First Mining Intersects 173.8 g/t Gold over 1.0 Metre at the Goldlund Gold Project, Ontario, Canada Further Results from First Mining’s 2019 - 2020 Drill Program at the Main Zone
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NEWS RELEASE
First Mining Intersects 173.8 g/t Gold over
1.0 Metre at the Goldlund Gold Project, Ontario, Canada
Further Results from First Mining’s 2019 - 2020 Drill Program at the Main Zone
August 4, 2020 – Vancouver, Canada – First Mining Gold Corp. (“First Mining” or the “Company”) (TSX:
FF) (OTCQX: FFMGF) (FRANKFURT: FMG) is pleased to announce the latest results from the 2019 - 2020
drill program completed by First Mining at the Goldlund Gold Project (“Goldlund” or the “P roject”) in
northwestern Ontario, Canada. Drilling focused on delineating mineralization in the eastern portion of the
defined resource area at Goldlund (the “Main Zone”), with these results including the highest -grade
interval encountered to date in the 2019 - 2020 program, Hole GL-20-033, which intersected 173.8 grams
per tonne gold (“g/t Au”) over 1.0 metre (“m”).
Latest highlights from holes drilled at the Main Zone include:
• Hole GL-20-033 intersected 173.80 g/t Au over 1.0 m
• Hole GL-20-034 intersected 5.10 g/t Au over 1.0 m
"These five holes represent the completion of our 2019 - 2020 drill program, which consisted of a total of
48 holes” stated Dan Wilton, CEO of First Mining. “The program was successful in further delineating the
Main Zone and followed on from the Company’s successful drill program at its Miller Prospect in 2018 and
2019. Both of these campaigns have demonstrated the exceptional exploration potential at Goldlund. We
look forward to seeing continued exploration successes under new management at Treasury Metals once
the sale of the Project is complete d in mid-August. We are confident that the district-scale Goldlund-
Goliath gold project, in which First Mining will continue to be a significant shareholder through our
holdings in Treasury Metals, will develop into one of the most important gold projects in Ontario.”
The five holes highlighted in this news release are all located in the northeast portion of the Goldlun d
deposit, with drilling in this area targeting definition of the northeast extension of Zone 2 and Zone 3.
Gold mineralization was encountered in all five holes and included the highest-grade intercept of the
program (173.8 g/t gold over 1 metre in hole GL-20-033). As seen throughout this latest drill program, the
mineralization encountered in the last five holes occurs within locally silicified, sheared and variolitic
andesites, as well as gabbros and altered porphyries. This counters the conventional theory, from previous
exploration work, that the mineralization at Goldlund is primarily associated with granodiorite (tonalite)
which is the main host for the Zones 1 and 7 gold mineralization.
As part of the 2019 - 2020 drill program at the Main Zone, First Mining completed a total of 48 holes (8,958
metres). This news release incorporates results from the final five holes completed, following on from the
Company’s March 2, 2020, May 6, 2020 and July 7, 2020 news releases which announced the results of
prior holes. Drilling has been completed on approximate 50 metre spacing, with the overall goal of the
drill program to define and extend mineralization in the eastern and western portions of the Main Zone
area. The 2019 - 2020 drill program at the Main Zone has been successful both in identifying other host
lithologies for gold mineralization, and in demonstrating that additional mineralization also occurs
between the currently defined mineralized zones. Drill results from the northeast area have confirmed
the continuity of higher -grade mineralization over approximately 600 metres of strike length, with
mineralization remaining open in both directions along strike. Mineralization also remains open to the
southwest of the current resource area.
