FireFox Gold to exercise the option
SODANKYLÄ, FINLAND / ACCESSWIRE / May 5, 2022 / FireFox Gold Corp. (TSX.V: FFOX)(OTCQB: FFOXF)(“FireFox” or the “Company”) is pleased to announce that it has concluded its winter exploration program on the Sarvi Gold Project in Lapland, Finland. The program included a major Base of Till (BoT) sampling campaign and an initial 12-hole diamond drilling program (see Company press release dated January 20and 2022). Having fulfilled its work commitments under the option agreement with Magnus Minerals, the Company now intends to exercise the option to acquire a 100% interest in the group of properties that includes the project. Sarvi. The project comprises three valid exploration permits which occupy approximately 8 km along the northern limit of Rupert Resources’ Zone 1 discovery.
FireFox President Patrick Highsmith commented: “The Sarvi project is without a doubt one of our most exciting projects. Even before we receive the results of the recent program, we would like to exercise our option on the main Sarvi property in order to obtain a 100% interest in The project nearly five months before the option also includes the Lehto property to the north, which hosts similar geology but where we have yet to do any detailed work.
BoT sampling and coring results are expected within the next two months. These initial results will be important in guiding the Phase 2 drilling program at Sarvi, which will begin in the fourth quarter of this year.
Option exercise
On August 21, 2018, the Company entered into an option agreement (the “Seuru Option”) with Magnus Minerals Ltd. (“Magnus”) to acquire a 100% interest in mineral exploration reserves (properties) in the central Lapland greenstone belt of northern Finland. Since then, some of the properties have been appraised and removed, while other reserves and permits have been added and are subject to the terms of the agreement (please refer to FireFox management discussion and analysis documents for More details).
In order to exercise the Seuru option, FireFox has fulfilled the following commitments:
- issued 1,500,000 shares,
- made cash payments to Magnus totaling $150,000, and
- incurred C$1.5 million in mineral exploration expenditures on the Seuru properties
FireFox will make a final payment to Magnus of $50,000 in May, before the scheduled deadline of October 5, 2022.
Magnus will retain a 1.5% NSR royalty on production from the properties, 0.5% of which can be purchased for 1,000 troy ounces of gold.
Qualified person
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 assisted in preparing, reviewing and approving the technical information contained in this press release.
About FireFox Gold Corp.
FireFox Gold Corp is listed on the TSX Venture Exchange under the ticker symbol FFOX. FireFox also trades on the OTCQB Venture Market Exchange in the United States under the symbol FFOXF. The company has been exploring for gold in Finland since 2017, where it holds a huge portfolio of potential land.
Finland is one of the world’s leading mining investment jurisdictions, as indicated by its multiple top 10 rankings in recent Fraser Institute surveys of mining companies. Having strong mining legislation and a long mining tradition, Finland remains under-explored 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 see the Company’s website and profile on the SEDAR website at www.sedar.com.
On behalf of the Board of Directors,
“Carl Lofberg”
Chief executive officer
CONTACT:
FireFox Gold Corp.
E-mail: [email protected]
Telephone: +1-778-938-1994
Forward-looking statements
The information contained herein contains forward-looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those anticipated in our forward-looking statements. Factors that could cause such differences include changes in global commodity markets, stock markets, extent of work stoppages and economic impacts that may result from the COVID 19 virus, material costs and supply. relevant to the mining industry, changes in government and regulatory changes affecting the mining industry.
Forward-looking statements in this release may include statements regarding: the intention to conduct additional drilling; belief in the location of the most prospective gold targets; the location of targets for future drilling programs; and the current and future work program, including the extent and nature of exploration to be conducted in 2022. Although we believe that the expectations reflected in our forward-looking statements are reasonable, actual results may vary.
The forward-looking statements contained herein represent FireFox’s expectations as of the date of publication and, accordingly, are subject to change after such date. Readers should not place undue importance on forward-looking statements and should not rely on such information as of any other date. FireFox does not undertake to update this information at any time, except as required under applicable laws.
THE SOURCE: FireFox Gold Corporation
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https://www.accesswire.com/700315/FireFox-Gold-To-Exercise-Option-for-100-Interest-in-the-Sarvi-Property-Finland