Discoveries in Finland’s New Gold Camp
This FireFox Gold Corp is part of a paid investor education campaign.*
FireFox Gold Corp (TSXV:FFOX; FSE:A2PDU7) is a resource exploration company with a portfolio of highly-prospective gold projects in Finland. FireFox Gold is one of only five companies actively exploring for gold in Finland’s Central Lapland Greenstone Belt (CLGB), an under-explored orogenic gold belt comparable in size to some of the world’s most notable gold-bearing greenstone belts. The gold belt may be under-explored but Finland’s mining industry is well established. The Nordic nation consistently ranks as one of the world’s top mining jurisdictions.
The opportunity for discovery in the CLGB has attracted investment from a couple of major players including Agnico Eagle Mines (NYSE:AEM, TSX:AEM) and Kinross Gold (TSX:K). Agnico Eagle owns the Kittilä underground gold mine which has gold reserves of 4.4 million ounces, produces about 175,000 ounces of gold annually and has a 17-year mine life. Kinross has joint venture arrangements with Aurion Resources Ltd (TSXV:AU), which holds some of the most notable discoveries in this region.
FireFox Gold’s flagship property, the Jeesiö gold project, may offer a springboard to further discoveries in the CGLB. At Jeesiö, FireFox is exploring two high-priority target areas that are bracketed by Aurion’s recent Risti and Launi gold discoveries and are less than 20 kilometers south-southwest from the Pahtavaara Gold Mine that Rupert Resources Ltd (TSX:RUP) is recommissioning. The company’s 2020 exploration plans for Jeesiö include geophysical surveying, bottom-of-till (BOT) sampling and additional surface sampling. The company intends to use data generated from this work program to define additional drill targets.
FireFox Gold is led by a team of capital market and mining professionals including Finnish team members well versed in the nation’s mining laws and geologic potential.
FireFox Gold Company Highlights
- Finland ranked first in the Fraser Institute mining survey in 2017, has a strong mining tradition, clearly defined mining laws and world-leading geological technical databases.
- FireFox is focused solely on gold in Finland, controlling approximately 500 square kilometers of key exploration ground in the CLGB.
- CLGB is an underexplored gold belt highly prospective for numerous multi-million-ounce discoveries.
- Planned 2020 exploration program at Jeesiö gold project, in close proximity to Aurion Resources’ recent discoveries in the CLGB.
- Additional approximately 900 square kilometers of property in newly identified prospective areas to the south of the CLGB.
- Leadership exhibits a balance of technical and financial strengths, gold industry expertise and deep knowledge of Finland mining industry.
- Tight structure of a newly listed company.
Flagship Property: Jeesiö Gold Project
Located in Finland’s northernmost province of Lapland, the 279 square kilometer Jeesiö gold project shares an address with many of the recent gold discoveries in the country’s emerging Central Lapland Greenstone Belt.
The CLGB is comparable in size to other major greenstone belts, such as Canada’s Abitibi, Western Australia’s Norseman-Wiluna and the Zimbabwe Craton. However, by 2015 only 9.1 million ounces of gold resources had been delineated across 13 gold deposits. According to a 2015 study on the Central Lapland Greenstone Belt, there remains significant potential for million-ounce deposits in the area due to the lack of exploration up to this point.
The dearth of exploration is due to the fact that prior to joining the European Union in 1995, foreign companies could not hold a majority share in an exploration or mining company. All exploration and exploitation was completed via state-owned companies such as Outokumpu. The end result was limited gold exploration. In many cases when gold was discovered (whether in soil sample, rock chips, or drilling), it was rarely followed up.
This lack of exploration was underscored by a comment made by FireFox Gold’s Chairman, Patrick Highsmith, in 2005: “Newmont drills more for gold in one year in Nevada alone than has ever been spent on gold drilling in the history of the CLGB”. This is also one of the reasons Mr. Highsmith decided to aid in founding FireFox Gold.
The FireFox team believes that it is only a matter of time before new significant gold discoveries are made in Finland and that the companies that control the most prospective ground could be the biggest beneficiaries.
The Jeesiö gold project hosts multiple orogenic gold targets and is positioned along the Sirkka Shear Zone, a major crustal structure that controls the emplacement of the majority of the orogenic gold deposits in Lapland.
The Jeesiö property’s prospectivity for gold was first identified by GTK (Finnish Geological Survey) during a country-wide reconnaissance till sampling program between 1983 and 1991. Further early-stage exploration work by Outokumpu and the GTK between 1990 and 2006 generated additional data supporting continuing gold exploration on the property. This work was never followed up.
Since acquiring the property in 2017, FireFox has performed reconnaissance till sampling, BOT sampling, ground-based geophysical surveys, geochemical sampling programs, bedrock sampling and mapping, trenching and reconnaissance drilling. The work has led to the identification of numerous prospective targets at Jeesiö including the high-priority Utsamo and Katajavaara.
The Utsamo target is located directly between Aurion’s recent Risti and Launi gold discoveries. This includes a 2.8-kilometer-long zone, identified by magnetic survey results, associated with numerous gold anomalies in till and is believed to be situated on the Sirkka Shear Zone.
