Firefox Gold Closes First Tranche of Non-Brokered Non-public Placement

Drill gap 23MJ005 hit robust mineralization in an 80-metre step-out to the southwest from the beforehand drilled western-most high-grade gap. Outcomes embody:

• 4.20m averaging 5.74 g/t Au from 60.8 metres down gap, and
• 7.05m common 4.77 g/t Au from 68.0 metres down gap,
  • together with 1.0 metre at 20.8 g/t Au.

Drill gap 23MJ008 was an additional 135-metre step-out to the southwest, for a complete of roughly 215 metres step-out from the earlier high-grade space. The outlet included a number of intervals of great gold from close to floor to 180 metres depth, confirming the potential for enlargement of the goal on this path. Outcomes embody:

• 2.0 m averaging 4.75 g/t Au from 29.0 metres down gap;
  • together with 0.8 m at 11.1 g/t Au; and
• 7.0 m averaging 1.77 g/t Au from 112.0 metres down gap; and
• 1.0 m at 0.61 g/t Au from 180 metres down gap.

Drilled within the reverse orientation, drill gap 23MJ009 confirmed the continuity of the southwestern step-out between 23MJ005 and the historic high-grade holes, with a number of gold intervals between 75 and 156 metres down gap. Highlights of the outcomes embody:

• 5.55 m averaging at 4.45 g/t Au from 75.55 metres down gap;

Carl Lofberg, FireFox’s CEO, commented concerning the new outcomes, “We’re very happy with these thrilling step-out drill holes from the high-grade East Goal. New mineralization amid thick zones of alteration positioned greater than 200 metres southwest from earlier drilling is a major indication of the enlargement potential of Mustajärvi. The East Goal stays open to the south, southwest, and northeast. It is usually thrilling that our first try and trench into the system from floor has revealed such excessive grades beneath only some metres of glacial overburden. This trenching train improves our understanding of the shallow gold form, its orientation, and the controls on bonanza grade. We’re very a lot wanting ahead to bringing the drill again to Mustajärvi in August.“

Two trenches have been excavated by means of the glacial overburden into weathered bedrock. The needs of the take a look at trenching have been to judge situations for attainable further trenching, collect structural details about foliation, veining, and faulting, and to pattern the newly uncovered bedrock. The group collected diamond noticed channel samples from each trenches. Trench 1 included roughly 10.0m of contiguous gold mineralization, together with particular person uncut values of 256 g/t Au, 72.5 g/t Au, 52.8 g/t Au, and 45.02 g/t Au (see Determine 3 and Desk 3 for extra particulars). Throughout the sampling, geologists reported the presence of appreciable coarse gold, so all samples have been analysed by display hearth assay. Trench 2, positioned north of the primary gold system, contained a lot decrease gold grades, nevertheless it supplied helpful structural measurements and knowledge factors for the geological mannequin.

Dialogue of Drill Outcomes

The Mustajärvi Mission lies alongside the freeway between the cities of Kittilä and Sodankylä, roughly 17 kilometres east of Kittilä. The challenge stays at an early stage as FireFox and predecessor firms have drilled roughly 14,158 metres to this point, and drilling has delineated three totally different lodes of gold mineralization alongside greater than 1.5 kilometres of strike to this point. Attributable to its near-surface high-grade nature, the Firm has been focusing most not too long ago on the East Goal. Determine 1 reveals the latest drill holes on the East Goal in relation to earlier drilling and floor magnetics knowledge.

As reported within the June 14, 2023 information launch, the spring 2023 drilling program at Mustajärvi was targeted on filling some gaps within the drilling and testing for extensions to the south, west, and southwest. These first 4 holes from that program have improved confidence within the high-grade core of the East Goal and established management of an essential fault on the south aspect of the goal, which has been confirmed as mineralized (see FireFox information launch dated July 18, 2023).

Drill gap 23MJ005 was designed to check the low magnetic – excessive chargeability hall interpreted as trending southwest from the East Goal. The drill gap was collared roughly 80 metres southwest from the western limits of the beforehand outlined high-grade mineralization on the East Goal, as outlined by drill gap 22MJ022 and reported within the FireFox information launch dated January 18, 2023. Gap 23MJ005 was drilled at a 325° azimuth with a plunge of 60° to intersect the goal hall at a positive angle.

