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MAG Silver Closes US$46 Million Common Share Offering

VANCOUVER, British Columbia, Nov. 29, 2021 (GLOBE NEWSWIRE) — MAG Silver Corp. (TSX / NYSE American: MAG) (“MAG” or “MAG Silver”) is pleased…

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VANCOUVER, British Columbia, Nov. 29, 2021 (GLOBE NEWSWIRE) — MAG Silver Corp. (TSX / NYSE American: MAG) (“MAG” or “MAG Silver”) is pleased to announce that it has completed its previously announced bought deal financing and has issued 2,691,000 common shares (the “Common Shares”), including 15,700 Common Shares issued to MAG insiders and 351,000 Common Shares issued upon the full exercise of the over-allotment option, at US$17.15 per Common Share for gross proceeds of US$46,150,650 (the “Offering”).   MAG intends to use the net proceeds of the Offering to fund exploration on Juanicipio and its other projects including Deer Trail, and to fund certain sustaining capital requirements at the Juanicipio Project not included in the initial project capital estimates, and for working capital and general corporate purposes.

The Offering was led by BMO Capital Markets and Raymond James Ltd. as the joint bookrunners, together with a syndicate of underwriters consisting of Scotia Capital Inc., H.C. Wainwright & Co., LLC, Roth Canada, ULC, National Bank Financial Inc., Canaccord Genuity Corp. and TD Securities Inc.

The Common Shares were offered by way of a prospectus supplement in all of the provinces and territories of Canada other than Quebec, and were offered in the United States pursuant to an effective registration statement filed under the Canada/U.S. multi-jurisdictional disclosure system (File No. 333-237807), and on a private placement basis in certain jurisdictions outside Canada and the United States pursuant to applicable prospectus exemptions. Such documents contain important information about the Offering. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Common Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

Copies of the base shelf prospectus and prospectus supplement relating to the Offering may be obtained upon request in Canada by contacting BMO Capital Markets, Mississauga Distribution Centre C/O The Data Group of Companies, 300A Kennedy Road South Brampton, Ontario L6W 4V2, by telephone at 905-696-8884 x4338 or by email at [email protected], and in the United States by contacting BMO Capital Markets Corp., Attn: Equity Syndicate Department, 3 Times Square, New York, NY 10036, or by telephone at (800) 414-3627 or by email at [email protected] or Raymond James Ltd.: 5300 – 40 King Street West, Scotia Plaza, P.O. Box 415, ‎Toronto, Ontario, M5H 3Y2, email: [email protected] Copies of the base shelf prospectus and prospectus supplement can be found on SEDAR at www.sedar.com, and a copy of the registration statement and the prospectus supplement can be found on EDGAR at www.sec.gov.

About MAG Silver Corp.

MAG Silver Corp. is a Canadian development and exploration company focused on becoming a top-tier primary silver mining company by exploring and advancing high-grade, district scale, silver-dominant projects in the Americas. Its principal focus and asset is the Juanicipio Project (44%), being developed with Fresnillo Plc (56%), the operator. The project is located in the Fresnillo Silver Trend in Mexico, the world’s premier silver mining camp, where the operator is currently developing an underground mine and constructing a 4,000 tonnes per day processing plant expected to be commissioned by the end of 2021. Underground mine production of mineralized development material commenced in Q3 2020, and an expanded exploration program is in place targeting multiple highly prospective targets at Juanicipio. MAG is also executing a multi-phase exploration program at the Deer Trail 100% earn-in project in Utah.                                                            

Neither the Toronto Stock Exchange nor the NYSE American has reviewed or accepted responsibility for the accuracy or adequacy of this press release, which has been prepared by management. This release includes certain statements that may be deemed to be “forward-looking statements” within the meaning of the US Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts are forward looking statements, including statements regarding the expected use of proceeds. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe” and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although MAG believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, impacts (both direct and indirect) of COVID-19, timing of receipt of required permits, changes in applicable laws, changes in commodities prices, changes in mineral production performance, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions, political risk, currency risk and capital cost inflation. In addition, forward-looking statements are subject to various risks, including that data is incomplete and considerable additional work will be required to complete further evaluation, including but not limited to drilling, engineering and socio-economic studies and investment. The reader is referred to the MAG Silver’s filings with the SEC and Canadian securities regulators for disclosure regarding these and other risk factors. There is no certainty that any forward-looking statement will come to pass, and investors should not place undue reliance upon forward-looking statements.

