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Firefox Gold Corp
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Firefox drills 15.5 m of 13.09 g/t Au at Mustajarvi

2023-01-18 08:20 ET - News Release

Mr. Carl Lofberg reports


Firefox Gold Corp. has released results from the first three drill holes of the fall 2022 core drilling campaign at the company's 100-per-cent-held Mustajarvi gold project in Lapland, Finland. These three holes were part of a six-hole program (977.1 metres) that tested a new, near-surface, high-grade gold zone at the east target. All three holes returned high-grade gold assays, including some of the richest intercepts yet reported from the project.

Drill holes 22MJ021 and 22MJ022 both encountered significant high-grade gold at depths of fewer than 20 metres below surface. The best intercept in this round of results was 15.5 metres of 13.09 grams per tonne gold in 22MJ021, which began just below the covering of glacial sediments at 11 m down-hole depth. Importantly, these holes were drilled perpendicular to the drilling orientation favoured in the previous campaigns and appear to have successfully confirmed that the observed cross-structures host significant mineralization.

Firefox's chief executive officer, Carl Lofberg, commented: "Our drilling at Mustajarvi East is yielding consistent improvement in grade and thickness of the gold mineralization. In addition to the continued presence of narrow bonanza veins, our most-recent drill holes have encountered replacement-style mineralization over greater widths than previously seen on the project. It also happens that these new robust intercepts lie at very shallow depths in the east target. By drilling these new holes towards the northeast, we have expanded the footprint of the high-grade system to the west, to the north and to depth. We anticipate results from two more holes in the east target in a few weeks."

Highlights of selected intervals are provided herein, while an attached table includes all significant intercepts:

  • 22MJ021 -- 15.5 m at 13.09 g/t Au from 11 m depth, including:
    • 3.6 m at 16.45 g/t Au from 14.4 m depth;
    • 6.5 m at 19.18 g/t Au from 20 m depth, including:
      • 3.5 m at 24.35 g/t Au from 23 m depth.
  • 22MJ022 -- 7.2 m at 16.43 g/t Au from 22.8 m depth, including:
    • Three m at 37.9 g/t Au from 26.2 m depth;
    • 1.7 m at 31.6 g/t Au from 86 m depth.
  • 22MJ023 -- one m at 26.4 g/t Au from 53 m depth and four m at 4.22 g/t Au from 89 m depth, including:
    • Two m at 6.36 g/t Au.

This drilling was prompted by the extraordinary results from drill hole 22MJ006, which returned 13.85 m averaging 28.74 g/t gold from only 24 m down hole (see news release dated Sept. 6, 2022). Drill holes 22MJ021 and 22MJ022 were drilled perpendicular to 22MJ006 to test for lateral and down-dip extensions of the 22MJ006 mineralization. The third drill hole in this phase of work, 22MJ023, tested the expansion of the mineralized trend farther to the north. All three drill holes returned multiple significant intercepts, including high-grade gold mineralization, that are expected to expand the east target laterally and at depth.

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 that 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 approximately 12,594 metres to date.

Firefox's structural model identified repetitive dilatant zones along the MSZ, where vein swarms and higher-grade gold are concentrated. Three main areas of gold mineralization have been identified along a 2.1-kilometre segment of the MSZ, namely the central zone, the northeast target and the east target.

During 2022, Firefox completed a total of 25 diamond drill holes for 3,904 metres at Mustajarvi, testing the northeast target, the east target, the gabbro target and the central zone. The final program of the year included six holes, totalling 977 metres. Three of these holes are reported herein.

The east target mineralization exhibits extensive albite-sericite alteration, as is typical along the MSZ, but iron oxide and iron carbonate veining are more common in this eastern part of Mustajarvi. The drill logs from the recent drilling also include increased reports of mafic volcanics interbedded with the metasediments and tuffaceous rocks that host most of the Mustajarvi mineralization. Gold continues to be closely correlated with the occurrence of pyrite. Similar to previously reported holes from the east target, the near-surface gold mineralization from the most-recent holes is associated with fractures and impregnation of (partially oxidized) pyrite along fractures, forming blebs, nests, and disseminated, semi-massive and massive pyrite mineralization within the host rock. The thicker intervals reported in 22MJ021 and 22MJ022 present strong evidence of hydrothermal replacement of the host rock with quartz-sericite-pyrite plus iron oxide. Pyrite can be seen to be replacing laminations and other sedimentary textures.

