FireFox Gold Completes Another Round of Drilling at Mustajärvi Project and Moves Drill to Utsamo Prospect in Northern Finland
FireFox Gold Completes Another Round of Drilling at Mustajärvi
Project and Moves Drill to Utsamo Prospect in Northern Finland
SODANKYLÄ, FINLAND / November 11, 2021 / FireFox Gold Corp.
(TSXV:FFOX)(OTCQB:FFOXF) ("FireFox" or the "Company") is pleased to provide an update
on its diamond drilling campaign that is underway testing up to four of the Company's gold
properties in Finland's Central Lapland Greenstone Belt, as announced on October 6th, 2021.
FireFox has completed the first pass of the phase 5 drilling program at its 100%-held Mustajärvi
Gold Project, including 1,664 metres in four holes (see Figure 1: https://bit.ly/3wzrotC and Table
1, below). Drilling was primarily focused at the Northeast Target where the Company previously
reported a high-grade gold zone including 93.88 g/t gold over 1.35 metres in hole 21MJ001 and
7.69 g/t gold over 16.45 metres in hole 21MJ010 (see news releases dated June 17th, 2021 and
September 9th, 2021). A fourth hole was drilled to probe for the heart of the new East Target,
located approximately 750 metres east from 21MJ001 (see news release dated August 17, 2021).
All results are pending as these four holes are at various stages of logging, cutting, and sampling
or are newly arrived at the laboratory for sample preparation and analysis.
Carl Löfberg, President and CEO of FireFox, commented, "The main strategy for this round of
drilling at Mustajärvi was to add closely spaced step-out holes around the high-grade zone to
gain a better understanding of its dimensions and controls. We have further tested the overall
size of the mineralized system by adding another hole in the East Zone, one hundred metres from
the encouraging results from earlier in 2021. While the Mustajärvi core is being processed and
analyzed, we are moving ahead to evaluate the exciting new targets at Utsamo. We shall return
to Mustajärvi for more drilling later in this drill program."
The drill rig has now mobilized to the Utsamo Prospect at the Jeesiö Gold Project, where base-
of-till (BOT) sampling from 2020 and 2021 identified strong gold and multielement anomalies,
likely associated with multiple interpreted splays of the Sirkka Shear Zone (see Company news
release dated October 26th, 2021). Drilling will commence immediately with up to six holes
planned, for a total of approximately 1,300 metres in two areas (see Figure 2:
https://bit.ly/2YDylgO).
The priority is the group of holes aimed at the prominent multi-line BOT anomaly near the
northwest limits of the sampling, which is comprised of associated gold and pathfinder elements
along the margin of a magnetic low. The second group will include a few drill holes farther south
and east aimed at structural and geophysical targets with associated BOT anomalies. The Utsamo
Corridor includes more than 5 kilometers along the inferred path of the Sirkka Shear Zone as it
bends through the project area. FireFox's gold targets have resulted from an integrated
interpretation of geological, geophysical, and geochemical data.
The drill campaign is expected to continue through January 2022 with two additional target areas
likely to see drilling:
• The 100%-held Sarvi Project, adjoining Rupert Resources' Area 1 discovery zone, where
FireFox is currently engaged in a detailed BOT sampling program to define targets; and
• The Saittavaara Prospect in the southern Kataja Belt of the Jeesiö Project, which was
drilled for the first time earlier this year and yielded gold mineralization of more than 0.9
g/t gold in two of three holes as reported on August 3rd.
Table 1: Mustajärvi Phase 5 Collar Information. Coordinates presented in EPSG: 3067.
Drill
Hole Easting Northing Azimuth
(°) Plunge (°) Final Depth
(m)
21MJ012 428480.1 7500631.0 340 70 504.3
21MJ013 428463.3 7500668.0 340 70 435.1
21MJ014 428406.0 7500804.0 155 65 405.1
21MJ015 429125.4 7501011.8 318 45 319.4
Corporate Update
FireFox also announces that the Board of Directors has approved the grant of stock options to
certain directors, officers, employees, and consultants of the Company allowing for the
acquisition of up to, in the aggregate, 2,500,000 shares of the Company. The grant is pursuant
and subject to the terms and conditions of the Company's existing stock option plan. The options
are exercisable at a price of $0.30 per share, an 11% premium to the closing price on the
previous trading day, for a period of five years from the date of grant and are subject to the
approval of the TSX Venture Exchange and all regulatory approvals.
Quality Assurance
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
helped prepare, reviewed, and approves, the technical information in this news release.
About FireFox Gold Corp.
FireFox Gold Corp is listed on the TSX Venture Stock Exchange under the ticker symbol FFOX.
FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol
FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a huge
portfolio of prospective ground.
Finland is one of the top mining investment jurisdictions in the world as indicated by its multiple
top-10 rankings in recent Fraser Institute Surveys 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.
For more information, please refer to the Company's website and profile on the SEDAR website
at www.sedar.com.
On behalf of the Board of Directors,
"Carl Löfberg"
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email: [email protected]
Telephone: +1-778-938-1994
Forward Looking Statements
The information herein contains forward looking statements that are subject to a number of
known and unknown risks, uncertainties and other factors 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, the extent of
work stoppage and economic impacts that may result from the COVID 19 virus, costs and supply
of materials relevant to the mining industry, change in government and changes to regulations
affecting the mining industry.
Forward-looking statements in this release may include statements regarding: the intent to
conduct additional drilling; the belief as to the location of the most prospective gold targets; the
location of targets for future drill programs; and the current and future work program, including
the extent and nature of exploration to be conducted in 2021 - 2022. Although we believe the
expectations reflected in our forward-looking statements are reasonable, results may vary.
The forward-looking statements contained herein represent the expectations of FireFox as of the
date of dissemination 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.
SOURCE: FireFox Gold Corp.