VANCOUVER, BC, Sept. 5,
2023 /PRNewswire/ - First Mining Gold Corp.
("First Mining" or the "Company") (TSX: FF) (OTCQX: FFMGF)
(FRANKFURT: FMG) is pleased to announce the confirmation of a new
gold zone based on initial results from its Phase I exploration
drilling program at the Duparquet Gold Project ("Duparquet Project"
or the "Project") located in Quebec,
Canada. Recent drilling at the Project occurred at the newly
modeled "Buzz Zone" which intersected 6.52 g/t Au over 4.6 m and 1.19 g/t Au over 10.4 m in drill hole DUP23-002, and 4.94 g/t Au
over 1.00 m as well as 2.16 g/t Au
over 1.50 m in drill hole DUP23-003,
confirming a newly modeled gold zone targeted proximal to the South
Beattie Syenite contact. In addition, results from drill hole
DUP23-001 returned 2.28 g/t Au over 5.05
m, and drill hole DUP23-002 returned 8.70 g/t Au over
3.3 m, validating wireframes for the
existing resource.
"These first drill holes have now confirmed a new modeled gold
zone at the Duparquet Gold Project," stated Dan Wilton, CEO of First Mining. "With further
drilling to continue, First Mining is well positioned to continue
advancing this strategically important project located in the
prolific Abitibi Greenstone Belt. The ongoing drilling
success at Duparquet will provide
upside potential to the Duparquet Gold Project where First Mining
is currently advancing on a PEA and expect to have that completed
in Q3 2023."
Drilling Highlights:
- Initial drilling campaign at the Duparquet Project since
acquisition confirms new gold zone
- "Buzz Zone" intercepts of 6.52 g/t Au over 4.6 m, 1.19 g/t Au over 10.4 m, 4.94 g/t Au over 1.0 m and 2.16 g/t Au over 1.5 m
- Additional intercepts in areas of geologic and wireframe
validation which include 8.70 g/t Au over 3.3 m and 3.47 g/t Au over 7.75 m
- Continued demonstration of a sizeable and growth-enabled gold
system in one of Canada's largest
undeveloped gold projects
Table 1: Selected Significant Drill Intercept Results
at Buzz Zone
Hole
ID
|
|
From
(m)
|
To
(m)
|
Length
(m)
|
Grade
(Au g/t)
|
Target
|
DUP23-002
|
|
450.8
|
455.4
|
4.60
|
6.52
|
Buzz
|
inc.
|
452.6
|
454.4
|
1.80
|
12.82
|
Buzz
|
inc.
|
453.5
|
454.4
|
0.90
|
18.60
|
Buzz
|
and
|
582.0
|
592.4
|
10.40
|
1.19
|
Buzz
|
inc.
|
587.8
|
588.5
|
0.70
|
3.97
|
Buzz
|
DUP23-003
|
|
659.0
|
660.0
|
1.00
|
4.94
|
Buzz
|
and
|
715.5
|
717.0
|
1.50
|
2.16
|
Buzz
|
*Reported intervals
are drilled core lengths (true widths are estimated at 75-85% of
the core length interval); assay values are uncut
|
The Phase I drilling program commenced in May 2023 and is focused on validating, de-risking
and unlocking exploration opportunities at the Duparquet Project,
which has seen limited exploration since 2013. First Mining's
initial campaign is the first to be conducted within its newly
consolidated and wholly owned mineral tenure at Duparquet, which now spans 19 km of strike
length of the prolific Destor-Porcupine Fault Zone in the Abitibi
Greenstone Belt.
The newly modeled "Buzz Zone" occurs immediately south of the
existing Duparquet mineral
resource, which includes a combined pit and selective underground
mining scenario with additional tailings resource, and which is
currently estimated at 3.4 million ounces of gold in the Measured
& Indicated category, grading 1.55 g/t Au, and an additional
1.6 million ounces of gold in the Inferred category, grading 1.36
g/t Au*. Recent drilling by First Mining targeted a new potential
zone surrounding a historical drill intercept (1.77 g/t Au over
30 m in drill hole B09-40, including
2.38 g/t Au over 4 m, 7.44 g/t Au
over 3 m and 5.72 g/t Au over
2 m), with a recognized potential for
significant expansion with confirmation of continuity. First
drilling by the Company at the Buzz Zone included two drill holes
totalling 1,395 meters which demonstrate new mineralization over a
strike length of 240 m which remains
open in all directions.