The outlet entered altered metasediments beginning under glacial sediments at a depth of 8.7 metres, and it handed by means of skinny sections of mafic volcanics and gabbro. The primary mineralized zone was intersected inside an altered sequence of intermediate tuffites, generally interbedded with much less altered mafic volcanic rocks, from 60.80 to 75.05 metres. This interval included two separate gold mineralized intervals, 4.20m of 5.74 g/t and seven.05m of 4.77 g/t, together with a number of higher-grade intervals and a most assay of 20.77g/t Au, as proven in Desk 1.

The mineralized interval is pervasively albitized and silicified with weaker improvement of sericite; and it displays a well-developed foliation that’s practically perpendicular to the core axis. The richest gold zones are reduce by quartz-carbonate± tourmaline+pyrite veins (QCTP) which can be typically accompanied by patchy, semi-massive and coarse-grained pyrite. The mineralized veins are at variable angles to the foliation and the core axis however are sometimes practically parallel to the core axis over brief intervals. Since

Determine 1 – Mustajärvi Location Map with Current Drilling over Floor Magnetics

this drill gap is effectively away from any earlier drilling it’s troublesome to verify the orientation of the controlling construction on this space, nevertheless it seems to adapt with the NE-SW placing main fault zone.

Average to robust alteration continues to 115 metres depth, together with veins, breccias, and noteworthy gangue minerals. The mineral molybdenite is reported at 92 metres depth related to quartz veining and an anomalous gold assay of 0.234 g/t. Multielement assays, together with molybdenum, are pending.

This drill gap confirms the continuation of the shallow high-grade gold mineralization at Mustajärvi East for at the very least 80 metres. The robust gold intercepts and intense alteration fall straight within the geophysical goal hall predicted by the IP and magnetics survey. There’s numerous room to increase these intercepts to the southeast and southwest alongside the projected constructions that mark the Mustajärvi fault zone.

Drill holes 23MJ006 and 23MJ007 have been designed to check for a northern extension of the structural jog and the gold mineralized R’ veins intersected by holes 22MJ023 and 22MJ024 throughout the 2022 drilling marketing campaign (see FireFox information releases dated January 18, 2023 and February 15, 2023). Drill gap 23MJ006 collapsed at a depth of 32 metres down gap and was subsequently twinned by gap 23MJ007, collared 2 metres from the unique website. The finished gap intersected mafic volcanic rocks (and dykes?) beginning beneath the glacial sediments at 5.75 metres depth and passing into dominantly metasedimentary lithologies comprised of intermediate tuffites (with pyrite mineralized veins) and lesser mafic volcanic rocks (normally barren) at roughly 40 metres depth.

The rock is usually much less altered this far north from the primary system, however there stays widespread albite alteration with lesser silica and pyrite within the tuffites. The dominant foliation within the gap is almost perpendicular to the core axis, whereas veins are evident each perpendicular and parallel to core axis. The outlet intercepted 3.7 metres averaging 3.17 g/t Au from 52.0 metres depth, together with 0.7 m at 4.8 g/t Au. The gold seems to be correlated with patchy and coarse-grained pyrite hosted in QCTP veins which can be dominantly parallel to foliation. The host rock on this interval is strongly albitized, intensely brittle fractured intermediate tuffites. At higher depths within the gap, the gold appears to be related to slim veins at a number of orientations, however the alteration continues to be intensive.

Drill gap 23MJ008 was deliberate after the preliminary logging of gap 23MJ005, together with the visible remark of pyrite mineralization. This drill gap was a serious step-out of over 215 metres to the southwest inside the “low magnetic – excessive chargeability hall” from the high-grade gold zone on the East goal, an additional 135 metres southwest from the collar of 23MJ005. The outlet additionally examined one other interpreted structural jog alongside the Mustajärvi Fault Zone. Drill gap 23MJ008 was profitable at intercepting a number of gold-mineralized QCTP veins, in addition to clear proof of the continuation of the alteration system into an untested space between the Northeast Goal and the East Goal (See Determine 2 – Lengthy Part). The outlet yielded 11 samples mineralized above the cut-off grade of 0.5 g/t gold inside a really broad untested structural hall.

