First Mining Gold Corp. (TSX:FF)
(OTCQX:FFMGF) (FRANKFURT:FMG)
(“First Mining” or the
“Company”) is pleased to announce initial fire assay
results from a regional exploration drilling program, currently
underway at the Company’s wholly-owned Goldlund Gold Property
(“Goldlund”) in northwestern Ontario, Canada.
Drilling Highlights:
- Hole MI-18-001 intersected 107.6 metres (“m”) of 0.33
grams per tonne gold (“g/t Au”)
- including 11.0 m of 1.17 g/t Au
- Hole MI-18-002 intersected 142.1 m of 1.90 g/t
Au
- including 108.0 m of 2.44 g/t Au, and 31.0 m of
4.44 g/t Au
- and including 7.0 m of 14.67 g/t Au
- Hole MI-18-003 intersected 48.0 m of 1.07 g/t
Au
- including 15.0 m of 1.41 g/t Au
- Hole MI-18-004 intersected 23.8 m of 0.54 g/t
Au
- including 5.80 m of 1.40 g/t Au
- Hole MI-18-005 intersected 10.0 m of 0.43 g/t
Au
- Hole MI-18-006 intersected 22.0 m of 0.69 g/t
Au
- including 6.40 m of 2.09 g/t Au and 0.38 m of 21.66 g/t
Au
Note: Assaying for the Miller and
Eaglelund drill programs are being done by SGS Canada Inc. (“SGS”)
at their laboratories in Red Lake and Cochrane, ON. Reported widths
are drilled core lengths; true widths are unknown at this
time. Assay values are uncut.
Jeff Swinoga, President and Chief Executive
Officer of First Mining, stated, “This discovery of significant
gold mineralization over such lengths and depths at the Miller
prospect is a striking success on its own. However, of much greater
significance to the bigger picture at Goldlund, is that today’s
results confirm the presence of Goldlund-style mineralization
approximately 10 kilometres from the current resource area along
strike of this 50 kilometre long property and indicate the
near-term exploration potential to expand the Goldlund
resource. Of the eight drill holes, seven had occurrences of
visible gold.”
This is the Company’s first drill program to
test the regional potential of the Goldlund property to host
significant gold mineralization similar to that demonstrated within
the Goldlund resource area. Today’s results are from the first six
drill holes of a planned thirteen hole diamond drill program at the
Miller and Eaglelund prospect areas (See Figure 1 below).
Figure 1: Location Map Showing Miller
and Eaglelund Exploration
Areashttp://www.globenewswire.com/NewsRoom/AttachmentNg/4f8bc9d3-0817-4be0-ad70-17ea7df80107
(1) Based on a technical report titled
“Technical Report and Resource Estimation Update on the Goldlund
Project” dated February 7, 2017, which was prepared by WSP Canada
Inc. in accordance with NI 43-101 and which is available under the
Company’s SEDAR profile at www.sedar.com, and on the Company’s
website at www.firstmininggold.com.
The two targeted areas lie approximately 10
kilometres northeast of the Goldlund resource area, along strike of
the lithologic fabric of granodiorite sills/dykes intruded into
regional mafic meta-volcanic greenstone which extends over 30
kilometres within the Goldlund property boundary. This elongate
pattern of brittle granodiorite in ductile mafic meta-volcanic
rocks is a key mechanism in focusing gold mineralization, as
demonstrated in the area of the current Goldlund resource. The
pattern of granodiorite sills/dykes hosted in mafic meta-volcanic
can be observed in the geophysical map presented below in Figure
2.
Figure 2: Geophysics Map (calculated
with vertical gradient magnetics northeast of the Goldlund resource
area)http://www.globenewswire.com/NewsRoom/AttachmentNg/33a4401f-4d6c-4e34-9641-af9f8d9ae71a
A total of eight drill holes were planned and
completed at Miller while five drill holes are planned at Eaglelund
and the first drill hole is currently underway (Figure 3
below).
Figure 3: Drill Plan Map Showing Miller and Eaglelund
Prospects (projections to
surface) http://www.globenewswire.com/NewsRoom/AttachmentNg/7852ebe8-78ea-4b76-9252-59d233aeb96e
Figure 4: Cross Section (looking Northeast at Miller
Prospect)http://www.globenewswire.com/NewsRoom/AttachmentNg/4e83903b-7500-446b-aeab-4179148a25f1
The drilling results at Miller confirmed the
same mineralogical associations of gold present in
quartz-carbonate-sulphide stockwork veining in granodiorite which
is very similar to that observed at the Goldlund resource area.
