Firefox Expands Historic GOLD Anomal Y at Must Ajärvi GOLD Project IN Central Lapland Greenstone Bel T (Finland)
FIREFOX EXPANDS HISTORIC GOLD ANOMAL Y AT MUST AJÄRVI GOLD PROJECT
IN CENTRAL LAPLAND GREENSTONE BEL T (FINLAND)
VANCOUVER, BC – (July 12, 2018) – FireFox Gold Corp. (“FireFox” or the “Company”) is pleased to report
that it has completed an extensive Bottom-of-Till (BOT) sampling program and received all analyses, at its
100%-owned Mustaja rvi gold exploration project in Lapland, Finland (“Mustaja rvi”). The results of the
survey highlight an area of anomalous gold and other trace elements associated with interpreted faults and
magnetic anomalies that stretches for approximately two kilometres. The Company ’s preliminary
interpretation of these data indicates that the area of interest for additional exploration extends well beyond
the zone of historic drilling.
“Our team worked through the winter and completed the BOT sampling program on budget and with no major
difficulties,” commented FireFox CEO Carl L öfberg. “As with many orogenic gold deposits, the mineralization
at Mustajärvi is structurally controlled. Based on these data, the system may be more extensive than the
historical drilling indicated. Having also recently completed an Induced Polarization (IP) survey on the project,
we continue to advance our exploration towards identifying a substantial deposit in the area.”
Project Geology and Program Details
The Mustajärvi gold occurrence lies near the southern margin of the Paleoproterozoic Central Lapland
Greenstone Belt (CLGB), in close proximity to the shallow south dipping transcrustal Venejoki thrust system.
The gold mineralization in the Mustaja rvi area is similar to that of many orogenic gold deposits hosted by
volcanic rocks, where the gold is associated with pyrite -bearing quartz and quartz-tourmaline veins within
albitized mafic volcanics and volcaniclastic rocks. The known auriferous quartz -tourmaline-pyrite veins at
Mustajärvi are hosted at or near the cont act between metavolcanic and metasedimentary rocks. Coarse
supergene gold in rock samples from the near -surface environment is associated with concentrations of as
much as 440 ppm tellurium, as well as elevated levels of bismuth, selenium, and cobalt. Othe r common
pathfinder elements such as silver and arsenic also correlate with gold.
This sampling program was designed: 1) to duplicate limited historical sampling lines by the Geological
Survey of Finland (GTK) across the known mineralization; 2) to expand the sampling further east and west
along the interpreted strike of the mineralization; 3) to infill historical sampling in the NE part of the license
area where high-grade gold-in-till anomalies had been encountered; and 4) to systematically sample an area
in the southern part of the license, where the GTK reported abundant native gold grains in historic till
samples.
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Altogether, 598 BOT samples were collected and analyzed from the Mustajärvi prospecting permit area. This
sampling campaign traversed a total of approximately 6 line kilometres oriented approximately north-south,
perpendicular to the strike of known mineralization. Sample spacing along lines was 10 metres in areas close
to known mineralization and 20 metres in new areas of interest.
Given the low background content of gold in the local Lapland glacial till, Company geologists believe that
gold contents in these samples of more than approximately 40 ppb (0.040 ppm) are potentially significant
and worthy of follow-up exploration. Samples containing more than 100 ppb (0.100 ppm) appear to be highly
anomalous in this area. The highly anomalous samples occur along a corridor stretching for approximately
two kilometres, apparently associated with interpreted faults and magnetic anomalies. These anomalies
occur over an area that may be much larger than previously believed based on drilled historic mineralization
(See Figure 1 , below). The multi-element anomalies complement the gold data and identified several new
targets for follow-up away from the known gold-hosting structures. The occurrence of widespread narrow
gold and trace element anomalies is consistent with an extensive quartz-vein system associated with faulting
in intensively altered greenstones and metasediments.
The most significant gold anomalies extend westward from the historic drill -indicated mineralization ,
including the maximum gold value identified in the survey of 2,540 ppb (2.54 ppm) . Other important n ew
anomalies appear to follow the margins of magnetic highs and track magnetic linears outlined by the
Company´s ground magnetic survey over Mustaja rvi. The primary linear magnetic feature is interpreted to
be a second–order fault zone, perhaps related to the first-order transcrustal Venejoki fault system (See Figure
2, below). The presence of high gold in till that closely follows this interpreted second-order fault zone to the
northeast suggests that the previously known mineralization may be only a small part of a more extensive
fault-related gold system. Late northeast striking faults have been interpreted as an important control for
some of the orogenic gold deposits in the CLGB.
It should be noted that these are early stage exploration results, similar to soil geochemistry. The potential
quantity and grade of gold mineralization related to these anomalies is conceptual in nature. There has been
insufficient exploration on the Mustaja rvi property to define a mineral resource and it is uncertain if further
exploration will result in the target being delineated as a mineral resource.
The Mustaja rvi Project is fully permitted for follow-up trenching and diamond core drilling. The Company
continues to evaluate data from its 2018 exploration program in anticipation of drilling later in the year.
Additional details on the project are available from the Company’s website, www.firefoxgold.com .
Quality Assurance
The base of till sampling was conducted with a percussion drill rig by an experienced contractor Moreenityo
Ma cklin Oy, based in Finland. Moreenityo Ma cklin Oy has 30 years of experience in soil and bedrock sampling
in glaciated terrains. The average depth of the drill holes into the glacial overburden was 3.3 metres. The
diameter of the drill bit was 35 millimetres, and the diameter of the sampling tube on the drill was 28
millimetres resulting in an average sample size sent to the laboratory of approximately 240 grams.
