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Firefox Gold Corp
Symbol FFOX
Shares Issued 101,059,529
Close 2021-09-08 C$ 0.205
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Firefox Gold drills 16.45m of 7.69 g/t Au at Mustajarvi

2021-09-09 06:08 ET - News Release

Mr. Carl Lofberg reports


Firefox Gold Corp. has released the results of the final four holes of the phase 4 diamond drilling program at its 100-per-cent-owned Mustajarvi project. These results confirm a considerable downdip extension of previously drilled high-grade gold. Drill hole 21MJ010 intersected multiple significant gold intervals, the highlight of which was 7.69 grams per tonne gold over 16.45 metres, including 42.47 g/t gold over 0.9 metre.

Modelling of 21MJ010 appears to confirm the downdip continuation and thickening of the bonanza-grade zone intercepted by drill hole 21MJ001, which yielded 1.35 metres at 93.88 g/t gold as reported by Firefox on June 17, 2021.

In addition, drilling encountered several new intervals of alteration and gold mineralization at depth that may suggest growing potential with depth.

Carl Lofberg, president and chief executive officer of Firefox, commented about the latest encouraging results: "This extension of high-grade gold to depth at Mustajarvi is a real breakthrough for Firefox. Not only has our team been able to predict, test and intercept new high-grade gold occurrences along strike for more than a kilometre, but we can also now visualize and model a strong mineral system growing in thickness with depth. A core rig will arrive back on site in early October, and we will proceed with a pattern of closely spaced stepout holes to fully evaluate this high-grade zone. We shall also be testing new targets at depth and farther to the northeast."


Drill hole                From                To         Interval*              Gold
                           (m)               (m)               (m)             (g/t)

21MJ009                   66.3              67.0               0.7              2.21
21MJ010                  100.8             101.9              1.10              4.44
                        154.15            170.60             16.45              7.69
including               155.30            155.95              0.65             28.57
and                      157.4             158.0              0.60             24.70
and                     159.90            160.85              0.95             12.70
and                      162.0             167.0              5.00              5.56
and                      168.4             170.6              2.20             22.34
including                168.4             169.3            0.90**             42.47
                         323.0             324.0               1.0              9.10
                         345.0             347.0               2.0              3.92

* Drilling is believed to be perpendicular to the dip of the mineralization; 
however, true widths are not yet known and will be confirmed with additional 
drilling and geological modelling.
** Including 0.4 m of core loss.

Mustajarvi project and drill program details

The Mustajarvi project lies along the highway between the cities of Kittila and Sodankyla, approximately 17 kilometres east of Kittila. The property straddles the Mustajarvi shear zone (MSZ), a major right-lateral shear zone that has associated second- and third-order structures, which further dissect the project into separate structural zones. The Sodankyla group rocks, which are primarily to the north of the shear zone in the footwall, include metamorphosed sedimentary and volcaniclastic rocks. Geophysics and drilling have identified an extensive corridor of albite-sericite alteration in the footwall along more than two kilometres of the structure. The project remains at an early stage as Firefox and predecessor companies have drilled less than 7,000 metres to date.

Firefox has developed a structural model that has identified repetitive dilatant zones along the MSZ where vein swarms and higher-grade gold are concentrated. There are three main areas of gold mineralization along a 2.1-kilometre trend, namely the Central zone, the Northeast target and the new East target.

The Central zone and Northeast target both host bonanza-grade gold associated with clusters of veins in the footwall of the shear zone but are separated by more than 500 metres. These two areas have been tested by several programs since 2018 that have expanded the lateral extent of known mineralization in multiple directions.

The Northeast target returned the best intercepts in both the 2019 and 2020 drill programs, and the phase 4 program has further improved the grades and intervals. Hole 21MJ001 (reported June 17, 2021) and hole 21MJ010 both returned bonanza grades and approximately 150 gram-metres of gold (expressed as total grade multiplied by thickness of mineralization).

Drill hole 21MJ010 was collared 57 metres north-northwest from drill hole 21MJ001 and was drilled with a steeper plunge in order to confirm the continuation of the mineralization to depth. Interpreting these new data in the context of continuing three-dimensional modelling, the Firefox technical team has concluded that the high-grade vein system at the Northeast target continues and thickens downdip. However, more drilling is required to confirm the true thickness and extent of this high-grade gold system.

Hole 21MJ010 was collared in hangingwall Savukoski mafic volcanics and intersected the intermediate tuffs of the Sodankyla group at approximately 74 m depth. This is consistent with most of the drilling along the Mustajarvi shear zone (MSZ), which meanders and forms splays along the zone that often coincides with this major contact. The footwall Sodankyla group rocks are pervasively albitized along this corridor, exhibiting both brittle and ductile deformation fabrics, but the dominant foliation is nearly perpendicular to the core axis.