Please Note: Investors are urged to consider closely the disclosures in MAG’s annual and quarterly reports and other public filings, accessible through the Internet at www.sedar.com and www.sec.gov LEI: 254900LGL904N7F3EL14

CONTACT: For further information on behalf of MAG Silver Corp.
Contact Michael J. Curlook, VP Investor Relations and Communications

Phone: (604) 630-1399
Toll Free: (866) 630-1399

Website: www.magsilver.com
Email: [email protected]

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Copper Fox Identifies Additional Porphyry Targets at Eaglehead

Calgary, Alberta–(Newsfile Corp. – January 20, 2022) – Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) ("Copper Fox" or the "Company") through its…

Calgary, Alberta–(Newsfile Corp. – January 20, 2022) – Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) (“Copper Fox” or the “Company”) through its wholly owned subsidiary Northern Fox Copper Inc. is pleased to provide an update on the geophysical modelling on its 100% owned Eaglehead polymetallic porphyry copper project located approximately 50 kilometers (‘km’) east of Dease Lake, British Columbia. The Eaglehead project covers a large portion (15,956 ha) of the late Jurassic age, Eaglehead stock located at the southern margin of the Quesnel terrane. The Quesnel terrane hosts several porphyry copper deposits including Lorraine, Mt. Milligan, and Mount Polly to the south.

In preparation for a 2022 field season, compilation and re-interpretation of current and historical exploration data resulted in completion of a Magnetization Vector Inversion (MVI) analyses of the airborne magnetic and radiometric data collected in 2014. Magnetization Vector Inversion is an exploration technique used to locate magnetite bearing, high temperature hydrothermal centres indicative of potassic (K-spar-magnetite-secondary biotite) altered zones associated with porphyry systems.

Highlights

  • The MVI analyses identified five areas, interpreted to represent late-stage intrusive plugs with associated potassic (magnetite) alteration.
  • Four of the interpreted late-stage intrusive plugs exhibit a strong spatial correlation to the Thibert Fault system.
  • The four interpreted intrusives located along the Thibert Fault exhibit a strong positive correlation to known areas of copper mineralization and copper-molybdenum (‘Cu-Mo’) in soil geochemical anomalies.
  • The compilation indicates the main portion of the porphyry could be to the north and at depth below the near surface mineralized zones.

Elmer B. Stewart, President and CEO of Copper Fox, stated, “The MVI study has identified a 10km long linear trend with four late-stage intrusive plugs exhibiting the magnetic characteristics of a porphyry copper system. These late-stage intrusives are located at depth below the surface zones of mineralization distributed along or in proximity to the Thibert Fault and show a very strong correlation with all known areas of copper mineralization and Cu-Mo in soil geochemical anomalies. The MVI study also identified two previously unknown targets and identified priority areas in which to focus future exploration.

Geological Model

The historical drilling intersected six, open ended zones of near surface, intrusion hosted polymetallic porphyry style mineralization. Modelling (3D) of the mineralization in the Bornite and East zones and the three distinct, overlapping episodes of copper mineralization suggests that the drilling intersected the very upper level of an evolving porphyry system.

The MVI study, and trace element ratios (fertility indices) indicate late-stage, intrusive/hydrothermal activity at depth, the upper levels of which are represented by the near surface zones of porphyry mineralization. The spatial association of the copper mineralization and interpreted buried intrusives suggests the Thibert Fault exerted significant control on the emplacement of the late stage intrusives and porphyry mineralization. The model provides an explanation for the MVI study results, area/zones of mineralization and distribution of Cu-Mo in soil anomalies in relation to the intrusive plugs and structures. The data suggest that the main portion of the porphyry system could be to the north and at depth below the surface mineralization, see Figure 1.

