First Mining Gold Corp. (TSX:FF)
(OTCQX:FFMGF) (FRANKFURT:FMG)
(“First Mining” or the
“Company”) is pleased to announce the successful
completion of the geotechnical drilling program to investigate the
lake bed sediments and bedrock along the proposed alignment of the
dykes (coffer dam) at its Springpole Gold Project. The
preliminary results are encouraging and indicate:
- Thicknesses of soft lake bed sediments are much thinner than
anticipated and are absent in some areas. This means that
dredging and removal of the lake bed sediments beneath the
footprint of the dykes may not be necessary.
- Overburden mainly comprise granular materials with one small
area encountering an overconsolidated clay deposit.
- Packer tests undertaken within the underlying bedrock gave
inflow rates of less than 1.5 x 10-5 m/s.
Jeff Swinoga, First Mining Gold’s President and
CEO, stated: “We are very pleased that the preliminary findings
show the bedrock beneath the proposed dykes will provide a
competent foundation. We see this as a significant step
forward in advancing our Springpole Project since this confirms
that the dykes can be constructed in the area that was proposed in
Springpole’s preliminary economic assessment published last
year. We have also engaged Tetra Tech to complete the next
step which is to finalize the design work on the dyke
structures”.
The pre-feasibility level geotechnical drilling
program has been completed over the 800 metre (approximately) long
footprint of the dykes which are required to dewater the north bay
of Springpole Lake (Figure 1). Supervised by staff of
Tetra Tech Canada Inc. (Tetra Tech), eleven holes were drilled
totaling 171.6 metres of rock, 17.5 metres of overburden, and 55.7
metres of water. Water depth over the planned dykes ranged
from 1.6 to 11.7 metres, averaging 5 metres deep. Packer
testing was undertaken in all boreholes to measure the bedrock
hydraulic conductivity, which showed low to very low values
generally ranging between 1.5 × 10-5 m/s and 1.6 × 10-7 m/s.
Tetra Tech will use this data to design and develop a construction
cost estimate for the dykes as part of the prefeasibility level
study.
Figure 1. North bay of Springpole Lake
showing proposed area to be dewatered and location of the proposed
dewatering dykes (coffer
dam):http://resource.globenewswire.com/Resource/Download/549c4f10-76e5-42d8-b723-6e8b0382d983
ABOUT FIRST MINING GOLD CORP.
First Mining Gold Corp. is an emerging
development company with a diversified portfolio of gold projects
in North America. Having assembled a large resource base
of seven million ounces of gold in the
Measured and Indicated categories
and five million ounces of gold in the
Inferred category in mining friendly jurisdictions
of eastern Canada, First Mining is now focused on advancing its
assets towards production. The Company currently holds a
portfolio of 25 mineral assets in Canada, Mexico and the United
States with a focus on gold.
For further information, please contact: Derek
Iwanaka Vice President Investor Relations Toll-Free: 1-844-306-8827
Email: info@firstmininggold.com Website: www.firstmininggold.com
ON BEHALF OF FIRST MINING GOLD CORP. “Keith
Neumeyer”
Keith NeumeyerChairman 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”, “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 and include, but are not limited to, statements with respect
to: (i) there being no need to dredge and remove lake bed sediments
in the North bay of Springpole Lake beneath the footprint of the
dykes; (ii) the bedrock beneath the proposed dykes providing a
competent foundation; (iii) the finalization of the design work on
the dyke structures; and (iv) the use of data by Tetra Tech to
design and develop a construction cost estimate for the dykes as
part of a prefeasibility level study for the Springpole Gold
Project. 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. The most significant assumptions are set forth above,
but generally these assumptions include: (i) that dredging and
removing lake bed sediments in the North bay of Springpole Lake
beneath the footprint of the dykes will not be required; (ii) no
material issues will arise when the design work on the dyke
structures is finalized; and (iii) no material issues will arise
when Tetra Tech designs and develops a construction cost estimate
for the dykes. Although the Company’s management considers
these assumptions to be reasonable based on information currently
available to it, they may prove to be incorrect.
