FireFox Identifies Promising New Drill Targets at Mustajärvi Gold Project, Lapland, Finland
FireFox Identifies Promising New Drill Targets at Mustajärvi Gold Project, Lapland, Finland
SODANKYLA , FINLAND – (January 12, 2026) – FireFox Gold Corp. (TSX.V: FFOX)(OTCQB: FFOXF)(“FireFox”
or the “Company”) is pleased to share an exploration update from its 100%-held Mustaja rvi Gold Project in
Lapland, Finland. New drill targets have emerged well away from previously reported high-grade drill results
in the Northeast and East Zones. The new targets are based on new gold anomalies in base -of-till (BoT)
sampling and geophysical anomalies, both of which correlate with attractive structural settings and other
favourable indicators. Perhaps most significant, one new BoT sample returned more than 100 g/t gold in an
undrilled area near a major structural intersection two kilometres southwest from any previous drilling.
FireFox will be targeting this area and the new geophysical anomalies with new drilling as part of its ongoing
Mustaja rvi drill program.
In addition, the Finnish mining authority (Tukes) has granted Firefox Gold an exploration reservation area
“Vuoma” , covering 4.32 km2, on the southern side of, and contiguous with the main Mustaja rvi exploration
permits (Figure 1). An exploration reservation grants the exclusive right to apply for an exploration permit
within the designated area. The reservation area is valid for two years, during which the application for an
exploration permit must be prepared.
Carl Lo fberg, FireFox’s CEO, commented “As our 10,000+ metre drill campaign continues at Mustajärvi, these
new targets, which are in some cases kilometres away from any previous drilling, continue to show the potential
large scale of the system. The latest high gold BoT sample (> 100 g/t) at Mustajärvi West is one of the highest-
grade surface samples we have seen, but the East Zone discovery also yielded similarly high gold in BoT samples.
Having high gold in till sampling so close to a major interpreted structural intersection makes this target
particularly exciting. We will be t esting this new target in the current phase of drilling. After confirming the
efficacy of our approach to electrical geophysics with recent high-grade drill intercepts, we also look forward to
drill testing the latest geophysical anomalies, which are well to the east of any previous drilling.”
Early Results from BoT Sampling Campaign Include Bonanza Grade
Most of the Lapland Greenstone Belt is covered by glacial sediments. BoT sampling has been used effectively
to explore beneath this cover. The Company initiated a BoT sampling campaign at the Mustaja rvi Project in
late autumn of 2025. By the end of 2025, the team had collected a total of 437 samples, for which 251 assays
have been received. Results to date include a cluster of elevated gold values occurring near the interpreted
junction of the Venejoki shear zone and the Mustaja rvi shear zone (Figure 1). One significantly gold-enriched
sample returned an assay of >100 g/t gold together with highly anomalous bismuth (50.1 ppm) and tellurium
(30.7 ppm). This association of gold with bismuth and tellurium is consistent with the drill indicated
mineralization in each of the known gold zones on the property.
The East, Northeast, and Central Zones at Mustaja rvi are generally associated with BoT gold anomalies. The
team has been aware of a number of anomalies on the western end of the property from previous surveys,
but this new survey pushes the data farther to the south near an important structural intersection. There is
no drilling in the area yet.
BoT samples are collected from glacially transported sediments, ideally at the bedrock –till interface. The
provenance of the material can vary, ranging from highly local sources (higher quality samples) to material
transported from kilometres away (lower quality samples). Elevated gold values together with anomalous
pathfinder elements are generally considered to be priority drilling targets.
Figure 1. BoT-sampling coverage at the Mustajärvi Project with magnetics, drilling and
structural interpretation
Expanded Geophysical Toolkit Provides New Targets
In 2025 FireFox successfully employed fixed-loop electromagnetic (FLEM) survey s to identify gold in
conductive (pyrite-dominant) horizons that expanded the known mineralization at the near -surface high-
grade Mustaja rvi East Zone (see Company news releases dated October 27, 2025 and December 8, 2025 ).