Figure 1. MVI signature at 600 m depth with soil geochemistry, mineralization, and structures. Scale is 1:50,000.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2177/110800_2bc7f95a34a899e8_001full.jpg

MVI Study

The MVI analysis was completed using Geosoft’s VOXI Magnetic Vector Inversion software. Multiple inversions were carried out to find a model that fit the observed data within the allocated noise threshold while not adding unnecessary features to the model. The final model was generated by applying the VOXI IRI focussing method to recover a sharper model. Horizontal slices ranging from 200 to 600 meters below surface were generated during the modelling, the 600-depth slice was used for the current interpretation. Highlights of the study are listed below:

  1. Five positive magnetic signatures were identified.
  2. The magnetic signatures are interpreted to represent potassic (magnetite) alteration associated with late-stage intrusive plugs within the Eaglehead intrusive.
  3. The plugs are located at depth below the Bornite-East zone, West-Camp zone, between the East zone and the Far East zone, on the west side of the Thibert Fault and to the north of the mineralized area.
  4. Four of the five intrusive plugs exhibit a strong spatial association with the Thibert Fault system.
  5. The shape of the magnetic signature on the west side of the Thibert Fault suggests that the Thibert Fault offset the mineralization in the Bornite and East zones potentially up to 1km to the east. The MVI anomaly on the west side of the Thibert Fault has not been tested by drilling.
  6. A large, NNW trending arcuate shaped area of positive magnetization extends north of the Camp-Pass zones crosscutting the regional trend of the Eaglehead intrusive. The cause of this feature is unknown and will be fact checked during the 2022 field program.

Qualified Person

Elmer B. Stewart, MSc. P. Geol., President and CEO of Copper Fox, is the Company’s non-independent, nominated Qualified Person pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, has reviewed the scientific and technical information disclosed in this news release.

About Copper Fox

Copper Fox is a Tier 1 Canadian resource company listed on the TSX Venture Exchange focused on copper exploration and development in Canada and the United States. The principal assets of Copper Fox and its wholly owned Canadian and United States subsidiaries, being Northern Fox Copper Inc. and Desert Fox Copper Inc., are the 25% interest in the Schaft Creek Joint Venture with Teck Resources Limited on the Schaft Creek copper-gold-molybdenum-silver project located in northwestern British Columbia and the 100% ownership of the Van Dyke oxide copper project located in Miami, Arizona. For more information on Copper Fox’s other mineral properties and investments visit the Company’s website at http://www.copperfoxmetals.com.

For additional information contact: Investor line 1-844-464-2820 or Lynn Ball, at 1-403-264-2820.

On behalf of the Board of Directors

Elmer B. Stewart
President and Chief Executive Officer

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of the Canadian securities laws. Forward-looking information is generally identifiable by use of the words “believes,” “may,” “plans,” “will,” “anticipates,” “intends,” “budgets”, “could”, “estimates”, “expects”, “forecasts”, “projects” and similar expressions, and the negative of such expressions. Forward-looking information in this news release include statements about: the results of an MVI study; a large, arcuate magnetic signature; interpreted deeply buried intrusives; strong spatial correlation of the interpreted intrusives to the Thibert Fault system; the main portion of the porphyry is to the north and at depth; and fertility indices.

In connection with the forward-looking information contained in this news release, Copper Fox and its subsidiaries have made numerous assumptions regarding, among other things: the geological, metallurgical, engineering, financial and economic advice that Copper Fox has received is reliable and is based upon practices and methodologies which are consistent with industry standards; the speed of field studies and the stability of economic and market conditions. While Copper Fox considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.

