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Associated Press
18-07-2025
- Business
- Associated Press
Firefox Announces Upsizing of Private Placement to $7 Million
VANCOUVER, BC / ACCESS Newswire / July 18, 2025 / Firefox Gold Corp. (TSX.V:FFOX)(OTCQB:FFOXF) ('FireFox' or the 'Company') is pleased to announce that further to its press release dated July 15, 2025, it has upsized its previously announced private placement. Under the amended terms, the Company will issue up to 175,000,000 units of the Company (each a 'Unit') at a price of $0.04 per Unit (the 'Issue Price') for aggregate gross proceeds to the Company of up to $7,000,000 (the 'Offering'). The net proceeds of the Offering are expected to fund a significant drill program at the Mustajärvi Project, as well as a return to drilling at the Sarvi project along with other exploration work, working capital and general corporate purposes. The Company has secured drill rig availability for a significant drill program to start within a few weeks of closing the Offering, and FireFox expects to drill through the winter. The Offering is expected to close on or about August 15, 2025, subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals including the approval of the TSX Venture Exchange (the 'TSXV'). The shares, warrants and warrant shares will be subject to a statutory hold period of four months plus one day from the closing date, in accordance with applicable securities legislation. FireFox reminds the reader that the Company is also undertaking a 10-for-1 consolidation of its share capital (the 'Consolidation') concurrently with the closing of the Offering. The details of the Consolidation and additional information are available in the Company's last news release on July 15, 2025. It is expected that certain Insiders of the Company (as such term is defined under the policies of the TSXV), including certain directors, will participate in the Offering. The participation of Insiders in the Offering will constitute a 'related party transaction' within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ('MI 61-101"). The Company intends to rely upon exemptions from the formal valuation and minority approval requirements of MI 61-101 based on a determination that the fair market value of the Offering, insofar as it involves the related parties, does not exceed $2,500,000. Quality Assurance Patrick Highsmith, Certified Professional Geologist (AIPG CPG # 11702) and director of the Company, is a qualified person as defined by National Instrument 43-101. Mr. Highsmith has helped prepare, reviewed, and approved the technical information in this news release. As a director and shareholder of the Company, he is not independent. About FireFox Gold Corp. FireFox Gold Corp is listed on the TSX Venture Stock Exchange under the ticker symbol FFOX. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a large portfolio of prospective ground. 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. Having a strong mining law and long mining tradition, Finland remains underexplored for gold. Recent exploration results in the country have highlighted its prospectivity, and FireFox is proud to have a Finland based CEO and technical team. For more information, please refer to the Company's website and profile on the SEDAR+ website at On behalf of the Board of Directors, 'Carl Löfberg' Chief Executive Officer CONTACT: FireFox Gold Corp. Email: [email protected] Telephone: +1-778-938-1994 Cautionary Notes Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of the content of this release. This press release is intended for distribution in Canada only and is not intended for distribution to United States newswire services or dissemination in the United States. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the 'U.S. Securities Act') or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. Forward Looking Statements Certain statements and information contained in this news release, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to: the terms and conditions of the Offering; the closing date for the Offering; the anticipated use of net proceeds from the Offering; the intent to conduct additional exploration; the belief as to the location of the most prospective gold targets; the location of targets for future exploration programs; and the current and future work program, including the extent and nature of exploration to be conducted in 2025. Often, but not always, forward-looking statements or information can be identified by the use of words such as 'estimate', 'project', 'belief', 'anticipate', 'intend', 'expect', 'plan', 'predict', 'may' or 'should' and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. With respect to forward-looking statements and information contained herein, the Company has made numerous assumptions including among other things, assumptions about general business and economic conditions and the price of gold and other minerals. The foregoing list of assumptions is not exhaustive. Although management of the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that forward-looking statements or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These factors include, but are