VANCOUVER,
BC, July 6, 2023 /CNW/ - First Mining Gold
Corp. ("First Mining" or the "Company") (TSX: FF) (OTCQX:
FFMGF) (FRANKFURT: FMG) is pleased to announce results from the
2023 drilling program focused on the advancement of its Saddle
drilling target in the Birch-Uchi Greenstone Belt Project ("BUGB
Project" or the "Project") located in northwestern Ontario, Canada. The Saddle target occurs
approximately 12 km southwest of the Company's Springpole Gold
Project. Winter drilling at the Birch-Uchi Project comprised a
total of eleven drill holes for 2,760 meters focused on three
target areas including Saddle, Horseshoe, and Atlantis. First
drilling by the company at the Saddle target included five drill
holes totalling 842 meters which identified a significant gold
mineralization system, returning grades of 0.92 g/t Au over 114.0
meters in hole SAT23-001, and 0.75 g/t Au over 57.7 meters in drill
hole SAT23-002.
Saddle Target
Highlights:
- Initial drilling campaign on the Saddle target since property
acquisition returned consistent gold mineralization over
meaningful widths that remains open for expansion
- Historical grab rock samples validated by field program
follow-up
- Employed geoscience systems approach to characterize the
target geology, supporting additional exploration opportunities in
close proximity to the immediate drill area
- BUGB Project is proving to be prospective with a second drilled
target delivering meaningful opportunity
Table 1: Selected Significant Drill Intercept
Results at Saddle Target
Hole
ID
|
From
(m)
|
To
(m)
|
Length
(m)
|
Au
(g/t)
|
Target
|
SAT23-001
|
4.00
|
118.0
|
114.0
|
0.92
|
Saddle
|
SAT23-002
|
51.00
|
108.70
|
57.70
|
0.75
|
Saddle
|
SAT23-004
|
7.50
|
62.00
|
54.5
|
0.58
|
Saddle
|
*Reported intervals
are drilled core lengths, true widths are not yet established;
assay values are uncut
|
"Our regional exploration efforts are
demonstrating the ability to identify mineralization settings
that support new discoveries and potential satellite opportunities
in this emerging gold district," stated Dan
Wilton, CEO of First Mining Gold. "In only our second drill
target tested, we are seeing the strength of gold endowment hosted
in the Birch-Uchi Greenstone Belt where First Mining has focused
exploration surrounding its flagship Springpole Gold Project."
Saddle Target
The Saddle target is located approximately 12 km
southwest of First Mining Gold's Springpole Deposit (see Figure 1),
which hosts a NI 43-101 mineral resource totalling 4.6 million
ounces of gold in the Indicated category and 0.3 million ounces of
gold in the Inferred category*. The Saddle target is hosted within
the Birch-Uchi Greenstone Belt ("BUGB"), where locally a
significantly deformed and mineralized granodiorite intrusive
occurs in contact with sedimentary lithologies. Mineralization is
associated with increased silica and carbonate alteration and high
concentrations of multiphase quartz veining, and sulphides. The
dominant sulphide mineralization is composed of pyrite and occurs
as fine to coarse grained disseminations averaging an abundance of
1-7%, with localized abundances up to 15-20%. Veining is typically
1 cm to 5 cm in scale, with higher vein densities surrounding areas
of increased silica and carbonate alteration. Mineralization
appears to occur along potential cross-cutting shear structures
which have been interpreted to be coincident with geophysical
resistivity low signatures. The 2023 drilling results are
indicative of a mineralization envelope that is continuous on both
sides of the shear zone and will form an important focus of
additional follow-up exploration.
* Details of the Springpole Gold Project
mineral resource can be found in the technical report entitled "NI
43-101 Technical Report and Pre-Feasibility Study on the Springpole
Gold Project, Ontario, Canada"
which was prepared by AGP Mining Consultants Inc. in accordance
with National Instrument 43-101 Standards of Disclosure
for Mineral Projects ("NI 43-101") and has an effective date of
January 20, 2021.
The Saddle target is an underexplored opportunity
that has been subject to historical prospecting and geoscience
programs of induced polarization and airborne magnetic geophysics,
as well as diamond drilling completed in the 1980s. Since that
time, further field based exploration activities at the prospective
area have been limited.
In 2021, First Mining completed a focused field
campaign that followed up on the Rice Lake (7.54 g/t and 2.67 g/t),
Green Camp (1.79 g/t), Exit Bay and Trench Grid (4.8 g/t) grab
sample gold occurrences that form a notable trend with the Saddle
Target over a projected 1 km strike length. Opportunities for
expanding the mineralization system and the potential for exploring
within a related structural setting have elevated the regional
prospectivity in advancing the area.
