First Mining Announces Consolidation of Strategic Duparquet Property Package with Acquisition of Quebec Claims from IAMGOLD
TSX: FF
OTCQX: FFMGF
FRANKFURT: FMG
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NEWS RELEASE
First Mining Announces Consolidation of Strategic Duparquet Property
Package with Acquisition of Quebec Claims from IAMGOLD
January 30, 2023 – Vancouver, Canada – First Mining Gold Corp. (“First Mining” or the “Company”) (TSX:
FF) (OTCQX: FFMGF) (FRANKFURT: FMG) is pleased to announce that through its wholly -owned
subsidiary, Duparquet Gold Mines Inc. , it has entered into an agreement with IAMGOLD Corp.
(“IAMGOLD”) to acquire its Porcupine East property (“Porcupine East Property”) located adjacent to the
Company’s Duparquet Gold Project and connecting First Mining’s land package to its Pitt and Duquesne
projects to the east (the “Transaction”) for total consideration of:
• 2.5 million First Mining common shares upon closing of the Transaction;
• The granting of a 1.5% net smelter return royalty on the Porcupine East Property to IAMGOLD
upon closing of the Transaction;
• A future contingent payment of $500,000, in cash or First Mining shares, on the declaration of a
minimum of 350,000 koz gold resource on the Porcupine East Property; and
• A future contingent payment of $1,000,000, in cash or First Mining shares, to be paid within 12
months of commercial production being declared at the Duparquet Gold Project, as long as any
major surface infrastructure related to the Duparquet Gold Project has been constructed on the
Porcupine East Property.
“We are very excited to announce this strategic consolidation around our Quebec assets increasing our
land position by 50% ,” stated Dan Wilton, CEO of First Mining. “ These highly prospective claims are
located in between our Duparquet, Pitt and Duquesne gold projects, and will provide First Mining with a
contiguous property package covering 19 km of favourable stratigraphy in Quebec , in the heart of the
Abitibi Greenstone Belt. We are excited to embark on robust engineering and exploration programs that
will continue to demonstrate the highly pro spective nature of our Duparquet Gold Project and the
surrounding projects. We are also very pleased to welcome IAMGOLD as a shareholder of First Mining.
IAMGOLD has a significant presence in both Ontario and Quebec , and as we continue to advance both
Springpole and Duparquet, we look forward to other opportunities to work together.”
The Porcupine East Property is strategically located between First Mining’s Duparquet G old Project and
First Mining’s Pitt and Duquesne Gold Projects. With the addition of the Porcupine East Property , First
Mining will increase its land position by 1,868 hectares for a total land package of over 5,800 hectares in
Quebec. It will also provide an additional 7 km of strategic ground along the prolific Destor- Porcupine
Fault Zone, increasing First Mining’s total exposure to 19 km, including numerous secondary mineralized
structures. The new amalgamated property now includes 3 past producing gold mines, 1 gold deposit and
17 mineral showings.
The Transaction is expected to close on or before February 3, 2023.
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Figure 1: Overview of First Mining Quebec Projects and Newly Acquired Porcupine East Property
About the Porcupine East Property
The Porcupine East Property includes 51 mineral claims covering an area of 1,868 h ectares and includes
7.3 km of strike along the prolific Destor- Porcupine Fault Zone (“DPFZ”) as well as numerous favourable
mineralized splays or secondary structures originating off of the DPFZ. The underlying geology on the
Porcupine East Property is very similar to that o f the adjoining Duparquet gold property, which includes
syenites and felsic porphyries hosted within mafic and ultramafic volcanic rocks and overlain by younger
Temiskaming conglomerates.
The Porcupine East Property has been tested with 67 drill holes, totalling 16,657 m between 1945 and
2013. The most recent drilling program was carried out in 2012 to 2013, consisting of 9 holes for a total
of 1,574 m. Select historic intersections from the relatively shallow drilling on the Porcupine East Property
include 2.33 g/t Au over 11.8 m (G83-2), 2.42 g/t Au over 6.1 m (G82-7), 1.20 g/t Au over 10.21 m (G82-5)
0.55 g/t Au over 32.11 m (T82-1) and 0.93 g/t Au over 29.41 m (T82-10).
The Porcupine East Property includes 3 known gold showings as defined in SIGEOM (Quebec Government
database). These include the Porcupine-173595, Touriet and Touriet-East showings that were discovered
between 1980 and 1998 by surface prospecting, trenc hing and diamond drilling. Select intersections
reported in SIGEOM associated with these showings include: 1.37 g/t Au over 1.3 m and 2.15 g/t Au over
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4.5 m (Porcupine East), 1.87 g/t Au over 2.2 m and 0.84 g/t Au over 10.3 m (Touriet) and 3.1 g/t Au over
2.6 m and 0.4 g/t Au over 18.0 m (Touriet East).
The Touriet showing is characterized by a gold -bearing felsic porphyry intrusion bordered by strongly
altered and locally sheared ultramafic volcanics that are locally mineralized. The initial Touriet showing
was drilled laterally for approximately 750 m, generally to a maximum depth of - 200 m. The Touriet
showing is typical of gold porphyries with low gold grades over large thicknesses as demonstrated by a
few select drill holes reported by IAMGOLD: T82-10: 0.7 g/t Au over 61.0 m; POR98- 99: 0.6 g/t Au over
19.4 m.
Qualified Persons
Mr. Louis Martin P.Geo., (OGQ 0364), a consultant of First Mining, is a “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 First Mining Gold Corp.
First Mining is a gold developer advancing two of the largest gold projects in Canada, the Springpole Gold
Project in northwestern Ontario, 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,
and the Duparquet, Pitt and Duquesne Gold Projects in Quebec, a collection of advanced stage
development assets located on the Destor-Porcupine Fault in the prolific Abitibi region. First Mining also
owns the Cameron Gold Project in Ontario and a portfolio of gold project interests including 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 20 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 Private Securities Litigation Reform Act of 1995. These forward- looking statements are
made as of the date of this n ews 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.
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Forward-looking statements i n 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) the closing date of the Trans action; (ii) the grant and timing of any future contingent payments
pursuant to the terms of the Transaction; (iii) future engineering and exploration programs continuing to
demonstrate the prospective nature of the Duparquet Gold Project and surrounding projects ; and (iv) First Mining’s
increased land position in Quebec following completion of the Transaction. 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 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. 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 its 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, legislation, taxation, controls, regulations and political or economic developments; risks and
hazards associated with the business of mineral ex ploration, 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 increasing costs associated with
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 o ur 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 s tatement, 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.