Firefox GOLD Provides Exploration Update FOR Finland GOLD Projects
FIREFOX GOLD PROVIDES EXPLORATION UPDATE FOR FINLAND GOLD PROJECTS
SODANKYLA , FINLAND – (August 26th, 2020) – FireFox Gold Corp. (“FireFox” or the “Company”) is pleased to
provide an update on its 2020 summer exploration program in the Central Lapland Greenstone Belt (CLGB)
of northern Finland. Since announcing the commencement of field work in mid -July (see C ompany news
release dated July 14, 2020), work has progressed smoothly across FireFox’s large land position.
The team has reached the following milestones towards designating targets for the anticipated fall -winter
drill program:
• A high-resolution UAV (unmanned aerial vehicle) airborne magnetics survey has been completed
o 2,314 line kilometres surveyed at 50m flight line spacing and nominal 35m sensor altitude;
• Excavator trenching and sampling is underway on two different projects;
• Follow-up sampling and mapping in several areas after strong results in 2019; and
• The GoldSpot integrated interpretation exercise is underway, with a geologist on site in Finland.
The majority of the work has been focused on the Jeesio Project and the Sarvi property of the Seuru Project,
close to the ongoing work being conducted by Aurion Resources and Rupert Resources. However, continued
work at the Company’s 100% owned Mustaja rvi Project has revealed new areas of alteration warranting
following up trenching and sampling (See various Company news releases in 2019, but most notably those
dated Jan 3, Jan 21, and Mar 1).
Detailed Airborne Survey
The Company has now completed the detailed airborne magnetic survey over its Jeesio Project and the Sarvi
property. The drone-based survey, conducted by Radai Ltd (www.radai.fi), covered more than 104 km2 with
tightly spaced 50-metre flight lines. A preliminary review of the results from both areas demonstrates that
the new data provide significantly improved resolution over the older governmental regional airborne
surveys. This is facilitating much more precise follow-up of the potential host structures in the area.
In particular, the team is excited about the additional information on the structural setting of the Katajavaara
Target, in the southern part of the Jeesio Project and southwest of Aurion’s Laun i vein discovery. FireFox
geologists had previously interpreted the gold -bearing quartz veins at Katajavaar a to be related to an
intersection of the southeast striking Venejoki Thrust Zone, (VTZ) and north -south oriented faults (see
Company news release dated June 9, 2020). It is now clear from the new magnetics data that the role of the
VTZ is not very significant, but instead the gold is likely controlled by north-northeast trending, younger D3
strike-slip faults and key lithologic contacts. It has long been recognized that there is a similar association of
gold mineralization with D3 shearing at the Kittila Mine, where the deposit occurs within a slight bend of a
major D3 shear, the Kiistala Shear Zone.
Mapping and Sampling at Sarvilehto
FireFox geological teams have been conducting surface exploration at the Sarvi and Lehto properties north
of Rupert’s Ikkari and Heina discoveries. The glacial sediments tend to be a little thicker here, often obscuring
outcrop. However , there are significant features evident in the magnetics and historical sampling that
warrant follow-up. Geologists have been mapping and sampling along apparent D 3 structures that crosscut
or track along magnetic highs. While no data are available from the sampling yet, the geologists have noted
significant veining, albite alteration, and sulfides associated with contacts between metasediments and mafic
intrusive and volcanic rocks.
Apart from the completion of the airborne magnetics survey, perhaps the most significant acco mplishment
of the summer program to date has been the collection of hundreds of structural measurements and more
than 1,000 rock samples in areas that ha dn’t seen significant modern exploration. Management expects
results from rock and trench sampling to be reported during September and October.
Corporate Update
FireFox also wishes to report that it s board of directors has issued 2.7 million incentive stock options to
certain officers, directors, employees, and consultants of FireFox and its subsidiary, subject to the terms of
the Company’s incentive stock option plan. The options have an exercise price of $0.15 cents per share, and
are valid for five years from the date of issuance, until August 26, 2025.
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, and approves,
the technical information in this news release.
Dr. Petri Peltonen, Exploration Manager of FireFox Gold, is a qualified person as defined by National
Instrument 43 -101. Dr. Peltonen has supervised the collection and interpretation of the technical data
generated in the Company’s field program and has helped prepare, 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. The Company
is focused entirely on gold exploration in Finland where it is exploring its project portfolio that includes over
150,000 hectares 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: 604-328-4789
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 minin g industry, change in
government and changes to regulations affecting the mining industry.
Forward-looking statements in this release may include statements regarding: the current and future work
program, including the extent and nature of exploration to be conducted in 2020, as well as receipt of survey
results on the properties described. 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 an y particular
time except as required in accordance with applicable laws.