First Mining Provides Update on 2024 Exploration Program at the Duparquet Gold Project Phase 3 Drilling and Regional Systematic Data Capture Programs Underway
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NEWS RELEASE
First Mining Provides Update on 2024 Exploration
Program at the Duparquet Gold Project
Phase 3 Drilling and Regional Systematic Data Capture Programs Underway
May 1, 2024 – Vancouver, Canada – First Mining Gold Corp. (“First Mining” or the “Company”) (TSX: FF)
(OTCQX: FFMGF) (FRANKFURT: FMG) is pleased to announce its 2024 exploration program plans at its
Duparquet Gold Project (“ Duparquet Project” or the “Project”) located in the Abitibi region of Quebec ,
Canada. The Company has now commenced activities on its 12,000 m drilling program, as well as a series
of property-wide regional programs focused on geophysical, LiDAR, and field surveys covering its 19 km,
5,800 hectare property position surrounding a key portion of the Destor-Porcupine Fault Zone . The
Duparquet Project currently hosts a gold resource base of 3.44 Moz Measured and Indicated grading 1.55
g/t Au and 2.64 Moz Inferred grading 1.62 g/t Au . First Mining co mpleted a Preliminary Economic
Assessment (“PEA”) on the Project in 2023 (see news release dated September 7, 2023 and October 23,
2023).
“We are very excited to expand our exploration program for 2024 at Duparquet at a time when sizable
gold development projects are becoming increasingly important to our sector,” stated Dan Wilton, CEO
of First Mining. “Relative to last year, we have increased our exploration budget at Duparquet in 2024 as
we believe the existing resource base is just the starting point of the potential upside here at Duparquet.
Along with our Springpole Gold Project and exploration potential in Ontario, F irst Mining continues to
demonstrate significant exposure to the gold exploration and development market with near -term
catalysts on the horizon.”
Highlights for the 2024 Exploration Program include:
• An increased drilling program of scale targeting a total 12,000 m testing priority areas developed
from 2023 inaugural exploration programs including the Buzz Zone, North Zone Extension, and
Valentre Target Area.
• A project-wide airborne geophysical and lidar survey partnered with leading industry group ALS
Goldspot Discoveries Ltd.
• Completion of an on -site exploration planning session evolving geoscience strategies and
targeting, involving a team of in house geoscientists, strategic advisors and industry consultants.
• Initiation of an extensive 3-dimensional property wide geological modelling project, advancing
both regional development opportunities and areas favoured for exploration discovery potential.
• Near term releasing of Phase II-B winter drilling results.
First Mining’s 2024 exploration strategy is focused on further advancing resource confidence, extension
and discovery level targets on the approximately 6,000 hectare Duparquet Project covering 19 km of
favourable strike along the Destor-Porcupine Fault Zone.
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2024 Duparquet Exploration Program Outlook
The 2024 program at the Duparquet Project aims to build on the successes and insights gained from the
2023 campaigns, with a continued focus on growth opportunities within the current mineral resource and
new discoveries on the property package. Exploration targets (Figure 1) are well defined and are known
to encompass diverse mineralization styles throughout the project area. First Mining has placed a focus
on the exploration potential surrounding higher-grade settings and opportunities that could deliver up
front development synergies with existing well-defined resources.
Figure 1: Top brownfields and regional targets from 2023 phase I and II drilling
Drilling commenced in February 2024 completing the Phase II winter drilling through a seven-hole, 2,856m
drill program which targeted favourable exploration areas within the North Zone as well as the Rex area,
a regional brownfields opportunity from the 2023 field campaign. Assay results are now returning for the
Phase II drill program.
First Mining will commence with the Phase III drilling campaign, airborne magnetic and LiDAR surveys as
well as a property wide expanded 3D geological and target model in Q2 2024. The Phase III exploration
strategy focuses on three key objectives: unlocking significant brownfields opportunities t hat aim to
identify higher -grade zones, targeted resource opportunities that support resource development
optimization initiatives and conducting field work campaigns aimed at greenfield target development and
evaluation for new discoveries.
The first component of the Phase III – 9,000m drilling program will focus on the tier 1 exploration
opportunities highlighted by recent exploration programs . The program will start immediately with drill
testing the target extension opportunities at the Buzz Zone (see news release dated September 5, 2023)
which returned 6.52 g/t Au over 4.6 m and further work indicates that this target has significant potential
to add ounces to the Duparquet resource . Drilling will also be conducted at the Valentre target that
returned 1.71 g/t Au over 8.9 m, including 5.11 g/t Au over 1 m, and 1.29 g/t Au over 7.6 m, including 3.3
g/t Au over 1.8 m in drill hole DUP23-006 (see news release dated January 9, 2024).
Follow up work at the Valentre target is indicati ve of an opportunity to extend the mineral ization in all
directions, including at surface as well as along strike . This work is envisioned to support positive
optimization trade offs in the area of Central Duparquet. The drilling completed at the CDHG target which
returned 2.73 g/t Au over 6.15 m supports early geoscience modelling of higher-grade shoots that extend
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down plunge within the area which we aim to further validate through follow-up drilling in 202 4. This
target area also has an ability to contribute meaningful near-term resource growth potential and elevated
confidence to the Central Duparquet area.