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Select assay results from these five holes from the Main Zone drill program are reported below:
Hole ID From (m) To (m) Length (m) Au g/t Target
GL-20-030 169.00 180.00 11.00 0.42 Main Zone (Zone 2)
GL-20-031 30.00 38.00 8.00 0.49 Main Zone (Zone 2)
including 37.00 38.00 1.00 1.73
and 73.00 89.00 16.00 0.36
GL-20-032 172.00 173.00 1.00 1.89 Main Zone (Zone 2)
GL-20-033 61.00 66.00 5.00 0.63 Main Zone (Zone 2)
and 73.00 74.00 1.00 173.80
GL-20-034 101.00 136.00 35.00 0.32 Main Zone (Zone 2)
including 104.00 111.00 7.00 1.14
and including 104.00 105.00 1.00 5.10
and including 110.00 111.00 1.00 1.65
Notes:
• Assaying for the Goldlund 2019-2020 drill program was completed by SGS Canada Inc. (“SGS”) at their laborator ies in Red
Lake, Ontario and Vancouver, BC . Prepared 50 g samples were analyzed for gold by lead fusion fire assay with an atomic
absorption spectrometry finish. Multi-element analysis was also completed on selected holes by two-acid aqua regia digestion
with ICP-MS and AES finish
• Reported widths are drilled core lengths; true widths are unknown at this time. Assay values are uncut
Drill Result Details
A plan map showing the drill hole locations and assay status at the Main Zone can be viewed at:
http://www.firstmininggold.com/_resources/maps/2020-08-04-Goldlund-NR-Plan-Map.pdf.
A complete list of the 2019 and 2020 drill results to date, including hole details, can be viewed at:
http://www.firstmininggold.com/_resources/news/2020-08-FF-NR-Goldlund-2019and2020-Drill-Results.pdf.
Drill Hole Locations
Hole ID Azimuth ⁰ Dip ⁰ Final Depth (m) UTM East UTM North
GL-20-030 155 -57 218 547992 5528465
GL-20-031 155 -50 218 548072 5528499
GL-20-032 155 -45 230 548138 5528554
GL-20-033 155 -45 200 548028 5528491
GL-20-034 155 -59 170 548028 5528491
QA/QC Procedures
The QA/QC program for the 2019 - 2020 drilling program at Goldlund consisted of the submission of
duplicate samples and the insertion of Certified Reference Materials and blanks at regular intervals. These
were 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 2019-2020 Goldlund drilling program range in grade from
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0.5 g/t Au to 9.0 g/t Au, and were 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 'coarse' or 'pulp' duplicates taken from coarse reject
material or pulverized splits, were 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
to an umpire lab for check assaying. SGS also undertakes its own internal coarse and pulp duplicate
analysis to ensure proper sample preparation and equipment calibration.
Director Resignation
First Mining also announces that , effective July 31, 2020, Ms. Aoife McGrath has resigned from her
position as a director of First Mining as a result of accepting a new role as Vice President, Exploration for
Africa and the Middle East at Barrick Gold Corporation.
“I have sincerely enjoyed serving on the Board of First Mining and was looking forward to contributing
further. However, my recent appointment with Barrick Gold precludes me from holding other Board
directorships in the gold mining sector. I wish First Mining, its directors and employees all the best going
forward,” stated Ms. McGrath.
Mr. Keith Neumeyer, Chairman of First Mining, stated, “It has been a pleasure to work with Aoife. We
appreciated her diligence, insight, and enthusiasm as First Mining under took some significant
transformational transactions over the past few months. I wish to thank her for her contributions to First
Mining and congratulate her on her new role.”
The directors thank Ms. McGrath for her contribution to First Mining and wish her the best in her new
role. The Company has commenced a search for a new director to replace Ms. McGrath.
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 Canadian gold developer focused on the development and permitting of the Springpole
Gold Project in northwestern Ontario. Springpole is one of the largest undeveloped gold projects in
Canada, currently hosting a mineral resource base of 4.67 million ounces of gold in the Indicated category
and 0.23 million ounces of gold in the Inferred category 1. A Pre -Feasibility Study is underway, with
completion targeted in early 2021, and permitting is on -going with submission of the Environmental
Impact Statement targeted for 2021. The Company is also in the process of closing its announced
transaction with Treasury Metals Inc., after which it will hold a large equity position in Treasury that is
advancing the Goliath -Goldlund gold project towards c onstruction. First Mining’s eastern Canadian
property portfolio also includes the Pickle Crow (being advanced in partner ship with Auteco Minerals
Ltd.), Cameron, Hope Brook, Duparquet, Duquesne, and Pitt gold projects.
