VANCOUVER, BC, July 20,
2023 /CNW/ - First Mining Gold Corp. ("First
Mining" or the "Company") (TSX: FF) (OTCQX: FFMGF)
(FRANKFURT: FMG) is pleased to announce results from its 2023 drill
program focused on the advancement of its Horseshoe and Atlantis
drilling targets in the Birch-Uchi Greenstone Belt Project ("BUGB
Project" or the "Project") located in northwestern Ontario, Canada. Winter drilling at the
project comprised a total of eleven drill holes for 2,760 metres
focused on three target areas: Saddle, Horseshoe, and Atlantis.
First drilling by the Company at the Horseshoe target included
five drill holes totalling 1,589 metres which identified a
significant gold mineralization system, with drill highlights
including 0.48 g/t Au over 48.5 metres in drill hole HOR23-001,
0.54 g/t Au over 57 metres in drill hole HOR23-002, and 0.64 g/t Au
over 24 metres and 0.45 g/t Au over 14.5 metres in drill hole
HOR23-003. The Company also completed drilling at the Atlantis
target which focused on EM plate modelled targets identified in the
2022 airborne geophysics campaign.
Assays for the Saddle target were previously reported and
include gold intercepts of 0.92 g/t Au over 114.0 metres and 0.75
g/t Au over 58 metres (see news release dated July 6, 2023).
Project Highlights
- Initial drill program tested multiple mineralization
targets within the Horseshoe target area and successfully
intersected mineralization over a 260-m strike length
- Foundational data consolidation and integration with recent
airborne geophysics into a preliminary 3D model to further
characterize, advance and identify exploration opportunities
- BUGB Project is proving to be prospective with three of four
drilled targets identifying meaningful gold mineralization
- Continued advancement and prioritization of exploration
opportunities being delivered throughout the project area with
opportunities for increased testing
"Our exploration efforts continue to identify and advance new
resource growth opportunities within our Birch-Uchi Greenstone Belt
project, as demonstrated once again by significant intercepts of
meaningful widths and gold grades in our latest results from
Horseshoe" stated Dan Wilton, CEO of
First Mining . "The results from drilling at the Saddle, Horseshoe
and Atlantis targets demonstrate robust gold endowment of this
under-explored greenstone belt, all located within proximity of our
Springpole Gold Project."
Table 1: Selected Significant Drill Intercept Results
at Horseshoe Target
Hole
ID
|
From
(m)
|
To
(m)
|
Length
(m)
|
Au
(g/t)
|
Target
|
HOR23-001
|
159
|
194
|
35
|
0.57
|
Horseshoe
|
and
|
221
|
269.5
|
48.5
|
0.48
|
HOR23-002
|
158
|
215
|
57
|
0.54
|
Horseshoe
|
HOR23-003
|
150
|
174
|
24
|
0.64
|
Horseshoe
|
and
|
183
|
197.5
|
14.5
|
0.45
|
*Reported intervals are
drilled core lengths, true widths are not yet established; assay
values are uncut
|
Horseshoe Target
The Horseshoe target is located approximately 10 kilometres
east-southeast of First Mining's Springpole Gold Project (Figure 1)
and is characterized by a significantly deformed and altered
granodiorite intrusive unit that occurs in contact with a
surrounding series of volcanic and sedimentary units of the
Birch-Uchi Greenstone Belt. Mineralization is associated with
increased sericite and silica alteration, moderate to intensely
sheared granodiorite, higher concentrations of deformed quartz
veining, and sulphides. The dominant sulphide mineralization is
composed of pyrite and occurs as fine-grained to very fine-grained
disseminations averaging 0.5% - 4%, with localized abundances up to
10%. Veining is typically 1 cm to 5 cm in scale with higher
densities corresponding to increased silica alteration.
Mineralization is interpreted to be coincident with potential
subparallel shear structures, and increased sulphide mineralized
areas.
The 2023 winter drilling campaign was focused on testing the
preliminary 3D geological model and to target sheared, mineralized
granodiorite along the Swain Deformation Zone ("SDZ") as well as
its continuity down plunge. Modelling of the SDZ proximal to
the target area incorporates a series of mapped splays that are
interpreted to support a dilation zone of interest considered
favourable for gold mineralization (Figure 1). Drill hole HOR23-001
was drilled to test the continuity of the mineralization between
historical drilled holes, with holes HOR23-002 and HOR23-003
stepping east along the SDZ and testing the extension along strike
in confirming continuity in the mineralization. The first three
holes (HOR23-001, HOR23-002 and HOR23-003) all returned significant
gold intercepts over a strike length of 260
m, with widths ranging from 14 - 48
m (Table 1 and Table 2) which supports scaleability, and
further opportunities for extension in previously untested
areas.