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ALS Laboratories , a leading international provider of assay and analytical data to the mining industry,
provided the assay and geochemical data presented in this news release. The samples were prepared in
Finland and then then sent to Ireland for analysis. The samples were first dried at 60 °C before being screened
to -180 µm and then analyzed by the AuME-TL43 method, which utilizes an aqua regia digestion followed by
an ICP-MS finish. All ALS geochemical hub laboratories, including the Irish facility, are accredited to ISO/IEC
17025:2017 for specific analytical procedures. The Firefox Gold QA/QC program includes insertion of
certificated standard material and b lanks into the analytical batches, which did not show deviations from
recommended values.
Dr. Petri Peltonen, Explor ation Manager of FireFox Gold, is a qualified person as defined by National
Instrument 43-101 – Standards of Disclosure for Mineral Projects. Dr. Peltonen has supervised the collection
and interpretation of the technical data generated in the Company’s 201 8 field program at the Mustajärvi
Project and has helped prepare and approve the technical information in this news release.
Patrick Highsmith, Certified Professional Geologist (AIPG CPG # 11702) and director of the Company , is a
qualified person as defined by National Instrument 43 -101. Mr. Highsmith has reviewed and approved the
technical information in this news release.
About FireFox Gold Corp.
FireFox is an unlisted reporting issuer in British Columbia and Alberta and is focused entirely on gold
exploration in Finland. The Company holds a 100% interest (subject to a NSR royalty) in the 147 -hectare
Mustaja rvi Property in Lapland. In addition, the Company has entered into an option agreement with Magnus
Minerals Ltd. (“Magnus”), a private prospect generator company in Finland, through which it has an option
to acquire a 100% interest in three projects (subject to a NSR royalty) that currently encom pass
approximately 67,000 hectares. In order to complete the option, the Company must invest CAD $2.5 million
in exploration on the properties and make cash payments to Magnus of CAD $250,000 over a three -year
period (See Silverstone Resources Corp. news release dated Aug 2, 2017). Finally, the Company has executed
a non-binding letter of intent with Magnus under which FireFox can acquire 100% interest (subject to a NSR
royalty) in approximately 50,630 additional hectares of mineral exploration reservations in Lapland, Finland
referred to as the Seuru Properties. Subject to the execution of a definitive option agreement, the Company
has agreed to earn its interest in the Seuru Properties by making payments of CAD $200,000 in cash and
1,500,000 shares to Magnus over a three-year period, while investing CAD $1,500,000 in mineral exploration
on the Properties. Combined with its other holdings of exploration reservations and ore prospecting permits,
the addition of the Seuru Properties will bring FireFox’s total gold exploration portfolio to more than 117,000
hectares or 1,170 square kilometers, all located in Finland.
Finland is one of the top mining jurisdictions in the world as indicated by its 1 st ranking in the Investment
Attractiveness Index of the 2017 Fraser Institute Survey of Mining Companies. Having a strong mining law
and long mining tradition, Finland remains underexplored for gold. Recent exploration results in the country
have highlighted its prospectivity, and FireFox is proud to have a Finland based CEO and technical team.
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For more information concerning the Company, please refer to the Company’s profile on the SEDAR website
at www.sedar.com.
On behalf of the Board of Directors,
“Carl Lo fberg”
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email: [email protected]
Telephone: 604-558-7687
Forward Looking Statements: The information in this news release contains forward looking statements that are
subject to a number of known and unknown risks, uncertainties and other factors, some of which are outside the
control of the Company, that may cause actual results to differ materially from those anticipated in our forward
looking statements. Factors that could cause such differences include: changes in world commodity markets,
equity markets, costs and supply of materials relevant to the mining industry, change in government, changes to
regulations affecting the mining industry, whether the Company’s exploration and development activities
respecting its prospects will be successful, the ultimate size of deposits on the Company’s lands and the ability of
the Company to raise adequate capital to execute its exploration and development plans. Forward -looking
statements in this release may include statements regarding the possible extent of the gold system at our
Mustaja rvi Property in Lapland, plans to continue evaluating data from Firefox’s 2018 exploration program, the
potential size of the Company’s total gold exploration portfolio upon exercise of option agreements, and the future
exploration programs and the timing thereof including maiden drill targets, operation plans and Finnish mining
prospects. Although we believe the expectations reflected in our forward looking statements are reasonable, our
forward-looking statements have been based on fa ctors and assumptions concerning future events which may
prove to be inaccurate. Those factors and assumptions are based upon currently available information available
to Firefox. The forward-looking statements contained in this press release represent the expectations of FireFox
as of the date of this press release and, accordingly, are subject to change after such date. Readers should not place
undue importance on forward-looking statements and should not rely upon this information as of any other date.
FireFox does not undertake to update this information at any particular time except as required in accordance
with applicable laws. The forward-looking statements contained in this press release are expressly qualified by
this cautionary statement.
It should also be noted that while FireFox’s properties are sometimes adjacent to or nearby operating or historic
gold mines or active gold projects being advanced by other companies, t he mineralization on properties nearby
FireFox’s land packages is not necessarily indicative of mineralization on FireFox’s properties.
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Figure 1. Mustajärvi Au in BOT Samples with Magnetics - July 2018
Figure 2. Mustajärvi Magnetics - March 2018