not limited to: risks relating to the Company's financing efforts; business and economic conditions in the mining industry generally; changes in world commodity markets and equity markets; the supply and demand for labour and other project inputs; changes in interest and currency exchange rates; changes in government and changes to regulations affecting the mining industry; risks relating to inaccurate geological and engineering assumptions; risks relating to unanticipated operational difficulties; risks relating to adverse weather conditions; and potential delays to exploration activities. The forward-looking statements contained herein represent the expectations of the Company as of the date of dissemination and, accordingly, are subject to change after such date. Readers should not place undue importance on forward-looking statements and should not rely upon this information as of any other date. The Company does not undertake to update this information at any particular time except as required in accordance with applicable laws. SOURCE: FireFox Gold Corp. press release
Associated Press
20-02-2025
- Business
- Associated Press
FireFox Gold Employs Borehole and Fixed Loop EM Geophysics to Identify New High-Grade Targets at the Mustajärvi Gold Project, Finland
SODANKYLÄ, FINLAND / ACCESS Newswire / February 20, 2025 / FireFox Gold Corp. (TSXV:FFOX)(OTCQB:FFOXF)('FireFox' or the 'Company') is pleased to report results from borehole (BHEM) and fixed loop (FLEM) electro-magnetic geophysical surveys executed at the East Target of the Mustajärvi Gold Project in Finland. The purpose of the surveys was to identify new drill targets for high-grade gold that may be associated with highly conductive rocks. Rocks that are high in pyrite tend to be conductive of electricity, making them excellent targets for these types of electromagnetic (EM) systems. The high-grade gold at Mustajärvi, encountered in numerous drill holes since 2019, is almost always associated with high concentrations of pyrite. Highlights of the successful campaign include: The observation that interpreted zones of semi-massive to massive pyrite (conductive zones) continue to the north and along strike beyond current drilling; Recognition of a persistent conductive horizon parallel to the Mustajärvi Shear Zone but over 400 metres south from the southernmost FireFox drillholes; and Two newly identified strong drill targets related to electrical conductors near to previously drilled holes. FireFox Chairman and Co-Founder, Patrick Highsmith, commented on the geophysical survey, 'The significance of a small geophysical survey like this is that we can test the technology over known high-grade mineralization and look for extensions and analogues. In this case, the FLEM and BHEM suggest the presence of more high sulphide targets both close to existing drilling and well away from existing drilling. We look forward to applying the method along more of the key structures at Mustajärvi. Between our careful application of structural geology, geochemistry, and geophysics, our technical team is confident that we have a long list of high-quality drill targets at Mustajärvi for 2025.' Fixed-loop EM Results The FLEM survey consisted of two NW-SE oriented surface profiles (Lines 1 and 2) with stations located every 50 metres, in this case yielding a total of 25 stations (Figure 1). An electrical source loop is used to induce current into the ground, and three directional components of the electromagnetic field are measured during data collection. The survey lines were oriented perpendicular to the orientation of the throughgoing Mustajärvi Shear Zone (MSZ), which is also the contact between the metasedimentary rocks of the Sodankylä Group to the north and the mafic and ultramafic volcanic rocks of the Savukoski Group rocks to the south. The survey lines also pass through the high-grade near-surface gold mineralization at the Mustajärvi East Target. The electromagnetic survey maps electrical conductivity, and more conductive rocks are considered prospective because of the possible presence of sulphide minerals, such as pyrite. Geophysicists model the Figure 1. Location of the BHEM and FLEM surveys at the Mustajärvi East Target, showing drillholes. conductive targets as 'plates' to simulate a simple tabular shape for the conductive volume of rock. The FLEM survey identified multiple conductive plates that strike in a northeasterly direction and dip to the south. These plates have been interpreted as multiple stacked potential sulphide-rich horizons within the shear zone and in related dilatant zones (Figure 2). This is consistent with the stratabound nature of the gold mineralization so far drilled at Mustajärvi. The FLEM survey was successful at identifying relatively near-surface and proximal extensions from known high-grade and high-pyrite zones at the East Target. One such possible semi-massive to massive pyrite plate (FLEM #1) measuring approximately 65 by 250 metres was interpreted as extending from known high-grade gold in the East Target. Another target plate is made up of steeply SE dipping conductors, whose extents were estimated to be roughly 125 by 95 metres (FLEM #2). This zone is located on the southern side of drillholes 23MJ008 and 23MJ010 (Figure 2) at a likely depth of 40 to 130 metres. Other conductive plates are more subtle (FLEM #3 and 4), perhaps due to greater distance from the transmitter and receivers, but the larger scale target plates are aligned consistently with the orientation of the shear zone. Drilling at the East Target has been closely spaced, so the encouraging FLEM survey resultsupgrade the need to drill these interpreted conductors farther north and east where the conductive rocks are projected onto the new exploration permits. Figure 2. 