Phase 3 Drilling and Regional Systematic Data Capture
Programs Underway
VANCOUVER, BC, May 1, 2024 /CNW/ - First Mining Gold Corp.
("First Mining" or the "Company") (TSX: FF) (OTCQX: FFMGF)
(FRANKFURT: FMG) is pleased to announce its 2024 exploration
program plans at its Duparquet Gold Project ("Duparquet Project" or
the "Project") located in the Abitibi region of Quebec, Canada. The Company has now commenced
activities on its 12,000 m drilling
program, as well as a series of property-wide regional programs
focused on geophysical, LiDAR, and field surveys covering its 19
km, 5,800 hectare property position surrounding a key portion of
the Destor-Porcupine Fault Zone. The Duparquet Project currently
hosts a gold resource base of 3.44 Moz Measured and Indicated
grading 1.55 g/t Au and 2.64 Moz Inferred grading 1.62 g/t
Au. First Mining completed a Preliminary Economic Assessment
("PEA") on the Project in 2023 (see news release dated September 7, 2023 and October 23, 2023).
"We are very excited to expand our exploration program for 2024
at Duparquet at a time when
sizable gold development projects are becoming increasingly
important to our sector," stated Dan
Wilton, CEO of First Mining. "Relative to last year, we have
increased our exploration budget at Duparquet in 2024 as we believe the
existing resource base is just the starting point of the potential
upside here at Duparquet. Along with our Springpole Gold
Project and exploration potential in Ontario, First Mining continues to demonstrate
significant exposure to the gold exploration and development market
with near-term catalysts on the horizon."
Highlights for the 2024 Exploration Program include:
- An increased drilling program of scale targeting a total
12,000 m testing priority areas
developed from 2023 inaugural exploration programs including the
Buzz Zone, North Zone Extension, and Valentre Target Area.
- A project-wide airborne geophysical and lidar survey partnered
with leading industry group ALS Goldspot Discoveries Ltd.
- Completion of an on-site exploration planning session evolving
geoscience strategies and targeting, involving a team of in house
geoscientists, strategic advisors and industry consultants.
- Initiation of an extensive 3-dimensional property wide
geological modelling project, advancing both regional development
opportunities and areas favoured for exploration discovery
potential.
- Near term releasing of Phase II-B winter drilling results.
First Mining's 2024 exploration strategy is focused on further
advancing resource confidence, extension and discovery level
targets on the approximately 6,000 hectare Duparquet Project
covering 19 km of favourable strike along the Destor-Porcupine
Fault Zone.
2024 Duparquet Exploration Program Outlook
The 2024 program at the Duparquet Project aims to build on the
successes and insights gained from the 2023 campaigns, with a
continued focus on growth opportunities within the current mineral
resource and new discoveries on the property package. Exploration
targets (Figure 1) are well defined and are known to encompass
diverse mineralization styles throughout the project area.
First Mining has placed a focus on the exploration potential
surrounding higher-grade settings and opportunities that could
deliver up front development synergies with existing well-defined
resources.
Drilling commenced in February
2024 completing the Phase II winter drilling through a
seven-hole, 2,856m drill program
which targeted favourable exploration areas within the North Zone
as well as the Rex area, a regional brownfields opportunity from
the 2023 field campaign. Assay results are now returning for the
Phase II drill program.
First Mining will commence with the Phase III drilling campaign,
airborne magnetic and LiDAR surveys as well as a property wide
expanded 3D geological and target model in Q2 2024. The Phase III
exploration strategy focuses on three key objectives: unlocking
significant brownfields opportunities that aim to identify
higher-grade zones, targeted resource opportunities that support
resource development optimization initiatives and conducting field
work campaigns aimed at greenfield target development and
evaluation for new discoveries.
The first component of the Phase III – 9,000m drilling program will focus on the tier 1
exploration opportunities highlighted by recent exploration
programs. The program will start immediately with drill testing the
target extension opportunities at the Buzz Zone (see news release
dated September 5, 2023) which
returned 6.52 g/t Au over 4.6 m and
further work indicates that this target has significant potential
to add ounces to the Duparquet
resource. Drilling will also be conducted at the Valentre target
that returned 1.71 g/t Au over 8.9 m,
including 5.11 g/t Au over 1 m, and
1.29 g/t Au over 7.6 m, including 3.3
g/t Au over 1.8 m in drill hole
DUP23-006 (see news release dated January 9,
2024).
