-17-21
Table 1 (continued). Drill Hole Assay Results from Goldlund
Assaying for the Goldlund 2017 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.
Figure 1. Plan Map
Hole ID From (m) To (m) Length (m) Au g/t
GL-17-043 58.0 74.0 16.0 0.34
inc 72.0 74.0 2.0 1.29
GL-17-044 80.0 106.0 26.0 2.14
inc 82.0 92.0 10.0 4.85
and inc 88.0 90.0 2.0 18.43
GL-17-046 40.0 156.0 116.0 0.62
inc 48.0 74.0 26.0 1.15
and inc 64.0 68.0 4.0 3.22
and inc 128.0 152.0 24.0 1.31
and inc 150.0 152.0 2.0 10.67
GL-17-047 96.0 204.0 108.0 0.47
inc 128.0 130.0 2.0 16.95
and 248.0 254.0 6.0 3.55
GL-17-048 108.0 160.0 52.0 0.36
inc 134.0 136.0 2.0 3.92
GL-17-043
GL-17-044
GL-17-046
GL-17-047
GL-17-048
Figure 2. Cross-Section through the Goldlund Project
Table 2. Drill Hole Locations
Gold observed during the current drilling program occurs both as fine disseminations in quartz
vein stockworks and as more discret e 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 in the quartz veins. Higher grade gold distribution in the
granodiorite dike is often, but not always, associated with zones of more intense quartz
stockworking and potassic alteration. Figure 2 displays a cross-section of the geology and gold
mineralization with drill holes GL-17-16 to GL-17-19 and GL-17-21.
QA/QC Procedures
The QA/QC program for the 2017 drilling program consists of the submission of duplicate
samples and the insertion of certified reference materials and 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 ‘coa rse’ or ‘pulp’ duplicates taken from coarse
reject material or pulv erized 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 umpire 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 package of approximately 280 square kilometres
(28,000 hectares) referred to as the Goldlund 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
Hole ID Azimuth ° Dip ° Length (m) UTM East UTM North Section
GL-17-016 0 -90 152 545648 5527228 545650E
GL-17-017 180 -80 302 545648 5527228 545650E
GL-17-018 0 -90 149 545648 5527213 545650E
GL-17-019 0 -90 374 545651 5527183 545650E
GL-17-021 0 -90 383 545649 5527159 545650E
GL-17-031 0 -90 125 545601 5527214 545600E
GL-17-034 0 -90 228 545601 5527177 545600E
GL-17-043 0 -90 107 545550 5527211 545550E
GL-17-044 0 -90 200 545550 5527194 545550E
GL-17-046 0 -90 209 545549 5527171 545550E
GL-17-047 0 -90 278 545550 5527154 545550E
GL-17-048 180 -80 302 545550 5527154 545550E
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 cont ains pit constrained Inferred Resources of 40.9 million tonnes
at 1.33 grams per tonne or 1,750,000 ounces of gold. The technical report for this resource
estimate has been filed on SEDAR 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 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 Canadian 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 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: completion of the current
drilling program at the Goldlund project; commencement of a follow -on drilling program at the Goldlund
project; the potential results of such drilling programs; any upgrade to, or expansion of, the resources on
the Goldlund project; and the exploration potential and upside of the Goldlund 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 s ignificant 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 ach ievements 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 of these factors. Such factors include, without limitation, the
results of future explorat ion 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 Canadian 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 mining ( 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 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 f actors, 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.