While it is too early yet to draw strong
conclusions, some differences with the Goldlund resource area have
been observed at Miller:
- At Miller, the four drill holes which crosscut the granodiorite
from hangingwall to footwall indicate that the entire width
of the dyke appears receptive to gold mineralization,
while at the Goldlund resource area, gold mineralization tends to
occupy only 25% - 40% of the total dyke width, generally favouring
the footwall side.
- In addition, while visible gold (“VG”) and gold tellurides were
common in First Mining’s 2017-2018 infill drilling program at the
Goldlund resource area, the frequency of occurrence of VG at Miller
was much greater, with VG occurring in seven out of the total eight
holes.
The
occurrence of VG in the Miller drill holes is summarized in Table 1
below:
Table 1: Occurrences of Visible Gold (VG) at Miller
Prospect
Drillhole |
Logged |
From |
To |
|
Au g/t |
ID |
Observation |
(m) |
(m) |
Sample ID |
(Fire Assay) |
MI-18-001 |
(VG
observed) |
18 |
18.3 |
C00054021 |
8.588 |
MI-18-001 |
(VG
observed) |
27.3 |
27.6 |
C00054034 |
8.670 |
|
|
|
|
|
|
MI-18-002 |
(VG
observed) |
5.5 |
6 |
C00054174 |
1.903 |
MI-18-002 |
(VG
observed) |
6 |
6.5 |
C00054175 |
11.880 |
MI-18-002 |
(VG
observed) |
122 |
122.5 |
C00054316 |
2.320 |
MI-18-002 |
(VG
observed) |
133 |
133.5 |
C00054330 |
0.585 |
|
|
|
|
|
|
MI-18-003 |
(VG
observed) |
69 |
69.5 |
C00054423 |
2.362 |
MI-18-003 |
(VG
observed) |
71 |
71.5 |
C00054426 |
2.964 |
MI-18-003 |
(VG
observed) |
90 |
90.5 |
C00054450 |
17.230 |
MI-18-003 |
(VG
observed) |
94.5 |
95 |
C00054457 |
1.344 |
MI-18-003 |
(VG
observed) |
97 |
97.5 |
C00054461 |
3.862 |
MI-18-003 |
(VG
observed) |
109.5 |
110 |
C00054479 |
0.007 |
MI-18-003 |
(VG
observed) |
124.5 |
125 |
C00054499 |
0.315 |
MI-18-003 |
(VG
observed) |
125 |
125.5 |
C00054500 |
10.550 |
MI-18-003 |
(VG
observed) |
125.5 |
126 |
C00054501 |
0.842 |
MI-18-003 |
(VG
observed) |
129.5 |
130 |
C00054507 |
4.391 |
MI-18-003 |
(VG
observed) |
137.7 |
138 |
C00054517 |
9.865 |
|
|
|
|
|
|
MI-18-004 |
(No
VG) |
|
|
|
|
|
|
|
|
|
|
MI-18-005 |
(VG
observed) |
71 |
72 |
C00054657 |
0.768 |
|
|
|
|
|
|
MI-18-006 |
(VG
observed) |
103.62 |
104 |
C00054751 |
21.660 |
MI-18-006 |
(VG
observed) |
109 |
109.4 |
C00054759 |
4.690 |
|
|
|
|
|
|
MI-18-007 |
(VG
observed) |
94 |
94.5 |
C00054891 |
Assays Pending |
MI-18-007 |
(VG
observed) |
94.5 |
95 |
C00054892 |
Assays Pending |
MI-18-007 |
(VG
observed) |
101 |
101.5 |
C00054901 |
Assays Pending |
MI-18-007 |
(VG
observed) |
107 |
107.5 |
C00054911 |
Assays Pending |
MI-18-007 |
(VG
observed) |
107.5 |
108 |
C00054912 |
Assays Pending |
MI-18-007 |
(VG
observed) |
114 |
114.5 |
C00054925 |
Assays Pending |
MI-18-007 |
(VG
observed) |
132.5 |
133 |
C00054949 |
Assays Pending |
|
|
|
|
|
|
MI-18-008 |
(VG
observed) |
136 |
136.5 |
C00055084 |
Assays Pending |
MI-18-008 |
(VG observed) |
137.5 |
138 |
C00055087 |
Assays Pending |
Figure 5 below presents a mosaic of nine
photomicrograph images taken of some of the occurrences listed
above. Drill hole ID, magnification and depth are noted in each
image.