Follow up work at the Valentre target is indicative of an
opportunity to extend the mineralization in all directions,
including at surface as well as along strike. This work is
envisioned to support positive optimization trade offs in the area
of Central Duparquet. The drilling
completed at the CDHG target which returned 2.73 g/t Au over
6.15 m supports early geoscience
modelling of higher-grade shoots that extend down plunge within the
area which we aim to further validate through follow-up drilling in
2024. This target area also has an ability to contribute meaningful
near-term resource growth potential and elevated confidence to the
Central Duparquet area.
Field work campaigns are also being immediately initiated,
commencing with a high resolution geophysical airborne magnetic
gradient and LiDAR survey in the second quarter. First Mining has
partnered with ALS Goldspot Discoveries Ltd (Goldspot) to conduct a
property wide airborne program following a recent gap analysis
study. The program consists of a high-resolution geophysics program
that will be flown with Goldspot's M-PASS platform with data to be
integrated with select 2022 high resolution geophysical survey data
collected over a portion of the Project area previously (Figure 2).
New data acquisition, coupled with industry leading post-survey
processing, will further define and resolve resource and
exploration detail while assisting in development support for the
full scale project area.
In addition, First Mining has also partnered with BBA
Engineering to develop a robust, Duparquet property wide 3D litho-structural
geological model to further advance current data and refine future
exploration drilling integration. Since First Mining acquired the
project, a focused 3D model was developed around the main
Duparquet resource area and
advancing targeting on the basis of a fully integrated geological
model has proven valuable and provided First Mining with a strong
foundation to interrogate the model and define targets that can be
drill tested with high confidence. Following the 2023 Mineral
resource updates at Pitt and Duquesne,
the Company is now working on expanding the geological model to
cover the full extents of the project, totalling a 42 km² model
(Figure 3).
Having a robust geological model that is developed on a strong
foundation of geoscientific data collected over the project's life
span, integrated into one unified geological model and integrated
with the known mineral resource centres supports regional target
development outside of the main, traditional Beattie syenite hosted
resource along the prolific Destor-Porcupine Fault ("DPFZ") which
is known to have diverse styles of mineralisation.
Mapping and prospecting campaigns will be supported with the
strong diversity of integrated geoscience programs ongoing. First
Mining will focus on following up exciting regional field targets
developments while continuing systematic geological
characterization of the gold resources and priority exploration
target areas being advanced for drilling. Geoscience teams
are now active on the project with envisioned field programming to
continue through to the fall period.
"We are looking forward to the outcomes of the
exploration year ahead, especially on the back of recent high value
drilling and new data acquisition phases including geophysics
campaigns. We see tremendous value in moving the Duparquet Project
forward with good pace while yielding high quality outcomes,"
stated James Maxwell, VP Exploration
and Project Operations. "Our in-house team at Duparquet is growing just as much as
our excitement for the Phase III program and our local
personnel and local contractors are looking forward to
starting these next phases with safe and effective execution."
About the Duparquet Gold
Project
The Duparquet Project is geologically situated in the southern
part of the Abitibi Greenstone Belt and is geographically located
approximately 50 km north of the city of Rouyn-Noranda. The Project benefits from easy
access and proximity to an existing workforce and infrastructure,
including road, rail and hydroelectric grid power. The Duparquet
Project totals approximately 5,800 hectares focused along an area
of 19 kilometres of strike length along the prolific
Destor-Porcupine Fault Zone, along with numerous mineralized splays
and influential secondary lineaments. The Duparquet Project
includes the past-producing Beattie, Donchester and Duquesne mines as well as the Central Duparquet, Dumico and Pitt Gold deposits. In 2023, First Mining
completed a positive PEA for the Project that will guide phased
optimization and advancement moving forward.
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 at Duparquet were sent to
AGAT Laboratories, with sample preparation in Val d'Or and analysis in Thunder Bay, where they were processed for
gold analysis by 50 gram fire assay with an atomic absorption
finish. Samples from selected holes were sent to AGAT Laboratories
in Calgary, Alberta, for
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
Louis Martin, P.Geo., Senior
Geologic Consultant of First Mining, is a "Qualified Person" for
the purposes of NI 43-101 Standards of Disclosure for Mineral
Projects, and 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 Project
in Quebec, a PEA-stage development
project 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 Firefly Metals 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, 2023
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.