The deeper mineralized intervals include the more typical quartz-carbonate-tourmaline-pyrite veins that are commonly seen at Mustajarvi. The vein and replacement types of mineralization may be separate events, but the geochemistry is very similar -- dominated by an association with bismuth, tellurium, molybdenum, cobalt and nickel, and low in arsenic and copper. There are at least two major directions of controlling structure on the Mustajarvi mineralization: east-northeast striking (parallel to the MSZ) and north-northwest striking (perpendicular to the MSZ). There are still results pending for two holes drilled along the northwest-southeast profile at the east target, and Firefox geologists continue to study the relationship between the narrow, high-grade veins and thicker replacement style of mineralization.

Hole 22MJ021 was designed to test the east-west extent of the near-surface, high-grade gold mineralization identified in drill hole 22MJ006. The hole was collared approximately 28 metres west of 22MJ006 in thin glacial sediments overlying intensely altered intermediate tuffites, interbedded with mafic volcanic rocks.

The 28 mineralized intervals (greater than one g/t gold) confirmed by the assays included both vein and replacement styles of mineralization, starting immediately below glacial till overburden at a depth of 11 m and continuing to a depth of 94.65 m (see an attached table). The best interval reported above (15.5 m averaging 13.09 g/t Au) appears to be contiguous with the high-grade gold reported previously in 22MJ006 and extends that mineralization approximately 15 m to the west-southwest. The results from the upper portion of this drill hole (11 m to 27.5 m) have been reported from a 1,000-gram screen fire assay protocol.

Hole 22MJ022 was drilled on the same profile as hole 22MJ021, approximately 40 metres to the southwest, and nearly 65 metres west of 22MJ006. Its east-plunging configuration was designed to undercut the shallow, high-grade zone. It was collared in thin glacial sediments overlying intensely altered intermediate tuffites and lesser mafic sequences, and it intersected 11 intervals containing greater than one g/t Au, starting at 20.1 m down hole. The best interval started at 24.6 m depth and returned 5.4 m averaging 21.66 g/t Au, including three m at 37.39 g/t Au.

More importantly, hole 22MJ022 also intersected deeper, high-grade gold mineralization at 86 m; such deeper veins have not been commonly encountered to date at the east target. This interval returned 1.7 m averaging 31.6 g/t Au, including 0.7 m at 55.06 g/t Au. The deepest interval from this hole was at a depth of 90.7 m and included two m averaging 6.13 g/t Au.

Hole 22MJ023 was drilled approximately 35 metres northwest of hole 22MJ022. The hole was collared in thin glacial sediments overlying intensely altered tuffites and metasediments. The hole intersected eight narrow intervals that assayed above one g/t Au, including a deeper interval of four m averaging 4.22 g/t Au, starting at 89 m. The highest-grade interval started at 53 m and returned one m at 26.4 g/t Au.

Methodology and quality assurance/quality control

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 practices and with due attention to quality assurance/quality control, including sampling field duplicates and the insertion of certified standard and blank samples.

Firefox team members transported the samples to an ALS sample preparation laboratory in Sodankyla. The samples were sawed, crushed to minus-two millimetres, split and pulverized into one-kilogram pulps, before being shipped to the ALS facility in Rosia Montana, Romania, for gold by fire assay of 50 g aliquots with AAS finish (method Au-AA24). Selected samples were assayed with a 1,000-gram Au-SCR24 method (screen fire assays). Other elements, altogether 48, were measured after four-acid digestion by ICP-AES and ICP-MS (method ME-MS61) at the ALS facility located in Loughrea, Ireland.

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 ISO/IEC 17025:2017 for specific analytical procedures. The Firefox quality assurance/quality control program consists of the insertion of certificated standard materials and blanks, and the analytical batches did not show deviations from recommended values.

Patrick Highsmith, certified professional geologist (AIPG CPG No. 11702), a director of the company, is a qualified person, as defined by National Instrument 43-101. Mr. Highsmith has prepared, reviewed and approved the technical information in this news release.

Dr. Sven Honig, certified European geologist (EFG EurGeol No. 1789), general manager of exploration, is a qualified person, as defined by NI 43-101. Dr. Honig has supervised the fieldwork reported herein, and he has prepared and approved the technical information in this news release.

About Firefox Gold Corp.

Firefox Gold 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 chief executive officer and technical team.

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