* Details of the
Duparquet Gold Project mineral resource can be found in the
technical report entitled "NI 43-101 Technical Report and Mineral
Resource Estimate Update for the Duparquet Project, Quebec, Canada"
which was prepared by InnovExplo Inc. of Val d'Or, Quebec in
accordance with National Instrument 43-101 Standards of Disclosure
for Mineral Projects ("NI 43-101") and has an effective date of
September 12, 2022.
|
Buzz Target
The Buzz target is located immediately south of the current
resource wireframes at First Mining Gold's Duparquet Deposit (see
Figure 1, Figure 2). The Buzz Zone is a resource expansion
target which is hosted within interpreted splay(s) off the prolific
Destor Porcupine Fault Zone located in the Abitibi Greenstone
Belt.
The mineralization at Duparquet
is known to occur along high strain corridors within sheared and
brecciated zones that straddle or cut though the margins of the
Beattie syenite. The gold mineralization is associated with fine-
to very fine-grained, disseminated pyrite and lesser arsenopyrite,
and is associated with silicification, sericitization and
ankeritization.
The second hole of the Phase I drill program, DUP23-002, was
aimed at validating current mineralized resource wireframes and
geological models while testing the Buzz Zone, a target previously
underexplored due to the proximity of the historical boundary
between the Duparquet property and
the Porcupine East property, which was acquired by First Mining
earlier this year. The Buzz Zone was intersected at a vertical
depth of 355 metres and includes intervals of 6.52 g/t Au over
4.6 m, including 12.82 g/t Au over
1.8 m, and 1.19 g/t Au over
10.4 m, including 3.97 g/t Au over
0.7 m (Table 1). This drill hole also
validated several of the modelled resource wireframes while
confirming continuity at depth which included intervals of 8.70 g/t
Au over 3.3 m and 0.94 g/t Au over
12.0 m. The drill hole also
intersected additional mineralized zones near surface that had not
been identified and included in the wireframes used in the current
mineral resource estimate which included assay intervals of 2.72
g/t Au over 6.3 m from 106.0 m to 112.3 m,
and 0.74 g/t Au over 20.25 m from
125.8 m to 146.0 m.
The third hole of the program, DUP23-003, located 230 m to the east of DUP23-002, intersected
mineralization below the current resource with a potential for
wireframe extension of up to 75 m,
including a significant intercept of 3.47 g/t Au over 7.75 m from 378.85
m to 386.60 m. DUP23-003 also
drill tested the Buzz Zone and returned 4.94 g/t Au over
1.0 m from 659.0 m to 660.0 m,
and 2.16 g/t Au over 1.50 m from
715.5 m to 717.0 m, hosted within brecciated lithologies.
Initial interpretation of the target intercept provides a positive
vector at depth for a favourable host setting within the
conventionally targeted syenite, approximately 100 m vertically deeper.
2023 Duparquet Drilling Program
First Mining commenced a foundational drilling program in
May 2023 with an initial 5,000 m drilling campaign that is focusing on the
advancement of newly defined targets, as well as validating and
expanding on resource growth and optimization opportunities.
The first three holes in the Phase I 5,000 m drilling program were aimed at validating
the historical modelled mineralization and testing opportunities to
extend the mineralization at depth and along strike. The Phase I
program is also aiming to unlock exploration opportunities
immediately surrounding the mineral resource, as well as at
targeted areas that were identified from integrating datasets from
the recently consolidated land tenure, which was historically
underexplored and demonstrates potential to add additional mineral
resources around the project (Figure 3).
Other drill targets tested by First Mining include drilling
around the historical Beattie mine, where there is still
significant opportunity for validation and extension at depth.
Drill hole DUP23-001 targeted the depth extension of the
mineralization at the contact of the Beattie syenite and mafic
volcanics. Two of the interpreted wireframes were intersected
along the southern half of the Beattie Syenite. The hole
intersected silicified, fine-grained syenite containing 0.5-1%
pyrite and arsenopyrite and returned 2.28 g/t Au over 5.05 m, followed by a second zone approximately
105 m down the hole at the southern
contact of the syenite with the volcanics, which returned 0.96 g/t
Au over 9.8 m (Figure 4).
Significant assay results from the Duparquet Gold Project
drilling program are reported below in Table 2, and drill locations
are provided in Table 3.