The upper contact of the more intense gold mineralization is marked by bladed calcite with open space, similar to the upper zone observed in hole 21MJ001. The gold is hosted in multiple quartz-carbonate-tourmaline-pyrite (QCTP) veins, including disseminated and locally semi-massive to massive pyrite. Among the pyrite and telluride minerals in the veins, the team has also confirmed the presence of molybdenite. The veins have similar characteristics to those intersected updip in hole 21MJ001. The high-grade vein system strikes approximately 50 degrees northeast and dips 60 degrees southeast.

The intensity of albite alteration (plus sericite and silica) increases downhole. The two deeper gold intercepts reported at 323 m and 345 m, respectively, are significant. The upper zone is another relatively narrow QCTP vein, which appears to include very fine-grained visible gold, but the deeper intercept is associated with more subtle disseminated pyrite in albite-altered tuffite with tourmaline veinlets. So far, it has been rare at Mustajarvi to see gold associated with disseminated sulphides.

The Firefox team believes that the increasing intensity of alteration with depth in the Northeast target may be favourable for the depth potential of the system. Drill hole 21MJ010 is the deepest hole drilled in this area to date, and it stands out as having passed through 20 mineralized veins, each with at least anomalous gold content.

Drill hole 21MJ011 tested the company's structural model by drilling the area between the interpreted dilatant zones of the Central zone and Northeast target. Several moderately albitized and broken zones with limited tourmaline veining and narrow quartz veins were intersected, but no significant gold intervals were detected.

The only hole of the phase 4 program to target the Central zone was 21MJ009. This hole was drilled more steeply than prior holes in an area of previously reported high-grade gold. Several strongly albitized intervals contained evidence of multiple phases of deformation, likely confirming the presence of the downdip extension of the shear zone. However, there were relatively small amounts of pyrite and tourmaline, and correspondingly low grades of gold intercepted, with only one notable interval of 2.21 g/t over 0.7 metre recorded at 66.3 metres downhole.

Finally, drill hole 21MJ008 was drilled near the far southwest extent of the Mustajarvi permit. The hole was located proximal to a gold-in-till anomaly and drilled to test for the presence of the MSZ passing through the gabbro. Although locally strongly albitized gabbro was intersected, no significant gold grades were returned.

Quality assurance

The core was transported from the rig to the company's core storage facility in Sodankyla, where Firefox's exploration team conducted the geological and geotechnical logging and selected the assay intervals. Assay intervals were generally one metre but in some circumstances were modified according to lithological boundaries and other factors. Firefox geologists maintained chain of custody and sampling procedures according to best industry practice and with due attention to quality assurance and quality control, including sampling field duplicates and insertion of certified standard and blank samples.

Firefox team members transported the samples to an ALS sample prep lab in Sodankyla. The samples were first crushed to minus two millimetres, split and pulverized into one-kilogram pulps, before being shipped to a facility in Ireland for gold by fire assay of 50-gram aliquots with AAS (atomic absorption spectroscopy) finish (method Au-AA24). Other elements, altogether 48, were measured after four-acid digestion by ICP-AES (inductively coupled plasma atomic emission spectroscopy) and ICP-MS (inductively coupled plasma mass spectrometry) (method ME-MS61).

ALS 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 International Organization for Standardization/International Electrotechnical Commission 17025:2017 for specific analytical procedures. The Firefox quality assurance/quality control program includes the insertion of certificated standard material and blanks into the analytical batches, and none of the analytical control samples in these reports showed deviations from recommended values.

Patrick Highsmith, certified professional geologist (American Institute of Professional Geologists certified professional geologist No. 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.

Firefox Gold webinar

The company is also pleased to announce that Mr. Lofberg and Mr. Highsmith will be presenting the latest update from the company's Finland projects in a live webinar taking place on Monday, Sept. 13, 2021, at 1 p.m. Pacific Time/4 p.m. Eastern Time. The webinar will be hosted by Focus Communications Investor Relations (FCIR) and Cory Fleck of the Korelin Economics Report. Participants are encouraged to submit any questions for the company prior to the event by e-mailing FCIR at info@fcir.ca.

Event details

Date:  Monday, Sept. 13, 2021

Time:   1 p.m. PT/ 4 p.m. ET

About Firefox Gold Corp.

Firefox Gold has been exploring for gold in Finland since 2017 where it holds a project portfolio that includes over 80,000 hectares of prospective ground.

We seek Safe Harbor.

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