Firefox Gold intersects 15.04 g/t gold over 13.05 metres at Mustajarvi, Finland

Firefox Gold Corp. [FFOX-TSXV; FFOXF-OTCQB] reported the remaining results of the successful fall 2022 core drilling campaign at the company’s 100%-held Mustajarvi gold project in Lapland, Finland.

Drill holes 22MJ024 and 22MJ025, at the east target, both encountered significant, near-surface, high-grade gold and extended the east target mineralization to the northwest, southeast and down dip. These holes were drilled along two different sections separated by 25 metres. Drill hole 22MJ024 further delineated a western lobe of shallow, high-grade gold first discovered in 22MJ022. 22MJ025 further defined the eastern lobe of surface, high-grade gold defined by 22MJ006.

Highlights of selected intervals include drill hole 22MJ024 that returned 13.05 metres at 15.04 g/t gold from 29.6 metres depth, including 1.2 metres at 35.23 g/t Au from 30.6 metres; 1.8 metres at 53.66 g/t Au from 34.6 metres, including 0.8 metres at 100.43 g/t Au; 1.05 metres at 39.17 g/t Au from 40 metres and 3.4 metres at 50.91 g/t Au from 91.8 metres depth, including one metres at 170.67 g/t Au from 94.2 metres.

22MJ025 returned 12.55 metres at 14.34 g/t Au from 14.3 metres depth, including one metres at 64.67 g/t Au from 14.3 metres; two metres at 49.78 g/t Au from 22.8 metres; one metres at 14.53 g/t Au from 73.8 metres depth and 1.2 metres at 8.75 g/t Au from 251 metres depth.

Firefox’s CEO, Carl Lofberg, commented: “Our drill program in late 2022 has provided the best evidence yet that Mustajarvi hosts replacement-style gold mineralization with the potential for bulk tonnage at excellent grades. These most recent holes extend the outstanding results from 22MJ006 and 22MJ021 for at least 20 metres to the southwest and 15 metres to the north, while also revealing narrower, high-grade structures with vertical continuity. There is plenty of room to grow the east target in all directions, and our structural model strongly suggests that there is more of this style of mineralization to be found along the greater-than-two-kilometre strike of the system. We expect to be drilling again at Mustajarvi by April, and we intend to excavate trenches during the summer for initial metallurgical testwork.”

These two holes were part of a six-hole program (977.1 metres) designed to test a new, near-surface, high-grade gold zone at the east target first defined by 22MJ006 and 22MJ018. The first three of the holes also returned high-grade gold assays. These results are significant because they confirm and expand a volume of near-surface, replacement-style mineralization with greater continuity than previously realized. The east target also includes narrow, high-grade structures oriented in at least two directions that carry mineralization to greater depths and may be contiguous with the thicker replacement zones.

The final hole of the program, 22MJ026, was at the northeast target, the site of numerous high-grade intercepts in 2021 and 2022. It was directed to the northeast, orthogonal to most of the previous drilling in that area, to test for the northwest-trending cross-structures, now known to be important at the east target. The hole encountered several lower-grade intercepts, which are reported in an attached table.

The Mustajarvi project lies along the highway between the cities of Kittila and Sodankyla, approximately 17 km east of Kittila.

During 2022, Firefox completed a total of 25 diamond drill holes for 3,904 metres at Mustajarvi, testing the northeast target, the east target, the gabbro target and the central zone. The final program of the year included six holes, totalling 977 metres. Three of these holes are reported herein.

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.