FireFox Gold (FFOX.V): Extends Strike of High-Grade Gold with 2020 Drilling at Mustajärvi Gold Project, Finland

VANCOUVER, BC – (January 27th, 2021) – FireFox Gold Corp. (“FireFox” or the “Company”) is pleased to report the results of its nine-hole (1,370 metre) phase 3 core drilling program at its 100% owned Mustajärvi Gold Project in the Central Lapland Greenstone Belt, Finland (“Mustajärvi” or the “Project”). The Project continues to yield shallow narrow high-grade intercepts, such as 2.0m at 33.25 g/t gold and 0.5m at 9.36 g/t gold in drillhole 20MJ009 and 0.5m at 11.20 g/t gold in 20MJ008.

New high-grade intercepts extend the strike of known high-grade gold along the shear zone to more than 1.5 kilometres (see Figure 1: https://bit.ly/36bdH8c). One of these new intercepts falls within the Central Zone, which has previously yielded intercepts as high as 2.0m at 45.1 g/t gold in drillhole 18MJ010 (see Company news release dated Jan. 21, 2019).   

“The results from our third drill program at Mustajärvi continue to be encouraging, and our understanding of the complex structural controls is growing,” commented Carl Löfberg, President and CEO of FireFox. “Notably, the Northeast Target, which has seen very little work so far, is returning very interesting gold results. The team is engaged in detailed geological and structural modeling aimed at updating our interpretation of the key controls on the high-grade gold. The detailed ground magnetics has been helpful in identifying these structures, and we expect to conduct additional geophysical surveys and till sampling before the next phase of drilling.”

Table 1: Summary of Significant High-Grade (>4.0 g/t Au) Drill Intercepts

Details of Drilling and Geology

Mustajärvi occupies a major right-lateral shear zone that is sympathetic to the trans-crustal Venejoki Thrust Zone. The Mustajärvi Shear Zone (MSZ) has associated second and third structures that dissect the Project into separate structural zones. After FireFox’s structural modeling exercise during the summer of 2020, the 2020 drill holes were designed to test the interpreted dilatant zones created by the complex structural setting. There are many such narrow traps for high-grade gold mineralization along the structure, and these high-grade pods are now known to occur from drillhole 20MJ005 to 20MJ009, spanning more than 1.5 kilometres of the shear zone from southwest to northeast. 

The 2020 drilling occurred in four areas of the property, (see Figure 1: https://bit.ly/36bdH8c) testing several different types of targets identified in previous drilling and last summer’s exploration program at Mustajärvi.

The sparsely drilled Northeast Target returned the best intercepts in this drill program. Drillhole 20MJ009 was a solitary hole aimed at the MSZ, collared approximately 580 metres northeast from the Central Zone and 58 metres northeast from drillhole 19MJ006 (12 g/t Au over 1.95 metres; see Company news release dated Nov. 26, 2019).

Drillhole 20MJ009 passed through the Savukoski Group ultramafic volcanics and across the sheared contact into the Sodankylä Group siliciclastic metasediments. It encountered several gold mineralized intervals, the most important of which occurred at 65.0 metres downhole depth (2.0m at 33.25 g/t Au) in a zone of multiple generations of quartz veining and abundant pyrite, including very high tellurium and bismuth. There is extensive clay alteration in the high-grade zone, perhaps related to supergene weathering effects. This interval is geologically similar to the high-grade mineralization reported from drillhole 19MJ006.  

Further downhole, there are several narrow high-grade intercepts, including 1.0m at 4.47 g/t gold at 86.0 metres depth and 0.5m at 9.36g/t gold at 146.5 metres downhole depth. As with several of the drillholes, there are also thicker zones of alteration and weaker gold mineralization, such as at 93.0 metres downhole depth, where there is a weakly gold-mineralized zone over 6.0 metres associated with quartz-tourmaline veining and breccia. This interval included assays of 1.53g/t and 0.84 g/t gold, again with anomalous bismuth and tellurium.

Drillhole 20MJ008 was collared along the MSZ, 32 metres northwest of hole 18MJ010, which cut 2.0 metres of massive pyrite averaging 45.1 g/t gold. At 63.0 metres downhole depth in 20MJ008, a highly fractured zone of massive pyrite yielded 1.3m at 6.64 g/t gold (including 1.1 metres of core loss). Deeper in the hole (97.5 metres downhole), another intercept cut 0.5m at 11.2 g/t gold. Like much of the higher grades in the Central Zone, the best gold mineralization is associated with massive to semi-massive pyrite in strongly altered siliciclastic metasediments and highly-enriched bismuth and tellurium, up to 445 ppm Bi and 340 ppm Te.

Southwest of the Central Zone, the MSZ bends to the south where it encounters interpreted cross structures and is marked by a strong IP geophysical anomaly. Three drillholes in the 2020 program were aimed at these targets along the shear zone. Drillhole 20MJ005 was collared approximately 150 metres southeast from the shear zone. The hole intersected albitized, silicified and iron-carbonate altered pyrite-bearing ultramafic tuffites of the Sodankylä Group. At 148.5 metres downhole depth, a 0.4 metre pyrite-rich interval included 8.9 g/t gold, accompanied by 0.25% cobalt, anomalous nickel, bismuth, and tellurium. Higher in the hole, there are several zones of anomalous gold including an approximately 10-metre-thick interval (inclusive of 1.2 metres of core loss) with assays as high as 0.641 g/t gold. Two additional holes in the area (20MJ004 and 20MJ006) intersected the sheared contact between mafic volcanics and metasediments, including quartz-pyrite±tourmaline veins, but only weakly mineralized for gold.

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