SODANKYLÄ, FINLAND / ACCESS Newswire / February 20, 2025 / FireFox Gold Corp. (TSXV:FFOX)(OTCQB:FFOXF)("FireFox" or the "Company") is pleased to report results from borehole (BHEM) and fixed loop (FLEM) electro-magnetic geophysical surveys executed at the East Target of the Mustajärvi Gold Project in Finland. The purpose of the surveys was to identify new drill targets for high-grade gold that may be associated with highly conductive rocks. Rocks that are high in pyrite tend to be conductive of electricity, making them excellent targets for these types of electromagnetic (EM) systems. The high-grade gold at Mustajärvi, encountered in numerous drill holes since 2019, is almost always associated with high concentrations of pyrite.
Highlights of the successful campaign include:
The observation that interpreted zones of semi-massive to massive pyrite (conductive zones) continue to the north and along strike beyond current drilling;
Recognition of a persistent conductive horizon parallel to the Mustajärvi Shear Zone but over 400 metres south from the southernmost FireFox drillholes; and
Two newly identified strong drill targets related to electrical conductors near to previously drilled holes.
FireFox Chairman and Co-Founder, Patrick Highsmith, commented on the geophysical survey, "The significance of a small geophysical survey like this is that we can test the technology over known high-grade mineralization and look for extensions and analogues. In this case, the FLEM and BHEM suggest the presence of more high sulphide targets both close to existing drilling and well away from existing drilling. We look forward to applying the method along more of the key structures at Mustajärvi. Between our careful application of structural geology, geochemistry, and geophysics, our technical team is confident that we have a long list of high-quality drill targets at Mustajärvi for 2025."
Fixed-loop EM Results
The FLEM survey consisted of two NW-SE oriented surface profiles (Lines 1 and 2) with stations located every 50 metres, in this case yielding a total of 25 stations (Figure 1). An electrical source loop is used to induce current into the ground, and three directional components of the electromagnetic field are measured during data collection. The survey lines were oriented perpendicular to the orientation of the throughgoing Mustajärvi Shear Zone (MSZ), which is also the contact between the metasedimentary rocks of the Sodankylä Group to the north and the mafic and ultramafic volcanic rocks of the Savukoski Group rocks to the south. The survey lines also pass through the high-grade near-surface gold mineralization at the Mustajärvi East Target.
The electromagnetic survey maps electrical conductivity, and more conductive rocks are considered prospective because of the possible presence of sulphide minerals, such as pyrite. Geophysicists model the
Figure 1. Location of the BHEM and FLEM surveys at the Mustajärvi East Target, showing drillholes.
conductive targets as "plates" to simulate a simple tabular shape for the conductive volume of rock. The FLEM survey identified multiple conductive plates that strike in a northeasterly direction and dip to the south. These plates have been interpreted as multiple stacked potential sulphide-rich horizons within the shear zone and in related dilatant zones (Figure 2). This is consistent with the stratabound nature of the gold mineralization so far drilled at Mustajärvi.
The FLEM survey was successful at identifying relatively near-surface and proximal extensions from known high-grade and high-pyrite zones at the East Target. One such possible semi-massive to massive pyrite plate (FLEM #1) measuring approximately 65 by 250 metres was interpreted as extending from known high-grade gold in the East Target.
Another target plate is made up of steeply SE dipping conductors, whose extents were estimated to be roughly 125 by 95 metres (FLEM #2). This zone is located on the southern side of drillholes 23MJ008 and 23MJ010 (Figure 2) at a likely depth of 40 to 130 metres.
Other conductive plates are more subtle (FLEM #3 and 4), perhaps due to greater distance from the transmitter and receivers, but the larger scale target plates are aligned consistently with the orientation of the shear zone. Drilling at the East Target has been closely spaced, so the encouraging FLEM survey resultsupgrade the need to drill these interpreted conductors farther north and east where the conductive rocks are projected onto the new exploration permits.
