1. First Mining reports strong results from East Extension drilling program. 2. Drill hole SP24-011 shows promising gold and silver grades. 3. Potential to convert waste to ore could enhance project economics. 4. Results support a robust resource environment at the Springpole Project. 5. Upcoming activities aim to update 3D model for further exploration.
Positive drill results and resource expansion prospects can boost market interest, similar to past successful projects increasing stock valuations.
The results directly influence resources available for mining and future economic viability, thus impacting FFMGF's stock performance.
Sustained impact as exploration yields further results and supports future mining potential, akin to previous project developments leading to higher valuations over time.
First Mining Gold Corp. ("First Mining" or the "Company") (TSX: FF) (OTCQX: FFMGF) (FRANKFURT: FMG) is pleased to announce final drilling results from the 2024 East Extension Phase 1 diamond drilling program at its Springpole Gold Project ("Springpole Project" or the "Project") located in northwestern Ontario, Canada. In the fall of 2024, First Mining completed a five-hole, 2,293 m exploration drilling campaign targeting resource growth opportunities with continuity towards the east of the main Springpole Project mineral resource.
Highlights from the East Extension Phase 1 drilling campaign include drill holes SP24-011, SP24-009, and previously reported SP24-007, all of which returned favourable gold and silver grades that are representative of the established resource grade profile. The most northerly hole of the program, SP24-011, returned two broad mineralization intervals including 0.75 g/t Au and 3.30 g/t Ag over 134.2 m, and 0.67 g/t Au and 12.79 g/t Ag over 105.4 m. These results confirm an opportunity for direct mineralization expansion in continuity to the current open pit profile which remains open for further exploration.
The East Extension Phase 1 drilling program was successful in returning significant widths of continuous mineralization in an underexplored area of the Springpole Project located within the current Pre-Feasibility Study ("PFS") open-pit development footprint. The highlights from the drill program demonstrate significant upside potential to further extend mineralization with continuity and provide the opportunity to reclassify material that is currently classified as "waste" into "ore" in the proposed run of mine ("ROM") pit design. This could potentially reduce the strip ratio and increase processed ore tonnes.
"Our advancements continue to demonstrate the Springpole Project as a robust gold and silver resource development opportunity within an important mining region of Ontario." stated Dan Wilton, CEO of First Mining. "The results from the East Extension are especially encouraging as they demonstrate the presence of additional gold and silver mineralization inside the existing mine footprint, potentially converting waste to ore. As we continue to advance through the Environmental Assessment process, we believe that the Springpole Project will be a major economic and sustainable infrastructure driver for Northwestern Ontario communities."
The focus of upcoming exploration activities will be centred around integrating the latest drill hole results into an updated 3D model and delineating further plans to unlock opportunities for the East Extension target as well as near open pit brownfields exploration targets. The East Extension target is located at the southeastern boundary of the current mineral resource and proposed open pit wall design. A plan map of the East Extension Phase 1 drill holes and target area is presented in Figure 1, and corresponding assay highlights are presented in Table 1, with full assay results listed in Table 2 and drill hole locations in Table 3.
| Hole ID | From (m) | To (m) | Length (m) | Grade (Au g/t) | Grade (Ag g/t) |
|---|---|---|---|---|---|
| SP24-009 | 74.2 | 94.0 | 19.8 | 0.38 | 1.69 |
| SP24-009 | 118.5 | 136.0 | 17.5 | 1.01 | 10.41 |
| SP24-011 | 23.5 | 157.7 | 134.2 | 0.75 | 3.30 |
Additional Details on the Springpole East Extension Phase 1 Drilling Program
The East Extension Phase 1 drilling was focused on a 150 m strike area along the southeastern edge of the current mineral resource (Figure 1). First Mining identified the East Extension target through advanced 3D target modelling, which highlighted a theorized easterly curve to the southern end of the main Portage Zone...
Drill holes SP24-007 (see November 19, 2024 news release), SP24-009, and SP24-011 tested the Phase 1 target shape. Drill holes SP24-008 and SP24-010 were designed to test a potential extension of the mineralization and key stratigraphic units towards the northeast of the Phase 1 target shape.
A portion of the 2025 Springpole exploration program will be focused on reviewing, integrating and interpreting the results returned from the 2024 Springpole East Extension Phase 1 drilling program...
First Mining is a gold developer advancing two of the largest gold projects in Canada, the Springpole Gold Project in northwestern Ontario...
ON BEHALF OF FIRST MINING GOLD CORP.
Daniel W. Wilton
Chief Executive Officer and Director
Cautionary Note Regarding Forward-Looking Statements: This news release includes certain "forward-looking information" and "forward-looking statements"...