leadf
logo-loader
viewFirst Mining Gold Corp.

First Mining Gold says its Pickle Crow partner is poised to upsize drill program to 45,000 metres

Drilling is currently focused on defining potential additional resources within the so-called Core Trend at the site

First Mining Gold Corp. -
Auteco Minerals currently has two diamond drill rigs turning with a third expected to be mobilized in late September

First Mining Gold Corp (TSE:FF) (OTCQX:FFMGF) revealed that its partner at the Pickle Crow gold project in Ontario has increased the scope of its current drill program to 45,000 metres (m) from 10,000m to boost efforts to expand the resource there.

Auteco Minerals, which can earn up to 80% of the asset, currently has two diamond drill rigs turning with a third expected to be mobilized in late September following initial observations, First Mining said in a statement. So far, around 4,500 metres have been completed.

READ: First Mining Gold brings in C$28.75M from over-subscribed financing

"Reconnaissance exploration drilling has resulted in three new, high-grade gold discoveries/extensions already, with significant step-out mineralization returned from Vein 5 extensions, Vein 11 extensions including a new footwall discovery, and a new Vein 112," First Mining said in a statement.

The work is currently focused on defining potential additional resources within the so-called Core Trend, which plays host to the current inferred resource and the historical mining and infrastructure.

Current drilling is adding geological confidence to the significant historical intercepts to enable the JORC resource to be converted into the NI 43-101 standard.

Under the terms of a March 2020 deal, Auteco can earn a full 80% interest in Pickle Crow by spending a total of C$10 million on exploration over five years, making cash payments to First Mining totaling C$4.1 million, and issuing 125 million shares.

Upon completion of the second stage of the earn-in (70%), First Mining will be granted a 2% net smelter returns (NSR) Royalty, 1% of which can be bought back for US$2.5 million.

First Mining is a gold explorer and developer focused predominately on permitting its Springpole asset in northwestern Ontario - one of the largest undeveloped gold projects in Canada.

The company also announced that with effect from September 2, Mal Karwowska has resigned as vice president of corporate development of the company.

"On behalf of the Board of Directors and all the team at First Mining, I want to sincerely thank Mal for her dedicated service to the Company as VP Corporate Development and wish her the best in her future endeavours", said Dan Wilton, First Mining's CEO in the statement.

Shares in First Mining Gold eased 2.15% in Toronto to stand at C$0.46.

----Updates for share price---

Contact the author at [email protected]

Quick facts: First Mining Gold Corp.

Price: 0.41 CAD

TSX:FF
Market: TSX
Market Cap: $283.96 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of First Mining Gold Corp. named herein, including the promotion by the Company of First Mining Gold Corp. in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

First Mining Gold to acquire East Cedartree claims to bolster its Cameron...

First Mining Gold Corp (TSE:FF) (OTCQX:FFMGF) CEO Dan Wilton tells Proactive the group has added more resource ounces and consolidated its ground at the Cameron Gold project in northwest Ontario, by purchasing the East Cedartree claims from Metalore Resources (CVE:MET). Wilton says the...

1 day, 8 hours ago

2 min read