Determine 2 – Lengthy Part of Mustajärvi Fault Zone and Drill Indicated Gold Lodes

As soon as once more, the higher portion of the opening (to roughly 26m downhole) is dominated by mafic intrusive rocks (gabbro). The drill reduce 7.75 metres of glacial overburden earlier than passing into the strongly altered and sheared mafic intrusive rocks. At 25.9 metres down gap, the gabbro provides approach to pervasively albitized intermediate tuffite metasediments, which exhibit variably plentiful QCTP veining. The dominant foliation is perpendicular to the core axis, however its material is usually destroyed by albite-silica-sericite alteration. Disseminated pyrite is widespread within the gap, however clots and blebs additionally happen in veins (at a wide range of angles to core axis) and changing (?) foliation.

The primary mineralized interval was encountered just under the contact with the metasediments at a depth of 29.0 metres down-hole, an interval of two.0m averaging 4.75 g/t Au. The mineralization is hosted by a collection of QCTP vein with patchy pyrite. One other slim, mineralized zone happens at 82.5m down gap depth, returning 1.5 metres averaging 3.20 g/t Au. This gold zone is hosted in veins and vein breccias inside extremely fractured albitized and silicified intermediate tuffites. The pyrite happens each as veins, stringers alongside foliation, and disseminations.

The primary mineralized zone was intersected from a depth of 112.0 metres with 1.77 g/t Au over 7.0 metres, together with 4.0 m averaging 2.79 g/t Au and one assay interval of 0.7 m at 11.67 g/t Au. Pyrite is related to the gold, as is typical at Mustajärvi, occurring as clumps of coarse-grained pyrite and vein-controlled pyrite. This mineralized interval happens just under a 22m thick interval of reasonably altered gabbro. Mineralization inside the gabbroic rocks is comprised of disseminated and quartz-carbonate vein hosted pyrite.

The intermediate tuffites are generally crosscut by altered gabbroic dykes or sills. Molybdenite mineralization hosted in altered gabbro was noticed at roughly 142 metres down gap. Molybdenite seems on fracture surfaces and as stringers associated to quartz-carbonate veining. Any such molybdenite mineralization has not been noticed on the Mustajärvi Mission earlier than. The molybdenite mineralization has been recognized visually by the geologists on-site and has been routinely cross-checked utilizing a hand-held pXRF gadget. Multielement assays, together with molybdenum, are pending.

Drill gap 23MJ009 was designed to fill in between the East Goal and the newly found mineralization in 23MJ005. It was collared roughly 100 metres in the direction of NE from 23MJ005 and drilled with an azimuth of 145°, successfully in the wrong way.

The outlet initially hit altered intermediate tuffites, which have been interrupted by altered mafic intrusive rocks of gabbroic composition, at roughly 21 metres down gap. Contact into the strongly altered intermediate tuffite that hosts mineralization was made at a depth of 52.8 metres down gap. The gabbros on this drill gap are variably however generally strongly altered and brecciated with disseminated and vein hosted pyrite and chalcopyrite mineralization.

Foliation is much less evident on this gap than some, as it’s typically at a decrease angle to the core axis, however folding is clear within the metasediments. Intense alteration commences under the gabbro the place the tuffites are albitized and silicified over broad intervals, which regularly host QCTP veins and disseminated sulphides. The veins are chaotic in orientation and infrequently brecciated, notably when effectively mineralized.

The primary mineralized zone was intersected ranging from 75.55 metres depth and returned 5.55 metres averaging 4.45 g/t Au, together with 1.1m at 15.27 g/t Au. This was adopted by two slim vein-controlled gold intervals of decrease grade over the following few metres. This interval is comprised of patchy and semi-massive pyrite mineralization in strongly altered tuffites in addition to QCTP veins. The alteration continues deeper within the gap, typically fracture managed and diminishing considerably with depth, however gold-bearing QCTP veins reoccur between 146 and 158 metres depth.

Desk 1: Vital Drill Intercepts in Drillholes 23MJ005 – 23MJ009
(Reduce-off Grade 0.5 g/t Au)

Notes: Drilling is believed to be perpendicular to the dip of the mineralization, nevertheless true widths should not but identified and will likely be confirmed with further drilling and geologic modelling. Au grades are uncapped.

Desk 2: Mustajärvi Drilling 2023 Collar Data
(coordinates offered in EPSG:3067)

Take a look at Trench Program Particulars

FireFox additionally accomplished two take a look at trenches on the East Goal to judge situations for attainable further trenching, collect structural details about foliation, veining, and faulting, and to pattern the floor publicity of the system. With a view to decrease value and environmental affect, the take a look at was performed in an simply accessible space with no forest cowl. The trenches have been excavated near the situation of the floor projection of shallow gold intersections from drill holes 23MJ001, 23MJ004 and 22MJ022 (see Determine 3).

