First Mining Gold Corp. (TSX:FF) (OTCQX:FFMGF)
(FRANKFURT:FMG)
(“First Mining” or the
“Company”) is pleased to announce this fourth set of Phase
2 infill drilling results, comprising 11 drill holes, from its
diamond drill program within Zone 1 (see Tables 1 and 2) at First
Mining’s 100% owned Goldlund Gold Project (“Goldlund”), located
near the town of Sioux Lookout in northwestern Ontario, Canada.
The Company is now planning to move forward with
the next phase of its 2018 exploration programs, which will include
mapping, sampling and drilling of the northeastern and southwestern
extents of the known strike length on the Goldlund property.
This summer, First Mining plans to conduct an exploration
drill campaign in these areas of approximately 14 holes for 2,000
metres of diamond drilling.
Jeff Swinoga, President and Chief Executive
Officer of First Mining, stated, “These latest drill holes complete
the 16,000 metre Phase 2 infill drilling campaign designed to
provide greater confidence in the gold mineralization within Zone 1
at Goldlund. During this phase, 33 of 38 holes intersected
gold mineralization and the drilling was confined to a strike
length of only 2 to 3 kilometres, whereas the total strike length
of the Goldlund property is estimated to be approximately 50
kilometres. We are very excited to proceed with our next
phase of exploration drilling on several highly prospective and
underexplored areas along the strike length of the Goldlund
property and outside of the known resource area.”
The 11 drill hole results (Figure 1) presented
in this news release represent the final round of infill holes
which targeted gold mineralization in Zone 1. All 11 holes
encountered gold mineralization. As with some of the other
previously reported holes targeting Zone 1, these holes were
positioned to avoid intersecting several levels of historic
underground workings from previously mined areas of Zone 1.
Accordingly, we believe some of the holes may not have
reached the key mineralized zones which occur closer to the
footwall of the zone.
The 2017/2018 drilling campaigns at Goldlund
have been designed to accomplish four primary objectives:
- Convert Inferred Mineral Resources within the resource area
(Zones 1, 5 and 7) into the Indicated Mineral resource category;
- Test drill deeper exploration targets within Zone 7;
- Identify and add additional mineralization within areas that
are adjacent to the current resource boundary; and
- Test drill additional exploration targets within other areas
(outside of the current resource boundary) within the Goldlund Gold
Property.
Gold observed during the current drilling
program at Goldlund occurs both as fine disseminations in quartz
vein stockworks and as more discrete larger grains up to 2 mm
spatially associated with pyrite in the quartz veins.
Calaverite, a gold telluride mineral, has been noted
occasionally in higher grade intervals on fracture surfaces in the
quartz veins. Higher grade gold distribution in the
granodiorite dike is often, but not always, associated with zones
of more intense quartz stockworking and potassic alteration.
Figure 2 below displays a cross-section of the geology and gold
mineralization for drill holes GL-17-117, GL-17-139 and GL-18-140
(results reported in the Company’s previous news releases dated
February 8, 2018 and April 17, 2018), plus GL-18-141, GL-18-142 and
