FireFox Gold (TSXV:FFOX) Reports Gold Mineralization Intervals in Mustajärvi Project’s Spring 2023 Drilling Campaign; Drills 20.4 metres at 5.1 g/t Gold

FireFox Gold (TSXV:FFOX) has continued to make progress on its core drilling campaign at its wholly-owned Mustajärvi Gold Project in Lapland, Finland. The company reported findings from the initial four drill holes 23MJ001, 23MJ002, 23MJ003, and 23MJ004, all drilled at the East Target. Each hole showed several key intervals of gold mineralization, extending the mineralized region to the northwest, southwest, southeast, and downdip. These holes were tested and all showed assays exceeding 10.0 g/t of gold.

Carl Lofberg, FireFox’s CEO, commented in a press release: “The drill results from Mustajärvi continue to reveal thicker replacement-style gold mineralization that is very near surface. These four holes have filled in some gaps in the heart of the East Target and confirmed an expansion of the system to the south with a 120m step out hole. These results also confirm the presence of at least two directions of controlling structures – the main lode has been confirmed as plunging to the southwest and deeper high-grade intercepts reinforce the importance of the northeast trending vein system. We have much more data on the way, as results from the final four holes of this drill program are still pending and our team has commenced a trenching program at Mustajärvi East.”

The Mustajärvi Project, still in its early stages, is situated on the highway connecting the cities of Kittilä and Sodankylä, around 17 kilometers to the east of Kittilä. To date, FireFox and its predecessor companies have drilled roughly 14,158 meters. The drilling process has demarcated three separate lodes of gold mineralization along a stretch exceeding 1.5 kilometers so far. Recently, the company has shifted its focus more towards the East Target due to its high-grade nature close to the surface. Figure 1 reveals the traces of the recent drill holes and mineralization at the East Target relative to previous drilling and ground magnetic data.

As noted in a press release dated June 14, 2023, the spring 2023 drilling program at Mustajärvi aimed to fill certain gaps in the drilling and to probe extensions to the south, west, and southwest. The initial four holes from this program have enhanced the understanding of the high-grade core of the East Target, and have established control of a crucial fault on the south side of the deposit, which is now confirmed as mineralized.

The findings from drill holes 23MJ001 and 23MJ002 are especially significant. Both were drilled in a scissors-like fashion along a northwest-southeast fence. These holes were designed to test the western side of the shallow high-grade replacement style mineralization and to look for downdip extensions of the Riedel veins known to frequently host high-grade gold.

The results from these first four holes from the spring 2023 drilling program have been encouraging. Further insights from these holes, along with continued drilling efforts, are expected to provide a better understanding of the potential value of the Mustajärvi Gold Project, and will help FireFox in shaping its future exploration strategies.

Highlights from the results are as follows:

• 23MJ001
  • 11.95m averaging 9.69 g/t Au from 5.4 metres down hole (includes 0.3 metres of core loss);
    • including 0.75m at 94.50 g/t Au; and
  • 5.35m averaging 8.09 g/t Au from 37.25 metres down hole;
    • including 0.85 m at 28.87 g/t Au.
• 23MJ002
  • 7.35 m averaging 2.40 g/t Au from 60.0 metres down hole;
    • including 1.0 meter at 10.51 g/t Au; and
  • 9.00 m averaging 1.06 g/ Au from 103.0 metres down hole.
• 23MJ003
  • 9.50 m averaging 2.08 g/t Au from 155.5 metres down hole;
  • 2.45 m averaging 15.22 g/t Au from 248.65 meters down hole;
    • including 1.45m at 24.16 g/t Au.
• 23MJ004
  • 20.45 m averaging at 5.14 g/t Au from 12.0 metres down hole;
    • including 0.75 m at 23.92 g/t Au;
    • including 3.15 m at 13.69 g/t Au;
    • including 0.9 m at 20.83 g/t Au; and
  • 14.8 m averaging 6.00 g/t Au from 54.0 metres down hole;
    • including 3.45 m at 19.43 g/t Au , which includes 1.55 m at 34.72 g/t Au.

Table 1: Significant Drill Intercepts in Drillholes 23MJ001 – 23MJ004

Cutoff Grade 0.5 g/t Au

Table 2: Mustajärvi Drilling 2023 Collar Information (coordinates presented in EPSG:3067)

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