Results from the current drilling validate the existing resource
model, having intersected gold mineralization within the pit shell
and interpreted wireframes. The drilling results also confirm that
the interpreted wireframes have continuity at depth and that
significant new gold mineralization exists to the south, beyond the
limits of the current mineral resource estimate.
The Company's exploration strategy at Duparquet is focused on advancing on multiple
targets during this Phase I program, while continuing to integrate
and modernize historical datasets to support drill targeting.
"We are looking forward to completing our Phase I drilling
campaign and launching into the next round of drilling in the fall
of 2023, with an improved understanding of the resource and the
brownfields opportunities at Duparquet while unlocking further exploration
potential at the drill bit and with regional greenfields
campaigns," stated James Maxwell,
First Mining's Vice President of Exploration.
Table 2: Significant Drill Intercept Results at Duparquet
Gold Project
Hole
ID
|
|
From
(m)
|
To
(m)
|
Length
(m)
|
Grade
(Au g/t)
|
Target
|
DUP23-001
|
|
259.50
|
264.55
|
5.05
|
2.28
|
Beattie
|
and
|
365.20
|
375.00
|
9.80
|
0.96
|
Beattie
|
DUP23-002
|
|
44.00
|
47.00
|
3.00
|
0.96
|
Beattie
|
and
|
106.00
|
112.30
|
6.30
|
2.72
|
Beattie
|
and
|
125.75
|
146.00
|
20.25
|
0.74
|
Beattie
|
and
|
354.00
|
357.30
|
3.30
|
8.70
|
Beattie
|
inc.
|
354.00
|
355.00
|
1.00
|
18.80
|
Beattie
|
and
inc.
|
356.30
|
357.30
|
1.00
|
9.20
|
Beattie
|
and
|
420.00
|
432.00
|
12.00
|
0.94
|
Beattie
|
and
|
450.80
|
455.40
|
4.60
|
6.52
|
Buzz
|
inc.
|
452.60
|
454.40
|
1.80
|
12.82
|
Buzz
|
and
inc.
|
453.50
|
454.40
|
0.90
|
18.60
|
Buzz
|
and
|
582.00
|
592.40
|
10.40
|
1.19
|
Buzz
|
inc.
|
587.80
|
588.50
|
0.70
|
3.97
|
Buzz
|
DUP23-003
|
|
60.50
|
65.50
|
5.00
|
6.08
|
Beattie
|
inc.
|
60.50
|
61.50
|
1.00
|
11.80
|
Beattie
|
and
inc.
|
63.50
|
64.50
|
1.00
|
15.00
|
Beattie
|
and
|
136.00
|
158.40
|
22.40
|
1.09
|
Beattie
|
inc.
|
137.80
|
138.30
|
0.50
|
13.10
|
Beattie
|
and
|
266.20
|
267.00
|
0.80
|
7.07
|
Beattie
|
and
|
378.85
|
386.60
|
7.75
|
3.47
|
Beattie
|
inc.
|
380.30
|
382.00
|
1.70
|
10.79
|
Beattie
|
and
|
659.00
|
660.00
|
1.00
|
4.94
|
Buzz
|
and
|
715.50
|
717.00
|
1.50
|
2.16
|
Buzz
|
*Reported intervals
are drilled core lengths (true widths are estimated at 75-85% of
the core length interval); assay values are uncut
|
Table 3: Drill Hole Locations, Duparquet Gold Project
Hole
ID
|
Azimuth
(°)
|
Dip
(°)
|
Length
(m)
|
Easting
|
Northing
|
Target
|
DUP23-001
|
175
|
63
|
507
|
630445
|
5374387
|
Beattie
|
DUP23-002
|
175
|
55
|
645
|
631053
|
5374400
|
Beattie and
Buzz
|
DUP23-003
|
180
|
60
|
750
|
631307
|
5374429
|
Beattie and
Buzz
|
Note: Collar
coordinates in UTM NAD 83 z17
|
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 Duparquet Project is part
of a property ownership package that spans several 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 and Donchester mines and as well as the Central Duparquet and Dumico deposits. In
addition, the project is located adjacent and contiguous to our
Pitt Gold and Duquesne projects, as well as the Porcupine East
claim blocks that we recently acquired from IAMGOLD.
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 where they were processed for gold
analysis by 50 gram fire assay with an atomic absorption finish,
and samples from selected holes were sent to AGAT Laboratories in
Mississauga, Ontario, or
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, 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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