Exploration completed in First Mining's 2022
field campaigns further advanced geologic understanding of the
Green Camp zone and the Rice Lake North and Exit Bay targets, with
data collection supporting an integrated 3D exploration model. The
Saddle target's surface grab sample results from the 2022 campaign
returned assay results which vector towards a mineralization
halo around the intrusion, with higher grade grab samples found
proximal to the contact of the sedimentary host rock and the felsic
intrusive unit.
In 2022, the Company conducted additional
airborne geophysics surveys that supported improved targeting
resolution for exploration drilling. Through processing and
interpretation, a modelled shear zone coincident with
mineralization has been interpreted which has proved to be valuable
in step-out exploration planning for the Saddle target.
2023 Winter Drilling
Campaign
During the 2023 winter program, First Mining
successfully completed 842 m of
drilling in five exploration drill holes focused on the Saddle
target (see Figure 2). Drilling was aimed at validating the newly
developed 3D exploration model, underpinned by historical drilling
and field-based data collection, as well as testing extensions
along strike, at depth, and across an interpreted fault offset.
The results from the 2023 winter drilling
highlight robust intervals of consistent gold mineralization over
significant widths, and have identified key pathfinder elements in
association with the gold mineralization. The program has been
successful in confirming the continuation of the mineralization
envelope along the shear structure, opening up the exploration
growth potential around the Saddle target.
The 2023 summer field programs will further
advance geological mapping and data collection around the Saddle
target, with a specific focus on the quartz stockwork and chlorite
alteration on surface within areas of anomalous geophysical
signatures. Field work results will then be integrated and reviewed
in a path to support follow-up targeting.
Additional winter season drill results from an
additional 6 holes totaling 1,938 meters completed at the Horseshoe
and Atlantis targets are expected to be released once assay reviews
are finalized by the Company.
Select assay results from the Saddle target drill
program are reported below in Table 2, and drill locations are
provided in Table 3.
Table 2: Significant Drill Intercept Results
at the Saddle Target
Hole
ID
|
From
(m)
|
To
(m)
|
Length
(m)
|
Au
(g/t)
|
Target
|
SAT23-001
|
4.00
|
118.0
|
114.0
|
0.92
|
Saddle
|
including
|
7.00
|
16.00
|
9.00
|
1.24
|
including
|
23.65
|
24.88
|
1.23
|
4.41
|
including
|
33.00
|
46.00
|
13.00
|
1.36
|
including
|
107.00
|
116.56
|
9.56
|
1.23
|
and
|
123.00
|
133.95
|
10.95
|
0.54
|
SAT23-002
|
51.00
|
108.70
|
57.70
|
0.75
|
Saddle
|
including
|
93.00
|
104.50
|
11.50
|
1.11
|
and
|
119.00
|
121.00
|
2.00
|
0.55
|
SAT23-003
|
132.00
|
132.70
|
0.70
|
1.12
|
Saddle
|
SAT23-004
|
7.50
|
62.00
|
54.50
|
0.58
|
Saddle
|
including
|
49.00
|
50.00
|
1.00
|
5.36
|
including
|
61.00
|
62.00
|
1.00
|
3.23
|
and
|
139.00
|
143.00
|
4.00
|
0.47
|
SAT23-005
|
27.00
|
32.65
|
5.65
|
0.30
|
Saddle
|
and
|
50.00
|
69.00
|
19.00
|
0.36
|
Table 3: Drill Hole Locations, Saddle
Target
Hole
ID
|
Azimuth
(°)
|
Dip
(°)
|
Length
(m)
|
UTM E
|
UTM N
|
Target
|
SAT23-001
|
55
|
-55
|
167
|
538350
|
5688194
|
Saddle
|
SAT23-002
|
50
|
-70
|
156
|
538385
|
5688152
|
Saddle
|
SAT23-003
|
90
|
-60
|
155
|
538255
|
5688023
|
Saddle
|
SAT23-004
|
247
|
-45
|
203
|
538417
|
5688302
|
Saddle
|
SAT23-005
|
50
|
-63
|
161
|
538257
|
5688257
|
Saddle
|
About the Birch-Uchi
Greenstone Belt
First Mining's BUGB Project hosts significant
district scale exploration leverage in forming part of a
consolidated >70,000 hectare mineral tenure. The property and
broader greenstone belt hosts historic production centres that are
demonstrative of the strong gold endowment and an affinity for
potential new discovery. First Mining's extensive BUGB
property position is located within the Red Lake Mining District
and is situated approximately 80 km east of the Red Lake Mines
Complex of Evolution Mining, and 75 km northeast of Kinross Gold's Dixie Project (formerly owned by
Great Bear Resources Ltd). Geology of the region is comprised
of Archean Greenstone terranes that are endowed by significant
gold mineralization inclusive of orogenic and alkaline intrusion
related deposit styles. Initial data compilation and validation to
date has indicated that the region demonstrates an underexplored
and previously fragmented exploration immaturity that is well
levered to the Company's strategy of consolidation and district
screening.