Additionally, there are known and unknown risk factors which could cause Copper Fox’s actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include among others: the results of an MVI study may not be accurate; the arcuate magnetic signature may not represent deeply buried intrusives; the strong spatial correlation of the interpreted intrusives to the Thibert Fault system areas of copper mineralization and soil geochemical anomalies may not be representative of an actual geological setting; comments on the location and depth of the main portion of the porphyry may not be accurate; the fertility indices may not be related to a magmatic system; uncertainties relating to interpretation of the previous results; the overall economy may deteriorate; uncertainty as to the availability and terms of future financing; fluctuations in commodity prices and demand; currency exchange rates; and uncertainty as to timely availability of permits and other governmental approvals.

A more complete discussion of the risks and uncertainties facing Copper Fox is disclosed in Copper Fox’s continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and Copper Fox disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events, or developments, except as required by law.

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Leocor Gold Completes Phase 1 Soil Campaign at Hodges Hill Project, North Central Newfoundland, Canada

Vancouver, British Columbia – TheNewswire – January 20, 2022 – Leocor Gold Inc. (the “Company” or “Leocor”) (CSE:LECR) (CNSX:LECR.CN) (OTC:LECRF)…

Vancouver, British Columbia – TheNewswire – January 20, 2022Leocor Gold Inc. (the “Company” or “Leocor”) (CSE:LECR) (CNSX:LECR.CN) (OTC:LECRF) (FRA:LGO) is pleased to announce the completion of a soil sampling campaign, consisting of 4583 soils, on the Hodges Hill Property, consisting of nine mineral licenses totaling 1562 claims and covering 39,050 hectares (390 square km) in the southwest corner of the Western Exploit District, north central Newfoundland, Canada.

 

This campaign forms part of a comprehensive phase one exploration program on the grassroots-stage property. The claims are host to distinct magnetic high units (Gabbros) in settings indicative of known regional gold occurrences. These rocks are associated with continental volcanism. Gabbros have long been recognized as being directly associated with gold mineralization in the Baie Verte area in occurrences such as Anaconda Mines Pine Cove deposit and more recently, the 2014 discovery by Anaconda of the Stog’er Tight and Argyle showings. The project covers major regional NE and NNW structures outlined by the regional NFLD airborne magnetic surveys. Anomalous government till sampling programs have identified gold and arsenic anomalies associated with these regional structures. The overall distribution of soils from this 2021 Leocor campaign is illustrated in Figure 1.

 

Leocor is working with GroundTruth exploration on the program which we expect to define a significant mineralized footprint.  The GroundTruth method breaks down the exploration process into phases, typically defined as follows:

 

Phase 1)

  • Soils 100 m line separation and 25 m sampling separation 

  • Aeromagnetic and VLF survey 

  • Lidar Survey 

  • Ground Magnetic survey 

Phase 2)

  • GT Probe Drilling (around areas of interest constituting potential targets) 

  • Induced Polarization across potential drill targets 

Phase 3)

  • GT Rab Drilling (typically 60m holes in fences across shallow targets) 

Phase 4)

  • Diamond or Reverse Circulation drilling (once structure and orientation of target are well defined) 

 

It has recently come to light that the Central Newfoundland Gold Belt is prospective for high-grade gold associated with strong northeast trending regional structures. High-grade gold at New Found Gold’s Keats showing and Labrador Gold’s Big Vein target were originally discovered with regional and targeted lake, till and soil geochemical programs. Both of these showings are associated with linear 1st vertical derivative Magnetic anomalies.  Much of the gold in Newfoundland appears to have been deposited in a fairly tight window of time between 437 and 375 Ma.

 

Very similar geophysical anomalies are present on the Leocor claims and are associated with regional till anomalies identified by historical exploration (Noranda and others) and Newfoundland Government geochemical surveys.

 


Click Image To View Full Size

 

Figure 1: Completed soil sampling for the Hodges Hill project

 

The phase 1 program was designed to follow up additional 1st derivative magnetic high linear anomalies that are associated with regional till anomalies on the claims. Detailed C-horizon soil geochemical grids will target prospective magnetic high anomalies. Samples will be collected below the oxidized B-horizon wherever possible as this layer has been identified as being a mask to underlying anomalous till sediments which are more reflective of source material

 

Any soil anomalies identified will be followed up with prospecting, additional geochemical, geophysical, and geological programs, and drilling in future exploration programs.