Figure 5: Photomicrograph Mosaic of VG Observed in
Miller Prospect Core
http://www.globenewswire.com/NewsRoom/AttachmentNg/99fdc33d-01d4-4bd0-949c-58a3697e2537
Sawn core samples were submitted to SGS (Red
Lake, Ontario) for initial 50 gram fire assay with AAS
finish. Au detection over-limits (>10 g/t) are
automatically re-assayed with gravimetric finish.
Given the frequent occurrence of visible gold in
the Miller drill holes, First Mining is following up their standard
fire assays with a more definitive assay protocol of metallic
screen fire assay using a 1,000 gram sample size to minimize the
high nugget effect characteristic of Goldlund mineralization.
Metallic screen fire assays will be completed at the SGS Red Lake
and Cochrane laboratories on all sample intervals where VG has been
observed, as well as selected sample intervals immediately adjacent
to VG.
The 2018 regional exploration drilling campaign
at Goldlund is designed to test the presence and character of
potential gold mineralization distal from the current resource
area.
Table 2. Drill Hole Assay Results from
the Miller Prospect
|
Hole ID |
From (m) |
To (m) |
Length (m) |
Au g/t |
MI-18-001 |
MI-18-001 |
7.0 |
114.6 |
107.6 |
0.33 |
inc |
15.0 |
88.6 |
73.6 |
0.41 |
inc |
16.0 |
18.3 |
2.3 |
1.93 |
and
inc |
18.0 |
18.3 |
0.3 |
8.59 |
and
inc |
23.3 |
29.6 |
6.3 |
0.91 |
and
inc |
27.3 |
27.6 |
0.3 |
8.67 |
and
inc |
77.6 |
88.6 |
11.0 |
1.17 |
and inc |
87.6 |
88.6 |
1.0 |
6.27 |
MI-18-002 |
MI-18-002 |
0.4 |
142.5 |
142.1 |
1.90 |
inc |
1.5 |
109.5 |
108.0 |
2.44 |
and
inc |
57.5 |
88.5 |
31.0 |
4.44 |
and
inc |
75.5 |
82.5 |
7.0 |
14.67 |
and
inc |
81.5 |
82.5 |
1.0 |
88.80 |
and
inc |
102.5 |
109.5 |
7.0 |
9.60 |
and inc |
108.5 |
109.5 |
1.0 |
54.47 |
MI-18-003 |
MI-18-003 |
69.0 |
72.0 |
3.0 |
1.12 |
and |
90.0 |
138.0 |
48.0 |
1.07 |
inc |
90.00 |
90.5 |
0.50 |
17.23 |
and
inc |
94.00 |
97.5 |
3.50 |
2.28 |
and
inc |
105.0 |
106.0 |
1.00 |
3.90 |
and
inc |
115.0 |
130.0 |
15.0 |
1.41 |
and
inc |
125.00 |
125.5 |
0.50 |
10.55 |
and
inc |
137.70 |
138.0 |
0.30 |
9.87 |
MI-18-004 |
MI-18-004 |
34.0 |
57.8 |
23.8 |
0.54 |
inc |
34.0 |
35.0 |
1.00 |
2.56 |
and
inc |
52.0 |
57.8 |
5.80 |
1.40 |
and inc |
55.0 |
56.0 |
1.00 |
6.12 |
MI-18-005 |
MI-18-005 |
46.0 |
47.0 |
1.00 |
4.18 |
and |
68.0 |
78.0 |
10.00 |
0.43 |
and
inc |
72.0 |
74.0 |
2.00 |
1.25 |
and |
109.0 |
110.0 |
1.00 |
1.00 |
MI-18-006 |
MI-18-006 |
76.0 |
77.0 |
1.0 |
1.38 |
and |
102.0 |
124.0 |
22.00 |
0.69 |
inc |
103.0 |
109.4 |
6.40 |
2.09 |
and
inc |
103.6 |
104.0 |
0.38 |
21.66 |
and
inc |
109.0 |
109.4 |
0.40 |
4.69 |
and |
145.0 |
147.0 |
2.00 |
1.48 |
and |
169.0 |
170.0 |
1.00 |
3.01 |
Assaying for the 2018 Regional Goldlund drill
programs are being done by SGS at their laboratories in Red Lake,
Ontario. Prepared samples are analyzed for gold by lead
fusion fire assay with an atomic absorption spectrometry (AAS)
finish, with metallic screen fire assays being run on selected
samples. Multi-element analysis on the mineralized zones is also
being undertaken by two-acid aqua regia digestion with ICP-MS and
AES.
