First Mining Finance Releases Third Set of Assay Results from its Goldlund Infill Drilling Program 12 of 14 drill holes intersect significant gold mineralization
FF: TSXV
FFMGF: OTCQX
FMG: FRANKFURT
First Mining Finance Releases Third Set of Assay Results
from its Goldlund Infill Drilling Program
12 of 14 drill holes intersect significant gold mineralization
May 24, 2017
Vancouver, British Columbia – First Mining Finance Corp. (“First Mining” or the
“Company”) is pleased to announce the third set of assay results from its, 28,500 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-17-032 intersected 64.5 metres of 3.25 grams per tonne gold
o Including 0.5 metres of 335.76 grams per tonne gold
Hole GL-17-059 intersected 70.5 metres of 2.50 grams per tonne gold
o Including 0.5 metres of 186.49 grams per tonne gold
Hole GL-17-073 intersected 48.0 metres of 2.34 grams per tonne gold
o Including 2.0 metres of 36.53 grams per tonne gold
Hole GL-17-014 intersected 6.0 metres of 30.69 grams per tonne gold
o Including 2.0 metres of 91.63 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), and to gain further knowledge of the geology and gold mineralization in preparation
for Phase 2 drilling. The drilling program will comprise a total of approximately 28,500 metres
using HQ sized (63.5 mm) core . To date, 98 holes of our Phase 1 drill program have been
completed. The Phase 1 drill program is expected to be completed within the week , and the
remaining assay results will be released in batches as they are received. On April 25, 2017, the
Company announced the results from the first 12 drill holes from the Goldlund project and on
May 2, 2017 the Company announced the results from an additional 11 drill holes at the project.
Of the 37 holes now released, 34 holes contain significant gold mineralization. Table 1 below
shows the results of drilling from the latest drilling results (14 drill holes) and Table 2 provides
additional drill hole information.
Commenting on the results, Patrick Donnelly, President of First Mining stated, “The goal of this
year’s Phase 1 drilling campaign at the Goldlund project is to unlock value for our shareholders
and, as this third batch of drill results demonstrates , we believe there is tremendous untapped
potential at our Goldlund p roject that, in our view, the capital marke ts have yet to recognize.
Taking into account this latest batch of results, we have now intersected significant gold
mineralization in 34 out of 37 drill holes which is an incredible success rate . Given the
continued success of this drilling campaign, we have commenced planning a Phase 2 drill
program to supplement the data being received from this Phase 1 program.”
In addition, Keith Neumeyer, the Chairman of First Mining, stated , “ These latest drill results
continue to confirm our decision to acquire the Goldlund project. What also gives me comfort,
and is overlooked by many investors, is that our core assets are located in n orthern Ontario,
which is one of the safest and most politicall y stable jurisdictions in the world that has a long ,
rich history of mining and mineral exploration. I also want to reiterate that the Goldlund project
is located near excellent infrastructure including roads, power and rail service , with the local
airport at Sioux Lookout only a 20 minute drive from the project site.”
Table 1. Drill Hole Assay Results from Goldlund
Hole ID From (m) To (m) Length (m) Au g/t
GL-17-014 88.0 90.0 2.0 1.45
and 234.0 246.0 12.0 1.72
inc 234.0 236.0 2.0 8.79
and 266.0 272.0 6.0 30.69
inc 270.0 272.0 2.0 91.63
and 288.0 290.0 2.0 2.45
and 338.0 348.0 10.0 0.56
GL-17-026 GL-17-026 144.0 146.0 2.0 2.07
GL-17-030 GL-17-030
GL-17-032 48.0 112.5 64.5 3.25
inc 90.0 112.5 22.5 8.57
and inc 90.0 90.5 0.5 335.76
GL-17-033 28.0 38.0 10.0 0.60
inc 28.0 30.0 2.0 1.99
and 110.0 112.0 2.0 2.50
and 126.0 128.0 2.0 1.10
and 154.0 156.0 2.0 1.09
GL-17-035 124.0 166.0 42.0 0.51
and 254.0 260.0 6.0 0.53
GL-17-058 10.0 12.0 2.0 3.20
and 56.0 58.0 2.0 1.03
and 118.0 138.0 20.0 0.68
inc 124.0 130.0 6.0 1.28
and 164.0 166.1 2.1 2.41
GL-17-059 82.0 152.5 70.5 2.50
inc 110.0 112.0 2.0 23.62
and inc 122.0 132.0 10.0 1.05
and inc 152.0 152.5 0.5 186.49
and 186.0 188.0 2.0 1.09
GL-17-070 GL-17-070
GL-17-014
GL-17-032
GL-17-035
GL-17-058
no significant mineralisation
no significant mineralisation
GL-17-033
GL-17-059
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-17-072 11.0 87.0 76.0 0.66
inc 11.0 15.0 4.0 1.44
and 27.0 43.0 16.0 1.02
and 75.0 79.0 4.0 2.23
GL-17-073 17.0 21.0 4.0 3.71
and 39.0 87.0 48.0 2.34
inc 39.0 41.0 2.0 9.05
and 75.0 77.0 2.0 36.53
GL-17-074 26.0 92.0 66.0 0.75
inc 52.0 56.0 4.0 2.95
and inc 66.0 68.0 2.0 2.16
and inc 88.0 90.0 2.0 10.54
GL-17-075 26.0 28.0 2.0 1.16
and 68.0 70.0 2.0 1.26
and 90.0 92.0 2.0 2.19
GL-17-092 19.0 39.0 20.0 1.39
inc 23.0 25.0 2.0 7.51
GL-17-073
GL-17-074
GL-17-075
GL-17-092
GL-17-072
Figure 2. Cross-Section through the Goldlund Project
Table 2. Drill Hole Locations
Gold observed during the current drilling program at our Goldlund project occurs both 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 in 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 mineralization with drill holes GL-17-70 to GL-17-75.
QA/QC Procedures
The QA/QC program for the 2017 drilling program at our Goldlund project 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 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 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
Hole ID Azimuth ° Dip ° Length (m) UTM East UTM North Section
GL-17-014 0 -90 371.0 545750 5527195 545750E
GL-17-026 0 -90 188.0 545800 5527215 545800E
GL-17-030 0 -90 143.0 545602 5527234 545600E
GL-17-032 0 -90 200.0 545601 5527197 545600E
GL-17-033 180 -80 299.0 545601 5527197 545600E
GL-17-035 0 -90 314.0 545600 5527155 545600E
GL-17-058 0 -90 200.0 545500 5527171 545500E
GL-17-059 180 -80 317.0 545501 5527161 545500E
GL-17-070 0 -90 65.0 545450 5527202 545450E
GL-17-072 180 -80 206.0 545450 5527185 545450E
GL-17-073 0 -90 164.0 545450 5527165 545450E
GL-17-074 0 -90 239.0 545447 5527136 545450E
GL-17-075 180 -80 284.0 545448 5527136 545450E
GL-17-092 0 -90 107.0 545356 5527126 545350E
located in northwestern Ontario, approximately 60 kilometr es 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 Resources 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 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 asset s 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 i nformation, 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 opera ting 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 Company’s anticipated
timing of the completion of the current Phase 1 drilling program at the Goldlund project; the potential
results of the remainder of the Phase 1 drilling program and the timing of the dissemination of such
results by the Company ; plans relating to a Phase 2 drilling prog ram at the Goldlund project and the
anticipated timing of such a program ; any upgrade to, or expansion of, the resources on the Goldlund
project; 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 significant
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 of
these factors. Such factors include, without limitation, the results of future exploration 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); t he
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 s peculative nature of mineral exploration and
development; and title to pro perties. 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.