3D Perspective view of Mustajärvi East gold shapes (looking NE) with EM targets. Borehole EM Results FireFox has made limited use of downhole electromagnetic surveys at the Mustajärvi project, but those earlier surveys demonstrated correlation between gold mineralization and highly conductive zones. However, most of the focus to date has been on near-surface exploration, where high-grade gold has been repeatedly discovered in shallow drill holes and trenches based on ground magnetics and surface geochemistry. As the team has successfully drilled gold to greater depths, such as the intercepts reported in 2024 to more than 250 metres below surface (see Company news release dated February 28, 2024), the team elected to conduct another BHEM survey around existing deeper boreholes where ground magnetics cannot penetrate. In this most recent BHEM campaign, three drillholes in the East Target (23MJ011, 23MJ012 and 23MJ013) were surveyed with one 350 by 300 metre transmitter loop to measure conductivity responses in and around the boreholes (Figure 1). These holes were chosen for the survey because they contained deeper gold mineralization and the holes comprise a NNW-SSE oriented drill fence, facilitating better interpretation of results. Holes 23MJ011 and 23MJ012 were collared at the same location and drilled in the same direction but with the latter drilled at a steeper angle. Hole 23MJ013 was collared approximately 75 metres southeast from these holes. Each of the surveyed holes provided information about the presence of conductors that have not been drill-tested. The BHEM survey identified multiple conductive plates that strike in a northeasterly direction and dip to the south. This orientation again parallels the MSZ. These conductive plates are likely indications of high concentrations of sulphide minerals along the key structure. The plates are shown along the MSZ in Figure 2 relative to the outline of drill indicated gold. Not only do the targets offer encouragement along strike and down dip, but they also support the concept of multiple high-sulphide zones stacked within the host rocks. The BHEM survey results for the three drill holes in the East Target identified several moderate to strong conductors, some of which were clearly related to known drill intercepts of high sulphide mineralization in these holes. In several cases, the survey detected what are called off-hole conductors, conductive bodies that are discrete and detached from the drill holes. As shown in Figure 2, the off-hole conductor targets occur at moderate depths, between 90 and 215 metres below surface. One significant off-hole conductor was detected near drill hole 23MJ013 (BHEM #1) at 180 to 215 metres below surface (BHEM #1). This plate corresponds well with a mineralized interval reported of 13.5m averaging 3.16 g/t gold in a Company news release dated February 28, 2024. This intercept occurred just below the major structural contact between the Savukoski and Sodankylä group rocks, where semi-massive to massive pyrite was noted. This structural zone has already proven to be an important host of gold, and the team is excited to see this geophysical survey prove so useful in identifying such conductive zones. Another off-hole target, which is obscured in the figure, was extremely conductive, higher than the model suggests is possible from the mineral pyrite alone. The presence of significant pyrrhotite or a black shale could possibly explain such values, but neither of these are known to exist at Mustajärvi. Conclusions The conductor plates appear to confirm a model that the FireFox team has been developing wherein the sulphide minerals occur in pockets or discontinuous pods of intense accumulation. The conductors can be seen to pinch and swell along strike and downdip. Similarly, FireFox drilling and trenching has revealed high-grade gold mineralization having apparently limited continuity, such as the following intercepts: 13.85m at 28.74 g/t gold in 22MJ006 15.5m at 13.09 g/t gold in 22MJ021 12.55m at 14.34 g/t gold in 22MJ025 16.45m at 7.69 g/t gold in 21MJ010 and 6.87m at 59.12 g/t gold in Trench 2023 - 1. In each of these cases, pyrite was the primary gangue mineral associated with gold, often occurring in pods or boudins of semi-massive to massive sulphide. These pods or pockets of sulphide mineralization are exactly the phenomenon that the new geophysical data appear to be detecting. While drilling at Mustajärvi has repeatedly returned drill intercepts averaging more than 10 g/t Au (12 drill holes have exceeded 90 gram-metres of gold in grade thickness), such high-grade zones are often not continuous