FireFox completed a 3-hole reconnaissance diamond drilling program at Utsamo in the fall of 2019. The drill program totaled 446 meters testing just 180 meters of strike and confirmed the shear zone in the subsurface for the first time.
The newest high-priority target is the Katajavaara, located nine kilometers south of the Utsamo target and two kilometers southwest from Launi, a gold-bearing quartz-sulfide vein system. In 2019, FireFox completed a 46 line kilometer ground magnetic survey covering 2.4 square kilometers of the Katajavaara target area. Reconnaissance mapping revealed multiple anomalous samples with outcropping quartz-sulfide veins yielding gold up to 6.4 g /t.
FireFox is highly encouraged by the results at both prospects, especially as both Utsamo and Katajavaara have had limited work to date in comparison with the neighboring Risti and Launi discoveries. FireFox intends to advance both prospects in 2020 with detailed work programs.
Mustajärvi Gold Project
The Mustajärvi gold project covers 15 square kilometers within the CLGB and along the Venejoki Thrust Zone in Finland’s Lapland province. The project comes with an extensive historic database including till anomalies from GTK (The Finnish Geological Survey) and Outokumpu as well as 12 diamond drill holes by Outokumpu and small-scale gold exploitation by a local prospector.
FireFox Gold has outlined a 2,900-meter long target area based on the historic sampling data combined with recent BOT sampling, channel sampling, geologic mapping, geophysics and drilling. FireFox drilled the Central Zone in late 2018 and confirmed high-grade gold mineralization to greater depths than previously targeted. FireFox continued systematic exploration work in 2019, including a second drill campaign that expanded the known mineralization.
The results of the Phase 1 program discovered a new style of high-grade gold at depth and includes intercepts of 22.89 g/t gold over 3.95 meters, including 2 meters at 45 g/t gold. The Phase 2 program intercepted gold 500 meters northeast of the Central Zone, including 12 g/t gold over 1.95 meters.
FireFox Gold Management Team
Carl Löfberg, MSc. — CEO and Director
Carl Löfberg has a Master’s degree in Industrial Economics and broad experience in business consulting, project management, company start-ups and financing. Mr. Löfberg is an economist and precious metals investor, and an expert in hard currency and contrarian business strategy. He has been Managing Director for Magnus Minerals since 2006.
Patrick Highsmith, MSc., CPG — Chairman
Patrick Highsmith is a professional geologist and mining executive with experience on +250 projects around the world, leading teams through creative transactions, new discoveries, scoping, and pre-feasibility studies. Mr. Highsmith is a veteran of the capital markets, and all manner of financings and transactions. He has been targeting gold in Finland since 2005, and was integral in building FireFox. He is currently Group Manager, Business Development for Fortescue Metals Group.
Joe Mullin — Director
Joe Mullin is a corporate finance and restructuring professional. He previously was a Financial Analyst in the Investment Banking Division at Goldman Sachs, a Private Equity Research Analyst at WL Ross/Invesco Ltd. and a Portfolio Manager at Millennium Global Investments Ltd. Currently, he is a Partner and Director of 5P Investment Partners LLC, and he is a Partner of Mount Arvon Partners (Joseph E. Mullin LLC), which provides consulting and restructuring services.
Timo Mäki — Director
Timo Mäki is an experienced geologist who resides in Finland. He was most recently the Chief Geologist at First Quantum’s Pyhäsalmi Mine, where he worked from 1988-2018. He is credited with the discovery of the Mullikkoräme zinc deposit in 1987 and Pyhäsalmi deep deposit in 1996.
Andrew MacRitchie, CPA, CA — CFO
Andrew MacRitchie is a Chartered Public Accountant who has held management roles in a number of TSX Venture-listed mining companies over his 18-year career. During that period, he has assisted those companies in raising more than $100 million.
Petri Peltonen, PhD — Exploration Manager
Dr. Petri Peltonen has more than 25 years of experience in geoscientific research, exploration and mining. Most recently, he was engaged as Exploration Manager Europe for First Quantum Minerals Ltd. He is an accredited Chartered Professional of Australian Institute of Mining & Metallurgy (AusIMM), European Geologist (EurGeol), and SEG Fellow. He also serves as Professor of Practice of Economic Geology at the University of Helsinki.
Richard Goldfarb, PhD — Technical Advisor
Dr. Richard Goldfarb has more than 40 years of experience as an exploration geologist, researcher and professor. He is a world-renowned expert on the geology of gold deposits with an emphasis on orogenic gold. Dr. Goldfarb’s specialty is target generation and optimization in greenfields exploration for orogenic gold. In addition to operating a well known geological consultancy, he is a Research Professor at the Colorado School of Mines as well as a Fellow and former President of the Society of Economic Geologists.
Alf Björklund, PhD —Technical Advisor
Dr. Alf Björkund brings more than 50 years of experience in geoscientific research and application to mineral exploration in Scandinavia, Russia, Brazil, Portugal and Canada. Trained as an exploration geochemist, he is also a former chief geochemist for the Geological Survey of Finland. He has been a Professor of Geology at Abo Akademi University. He is a co-founder and CEO of SES Finland Ltd and former chairman of the Board for Magnus Minerals.
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