First Mining’s Joint Venture Partner Big Ridge Gold Completes Stage 1 Earn-In for the Hope Brook Gold Project, Ontario, Canada
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NEWS RELEASE
First Mining’s Joint Venture Partner Big Ridge Gold Completes Stage 1 Earn-In
for the Hope Brook Gold Project, Ontario, Canada
September 13, 2022 – Vancouver, Canada – First Mining Gold Corp. (“First Mining” or the “Company”)
(TSX: FF ; OTCQX: FFMGF ; FRANKFURT: FMG) is pleased to announce that Big Ridge Gold Corp . (“Big
Ridge”) ( TSX-V:BRAU) has completed the Stage 1 earn -in requirements (the “ Stage 1 Earn- In”) with
respect to the Hope Brook Gold Project (“ Hope Brook ”) as set out in the earn -in agreement (the
“Agreement”) that Big Ridge signed with First Mining on April 5, 2021. As required under the Agreement,
Big Ridge has (i) incurred $10 million in qualifying exploration expenditures at Hope Brook , (ii) issued
15,000,000 common shares of Big Ridge (“Big Ridge Shares”) to First Mining , and (iii) granted to First
Mining a 1.5% net smelter returns (“NSR”) royalty on Hope Brook, of which 0.5% can be bought back by
Big Ridge for $2 million.
With the Stage 1 Earn -In now complete, Big Ridge has earned a 51% ownership interest in Hope Brook
and has until June 8, 2026 to acquire an additional 29% direct interest in Hope Brook (the “Stage 2 Earn-
In”) by: (i) incurring a further $10 million in exploration expenditures (the “ Additional Expenditures”);
and (ii) issuing additional Big Ridge Shares to First Mining in the amount that is the lesser of (a) 10,000,000
Big Ridge Shares; or (ii) the number of Big Ridge Shares which, when combined with the number of Big
Ridge Shares owned by First Mining at the time of issuance, would result in First Mining owning 19.9% of
the issued and outstanding Big Ridge S hares outstanding. Upon completion of the Stage 2 Earn -In, First
Mining will hold a 20% interest in Hope Brook which will be free carried until the completion of a
Feasibility Study by Big Ridge.
“First Mining is delighted that Big Ridge has completed its $10 million worth of Stage 1 expenditures on
the Hope Brook project in such an expeditious timeframe”, stated Dan Wilton, CEO of First Mining. “Our
partnership with Big Ridge has surfaced significant value for First Mining’s shareholders and continues to
highlight the potential value for the Hope Brook deposit. Our team remains encouraged and eagerly
awaits results from Big Ridge’s ongoing Phase 1 drill program.”
“The successful completion of the S tage 1 earn-in at Hope Brook marks a significant milestone in the
development of thi s exciting project” commented Mike Bandrowski, CEO of Big Ridge . “The promising
results from our Phase 1 drill program have motivated the Big Ridge team to continue to advance the
Hope Brook Project and highlight that it is a much larger, high-grade deposit in a Tier-1 location.”
To date, Big Ridge has completed 61 diamond drill holes and released results from 33 of those holes. The
Phase 1 drill program at Hope Brook has focused on connecting the Main Zone and the 240 Zone near
surface and at depth, respectively, and testing the down dip extensions to both the Main and 240 Zones.
Results from the Phase 1 drill program will be included in the updated mineral resource estimate that Big
Ridge expects to issue in H1 2023.
About Hope Brook
The Hope Brook Gold Project is an advanced stage, high-grade gold project that produced 752,162 ounces
of gold from 1987 – 1997. Hope Brook hosts an indicated gold resource totalling 5,500,000 tonnes grading
4.77 grams per tonne gold for 844,000 ounces and inferred resources totalling 836,000 tonnes grading
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4.11 grams per tonne gold for 110,000 ounces based on a 3.0 gram per tonne cut -off grade and a long -
term gold price of US$1,200, according to a technical report for Big Ridge Gold Corp., prepared by authors
Michael Cullen, P. Geo., and Matthew Harrington, P. Geo., of Mercator Geological Services Limited and
Jeffrey Burke, P. Geo., and titled “NI 43 -101 Technical Report for the Hope Brook Gold Project,
Newfoundland And Labrador, Canada”, May 6, 2021.
The Hope Brook gold deposit is a high-sulfidation epithermal gold deposit hosted in the Proterozoic aged
Whittle Hill Sandstone and is intruded by a Late Proterozoic quartz-feldspar porphyry sill-dyke complex of
the Roti Intrusive Suite. The deposit i s located adjacent to and within an extensive advanced argillic
alteration envelope which includes pyrophyllite, kaolinite, andalusite, and alunite. The principal gold
mineralization occurs in a buff- coloured massive, vuggy silicic alteration with an associated, less
developed grey silicic alteration with pyrite, chalcopyrite and lesser bornite. Gold mineralization is also
found with pyrite in units of advanced argillic alteration adjacent to or near silicic alteration horizons. The
altered and mineralized zone is cut by mafic dykes whose contacts are often mineralized. All of the altered
and mineralized sequences and the intruded dykes have been folded.
Hope Brook is located 85 kilometres east of Port aux Basques, Newfoundland. The project has well
maintained infrastructure on site, including an operational 28-person camp, an 1,100-meter airstrip, ice-
free docking facility and importantly, connection to the provincial electrical power grid via an on -site
substation.