Figure 2. 3D Perspective view of Mustajärvi East gold shapes (looking NE) with EM targets.
Borehole EM Results
FireFox has made limited use of downhole electromagnetic surveys at the Mustajärvi project, but those earlier surveys demonstrated correlation between gold mineralization and highly conductive zones. However, most of the focus to date has been on near-surface exploration, where high-grade gold has been repeatedly discovered in shallow drill holes and trenches based on ground magnetics and surface geochemistry. As the team has successfully drilled gold to greater depths, such as the intercepts reported in 2024 to more than 250 metres below surface (see Company news release dated February 28, 2024), the team elected to conduct another BHEM survey around existing deeper boreholes where ground magnetics cannot penetrate.
In this most recent BHEM campaign, three drillholes in the East Target (23MJ011, 23MJ012 and 23MJ013) were surveyed with one 350 by 300 metre transmitter loop to measure conductivity responses in and around the boreholes (Figure 1). These holes were chosen for the survey because they contained deeper gold mineralization and the holes comprise a NNW-SSE oriented drill fence, facilitating better interpretation of results. Holes 23MJ011 and 23MJ012 were collared at the same location and drilled in the same direction but with the latter drilled at a steeper angle. Hole 23MJ013 was collared approximately 75 metres southeast from these holes.
Each of the surveyed holes provided information about the presence of conductors that have not been drill-tested. The BHEM survey identified multiple conductive plates that strike in a northeasterly direction and dip to the south. This orientation again parallels the MSZ. These conductive plates are likely indications of high concentrations of sulphide minerals along the key structure. The plates are shown along the MSZ in Figure 2 relative to the outline of drill indicated gold. Not only do the targets offer encouragement along strike and down dip, but they also support the concept of multiple high-sulphide zones stacked within the host rocks.
The BHEM survey results for the three drill holes in the East Target identified several moderate to strong conductors, some of which were clearly related to known drill intercepts of high sulphide mineralization in these holes. In several cases, the survey detected what are called off-hole conductors, conductive bodies that are discrete and detached from the drill holes. As shown in Figure 2, the off-hole conductor targets occur at moderate depths, between 90 and 215 metres below surface.
One significant off-hole conductor was detected near drill hole 23MJ013 (BHEM #1) at 180 to 215 metres below surface (BHEM #1). This plate corresponds well with a mineralized interval reported of 13.5m averaging 3.16 g/t gold in a Company news release dated February 28, 2024. This intercept occurred just below the major structural contact between the Savukoski and Sodankylä group rocks, where semi-massive to massive pyrite was noted. This structural zone has already proven to be an important host of gold, and the team is excited to see this geophysical survey prove so useful in identifying such conductive zones.
Another off-hole target, which is obscured in the figure, was extremely conductive, higher than the model suggests is possible from the mineral pyrite alone. The presence of significant pyrrhotite or a black shale could possibly explain such values, but neither of these are known to exist at Mustajärvi.
Conclusions
The conductor plates appear to confirm a model that the FireFox team has been developing wherein the sulphide minerals occur in pockets or discontinuous pods of intense accumulation. The conductors can be seen to pinch and swell along strike and downdip. Similarly, FireFox drilling and trenching has revealed high-grade gold mineralization having apparently limited continuity, such as the following intercepts:
In each of these cases, pyrite was the primary gangue mineral associated with gold, often occurring in pods or boudins of semi-massive to massive sulphide. These pods or pockets of sulphide mineralization are exactly the phenomenon that the new geophysical data appear to be detecting. While drilling at Mustajärvi has repeatedly returned drill intercepts averaging more than 10 g/t Au (12 drill holes have exceeded 90 gram-metres of gold in grade thickness), such high-grade zones are often not continuous over great distances. The team intends to use more BHEM and FLEM to map these discontinuities and better predict the high-grade gold in future drill campaigns.