GL-18-143.
Table 1. Drill Hole Assay Results from
Goldlund
|
Hole ID |
From (m) |
To (m) |
Length (m) |
Au g/t |
GL-18-141 |
GL-18-141 |
316.0 |
352.0 |
36.0 |
0.71 |
inc |
320.0 |
322.0 |
2.0 |
1.11 |
and inc |
332.0 |
334.0 |
2.0 |
4.13 |
and inc |
344.0 |
346.0 |
2.0 |
1.24 |
and inc |
350.0 |
352.0 |
2.0 |
2.87 |
and |
372.0 |
410.0 |
38.0 |
0.29 |
inc |
372.0 |
374.0 |
2.0 |
1.33 |
GL-18-142 |
GL-18-142 |
126.0 |
136.0 |
10.0 |
0.59 |
inc |
134.0 |
136.0 |
2.0 |
1.92 |
GL-18-143 |
GL-18-143 |
286.0 |
288.0 |
2.0 |
1.94 |
and |
324.0 |
326.0 |
2.0 |
1.84 |
and |
358.0 |
426.0 |
68.0 |
0.28 |
inc |
386.0 |
388.0 |
2.0 |
2.27 |
and inc |
408.0 |
410.0 |
2.0 |
1.04 |
and inc |
424.0 |
426.0 |
2.0 |
1.84 |
GL-18-144 |
GL-18-144 |
7.18 |
47.0 |
39.82 |
0.55 |
inc |
7.18 |
9.0 |
1.82 |
3.89 |
and inc |
23.0 |
29.0 |
6.0 |
1.20 |
and |
191.0 |
231.0 |
40.0 |
0.28 |
and inc |
221.0 |
223.0 |
2.0 |
2.50 |
GL-18-145 |
GL-18-145 |
112.0 |
134.0 |
22.0 |
0.28 |
inc |
112.0 |
114.0 |
2.0 |
1.05 |
and |
234.0 |
246.0 |
12.0 |
0.23 |
GL-18-146 |
GL-18-146 |
11.0 |
19.0 |
8.0 |
0.78 |
inc |
17.0 |
19.0 |
2.0 |
1.43 |
and |
155.0 |
161.0 |
6.0 |
1.04 |
inc |
155.0 |
157.0 |
2.0 |
2.81 |
and |
175.0 |
205.0 |
30.0 |
0.27 |
inc |
195.0 |
201.0 |
6.0 |
0.50 |
and |
227.0 |
229.0 |
2.0 |
1.70 |
GL-18-147 |
GL-18-147 |
100.0 |
156.0 |
56.0 |
0.18 |
inc |
138.0 |
140.0 |
2.0 |
2.89 |
GL-18-148 |
GL-18-148 |
14.0 |
16.0 |
2.0 |
1.06 |
and |
110.0 |
206.0 |
96.0 |
0.43 |
inc |
110.0 |
112.0 |
2.0 |
1.09 |
and inc |
126.0 |
128.0 |
2.0 |
1.38 |
and inc |
150.0 |
156.0 |
6.0 |
0.99 |
and inc |
184.0 |
196.0 |
12.0 |
0.90 |
and inc |
204.0 |
206.0 |
2.0 |
1.03 |
GL-18-149 |
GL-18-149 |
48.0 |
72.0 |
24.0 |
0.54 |
inc |
52.0 |
60.0 |
8.0 |
0.99 |
and inc |
70.0 |
72.0 |
2.0 |
1.18 |
GL-18-150 |
GL-18-150 |
4.0 |
26.0 |
22.0 |
0.35 |
inc |
14.0 |
16.0 |
2.0 |
1.08 |
and inc |
18.0 |
20.0 |
2.0 |
1.54 |
and |
162.0 |
200.0 |
38.0 |
0.28 |
inc |
162.0 |
164.0 |
2.0 |
2.24 |
GL-18-151 |
GL-18-151 |
106.0 |
124.0 |
18.0 |
0.50 |
inc |
108.0 |
110.0 |
2.0 |
3.08 |
|
|
|
|
|
|
Assaying for the 2017/2018 Goldlund drill
programs is being done by SGS at their laboratories in Red Lake,
Ontario and Burnaby, BC. Prepared samples are analyzed for
gold by either Bulk Leach Extractable Gold (BLEG) assay techniques
or by lead fusion fire assay with an atomic absorption spectrometry
(AAS) finish. Multi-element analysis on the mineralized zones
is also being undertaken by two-acid aqua regia digestion with
ICP-MS and AES finish.
Figure 1. Plan
Maphttp://resource.globenewswire.com/Resource/Download/440f852b-5bf2-4b22-859c-bc5bbf15bd5a
Table 2. Drill Hole Locations
Hole ID |
Azimuth ° |
Dip ° |
Final Depth(m) |
UTM East |
UTM North |
Section |
GL-18-141 |
0 |
-90 |
410 |
547100 |
5527430 |
547100E |
GL-18-142 |
0 |
-90 |
290 |
547150 |
5527500 |
547150E |
GL-18-143 |
0 |
-90 |
449 |
547150 |
5527480 |
547150E |
GL-18-144 |
0 |
-90 |
335 |
547200 |
5527540 |
547200E |
GL-18-145 |
0 |
-90 |
359 |
547200 |
5527520 |
547200E |
GL-18-146 |
0 |
-90 |
305 |
547250 |
5527560 |
547250E |
GL-18-147 |
0 |
-90 |
371 |
547250 |
5527540 |
547250E |
GL-18-148 |
0 |
-90 |
251 |
547300 |
5527590 |
547300E |
GL-18-149 |
0 |
-90 |
302 |
547300 |
5527570 |
547300E |
GL-18-150 |
0 |
-90 |
200 |
547350 |
5527610 |
547350E |
GL-18-151 |
0 |
-90 |
251 |
547350 |
5527590 |
547350E |
|
|
|
|
|
|
|
Figure 2.