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First Mining was created 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:
Spiros Cacos | Vice President, Investor Relations
Direct: +1 604 639 8825 | Toll Free: 1 844 306 8827 | Email: [email protected]
www.firstmininggold.com
Note:
1. These numbers are from the independent technical report titled “Preliminary Economic Assessment Update for
the Springpole Gold Project, Ontario, Canada”, dated November 5, 2019, which was prepared by SRK Consulting
(Canada) Inc. in accordance with N ational Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI
43-101”) and is available at www.sedar.com under First Mining’s SEDAR profile. Readers are cautioned that the
PEA is preliminary in nature, it includes inferred mineral resources that are cons idered too speculative
geologically to have the economic considerations applied to them that would enable them to be categorized as
mineral reserves, and there is no certainty that the PEA will be realized.
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 news release. Forward -looking statements are frequently, but not always, identified by
words such as "expects”, "anticipates”, "believ es”, “plans”, “projects”, "intends”, "estimates”, “envisages”,
"potential”, "possible”, “strategy”, “goals”, “objectives”, or variations thereof or stating that certain actions, events
or results "may", "could", "would", "might" or "will" be taken, occur o r 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) the potential for resource growth and future exploration success at; (ii) the growth potential from
the regional consolidation of Goldlund under the transaction with Treasury Metals Inc.; (iii) timing for the completion
of a Pre -Feasibility Study for Springpole; ( iv) timing for the submission of an Environmental Impact Statement for
Springpole; (v) closing of the transaction with Treasury Metals Inc. and the Company holding a large equity position
in Treasury Metals Inc. after closing; and ( vi) realizing the value of the Company’s gold projects for the Company’s
shareholders. 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 signi ficant 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 achievem ents that are or
may be expressed or implied by such forward -looking statements and the parties have made assumptions and
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estimates based on or related to many of these factors. Such factors include, without limitation: the presence of and
continuity of metals at Goldlund at estimated grades; success in realizing drilling programs; 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 and exploration drilling programs, developme nt 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 a nd 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, 2019 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 shoul d
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
This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada,
which differ from the requirements of U.S. securities laws. Unless oth erwise indicated, all resource and reserve
estimates included in this news release have been prepared in accordance with NI 43-101 and the Canadian Institute
of Mining, Metallurgy, and Petroleum 2014 Definition Standards on Mineral Resources and Mineral Re serves. NI 43-
101 is a rule developed by the Canadian Securities Administrators which establishes standards for all public disclosure
an issuer makes of scientific and technical information concerning mineral projects. Canadian standards, including
NI 43 -101, differ significantly from the requirements of the SEC, and mineral resource and reserve information
contained herein may not be comparable to similar information disclosed by U.S. companies. In particular, and
without limiting the generality of the for egoing, the term "resource” does not equate to the term "reserves”. Under
U.S. standards, mineralization may not be classified as a "reserve” unless the determination has been made that the
mineralization could be economically and legally produced or extra cted at the time the reserve determination is
made. The SEC's disclosure standards normally do not permit the inclusion of information concerning "measured
mineral resources”, "indicated mineral resources” or "inferred mineral resources” or other descriptions of the amount
of mineralization in mineral deposits that do not constitute "reserves” by U.S. standards in documents filed with the
SEC. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be
converted into reserves. U.S. investors should also understand that "inferred mineral resources” have a great amount
of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be
assumed that all or any pa rt of an "inferred mineral resource” will ever be upgraded to a higher category. Under
Canadian rules, estimated "inferred mineral resources” may not form the basis of feasibility or pre-feasibility studies
except in rare cases. Investors are cautioned not to assume that all or any part of an "inferred mineral resource”
exists or is economically or legally mineable. Disclosure of "contained ounces” in a resource is permitted disclosure
under Canadian regulations; however, the SEC normally only permits issue rs to report mineralization that does not
constitute "reserves” by SEC standards as in -place tonnage and grade without reference to unit measures. The
requirements of NI 43 -101 for identification of "reserves” are also not the same as those of the SEC, and reserves
reported by the Company in compliance with NI 43 -101 may not qualify as "reserves” under SEC standards.
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.