Trench 1

Trench 1 was oriented NW-SE and uncovered strongly weathered and altered bedrock under glacial sediments of various depths, from 6.0m on the northern finish to 7.5m on the southern finish of the ditch.

Summarizing the geology from north to south, the primary 4.5 metres of the excavation uncovered weathered intermediate tuffites with minor interbedded mafic volcanics. From 4.5 metres to the top of trench at 13 metres, the uncovered bedrock is extremely altered and weathered intermediate tuffites, by which unique textures are largely destroyed because it has been altered and weathered to orange-red clay. There are remoted relict quartz-tourmaline veins and veinlets, in addition to cubic casts of plentiful iron oxide after pyrite. A lot of the crimson and orange color is probably going the results of oxidation of huge quantities of pyrite, so the publicity could also be referred to as a gossan in locations.

Determine 3. Mustajärvi East Goal Exploration Trench Areas and Trench 1 Particulars

Channel sampling of Trench 1 returned high-grade mineralization in a number of contiguous samples as proven in Desk 3, together with 6.87 metres that averaged 59.12 g/t Au on an uncut foundation. Particular person bonanza grade samples within the interval embody: 0.84m at 256 g/t Au, 0.77m at 72.5 g/t Au, 1.02m at 52.8 g/t, and 1.15m at 45.02 g/t Au. The high-grade gold mineralization is hosted in supergene clay materials (altered and weathered bedrock) with relicts of quartz-tourmaline veins and minor veinlets. Regionally, tourmaline contains large clots as much as 20 cm in measurement. As well as, two chip samples have been collected exterior of the channel sampling, returning 25.9 g/t Au and 57.5 g/t Au.

The mineralization uncovered within the trenches was completely oxidized, and this supergene course of might regionally enrich gold grades relative to contemporary rock. Extra work will likely be required to determine the diploma (if any) of supergene enrichment. The identical remark has been famous about high-grade gold in oxidized drill core from Mustajärvi.

FireFox geologists additionally collected some giant samples for heavy mineral and gold separation work.

Trench 2

As a result of texture-destructive weathering encountered in Trench 1, a second trench was added to this system in quest of brisker bedrock from which measurements may very well be taken on foliation, veins, and different constructions. Based mostly partly on mapping and observations of overburden thickness, Trench 2 was positioned roughly 20 metres to the northwest of Trench 1.

Trench 2 efficiently uncovered pristine bedrock with well-preserved structural options and customary quartz-tourmaline-pyrite veinlets. Most of uncovered veinlets have been aligned both NE-SW (near EW) or NW-SE. The uncovered bedrock was composed primarily of weathered tuffites and different metasediments with lesser interbedded mafic volcanics.

Whereas gold was extremely anomalous in a lot of Trench 2, solely one of many channel samples exceeded 0.5 g/t Au, that pattern contained 2.92 g/t Au over 1.56m (Desk 3). As well as, the group collected six rock chip samples from the ditch, aside from the channel sampling, one in all which contained 15 g/t Au.

Desk 3. Channel Samples collected from the Trenches 1 and a couple of – Gold by Display screen Hearth Assay

Mustajärvi East in Three Dimensions

The brand new trenching data matches effectively with the evolving geological mannequin and three-dimensional understanding of the East Goal. There’s a core zone of very high-grade gold that involves floor and is elongated in NE-SW path. This form has an apparently light dip to the southwest. It has been examined with drilling in a number of instructions as a result of it hosts each replacement-style gold-pyrite mineralization managed by foliation and high-angle QCTP veins at varied orientations. Determine 4 is a preliminary cross part, oriented NW-SE and trying to the southwest.

Determine 4 – Preliminary Cross Part by means of East Goal Wanting SW (23MJ001 and 002).

There seem like brittle faults that reduce the Mustajärvi East deposit, and these are interpreted to be late (post-mineral). One important fault strikes northeasterly and will reduce off the floor deposit and downdrop a part of the mineralization to the south. The geometry stays complicated, however intercepts in holes 22MJ025 and 23MJ003 seem to have reduce excessive grades that counsel extra mineralization at depth in that path. This relationship may be seen in a number of cross sections, however it’s effectively expressed in Determine 5, one other NW-SE preliminary cross part that features 22MJ025 and 23MJ003.

Determine 5 – Preliminary Cross Part by means of East Goal Wanting SW (22MJ025 and 23MJ003).

