Firefox Gold -Perfekt positioniert im hohen Norden
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Explorationsgebiete. Firefox ist auch direkter Nachbar von Aurion und Agnico Eagle!
https://www.firefoxgold.com/images/Presentation/...n_-_AUG19_WEB1.pdf
2019-09-17 08:45 ET - News Release
Mr. Carl Lofberg reports
FIREFOX GOLD CLOSES NON-BROKERED PRIVATE PLACEMENT
Effective Sept. 16, 2019, subject to regulatory acceptance, Firefox Gold Corp. has completed the second and final tranche of a non-brokered private placement. In both tranches together the company raised total gross proceeds of $570,500 by issuing 3,803,333 units of the Company. The second tranche was completed by issuing 1,830,000 units of the Company at a purchase price of $0.15 per unit for gross proceeds of $274,500. Each unit consists of one common share of the Company and one non-transferrable common share purchase warrant. Each warrant shall be exercisable into one additional common share of the Company for a period of two years from the closing of the offering at an exercise price of $0.20.
Finders fees of $3,780 are payable in cash to parties at arm's length to the Company on a portion of the private placement. In addition, 22,800 non-transferable Broker Warrants are being issued to those same parties. Each Broker Warrant shall be exercisable into one common share of the Company for a period of two years from the closing of the offering at an exercise price of $0.20.
Two related parties participated in the first tranche of the transaction, having subscribed for a total of 440,000 units for gross proceeds of $66,000. The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the participation in the offering by insiders does not exceed 25 per cent of the market capitalization of the Company, as determined in accordance with MI 61-101. The Company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the offering, which the Company deems reasonable in the circumstances in order to complete the offering in an expeditious manner.
After this financing, FireFox has 40.7 million shares outstanding, 15.6 million warrants, and 3.5 million stock options issued.
The shares issued pursuant to the offering will be subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation. Finders' fees may be payable to qualified finders in accordance with applicable regulations. All currency figures cited in this news release are in Canadian dollars.
Firefox Gold starts drilling at Mustajarvi
2019-09-18 07:47 ET - News Release
Mr. Carl Lofberg reports
DIAMOND CORE DRILLING UNDERWAY AT FIREFOX'S MUSTAJARVI GOLD PROJECT, FINLAND
Diamond core drilling has started at Firefox Gold Corp.'s 100-per-cent-owned Mustajarvi gold project in the Central Lapland greenstone belt, Finland. This phase of drilling consists of nine planned drill holes, with total length of approximately 1,500 metres. The program has two primary objectives: (1) to follow up the high-grade mineralization intersected earlier this year and to increase the strike length of the mineralization by stepping out beyond the historic mineralization located near the centre of the Mustajarvi property.
The first four drill holes will follow up the high-grade gold mineralization (two metres at 45.1 grams per tonne gold) intersected during the company's phase 1 drilling last winter (see Firefox news release dated Jan. 21, 2019). Of these four holes, two will target the continuation of this high-grade gold zone another 25 m and 50 m downdip, respectively. The remaining two holes are planned to test the strike extent of this mineralization 25 m east and west.
The fifth hole will test the continuation of mineralization encountered in two historical Outokumpu drill holes, one of which intersected 2.7 m at 14.6 g/t Au. Drill hole six will be an attempt to duplicate an Outokumpu hole that intersected 12 m at 2.7 g/t Au despite suffering severe core loss up to 50 per cent. The aim of these holes is to better understand the true width and grades of the near-surface mineralization.
FireFox Resources (FFOX:TSXV) | Au: Finland | $6.1M Market Cap | Greenfields ExplorationSharePrice (C$):$ 0.15| 52 wk H/L (C$): $0.39/$0.09| EV(C$ M): $5.1| BS(M): 40.7| FD(M):59.8| Vol(K): 51
WHY INVEST: FireFox provides pure-play gold discovery exposure to a strategic land package in Finland. As the largest land package holders in an underexplored jurisdiction, we see significant discovery potential at FFOX’s projects. The Company is led by Carl Löfberg (President & CEO), who has extensive experience in the Central Lapland Greenstone Belt. FFOX is backed by Dr. Richard Goldfarb, Dr. Alf Björklund, and Dr. Petri Peltonen, widely renowned experts in gold exploration providing FFOX with strategic and technical advice; elements critical in early stage projects.
PATH TO DISCOVERY: Central Lapland Greenstone Belt (CLGB): As the largest land package holders in an underexploredjurisdiction, we see significant discovery potential at FFOX’s projects. The CLGB is similar in size to the Abitibi and other world class greenstone belts yet only has a fraction of the number of gold discoveries comparatively due to lack of exploration. The belt is home to Europe’s largest gold mine, Kittilä, which has a mineral reserve of 4.4 Moz at 4.5 gpt Au and occurs along the Suurikuusikko shear zone in mafic to ultramafic volcanics. Initial exploration work has shown a similar geologic setting at FFOX’s properties as identified at Kittilä.
Orogenic Gold Discovery Potential: FFOX’s extensive land package consists of multiple prospective properties however, we will only focus on only three of the properties which will see near term exploration work.Mustajärviis an emerging gold discovery with compelling potential considering theresults from thelimited drilling and exploration work conducted on the propertythusfar. The first drill program conducted last year was successful in discovering 2 metres at 45 gpt Au less than 150 m below surface. The significance of this hole is the positive correlation with the geophysical survey and till sampling anomalies identifying a 2.9 km gold mineralized trend. Last year's drill program just scratched the surface-testing only 400 m of this newly identified trend.
The Jeesiö Gold Project(Utsamo target) is evolving into a highly prospective drill target located along the newly discovered continuation of the Sirkka Shear Zone and between Aurion’s Risti and Launi properties; where recent discoveries have launched the Aurionto a market cap to ~$150M. The metallogenically important Sirkka Shear Zone is a major regional fault ideal for,and host to orogenic gold deposits in the region. We also note the tenor of gold mineralization identifiedin till sampling at Utsamo appears to be of similar if not better quality than sampled at nearby projects with major discoveries.
The Seuru Gold Projectis located less than 10 km away from Agnico Eagle’s Kittilä mine and hosted in the same suite of volcanic rocks. The project is in the early stages of exploration, however historic geophysical surveys and till sampling have identified numerous gold anomalies in a favourable structural setting. Exploration work in ongoing with the aim of delineating drill targets.
TIMELINE:FFOX has commenceda follow-up drill program to last year's discovery hole of 2 metres at 45 gpt Auat Mustajärvi. This will be followed by a maiden drill program at the Utsamotarget.
•Q419 –Early October: Exploration results and commencement of ~600 m drill program at Utsamo •Q419–Ongoing drill results from Mustajärvi and Utsamo.
Page 3of 11Figure 1:Location of Phase 2 drill program. Four holes targeting follow-up on last year’s high-grade discovery hole grading 2 metres of 45.1 gpt Au. The fifth hole will targetthe strike extension of historical shallow holes that intersected 2.7 metres of 14.6 gpt Au. The sixthhole will twin a historical hole to confirm 12 metres of 2.7 gpt Au. The remaining holes will test the regional potential.Bottom figure shows the extensive till anomalies and location of the Sirkk and VenejokiThrust zones.
0,07 CAd = 0,0481 Euro