By their very nature, forward-looking statements
involve inherent risks and uncertainties, both general and
specific, and risks exist that estimates, forecasts, projections
and other forward-looking statements will not be achieved or that
assumptions do not reflect future experience. We caution
readers not to place undue reliance on these forward-looking
statements as a number of important factors could cause the actual
outcomes to differ materially from the beliefs, plans, objectives,
expectations, anticipations, estimates assumptions and intentions
expressed in such forward-looking statements. These risk
factors may be generally stated as the risk that the assumptions
and estimates expressed above do not occur as forecast, but
specifically include, without limitation: (i) risks relating to any
material issues that may be identified when the design work on the
dyke structures is finalized, or when Tetra Tech designs and
develops a construction cost estimate for the dykes; (ii) general
risks relating to completing a prefeasibility study for a mineral
project in northwestern Ontario, Canada; (iii) general risks
related to dewatering activities; (iv) general risks relating to
permitting activities; (v) developments in world metals markets;
(vi) risks relating to fluctuations in the Canadian dollar relative
to the US dollar; (vii) management’s discretion to refocus the
Company’s exploration efforts and/or alter the Company’s short and
long term business plans; and (viii) the additional risks described
in First Mining's Annual Information Form for the year ended
December 31, 2017 filed with the Canadian securities regulatory
authorities under the Company’s SEDAR profile at www.sedar.com, and
in First Mining’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
This news release has been prepared in
accordance with the requirements of the securities laws in effect
in Canada, which differ from the requirements of U.S. securities
laws. Unless otherwise indicated, all resource and reserve
estimates included in this news release have been prepared in
accordance with National Instrument 43-101 Standards of Disclosure
for Mineral Projects ("NI 43-101”) and the Canadian Institute of
Mining, Metallurgy, and Petroleum 2014 Definition Standards on
Mineral Resources and Mineral Reserves. NI 43-101 is a rule
developed by the Canadian Securities Administrators which
establishes standards for all public disclosure an issuer makes of
scientific and technical information concerning mineral
projects. Canadian standards, including NI 43-101, differ
significantly from the requirements of the United States Securities
and Exchange Commission ("SEC”), and mineral resource and reserve
information contained herein may not be comparable to similar
information disclosed by U.S. companies. In particular, and
without limiting the generality of the foregoing, the term
"resource” does not equate to the term "reserves”. Under U.S.
standards, mineralization may not be classified as a "reserve”
unless the determination has been made that the mineralization
could be economically and legally produced or extracted at the time
the reserve determination is made. The SEC's disclosure
standards normally do not permit the inclusion of information
concerning "measured mineral resources”, "indicated mineral
resources” or "inferred mineral resources” or other descriptions of
the amount of mineralization in mineral deposits that do not
constitute "reserves” by U.S. standards in documents filed with the
SEC. Investors are cautioned not to assume that any part or
all of mineral deposits in these categories will ever be converted
into reserves. U.S. investors should also understand that
"inferred mineral resources” have a great amount of uncertainty as
to their existence and great uncertainty as to their economic and
legal feasibility. It cannot be assumed that all or any part
of an "inferred mineral resource” will ever be upgraded to a higher
category. Under Canadian rules, estimated "inferred mineral
resources” may not form the basis of feasibility or pre-feasibility
studies except in rare cases. Investors are cautioned not to
assume that all or any part of an "inferred mineral resource”
exists or is economically or legally mineable. Disclosure of
"contained ounces” in a resource is permitted disclosure under
Canadian regulations; however, the SEC normally only permits
issuers to report mineralization that does not constitute
"reserves” by SEC standards as in-place tonnage and grade without
reference to unit measures. The requirements of NI 43-101 for
identification of "reserves” are also not the same as those of the
SEC, and reserves reported by the Company in compliance with NI
43-101 may not qualify as "reserves” under SEC standards.
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.
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