Mr. Carl Lofberg reports
FIREFOX GOLD EXERCISES ITS OPTION AND EARNS 100% INTEREST IN THE JEESIO GOLD PROJECT, FINLAND
Firefox Gold Corp. has completed its earn-in requirements and exercised the option for a 100-per-cent interest in the Jeesio gold project in Lapland, Finland. The exercise comes more than six months ahead of schedule.
Firefox chairman, Patrick Highsmith, commented: "Jeesio is one of our core projects, occupying approximately 142 square kilometres right in the heart of Finland's new gold rush, with exciting targets at both the Utsamo and Kataja zones. Having completed a significant exploration program in 2020 and in position to secure our ownership, it makes perfect sense to exercise the option now. Our next program is a detailed bottom-of-till sampling program and we are planning to follow that with more core drilling in the spring."
Firefox entered into the RJY option agreement with Magnus Minerals Ltd. for the Riikonkoski, Jeesio and Ylöj?rvi gold projects in August of 2017. In order to complete the option, Firefox was required to issued six million common shares and make cash payments of $250,000 to Magnus, and to incur $2.5-million in exploration expenditures on the projects. Magnus had extended the dates for expenditures and payments so that the final commitments were not due until Aug. 31, 2021. Firefox met its expenditure requirements in December, 2020, and with $100,000 left in cash payments, due Feb. 28, 2021, and Aug. 31, 2021, elected to complete the payments immediately and exercise the option. Firefox is obligated to pay Magnus an additional payment, equal to the value of 1,000 troy ounces of gold, within 12 months of the commencement of commercial production from the properties. In addition, Magnus retains a 1.5-per-cent-net-smelter return royalty, which may be reduced to 1 per cent by the payment to Magnus of 1,000 troy ounces of gold within 90 days of publishing a positive feasibility study. Firefox maintains the Riikonkoski and Ylöj?rvi projects but they are not currently a focus for the company.
About the Jeesio project
The Jeesio gold project covers approximately 142 square km of the prospective Central Lapland greenstone belt, proximal to other exciting recent gold discoveries in Finland. The Jeesio properties are positioned along the major regional structure known as the Sirkka shear zone, a transcrustal structure that controls the emplacement of most of the orogenic gold deposits in Lapland. The main Jeesio targets include the Utsamo and Kataja belt areas. Utsamo is situated directly between Aurion Resources' Risti and Launi gold occurrences, while Kataja is only two kilometres southwest from the gold-bearing quartz-sulphide vein system at Launi.
About Firefox Gold Corp.
Firefox is listed on the TSX Venture Exchange under the ticker symbol FFOX. The company has been exploring for gold in Finland since 2017 where it holds a project portfolio that includes over 170,000 hectares of prospective ground.
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