Table 3. Drill Hole Locations for the
Miller Prospect
Hole ID |
Azimuth ° |
Dip ° |
Length (m) |
UTM East |
UTM North |
Section |
MI-18-001 |
140 |
-80 |
140.5 |
554524 |
5533531 |
NW-50 |
MI-18-002 |
140 |
-85 |
200.0 |
554538 |
5533558 |
NW-100 |
MI-18-003 |
140 |
-55 |
170.0 |
554523 |
5533608 |
NW-100 |
MI-18-004 |
140 |
-55 |
101.0 |
554457 |
5533534 |
NW-00 |
MI-18-005 |
320 |
-65 |
110.0 |
554486 |
5533462 |
NW-00 |
MI-18-006 |
320 |
-65 |
170.0 |
554534 |
5533482 |
NW-50 |
MI-18-007 |
320 |
-60 |
182.0 |
554619 |
5533527 |
NW-150 |
MI-18-008 |
315 |
-60 |
172.8 |
554630 |
5533563 |
NW-150 |
QA/QC Procedures
The QA/QC program for the 2018 regional drilling
programs at Miller and Eaglelund consists of the submission of
duplicate samples and the insertion of certified reference
materials and blanks at regular intervals. These are inserted
at a rate of one standard for every 20 samples (5% of total) and
one blank for every 30 samples (3% of total). The standards
used in the 2018 regional program consist of 5 different gold
grades ranging from 1 to 9 g/t Au, and are sourced from CDN
Resource Laboratories in Langley, BC. Blanks have been
sourced locally from barren granitic material.
Field duplicates from quartered core, as well as
‘coarse’ or ‘pulp’ duplicates taken from coarse reject material or
pulverized splits, are also submitted at regular intervals with an
insertion rate of 4% for field duplicates and 4% for coarse or pulp
duplicates. Additional selected duplicates are being
submitted to an umpire lab for check assaying. SGS also
undertake their own internal coarse and pulp duplicate analysis to
ensure proper sample preparation and equipment calibration.
Dr. Chris Osterman, P.Geo., COO of First Mining,
is the “qualified person” for the purposes of National Instrument
43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”)
and he has reviewed and approved the scientific and technical
disclosure contained in this news release.
ABOUT THE GOLDLUND PROJECT
The Goldlund deposit is situated within a land
package of approximately 280 square kilometres (28,000 hectares)
referred to as the Goldlund Gold Project. The Property has a
strike-length of over 50 kilometres in the Wabigoon
Subprovince. Goldlund is an Archean lode-gold project located
in northwestern Ontario, approximately 60 kilometres from the
township of Dryden. The claims that make up the land package
cover the historic Goldlund and Windward mines.
On January 9, 2017, the Company announced an
initial mineral resource estimate for Goldlund that was prepared by
WSP Canada Inc. in accordance with NI 43–101. At a 0.4 g/t Au
cut-off grade, the Goldlund deposit contains pit constrained
Indicated Resources of 9.3 million tonnes at 1.87 g/t Au, or
560,000 ounces of gold. At a 0.4 g/t Au cut-off grade, the
Goldlund deposit contains pit constrained Inferred Resources of
40.9 million tonnes at 1.33 g/t Au, or 1,750,000 ounces of
gold. The technical report for this resource estimate, which
is titled “Technical Report and Resource Estimation Update on the
Goldlund Project” and is dated February 7, 2017, is available under
the Company’s SEDAR profile at www.sedar.com, and is also available
on the Company’s website at www.firstmininggold.com.
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 7 million ounces of gold in the
Measured and Indicated categories
and 5 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 24 mineral assets in Canada, Mexico and the United
States.
For further information, please contact Jeff
Swinoga, President and CEO at 416-816-0424, or Derek Iwanaka, Vice
President of Investor Relations at 604-639-8824, or visit our
website at 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) the near-term potential to expand the existing Goldlund
resource; (ii) the completion of metallic screen fire assays; (iii)
the completion of five drill holes at the Eaglelund prospect and
the results of such drilling; (iv) the estimated amount and grade
of Mineral Resources at Goldlund; and (v) the potential for
exploration upside at Goldlund. 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)
the presence of and continuity of metals at Goldlund at estimated
grades; (ii) the capacities and durability of various machinery and
equipment; and (iii) success in realizing proposed regional
drilling programs. 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
variations in the mineral content within the material identified as
Mineral Resources from that predicted; (ii) general risks related
to exploration drilling programs; (iii) developments in world
metals markets; (iv) risks relating to fluctuations in the Canadian
dollar relative to the US dollar; (v) management’s discretion to
refocus the Company’s exploration efforts and/or alter the
Company’s short and long term business plans; and (vi) the
additional risks described in First Mining's Annual Information
Form for the year ended December 31, 2016 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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