Cross-Section through the Goldlund
Projecthttp://resource.globenewswire.com/Resource/Download/8305b3c4-c174-4471-a792-eb086683553f
QA/QC Procedures
The QA/QC program for the 2017/2018 drilling
programs at Goldlund consists of the submission of duplicate
samples and the insertion of certified reference materials and
blanks at regular intervals. These are inserted at a rate of
one standard for every 20 samples (5% of total) and one blank for
every 30 samples (3% of total). The standards used in the
2017/2018 program consist of 5 different gold grades ranging from 1
to 9 g/t, and are sourced from CDN Resource Laboratories in
Langley, BC. Blanks have been sourced locally from barren
granitic material.
Field duplicates from quartered core, as well as
‘coarse’ or ‘pulp’ duplicates taken from coarse reject material or
pulverized splits, are also submitted at regular intervals with an
insertion rate of 4% for field duplicates and 4% for coarse or pulp
duplicates. Additional selected duplicates are being
submitted for screened metallic fire assay analysis and to an
umpire lab for check assaying. SGS also undertake their own
internal coarse and pulp duplicate analysis to ensure proper sample
preparation and equipment calibration.
Dr. Chris Osterman, P.Geo., COO of First Mining,
is the “qualified person” for the purposes of National Instrument
43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”)
and he has reviewed and approved the scientific and technical
disclosure contained in this news release.
ABOUT THE GOLDLUND PROJECT
The Goldlund deposit is situated within a land
package of approximately 280 square kilometres (28,000 hectares)
referred to as the Goldlund Gold Project. The Property has a
strike-length of over 50 kilometres in the Wabigoon
Subprovince. Goldlund is an Archean lode-gold project located
in northwestern Ontario, approximately 60 kilometres from the
township of Dryden. The claims that make up the land package
cover the historic Goldlund and Windward mines.
On January 9, 2017, the Company announced an
initial mineral resource estimate for Goldlund that was prepared by
WSP Canada Inc. in accordance with NI 43-101. At a 0.4 g/t Au
cut-off grade, the Goldlund deposit contains pit constrained
Indicated Mineral Resources of 9.3 million tonnes at 1.87 g/t gold,
or 560,000 ounces of gold. At a 0.4 g/t gold cut-off grade,
the Goldlund deposit contains pit constrained Inferred Mineral
Resources of 40.9 million tonnes at 1.33 g/t gold, or 1,750,000
ounces of gold. The technical report for this resource
estimate, which is titled “Technical Report and Resource Estimation
Update on the Goldlund Project” and is dated February 7, 2017, is
available under the Company’s SEDAR profile at www.sedar.com, and
is also available on the Company’s website at
www.firstmininggold.com.
ABOUT FIRST MINING GOLD
CORP.
First Mining Gold Corp. is an emerging
development company with a diversified portfolio of gold projects
in North America. Having assembled a large resource base
of 7 million ounces of gold in the
Measured and Indicated categories
and 5 million ounces of gold in the
Inferred category in mining friendly jurisdictions
of eastern Canada, First Mining is now focused on advancing its
assets towards production. The Company currently holds a
portfolio of 25 mineral assets in Canada, Mexico and the United
States.
For further information, please contact Jeff
Swinoga, President and CEO at 604-639-8854, or Derek Iwanaka, Vice
President of Investor Relations at 604-639-8824, or visit our
website at www.firstmininggold.com.
ON BEHALF OF FIRST MINING GOLD
CORP.
“Keith Neumeyer”
Keith NeumeyerChairman
Cautionary Note Regarding
Forward-Looking Statements
This news release includes certain
"forward-looking information” and "forward-looking statements”
(collectively "forward-looking statements”) within the meaning of
applicable Canadian and United States securities legislation
including the United States Private Securities Litigation Reform
Act of 1995. These forward-looking statements are made as of
the date of this news release. Forward-looking statements are
frequently, but not always, identified by words such as "expects”,
"anticipates”, "believes”, “plans”, “projects”, "intends”,
"estimates”, “envisages”, "potential”, "possible”, “strategy”,
“goals”, “objectives”, or variations thereof or stating that
certain actions, events or results "may", "could", "would", "might"
or "will" be taken, occur or be achieved, or the negative of any of
these terms and similar expressions.
Forward-looking statements in this news release
relate to future events or future performance and reflect current
estimates, predictions, expectations or beliefs regarding future
events and include, but are not limited to, statements with respect
to: (i) the estimated amount and grade of Mineral Resources at
Goldlund; (ii) future exploration activities by First Mining on
other regional targets on the Goldlund property that are outside
the current resource boundary; (iii) the potential for exploration
upside at Goldlund; (iv) the Company’s plans to conduct a step-out
drill campaign consisting of 14 holes for 2,000 metres of diamond
drilling in the northeastern and southwestern extents of the known
strike length on the Goldlund property areas; and (v) the Company
moving forward with the next phase of its 2018 exploration
program. All forward-looking statements are based on First
Mining's or its consultants' current beliefs as well as various
assumptions made by them and information currently available to
them. The most significant assumptions are set forth above,
but generally these assumptions include: (i) the presence of and
continuity of metals at Goldlund at estimated grades; (ii) the
capacities and durability of various machinery and equipment; and
(iii) success in realizing proposed drilling programs.