The BUGB hosts multiple gold mineralization
styles throughout, which supports having a strong multi-discipline
geoscience foundation that can be applied in an integrated and
iterative targeting approach. Early targeting and vectoring
elements highlight consolidated target opportunities surrounding
the Springpole Project.
Analytical Laboratory and QA/QC
Procedures
All sampling completed by First Mining within its
exploration programs is subject to a Company standard of internal
quality control and quality assurance (QA/QC) programs which
include the insertion of certified reference materials, blank
materials and a level of duplicate analysis. Core samples from the
2023 drilling program were sent to AGAT Laboratories in
Thunder Bay and Mississauga, Ontario where they were processed
for gold analysis by 50 gram fire assay with an atomic absorption
finish, and multi-element analysis (including silver) by
inductively coupled plasma (ICP) method with a four acid digest.
AGAT Laboratories systems conform to requirements of ISO/IEC
Standard 17025 guidelines and meets assay requirements outlined for
NI 43-101.
Qualified Person
Hazel Mullin,
P.Geo., Director, Data Management and Technical Services of First
Mining, is a "Qualified Person" for the purposes of NI 43-101
Standards of Disclosure for Mineral Projects, and she has
reviewed and approved the scientific and technical disclosure
contained in this news release.
About First Mining Gold
Corp.
First Mining is a gold developer advancing two of
the largest gold projects in Canada, the Springpole Gold Project in
northwestern Ontario, where we
have commenced a Feasibility Study and permitting activities are
on-going with a draft Environmental Impact Statement ("EIS") for
the project published in June 2022,
and the Duparquet, Pitt Gold, Duquesne
and Porcupine East Gold Project in Quebec, a collection of advanced-stage
development assets located on the Destor-Porcupine Fault Zone in
the prolific Abitibi region. First Mining also owns the Cameron
Gold Project in Ontario and a
portfolio of gold project interests including the Pickle Crow Gold
Project (being advanced in partnership with Auteco
Minerals Ltd.), the Hope Brook Gold Project (being
advanced in partnership with Big Ridge Gold Corp.), and a
large equity interest in Treasury Metals Inc.
First Mining was established in 2015 by Mr.
Keith Neumeyer, founding President
and CEO of First Majestic Silver Corp.
ON BEHALF OF FIRST MINING GOLD CORP.
Daniel W. Wilton
Chief Executive Officer and Director
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", "opportunities",
"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. 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. There can be no assurance that such statements will
prove to be accurate, and actual results and future events could
differ materially from those anticipated in such statements.
Forward-looking statements reflect the beliefs, opinions and
projections on the date the statements are made and are based upon
a number of assumptions and estimates that, while considered
reasonable by the respective parties, are inherently subject to
significant business, economic, competitive, political and social
uncertainties and contingencies. Such factors include, without
limitation the Company's business, operations and financial
condition potentially being materially adversely affected by the
outbreak of epidemics, pandemics or other health crises, such as
COVID-19, and by reactions by government and private actors to such
outbreaks; risks to employee health and safety as a result of the
outbreak of epidemics, pandemics or other health crises, such as
COVID-19, that may result in a slowdown or temporary suspension of
operations at some or all of the Company's mineral properties as
well as its head office; fluctuations in the spot and forward
price of gold, silver, base metals or certain other commodities;
fluctuations in the currency markets (such as the Canadian dollar
versus the U.S. dollar); changes in national and local government,
legislation, taxation, controls, regulations and political or
economic developments; risks and hazards associated with the
business of mineral exploration, development and mining (including
environmental hazards, industrial accidents, unusual or unexpected
formations, pressures, cave-ins and flooding); the presence of laws
and regulations that may impose restrictions on mining; employee
relations; relationships with and claims by local communities,
indigenous populations and other stakeholders; availability and
increasing costs associated with mining inputs and labour; the
speculative nature of mineral exploration and development; title to
properties.; and the additional risks described in the Company's
Annual Information Form for the year ended December 31, 2022 filed with the Canadian
securities regulatory authorities under the Company's SEDAR profile
at www.sedar.com, and in the Company'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
The Company is a "foreign private issuer" as
defined in Rule 3b-4 under the United
States Securities Exchange Act of 1934, as amended, and is eligible
to rely upon the Canada-U.S. Multi-Jurisdictional Disclosure
System, and is therefore permitted to prepare the technical
information contained herein in accordance with the requirements of
the securities laws in effect in Canada, which differ from the requirements of
the securities laws currently in effect in the United States. 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.
Technical disclosure contained in this news
release has not been prepared in accordance with the requirements
of United States securities laws
and uses terms that comply with reporting standards in Canada with certain estimates prepared in
accordance with NI 43-101.
NI 43-101 is a rule developed by the Canadian
Securities Administrators that establishes standards for all public
disclosure an issuer makes of scientific and technical information
concerning the issuer's material mineral projects.
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SOURCE First Mining Gold Corp.