SODANKYLÄ, FINLAND / ACCESS Newswire / March 4, 2025 / FireFox Gold Corp. (TSXV:FFOX)(OTCQB:FFOXF) ("FireFox" or the "Company") is pleased to share a progress report and the latest results from its Kolho Property, located in northern Finland. The Kolho Property exploration campaign is operated by a subsidiary of Agnico Eagle Mines Limited (TSX: AEM) (NYSE: AEM) ("Agnico") pursuant to an earn-in Agreement announced on December 20, 2023 (the "Earn-In Agreement"). Exploration expenditures by Agnico on the property totalled approximately US$765,000 during 2024.
FireFox CEO, Carl Lofberg, commented on the update on the Kolho Property, "We are pleased with the steady ongoing work at Kolho. The tenement package is large and highly prospective, so it is important to see the application of large-scale systematic exploration on the ground. Even though this was the first year of activity on the first permit, it is encouraging to see gold and pathfinder element anomalies from the base-of-till sampling, and the geophysics is confirming our general interpretation of the structural setting and prospectivity. It is also not surprising to see further evidence for ultramafic rocks on the property with potential for Cu-Ni-PGE deposits. We look forward to seeing the pace of work increase in 2025 with the addition of a second base-of-till sampling rig and ongoing gravity surveys moving to the recently approved exploration permits."
The 2024 exploration activities were focused at the Nuttio permit, which was the first of the six exploration permit areas within the Kolho Property to have a fully approved exploration permit allowing for mechanized work. The 2024 activities included a detailed ground gravity survey covering the entire Nuttio permit (approximately 31 km2) and the initiation of a systematic base-of-till ("BoT") sampling campaign By the end of 2024, a total of 1,619 BoT samples were collected, with assay results for 1,325 of the samples reported. The results to date are encouraging: several gold-anomalous zones have been identified, accompanied by elevated levels of arsenic (As), bismuth (Bi), tellurium (Te) and copper (Cu), which are regarded as pathfinder elements commonly associated with orogenic gold systems in the Central Lapland Greenstone Belt (Figure 1). The highest gold value reported from the BoT samples was 0.116 grams per tonne of Au, accompanied by an anomalous copper value of 0.27% Cu.
The 2024 activities also included a ground gravity survey covering the Nuttio permit area. A total of 1,892 survey stations were measured with 125-metre spacing. The interpretation of the gravity data reveals the folding of the lithological units in the southwestern part of the project area as well as the large contact zones and NW-SW trending thrust zones seen throughout the whole project area (Figure 1). In the northern part of the permit area, these thrust zones appear to control the accumulation of significant ultramafic volcanic rocks as demonstrated by anomalous levels of elements such as chromium (Cr), nickel (Ni) and magnesium (Mg) in the BoT sample data.
The elevated chromium values, with a maximum value of 1,482 parts per million, form a cluster more than 1.1 km in length and 500m in width (Figure 2), which is believed to represent the peridotitic komatiites of the Sattasvaara formation of the Proterozoic aged Savukoski Group. According to the Bedrock of Finland Geological Database (1:200,000 scale) (Geological Survey of Finland, 2024), these ultramafic rocks are associated with most of the gold occurrences along the Sirkka Line, as well as at the Ikkari and Pahtavaara deposits owned by Rupert Resources Ltd. In addition to the encouraging gold and pathfinder element anomalies, the BoT sampling results indicate the potential for copper-nickel sulphide deposits within the Nuttio permit area, which can also be enriched in platinum group elements.
During 2024, the Finnish Safety and Chemicals Agency (TUKES) granted two additional exploration permits within the Kolho Property, southeast of Nuttio: Rova and Hilla. Together, these newly approved permits cover approximately 51 km2 along the major thrusted contact zone (Figure 3). Three additional applications for exploration permits, to the north of Nuttio, remain in progress at Kolho.
Exploration Plans for 2025
A detailed gravity survey was initiated on the Hilla and Rova permit areas. The systematic BoT sampling campaign will continue in the Nuttio area and is expected to move to the Hilla area during Q1 of 2025. The BoT sampling rate is expected to increase through the addition of a heavier drill rig with the capacity for combining top-of-bedrock (chip) and base-of-till drilling.
About the Kolho Property
The +120 km2 Kolho Property is a group of three exploration permit applications and three exploration permits (Figure 3) that occupies a prospective structural corridor northeast of Rupert Resources Ltd.'s Ikkari discovery and FireFox's Sarvi property.
Pursuant to the terms of the Earn-in Agreement, FireFox granted Agnico an exclusive right to earn a 51% interest in the Kolho Property by incurring exploration expenditures totalling US$5,000,000 before the fifth anniversary of entering into the Earn-in Agreement (the "Earn-in Grant Date"), of which US$2,000,000 will be a committed amount required to be spent on or prior to the third anniversary of the date that certain permits are granted in respect of the Kolho Property. For additional details with respect to the Earn-In Agreement see the Company's news release dated December 20, 2023.
Methodology & Quality Assurance
The technical information in this news release has been verified by detailed monthly reports and online meetings amongst FireFox Gold management and Agnico representatives. All BoT samples referred to in this news release were prepared at the independent laboratory facilities of CRS Laboratories Oy in Kemple, Finland, which operates as a subcontractor for Canadian MSALABS, which is a global provider of geochemical laboratory services for the mineral prospecting and mining industry. The BoT samples have been dried and sieved to a fine fraction at CRS Laboratories. The fine fraction of the BoT samples is tested for gold and 50 other elements with the IMS-131 method (20g true aqua regia, ICP-MS finish "ultratrace") at MSALABS, in Langley, BC, Canada.
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, reviewed and approved 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 large 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.sedarplus.ca.
On behalf of the Board of Directors,
"Carl Löfberg"
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email: info@firefoxgold.com
Telephone: +1-778-938-1994
Forward-Looking Statements
The information in this news release 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 illness, extreme weather, changes in government and changes to regulations affecting the mining industry.
Forward-looking statements in this news release may include statements regarding: the intent to conduct additional exploration; the belief as to the location of the most prospective gold targets; the location of targets for future exploration programs; and the current and future work program, including the extent and nature of exploration to be conducted in 2025. 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of the content of this release.
SOURCE: FireFox Gold Corp
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