Even though this survey tested only a small section of the Mustajärvi Shear Zone, the geophysical targets offer encouragement for drill targets beyond current drilling to the northwest, southeast and downdip (Figure 2). Not unlike other orogenic gold systems, a challenge at Mustajärvi is discerning the controls on the bonanza grade gold. The grade distribution and drill targets are complicated by deflections in the shear zone, crosscutting structures, and changes in host rock, among other variables. These small-scale surveys have shown the value of both FLEM and BHEM in mapping conductive bodies that conform with the controlling structures and known patterns of high-grade mineralization.
FireFox controls more than 3 kilometres of the MSZ, and widely spaced drilling has returned significant gold along approximately 1.7 kilometres of that structure. The Company plans to make use of these electromagnetic methods to fill in between the known high-grade gold and to extend exploration along this shear zone and to analogous structures elsewhere on its tenements. The interpreted FLEM conductive horizon to the southeast of the East Target appears to follow another major structure that may be analogous to the MSZ (Figure 3). The technical team is excited to test this feature as it projects to the northeast onto the Company's new eastern permits.
Figure 3. Follow-up targets from EM conductors at East Target.
Methodology & Quality Assurance
The borehole and fixed-loop electro-magnetic surveys were conducted by Finnish geophysics provider GRM-services Oy, by using a TEM transmitter system. The BHEM data was acquired by measuring with the EMIT DigiAtlantis receiver system and EMIT DigiAtlantis borehole probe, which measure the decaying magnetic field with three orthogonal Fluxgate magnetometer sensors producing along hole (A-component), and two perpendicular components (namely U and V- components). The surveys were performed with 5Hz frequency and 40A current. The holes were measured in one piece from the collar with surveys having 5-10 metre station separations, where the general 10m separation was dropped to 5m separation around the surface-high-grade gold mineralization.
The FLEM survey was carried out with 50m station separation, where the total number of stations was 25. Surface profile data was acquired with the EMIT SMARTem24 receiver system and EMIT SMART Fluxgate sensor, which measure the decaying magnetic field with three orthogonal Fluxgate magnetometer sensors producing upward pointing (Z-component) and two perpendicular components (namely X and Y-components). The modelling was done using Maxwell software and plate models. All maps have been created within the ETRS89-TM35FIN Coordinate System (EPSG:3047).
Patrick Highsmith, Certified Professional Geologist (AIPG CPG # 11702) and director of the Company, is a qualified person as defined by National Instrument 43-101. Mr. Highsmith has helped prepare, reviewed, and approved the technical information in this news release.
About FireFox Gold Corp.
FireFox Gold Corp is listed on the TSX Venture Stock Exchange under the ticker symbol FFOX. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a large portfolio of prospective ground.
Finland is one of the top mining investment jurisdictions in the world as indicated by its multiple top-10 rankings in recent Fraser Institute Surveys of Mining Companies. Having a strong mining law and long mining tradition, Finland remains underexplored for gold. Recent exploration results in the country have highlighted its prospectivity, and FireFox is proud to have a Finland based CEO and technical team.
For more information, please refer to the Company's website and profile on the SEDAR+ website at www.sedarplus.com.
The information herein contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward-looking statements. Factors that could cause such differences include changes in world commodity markets, equity markets, the extent of work stoppage and economic impacts that may result from illness, extreme weather, changes in government and changes to regulations affecting the mining industry.
Forward-looking statements in this release may include statements regarding: the intent to conduct additional drilling; the belief as to the location of the most prospective gold targets; the location of targets for future drill programs; and the current and future work program, including the extent and nature of exploration to be conducted in 2025. Although we believe the expectations reflected in our forward-looking statements are reasonable, results may vary.
The forward-looking statements contained herein represent the expectations of FireFox as of the date of dissemination and, accordingly, are subject to change after such date. Readers should not place undue importance on forward-looking statements and should not rely upon this information as of any other date. FireFox does not undertake to update this information at any particular time except as required in accordance with applicable laws.