 

Chief financial officer appointment

 

Zula Kropivnitski has resigned as the company’s chief financial officer for personal reasons, effectively immediately.

 

The company has appointed Heidi Gutte as chief financial officer of the company. Ms. Gutte specializes in providing corporate finance, financial reporting, consulting, taxation and other accounting services to both small businesses as well as public companies in various industries. She also assists in many aspects of clients’ administration, corporate compliance and other activities.

 

Ms. Gutte earned her bachelor’s degree of computer engineering from the University of Applied Sciences in Brandenburg, Germany. She holds the professional designation of chartered professional accountant (CPA, CGA) and is a member of Chartered Professional Accountants of British Columbia and Canada. Ms. Gutte has had extensive experience as a controller and chief financial officer of numerous publicly traded and private corporations in several industries.

 

National Instrument 43-101 Disclosure


Dr. Paul David Robinson, P.Geo, is a qualified person as defined by National Instrument 43-101. Dr. Robinson supervised the preparation of the technical information in this news release.

 

About Leocor Gold Inc.

 

Leocor Gold Inc. is a British Columbia-based resource company involved in the acquisition and exploration of precious metal projects, with a current focus in Atlantic Canada.  Leocor, through outright ownership and earn-in agreements, currently controls several gold-copper projects in prime exploration ground located within the prolific Baie Verte Mining District.  Leocor’s Bae Verte portfolio includes the Dorset, Dorset Extension, Copper Creek and Five Mile Brook projects, creating a contiguous nearly 2,000 hectare exploration corridor.  The Company also controls the 6,847-ha grassroots Startrek project near Gander, as well as three district scale land packages in North Central Newfoundland, known as Robert’s Arm, Hodge’s Hill, and Leamington, (collectively “Western Exploits”) representing over 144,000 hectares (1,440 square kilometers) of prospective exploration

Contact Information

Leocor Gold Inc.

Alex Klenman, Chief Executive Officer

Email: [email protected]

Telephone: (604) 970-4330

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

Cautionary Statements Regarding Forward-Looking Information

 

This press release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding the terms and conditions of the Option. Although Leocor believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct.

 

Forward looking information is typically identified by words such as: “believe”, “expect”, “anticipate”, “intend”, “estimate”, “postulate” and similar expressions, or are those, which, by their nature, refer to future events. Leocor cautions investors that any forward-looking information provided by Leocor is not a guarantee of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to: the agreement of the parties to proceed with the proposed transaction on the terms set out in the Option Agreements or at all; Leocor’s ability to exercise the Options; the state of the financial markets for Leocor’s securities; the state of the natural resources sector in the event the Option, or any of them, are completed; recent market volatility; circumstances related to COVID-19; Leocor’s ability to raise the necessary capital or to be fully able to implement its business strategies; and other risks and factors that Leocor is unaware of at this time. The reader is referred to Leocor’s initial public offering prospectus for a more complete discussion of applicable risk factors and their potential effects, copies of which may be accessed through Leocor’s issuer page on SEDAR at www.sedar.com.

 

The forward-looking statements contained in this press release are made as of the date of this press release. Leocor disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

 

Copyright (c) 2022 TheNewswire – All rights reserved.

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FireFox Gold Moves Drill to Next Promising Target: Sarvi Project, Finland

SODANKYLÄ, FINLAND / ACCESSWIRE / January 20, 2022 / FireFox Gold Corp. (TSXV:FFOX)(OTCQB:FFOXF) ("FireFox" or the "Company") is pleased to announce that…

SODANKYLÄ, FINLAND / ACCESSWIRE / January 20, 2022 / FireFox Gold Corp. (TSXV:FFOX)(OTCQB:FFOXF) (“FireFox” or the “Company”) is pleased to announce that the winter drilling program is progressing as planned with approximately 3,800 metres drilled to date on three separate projects. The Company is now set to begin its first drilling at the Sarvi Project, which adjoins Rupert Resources‘ Area 1 property. The first phase of diamond drilling at Sarvi is slated to start before the end of January and will include up to 500m in the northwestern portion of the project, where trenching and base-of-till (BOT) sampling have identified several gold and multielement anomalies. There is an ongoing BOT sampling program at Sarvi and results are not yet available for the southern and eastern portions of the property (see Figure 1: https://bit.ly/357FBo0). The Company expects to bring the drill rig back to Sarvi during the second quarter for an estimated 2,000 metres of additional drilling.