over great distances. The team intends to use more BHEM and FLEM to map these discontinuities and better predict the high-grade gold in future drill campaigns. Even though this survey tested only a small section of the Mustajärvi Shear Zone, the geophysical targets offer encouragement for drill targets beyond current drilling to the northwest, southeast and downdip (Figure 2). Not unlike other orogenic gold systems, a challenge at Mustajärvi is discerning the controls on the bonanza grade gold. The grade distribution and drill targets are complicated by deflections in the shear zone, crosscutting structures, and changes in host rock, among other variables. These small-scale surveys have shown the value of both FLEM and BHEM in mapping conductive bodies that conform with the controlling structures and known patterns of high-grade mineralization. FireFox controls more than 3 kilometres of the MSZ, and widely spaced drilling has returned significant gold along approximately 1.7 kilometres of that structure. The Company plans to make use of these electromagnetic methods to fill in between the known high-grade gold and to extend exploration along this shear zone and to analogous structures elsewhere on its tenements. The interpreted FLEM conductive horizon to the southeast of the East Target appears to follow another major structure that may be analogous to the MSZ (Figure 3). The technical team is excited to test this feature as it projects to the northeast onto the Company's new eastern permits. Figure 3. Follow-up targets from EM conductors at East Target. Methodology & Quality Assurance The borehole and fixed-loop electro-magnetic surveys were conducted by Finnish geophysics provider GRM-services Oy, by using a TEM transmitter system. The BHEM data was acquired by measuring with the EMIT DigiAtlantis receiver system and EMIT DigiAtlantis borehole probe, which measure the decaying magnetic field with three orthogonal Fluxgate magnetometer sensors producing along hole (A-component), and two perpendicular components (namely U and V- components). The surveys were performed with 5Hz frequency and 40A current. The holes were measured in one piece from the collar with surveys having 5-10 metre station separations, where the general 10m separation was dropped to 5m separation around the surface-high-grade gold mineralization. The FLEM survey was carried out with 50m station separation, where the total number of stations was 25. Surface profile data was acquired with the EMIT SMARTem24 receiver system and EMIT SMART Fluxgate sensor, which measure the decaying magnetic field with three orthogonal Fluxgate magnetometer sensors producing upward pointing (Z-component) and two perpendicular components (namely X and Y-components). The modelling was done using Maxwell software and plate models. All maps have been created within the ETRS89-TM35FIN Coordinate System (EPSG:3047). Patrick Highsmith, Certified Professional Geologist (AIPG CPG # 11702) and director of the Company, is a qualified person as defined by National Instrument 43-101. Mr. Highsmith has helped prepare, reviewed, and approved the technical information in this news release. About FireFox Gold Corp. FireFox Gold Corp is listed on the TSX Venture Stock Exchange under the ticker symbol FFOX. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a large portfolio of prospective ground. 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. Having a strong mining law and long mining tradition, Finland remains underexplored for gold. Recent exploration results in the country have highlighted its prospectivity, and FireFox is proud to have a Finland based CEO and technical team. For more information, please refer to the Company's website and profile on the SEDAR+ website at On behalf of the Board of Directors, 'Carl Löfberg' Chief Executive Officer CONTACT: FireFox Gold Corp. Telephone: +1-778-938-1994 Forward Looking Statements The information herein contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward-looking statements. Factors that could cause such differences include changes in world commodity markets, equity markets, the extent of work stoppage and economic impacts that may result from illness, extreme weather, changes in government and changes to regulations affecting the mining industry. Forward-looking statements in this release may include statements regarding: the intent to conduct additional drilling; the belief as to the location of the most prospective gold targets; the location of targets for future drill programs; and the current and future work program, including the extent and nature of exploration to be conducted in 2025. Although we believe the expectations reflected in our forward-looking statements are reasonable, results may vary. The forward-looking statements contained herein represent the expectations of FireFox as of the date of dissemination and, accordingly, are subject to change after such date. Readers should not place undue importance on forward-looking statements and should not rely upon this information as of any other date. FireFox does not undertake to update this information at any particular time except as required in accordance with applicable laws.