Significant exploration potential remains on the ~ 26,000-hectare concession providing a great
opportunity to expand the mine area as well as surface showings throughout the concessions.
About Big Ridge
Big Ridge Gold Corp. is an exploration and development company managed by a disciplined and
experienced team of officers and directors. The Company is committed to the development of advanced
stage mining projects using industry best practices combined wit h strong social license from the local
communities. Big Ridge owns a 100% interest in the highly prospective Oxford Gold Project located in
Manitoba and the Destiny Gold Project in Quebec. Big Ridge is the operator of the Hope Brook Gold Project
located in Newfoundland and Labrador.
Qualified Person
Hazel Mullin, P.Geo., Director, Data Management and Technical Services of First Mining, is a “Qualified
Person” for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI
43-101”), and she has reviewed and approved the scientific and technical disclosure contained in this
news release.
About First Mining Gold Corp.
First Mining is a gold developer advancing a portfolio of gold projects in Canada, with our most advanced
project being the Springpole Gold Project in northwes tern Ontario, which is one of the largest
undeveloped gold projects in Canada, and where we have commenced a Feasibility Study and permitting
activities are on-going with a draft Environmental Impact Statement (“EIS”) for the project published in
June 2022. First Mining also own s the Cameron, Duparquet, Duquesne and Pitt gold projects, all
advanced-stage gold projects in Ontario (in the case of Cameron) and Québec. Our portfolio of gold
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project interests also includes the Pickle Crow gold project (being advanced in partnership with Auteco
Minerals Ltd.), the Hope Brook gold project (being advanced in partnership with Big Ridge Gold Corp.), an
equity interest in Treasury Metals Inc., and a portfolio of 21 gold royalties.
First Mining was established in 2015 by Mr. Keith Neumeyer, founding President and CEO of First Majestic
Silver Corp.
ON BEHALF OF FIRST MINING GOLD CORP.
Daniel W. Wilton
Chief Executive Officer and Director
For further information, please contact:
Toll Free: 1 844 306 8827 | Email: [email protected]
Paul Morris | Director, Investor Relations | Email: [email protected]
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 Pri vate Securities Litigation Reform Act of 1995. These forward- looking statements are
made as of the date of this news release. Forward -looking statements are frequently, but not always, identified by
words such as “ expects”, “anticipates”, “believes”, “plans”, “projects”, “ intends”, “estimates”, “envisages”,
“potential”, “possible”, “strategy”, “goals”, “opportunities”, “objectives”, or variations thereof or stating that certain
actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative
of any of these terms and similar expressions.
Forward-looking statements in this news release relate to future events or future performance and reflect current
estimates, predictions, expectations or beliefs regarding future events and include, but are not limited to, statements
with respect to: (i) completion and timing of the Stage 2 E arn-In; (ii) the timing for results of Big Ridge’s Phase 1
exploration drill program at Hope Brook; (iii) timing for the release by Big Ridge of an updated mineral resource
estimate for Big Ridge; (iv) the Company’s plans with respect to advancing its portfolio of gold projects; and ( v)
Feasibility and permitting activities related to the Springpole Gold Project. All forward-looking statements are based
on First Mining's or its consultants' current beliefs as well as various assumptions made by them and information
currently available to them. There can be no assurance that such statements will prove to be acc urate, 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. Such
factors include, without limitation the Company’s business, operations and financial condition potentially being
materially adversely affected by the outbreak of epidemics, pandemics or other health crises, such as COVID-19, and
by reactions by government and private actors to such outbreaks; risks to employee health and safety as a result of
the outbreak of epidemics, pandemics or other health crises, such as COVID -19, that may result in a slowdown or
temporary suspension of operations at some or all of the Company's mineral properties as well as it s head
office; 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, legisl ation, 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, indigenous populations and other stakeholders; availability and i ncreasing costs associated with
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mining inputs and labour; the speculative nature of mineral exploration and development; title to properties.; and
the additional risks described in the Company’s Annual Information Form for the year ended December 31, 2021 filed
with the Canadian securities regulatory authorities under the Company’s SEDAR profile at www.sedar.com, and in
the Company’s Annual Report on Form 40-F filed with the SEC on EDGAR.
First Mining cautions that the foregoing list of factors that may affect future results is not exhaustive. When relying
on our forward -looking statements to make decisions with respect to First Mining, investors and others should
carefully consider the foregoing factors and other uncertainties and potential events. First Mining does not undertake
to update any forward- looking statement, whether written or oral, that may be made from time to time by the
Company or on our behalf, except as required by law.
Cautionary Note to United States Investors
The Company is a “foreign private issuer” as defined in Rule 3b- 4 under the United States Securities Exchange Act of
1934, as amended, and is eligible to rely upon the Canada-U.S. Multi-Jurisdictional Disclosure System, and is therefore
permitted to prepare the technical information contained herein in accordance with the requirements of the
securities laws in effect in Canada, which differ from the requirements of the securities laws currently in effect in the
United States. Accordingly, information concerning mineral deposits set forth herein may not be comparable with
information made public by companies that report in accordance with U.S. standards.
Technical disclosure contained in this news release has not been prepared in accordance with the requirements of
United States securities laws and uses terms that comply with reporting standards in Canada with certain estimates
prepared in accordance with NI 43-101.
NI 43- 101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public
disclosure an issuer makes of scientific and technical information concerning the issuer’s material mineral projects.