Carl Löfberg, President and CEO of FireFox, commented, “Our winter drill program is going very well so far. In fact, for the first time in FireFox’s history we have a core rig operating at the same time as two base-of-till drilling rigs. We have already drilled three of our four permitted projects and are now advancing towards the first drilling on our Sarvi Project. Our integrated interpretation of geophysics, mapping, BOT sampling, and new trenching data has dramatically improved our understanding of the geology and targets at Sarvi. Our team believes that the southern portion of the Sarvi Project occupies a similar geologic setting to Rupert’s Area 1 Project, so this is a very exciting time in the company’s short history.”

The Sarvi Project is part of the Company’s large land package covering part of the Kittilä Suite of volcanic rocks in the Central Lapland Greenstone Belt. The project is centred on the Sarvi exploration permit, and also includes the Sarvi-2 tenement to the north and Keulakko to the west. The Company was recently granted exploration permits for the latter two properties, expanding its ability to conduct mechanized exploration and drilling across all three properties, a total of 21 km2.

Sarvi Work Program and Results to Date

FireFox conducted an airborne magnetic survey covering the Sarvi area in 2020. The processing and interpretation of these data identified several possible NW-SE trending structures that intersect E-W and NE-SE trending major structures that appear to be earlier. These structures define some major lithologic contacts and also crosscut the dominantly mafic volcanic terrane. The later crosscutting structures may be part of the so called D3 event, or third stage of deformation, which has been linked to major gold mineralizing events in Lapland. Comparable structural settings have been reported at Rupert Resources‘ Area 1 target to the south, where several significant gold occurrences have been discovered recently (See Figure 1 on Rupert Resources‘ news release dated January 18th, 2022).

FireFox cautions that proximity to a discovery or mineral resource, does not ensure that mineralization will occur on FireFox’s property, and if mineralization does occur, that it will occur in sufficient quantity or grade that would result in an economic extraction scenario.

In early 2021, Firefox followed up with a more detailed ground magnetic survey to better delineate these structural targets. In addition, exploration trenching and an ongoing BOT sampling program have identified anomalies that are often coincident with key structural features and may be related to the D3 event.

During reconnaissance geologic mapping and rock sampling, the Firefox team identified an area in the northwest of the Sarvi permit with thin overburden and anomalous results from rock chip and till sampling. A total of eight trenches spanning 475m were excavated, mapped, and sampled on this target. The trenching campaign exposed a volcano-sedimentary unit including significant thicknesses of graphite schist. FireFox geologists collected 169 channel/chip samples and 73 grab samples from the trenches. Most anomalous gold samples were hosted within graphitic schist, with the highest interval averaging 0.23 g/t gold over 18m (including 10m averaging 0.31 g/t gold). The anomalous gold was correlated with elevated arsenic, silver, copper, molybdenum, and other elements. The team recorded detailed information on the geology, alteration, veining, and structures from the trenches that will guide future drill targeting on these gold anomalies.

Firefox has also completed roughly one third of the planned stage 1 BOT sampling program at Sarvi. To date, the Company has collected approximately 1,200 BOT samples, of which 769 analytical results have been received, mostly in the northwest portion of the project. The program will continue across the property and with infill BOT sampling on closer spacing around the emerging targets in the northwest. So far, the BOT results have returned potentially significant anomalies in gold, silver, arsenic, antimony, copper, molybdenum, bismuth, tellurium, and other elements. The team continues to receive results from the lab on a regular basis, so analysis and interpretation remains preliminary. However, the anomalous results occur in clusters, often associated with interpreted structures and geologic contacts from the geophysics.