Drill holes HOR23-004 and HOR23-005 are two step-out holes
targeting an area that was highlighted by advanced geophysical
modelling of the data from the Company's 2022 airborne geophysics
campaign. Hole HOR23-004 was targeting the lithological contact of
a historically explored gabbro body known to host polymetallic
Cu-Ni mineralization with increasing geochemical gold vectors
towards a modeled contact. Drilling returned a down hole
significant intercept that supports the presence of gold
mineralization in the interpreted area, leading to opportunity for
follow-up testing in additional exploration campaigns. Drill hole
HOR23-005 targeted an extension of the SDZ dilation trend where
coincident with geophysical interpretation of the modelled shear.
The drill hole encountered breccia units providing structural
insight to the target area, however, no significant gold values
were encountered. Figure 2 shows the location of the 2023
Horseshoe drilling superimposed on the airborne geophysics
imagery.
The Horseshoe target area has been a focus of recent geoscience
compilation and target generation through First Mining's 2021 and
2022 exploration work programs. First Mining's exploration
team completed data review, field site investigations consisting of
mapping and sampling, airborne geophysics, and the application of
3D modelling for a modernized geoscience approach to targeting.
Through these work phases the Company has identified an important
exploration centre with expansion opportunities and substantial
future resource potential.
Historical drilling was completed on the Horseshoe target area
by previous operators, reportedly totalling 145 holes for
approximately 24,000 m, with some
being completed in the 1940s and more continuous exploration
occurring between 1970 and 2000, which in addition to diamond
drilling also included geophysics surveys, soil surveys,
prospecting, mapping and trenching. Highlights from historical work
programs include exploration focus of altered and deformed
granodiorite which returned an interval of 16.5 m of 3.96 g/t Au in hole HSI84-008 (1984 –
St Joe Canada Inc), as well as 15.0 m
at 2.61 g/t Au in hole HI85-33 and 3
m at 10.97 g/t Au in hole HI85-36. Gold mineralization
encountered in the historical drilling was hosted within highly
silicified zones of increased quartz veining and strongly altered
granodiorite consistent with the expansions and logging
descriptions of First Mining. In combination with the 2023
drilling, results are indicative of a mineralization envelope that
is host to significant gold potential and which will form an
important focus for additional follow-up exploration.
Figure 3 shows the downhole assay results from the 2023
Horseshoe drilling which indicate the expansion of the gold
mineralization beyond the original modelled zones.
Atlantis Target
Additional exploration of the BUGB Project during the winter
program included an initial drill hole testing the Atlantis target
within the Birch Property, located approximately 4 km north of
First Mining's Springpole Gold Project, where several significant
high-grade gold settings have been identified in previous
exploration campaigns. Historical exploration includes the
discovery of centres of high-grade gold in quartz veining that is
hosted within intermediate volcanics, mafic volcanics, and banded
iron formation lithologies. Mineralization across the property has
returned gold grades of up to 15.3 g/t Au in rock grab samples at
the Canamer target (see news release January
17, 2023), towards the southeast of Atlantis during the 2022
field campaign, and historical drilling programs on the HGI target,
located towards the east-southeast of Atlantis, reported grades of
up to 113.94 g/t Au over 2.95 m (hole
TWBL-096) and 246 g/t Au over 1 m
(Hole P255A-078).
Recent airborne geophysical surveys coupled with ongoing data
compilation throughout 2021 and 2022 have evolved a new series of
underexplored targets for drill testing and groundwork follow-up.
The Atlantis target occurs as a series of plate modeled EM
conductors identified in the 2022 SkyTEM geophysical campaign,
coincident with a magnetic high trend interpreted to be folded iron
formation stratigraphy (Figure 4).
This target was tested with one drill hole during the recent
program in an effort to discover new gold mineralization in
analogous structural and stratigraphic settings to other known
mineralized occurrences on the property. Drill hole BIR23-001 was a
technical success in that it intercepted significant quartz
veining, as well as multiple zones of pyrite and pyrrhotite
sulphidized iron formation stratigraphy that will provide
additional vectoring within the target and property-wide area. Gold
grades returned were below detection limits, with additional
characterization work and target vectoring in this target area
still to be completed.