Methodology & High quality Assurance

Drill core was transported from the rig to the Firm´s core storage facility in Sodankylä, the place FireFox’s exploration group performed the geological and geotechnical logging and chosen the assay intervals. Assay intervals have been usually 1 metre however in some circumstances have been modified in accordance with lithological boundaries and different elements. FireFox geologists maintained chain of custody and sampling procedures in accordance with finest trade observe and with due consideration to high quality assurance and high quality management, together with sampling subject duplicates and insertion of licensed commonplace and clean samples.

FireFox group members transported drill core samples to an ALS pattern prep lab in Sodankylä. The samples have been sawed then crushed to -2 mm, cut up and pulverized into 1kg pulps, earlier than being shipped to the ALS facility in Rosia Montana, Romania for gold by hearth assay of fifty gm aliquots with AAS end (technique Au-AA24). All samples exceeding 10.0 g/t Au have been re-assayed in triplicate by hearth assay of fifty gm aliquots with a gravimetric end (technique Au-GRA22).

Trenches have been channel sampled with a diamond noticed for the whole publicity with a purpose to extract giant constant samples whereas chopping major constructions and veins as near true thickness as attainable. The place the rock integrity was compromised by weathering and alteration, geologists collected the samples with hammer and chisel. FireFox group members transported samples to an ALS pattern prep lab in Sodankylä. The samples have been crushed to -2 mm and pulverized into 1kg pulps, earlier than being shipped to the ALS facility in Rosia Montana, Romania for gold by display hearth assay (AU-SCR24).

ALS Laboratories is a number one worldwide supplier of assay and analytical knowledge to the mining trade. All ALS geochemical hub laboratories, together with the Irish facility, are accredited to ISO/IEC 17025:2017 for particular analytical procedures. The Firefox QA/QC program consists of insertion of certificated commonplace materials and blanks inserted by Firefox into the analytical batches didn’t present deviations from beneficial values.

Patrick Highsmith, Licensed Skilled Geologist (AIPG CPG # 11702) and director of the Firm, is a certified particular person as outlined by Nationwide Instrument 43-101. Mr. Highsmith has helped put together, reviewed, and permitted the technical data on this information launch.

About FireFox Gold Corp.

FireFox Gold Corp is listed on the TSX Enterprise Inventory Alternate beneath the ticker image FFOX. FireFox additionally trades on the OTCQB Enterprise Market Alternate within the US beneath the ticker image FFOXF. The Firm has been exploring for gold in Finland since 2017 the place it holds a big portfolio of potential floor.

Finland is among the prime mining funding jurisdictions on this planet as indicated by its a number of top-10 rankings in latest Fraser Institute Surveys of Mining Corporations. Having a powerful mining legislation and lengthy mining custom, Finland stays underexplored for gold. Current exploration ends in the nation have highlighted its prospectivity, and FireFox is proud to have a Finland primarily based CEO and technical group.

For extra data, please discuss with the Firm’s web site and profile on the SEDAR web site at www.sedar.com.

On behalf of the Board of Administrators,

“Carl Löfberg”
Chief Government Officer

CONTACT:
FireFox Gold Corp.
E mail: [email protected]
Phone: +1-778-938-1994

Ahead Wanting Statements

The knowledge herein comprises ahead wanting statements which can be topic to various identified and unknown dangers, uncertainties and different elements that will trigger precise outcomes to vary materially from these anticipated in our forward-looking statements. Components that would trigger such variations embody adjustments in world commodity markets, fairness markets, the extent of labor stoppage and financial impacts that will outcome from the COVID 19 virus, prices and provide of supplies related to the mining trade, change in authorities and adjustments to laws affecting the mining trade.

Ahead-looking statements on this launch might embody statements relating to: the intent to conduct further drilling; the assumption as to the situation of essentially the most potential gold targets; the situation of targets for future drill packages; and the present and future work program, together with the extent and nature of exploration to be performed in 2023. Though we imagine the expectations mirrored in our forward-looking statements are affordable, outcomes might fluctuate.

The forward-looking statements contained herein symbolize the expectations of FireFox as of the date of dissemination and, accordingly, are topic to alter after such date. Readers shouldn’t place undue significance on forward-looking statements and shouldn’t rely on this data as of another date. FireFox doesn’t undertake to replace this data at any specific time besides as required in accordance with relevant legal guidelines.

SOURCE:FireFox Gold Corp

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