Winter Drill Program Update

As announced on November 11, 2021, FireFox completed the first pass of the phase 5 drilling program at its 100%-held Mustajärvi Gold Project, including 1,694 metres in four holes. Since then, an additional two holes have been completed, totaling 624 metres.

In November and December, FireFox drilled 1,113 metres in 5 drill holes at the Utsamo Prospect, northern Jeesiö Project. The Utsamo drilling was based primarily on the gold and multielement BOT anomalies reported in the October 26, 2021 news release. FireFox plans to continue BOT sampling at Utsamo to delineate additional drill targets associated with the complex structural setting there.

Less than 10 kilometres to the southwest of Utsamo, FireFox also completed two additional scout drill holes totaling 400m at the Saittavaara Prospect, also within the large Jeesiö Project. This target was drilled for the first time earlier in 2021 and yielded gold mineralization of more than 0.9 g/t in two of three holes, as reported on August 3rd.

Assays and interpretation are pending for all drill holes.

Methodology & Quality Assurance

BOT sampling targets the basal till and bedrock interface using a percussion drill mounted on a tracked vehicle. FireFox geologists supervised sampling procedures and maintained chain of custody according to best industry practice and with due attention to quality assurance and quality control. The BOT program includes collection of field duplicates and insertion of certified reference materials and blank samples into the laboratory submittals. FireFox team members transported the rock samples to an ALS sample prep lab in Sodankylä and BOT samples to the ALS sample prep lab in Outokumpu.

The lab dried (60° C) and screened the till samples to -180 µm and analyzed them by the AuME-TL43 method, utilizing an aqua regia digestion with an ICP-MS finish. Bedrock samples, including grab samples, channel samples and chip samples were dried and crushed to -2 mm, split and pulverized into 1kg pulps, before being shipped to a facility in Ireland for gold by fire assay of 50 gm aliquots with AAS finish (method Au-AA24). Other elements, altogether 48, were measured after four-acid digestion by ICP-AES and ICP-MS (method ME-MS61). ALS Laboratories 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.

No QA/QC issues were identified from a review of the analytical data discussed herein.

Patrick Highsmith, Certified Professional Geologist (AIPG CPG # 11702) and director of the Company, is a qualified person as defined by National Instrument 43-101. Mr. Highsmith has helped prepare, review and approve the technical information in this news release.

About FireFox Gold Corp.

FireFox Gold Corp is listed on the TSX Venture Stock Exchange under the ticker symbol FFOX. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company 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 CEO and technical team.

For more information, please refer to the Company’s website and profile on the SEDAR website at www.sedar.com.

On behalf of the Board of Directors,

“Carl Löfberg”
Chief Executive Officer

CONTACT:

FireFox Gold Corp.
Email: [email protected]
Telephone: +1-778-938-1994

Forward Looking Statements

The information herein contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward-looking statements. Factors that could cause such differences include changes in world commodity markets, equity markets, the extent of work stoppage and economic impacts that may result from the COVID 19 virus, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry.

Forward-looking statements in this release may include statements regarding: the intent to conduct additional drilling; the belief as to the location of the most prospective gold targets; the location of targets for future drill programs; and the current and future work program, including the extent and nature of exploration to be conducted in 2022. Although we believe the expectations reflected in our forward-looking statements are reasonable, results may vary.

The forward-looking statements contained herein represent the expectations of FireFox as of the date of dissemination and, accordingly, are subject to change after such date. Readers should not place undue importance on forward-looking statements and should not rely upon this information as of any other date. FireFox does not undertake to update this information at any particular time except as required in accordance with applicable laws.

SOURCE: FireFox Gold Corp.

View source version on accesswire.com:
https://www.accesswire.com/684724/FireFox-Gold-Moves-Drill-to-Next-Promising-Target-Sarvi-Project-Finland

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