The Company initiated n ew FLEM surveys on targets lying approximately 900 to 2,000 metres east of the
East Zone. Magnus Minerals was contracted by FireFox to conduct the surveys, which included five loops and
564 stations, employing a blanket -style approach to ensure comprehensive coverage. This methodology
allowed for clear visualization of conductive zones that may be related to gold mineralization. Where these
anomalies coincide with breaks in the magnetics and key structures are high priority targets, as this setting
compares very favourably with the East Zone discovery. The results of the latest survey indicate two well-
defined anomalies recommended for drill testing (see Figure 2). Approximately 700 metres southeast of the
East Zone, there is a strong conductive EM anomaly, consistent with the typical signature seen for shallow
pyrite mineralization elsewhere on the project. This is a highly prospective indicat ion along an apparent
northeast striking structure or lithologic contact that was already of interest. Farther to the east, more than
a kilometre away, there is another strong EM conductor that is coincident with magnetite destruction,
another possible indication of hydrothermal alteration. Neither of these areas has ever been drilled, and the
geophysical signature and structural setting lend credibility for drill testing.
Figure 2. Triangle target GMAG-VLF and the Mustajärvi East Permit area FLEM-survey results.
The team also conducted an innovative test to improve efficiency and efficacy by simultaneously applying
two well-known survey methods. Geovisor Oy conducted ground magnetics (GMAG) and very low frequency
electromagnetic (VLF) measurements together. VLF measurements are particularly effective for detecting
near-surface, low-resistivity or conductive features that often coincide with mineralized zones. This test
survey focused on the Triangle Target, where earlier sampling identified gold mineralization associated with
a north–south trending fault zone . Previous rock sampling results here included one-metre diamond-saw
cuts grading 1.83 g/t and 1.425 g/t gold and grab samples of 4.82 and 4.41 g/t gold (see Company news
releases dated January 16, 2025 and September 17, 2024).
The survey was initiated to better define a suspected north –south structure believed to host gold
mineralization and to trace the structure southward towards the Mustaja rvi shear zone. Previous attempts
to map the fault using detailed GMAG alone did not produce optimal results. The combined GMAG–VLF survey
successfully outlined the structure and highlighted zones of potentially mineralized, low-resistivity material
(Figure 2). The data also revealed a disruption or bend in the structure, which further enhance an already-
strong target.
Magnus Minerals is a long-time partner of FireFox and has long experience and deep expertise in the Lapland
Greenstone Belt. Magnus senior geophysicist, Markku Montonen is a leading expert in geophysical
exploration in the region, and he provided interpretation of the geophysical results. Geovisor Oy is a leading
geophysics provider to the mining exploration community in northern Finland
(https://www.geovisor.fi/en/frontpage).
Methodology & Quality Assurance
BoT sampling targets the basal till and bedrock interface using a percussion drill mounted on a tracked
vehicle. FireFox geologists supervised sampling procedures and maintained chain of custody according to
best industry practice and with due attention to q uality assurance and quality control. The samples were
transported to the ALS sample prep lab in Outokumpu.
The lab dried (60° C) and screened the till samples to -180 µm and analyzed them by the AuME-TL43 method,
utilizing an aqua regia digestion with an ICP-MS finish. ALS Laboratories is a leading international provider
of assay and analytical data to the mining industry. All ALS geochemical hub laboratories, including the Irish
facility, are accredited to ISO/IEC 17025:2017 for specific analytical procedures.
No QA/QC issues were identified from a review of the analytical data discussed herein.
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
approved 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 on a large portfolio of ground prospective for high -grade gold
deposits. The delineation of multiple gold zones at the Company’s 100% -held Mustaja rvi Project is paving
the way for the discovery of Finland’s next major gold deposit.
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.sedarplus.ca.
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 illness, extreme
weather, changes 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
exploration; the belief as to the location of the most prospective gold targets; the location of targets for future
exploration programs; and the current and future work program, including the extent and nature of exploration
to be conducted in 2026. 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.