Although the Company’s management considers these assumptions to be
reasonable based on information currently available to it, they may
prove to be incorrect.
By their very nature, forward-looking statements
involve inherent risks and uncertainties, both general and
specific, and risks exist that estimates, forecasts, projections
and other forward-looking statements will not be achieved or that
assumptions do not reflect future experience. We caution
readers not to place undue reliance on these forward-looking
statements as a number of important factors could cause the actual
outcomes to differ materially from the beliefs, plans, objectives,
expectations, anticipations, estimates assumptions and intentions
expressed in such forward-looking statements. These risk
factors may be generally stated as the risk that the assumptions
and estimates expressed above do not occur as forecast, but
specifically include, without limitation: (i) risks relating to
variations in the mineral content within the material identified as
Mineral Resources from that predicted; (ii) general risks related
to exploration drilling programs; (iii) developments in world
metals markets; (iv) risks relating to fluctuations in the Canadian
dollar relative to the US dollar; (v) management’s discretion to
refocus the Company’s exploration efforts and/or alter the
Company’s short and long term business plans; and (vi) the
additional risks described in First Mining's Annual Information
Form for the year ended December 31, 2017 filed with the Canadian
securities regulatory authorities under the Company’s SEDAR profile
at www.sedar.com, and in First Mining’s Annual Report on Form 40-F
filed with the SEC on EDGAR.
First Mining cautions that the foregoing list of
factors that may affect future results is not exhaustive.
When relying on our forward-looking statements to make decisions
with respect to First Mining, investors and others should carefully
consider the foregoing factors and other uncertainties and
potential events. First Mining does not undertake to update
any forward-looking statement, whether written or oral, that may be
made from time to time by the Company or on our behalf, except as
required by law.
Cautionary Note to United States
Investors
This news release has been prepared in
accordance with the requirements of the securities laws in effect
in Canada, which differ from the requirements of U.S. securities
laws. Unless otherwise indicated, all resource and reserve
estimates included in this news release have been prepared in
accordance with National Instrument 43-101 Standards of Disclosure
for Mineral Projects ("NI 43-101”) and the Canadian Institute of
Mining, Metallurgy, and Petroleum 2014 Definition Standards on
Mineral Resources and Mineral Reserves. NI 43-101 is a rule
developed by the Canadian Securities Administrators which
establishes standards for all public disclosure an issuer makes of
scientific and technical information concerning mineral
projects. Canadian standards, including NI 43-101, differ
significantly from the requirements of the United States Securities
and Exchange Commission ("SEC”), and mineral resource and reserve
information contained herein may not be comparable to similar
information disclosed by U.S. companies. In particular, and
without limiting the generality of the foregoing, the term
"resource” does not equate to the term "reserves”. Under U.S.
standards, mineralization may not be classified as a "reserve”
unless the determination has been made that the mineralization
could be economically and legally produced or extracted at the time
the reserve determination is made. The SEC's disclosure
standards normally do not permit the inclusion of information
concerning "measured mineral resources”, "indicated mineral
resources” or "inferred mineral resources” or other descriptions of
the amount of mineralization in mineral deposits that do not
constitute "reserves” by U.S. standards in documents filed with the
SEC. Investors are cautioned not to assume that any part or
all of mineral deposits in these categories will ever be converted
into reserves. U.S. investors should also understand that
"inferred mineral resources” have a great amount of uncertainty as
to their existence and great uncertainty as to their economic and
legal feasibility. It cannot be assumed that all or any part
of an "inferred mineral resource” will ever be upgraded to a higher
category. Under Canadian rules, estimated "inferred mineral
resources” may not form the basis of feasibility or pre-feasibility
studies except in rare cases. Investors are cautioned not to
assume that all or any part of an "inferred mineral resource”
exists or is economically or legally mineable. Disclosure of
"contained ounces” in a resource is permitted disclosure under
Canadian regulations; however, the SEC normally only permits
issuers to report mineralization that does not constitute
"reserves” by SEC standards as in-place tonnage and grade without
reference to unit measures. The requirements of NI 43-101 for
identification of "reserves” are also not the same as those of the
SEC, and reserves reported by the Company in compliance with NI
43-101 may not qualify as "reserves” under SEC standards.
Accordingly, information concerning mineral deposits set forth
herein may not be comparable with information made public by
companies that report in accordance with U.S. standards.
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