Table 2: Drill Intercept Results from the Horseshoe and
Atlantis Targets
Hole
ID
|
From
(m)
|
To
(m)
|
Length
(m)
|
Au
(g/t)
|
Target
|
HOR23-001
|
22
|
25
|
3
|
2.01
|
Hoof
|
and
|
70.6
|
74
|
3.4
|
0.30
|
Horseshoe
|
and
|
159
|
194
|
35
|
0.57
|
Horseshoe
|
and
|
221
|
269.5
|
48.5
|
0.48
|
Horseshoe
|
including
|
256
|
256.5
|
0.5
|
4.29
|
|
HOR23-002
|
27
|
29
|
2
|
0.70
|
Horseshoe
|
and
|
68
|
72
|
4
|
0.49
|
Horseshoe
|
and
|
90
|
92
|
2
|
0.48
|
Horseshoe
|
and
|
105
|
107
|
2
|
1.35
|
Horseshoe
|
and
|
158
|
215
|
57
|
0.54
|
Horseshoe
|
including
|
193
|
203
|
10
|
0.90
|
|
including
|
211.06
|
215
|
3.94
|
1.05
|
|
HOR23-003
|
48.4
|
49.5
|
1.1
|
2.02
|
Hoof
|
and
|
74
|
75
|
1
|
1.06
|
Hoof
|
and
|
82
|
83
|
1
|
1.41
|
Hoof
|
and
|
100
|
101
|
1
|
1.00
|
Hoof
|
and
|
134
|
140
|
6
|
1.38
|
Horseshoe
|
including
|
135
|
136
|
1
|
4.49
|
|
and
|
150
|
174
|
24
|
0.64
|
Horseshoe
|
including
|
153.8
|
154.4
|
0.6
|
5.43
|
|
including
|
173
|
174
|
1
|
4.86
|
|
and
|
183
|
197.5
|
14.5
|
0.45
|
Horseshoe
|
including
|
195.5
|
197.5
|
2
|
2.23
|
|
and
|
217
|
221
|
4
|
0.94
|
Horseshoe
|
and
|
234
|
236
|
2
|
0.76
|
Horseshoe
|
and
|
263
|
268.4
|
5.4
|
0.32
|
Horseshoe
|
and
|
355.85
|
357.25
|
1.4
|
0.57
|
Horseshoe
|
HOR23-004
|
80
|
81
|
1
|
0.96
|
Trigger
|
and
|
272
|
273.65
|
1.65
|
0.46
|
Trigger
|
HOR23-005
|
No significant
assays
|
Horseshoe
|
BIR23-001
|
No significant
assays
|
Atlantis
|
*Reported intervals are
drilled core lengths, true widths are not yet established; assay
values are uncut
|
Table 3: Drill Hole Locations, Horseshoe and Atlantis
Targets
Hole
ID
|
Azimuth
(°)
|
Dip
(°)
|
Length
(m)
|
UTM E
|
UTM N
|
Target
|
HOR23-001
|
110
|
-60
|
331
|
539157
|
5691769
|
Horseshoe
|
HOR23-002
|
125
|
-70
|
310
|
539330
|
5691852
|
Horseshoe
|
HOR23-003
|
125
|
-80
|
395
|
539408
|
5691928
|
Horseshoe
|
HOR23-004
|
305
|
-56
|
275
|
539465
|
5692408
|
Horseshoe
|
HOR23-005
|
123
|
-55
|
278
|
539544
|
5692391
|
Horseshoe
|
BIR23-001
|
200
|
-51
|
329
|
548706
|
5698229
|
Atlantis
|
Note: Collar
coordinates in UTM NAD 83 z15
|
First Mining's exploration team is continuing to analyze data
from the 2023 winter drilling campaign around the Horseshoe and
Atlantis targets, from which the learnings will further be
incorporated into a revised and updated geological model to support
continued exploration opportunities.
"Our dedicated exploration and support teams are making
tremendous progress at the Birch-Uchi Project as we are continuing
to push forward with mapping and sampling on a multitude of
prospective areas which will uplift our database strength and
support improved modelling and informed geological targeting in the
district surrounding Springpole." stated James Maxwell, VP of Exploration for First
Mining.
Birch-Uchi Greenstone Belt
Project
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 demonstrate a 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 Birch-Uchi Greenstone Belt 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 Gold 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 Standards of Disclosure for Mineral
Projects ("NI 43-101").
Senior Management Change
Samir Patel, the Company's
General Counsel & Corporate Secretary, will be leaving his role
at First Mining, effective July 21,
2023, having notified the Company that he will be pursuing
another opportunity in the mining industry. Following Mr.
Patel's departure from the Company, Lisa
Peterson, the Company's CFO, will assume corporate secretary
duties on an interim basis.
"We would like to thank Samir for his service and dedication to
First Mining. As one of the Company's longest standing
employees, Samir has been a key part of the development of First
Mining, and we wish him well in his future endeavours," stated
Dan Wilton, CEO of First
Mining.
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, 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.