Field work campaigns are also being immediately initiated , commencing with a high resolution
geophysical airborne magnetic gradient and Li DAR survey in the second q uarter. First Mining has
partnered with ALS Goldspot Discoveries Ltd (Goldspot) to conduct a property wide airborne program
following a recent gap analysis study. The program consists of a high-resolution geophysics program that
will be flown with Goldspot’s M-PASS platform with data to be integrated with select 2022 high resolution
geophysical s urvey data collected over a portion of the Project area previously (Figure 2). New data
acquisition, coupled with industry leading post-survey processing, will further define and resolve resource
and exploration detail while assisting in development support for the full scale project area.
Figure 2: 2024 Airborne Magnetic Geophysics and LiDAR program area of interest (AOI) and 2022 Airborne geophysical survey
that will be included in data integration and levelling to support further target development
In addition, First Mining has also partnered with BBA Engineering to develop a robust, Duparquet property
wide 3D litho-structural geological model to further advance current data and refine future exploration
drilling integration. Since First Mining acquired the project, a focused 3 D model was developed around
the main Duparquet resource area and advancing targeting on the basis of a fully integrated geological
model has proven valuable and provided First Mining with a strong foundation to interrogate the model
and define targets that can be drill tested with high confidence . Following the 2023 Mineral resource
updates at Pitt and Duquesne, the Company is now working on expanding the geological model to cover
the full extents of the project, totalling a 42 km² model (Figure 3).
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Figure 3: Duparquet Geological model extent and the extent to which the model will be expanded to cover full project tenure
Having a robust geological model that is developed on a strong foundation of geoscientific data collected
over the project’s life span, integrated into one unified geological model and integrated with the known
mineral resource centres supports regional target development outside of the main, traditional Beattie
syenite hosted resource along the prolific Destor-Porcupine Fault (“DPFZ”) which is known to have diverse
styles of mineralisation.
Mapping and prospecting campaigns will be supported with the strong diversity of integrated geoscience
programs ongoing. First Mining will focus on following up exciting regional field targets develop ments
while continuing systematic geological characterization of the gold resources and priority exploration
target areas being advanced for drilling. Geoscience teams are now active on the project with envisioned
field programming to continue through to the fall period.
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Figure 4: Current Regional Targets Across Duparquet Gold Project Land Tenure
“We are looking forward to the outcomes of the exploration year ahead, especially on the back of recent
high value drilling and new data acquisition phases including geophysics campaigns. We see tremendous
value in moving the Duparquet Project forward with good pace while yielding high quality outcomes ,”
stated James Maxwell , VP Exploration and Project Operations . “Our in -house team at Duparquet is
growing just as much as our excitement for the Phase III program and our local personnel and local
contractors are looking forward to starting these next phases with safe and effective execution.”
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About the Duparquet Gold Project
The Duparquet Project is geologically situated in the southern part of the Abitibi Greenstone Belt and is
geographically located approximately 50 km north of the city of Rouyn-Noranda. The Project benefits from
easy access and proximity to an existing workforce and infrastructure, including road, rail and
hydroelectric grid power. The Duparquet Project totals approximately 5,800 hectares focused along an
area of 19 kilometres of strike length along the prolific Destor-Porcupine Fault Zone, along with numerous
mineralized splays and influential secondary lineaments. The Duparquet Project includes the past -
producing Beattie, Donchester and Duquesne mines as well as the Central Duparquet , Dumico and Pitt
Gold deposits. In 2023 , First Mining completed a positive PEA for the Project that will guide phased
optimization and advancement moving forward.
Analytical Laboratory and QA/QC Procedures
All sampling completed by First Mining within its exploration programs is subject to a Company standard
of internal quality control and quality assurance (QA/QC) programs which include the insertion of certified
reference materials, blank materials and a level of duplicate analysis. Core samples from the 2023 drilling
program at Duparquet were sent to AGAT Laboratories, with sample preparation in Val d’Or and analysis
in Thunder Bay , where they were processed for gold analysis by 50 gram fire assay with an atomic
absorption finish. Samples from selected holes were sent to AGAT Laboratories in Calgary, Alberta, for
multi-element analysis (including silver) by inductively coupled plasma (ICP) method with a four acid
digest. AGAT Laboratories systems conform to requirements of ISO/IEC Standard 17025 guidelines and
meets assay requirements outlined for NI 43-101.
Qualified Person
Louis Martin, P.Geo., Senior Geologic Consultant of First Mining, is a “Qualified Person” for the purposes
of NI 43-101 Standards of Disclosure for Mineral Projects , and 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 Project in Quebec, a PEA-stage development project located on the Destor-Porcupine
Fault Zone 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 Firefly Metals Ltd.), the Hope Brook Gold Project (being advanced in partnership with Big Ridge Gold
Corp.), and a large equity interest in Treasury Metals Inc.
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
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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 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. 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 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 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, 2023 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
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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.