PR Newswire
VANCOUVER, BC, Dec. 3, 2020
VANCOUVER, BC, Dec. 3, 2020 /PRNewswire/ - First Mining Gold Corp. ("First Mining" or the "Company") (TSX: FF) (OTCQX: FFMGF) (FRANKFURT: FMG) is pleased to announce that it has entered into an agreement with Metalore Resources Limited ("Metalore") (TSX.V: MET) pursuant to which First Mining will purchase the East Cedartree claims from Metalore, filling in a strategic piece in First Mining landholdings near the Cameron Gold Project ("Cameron" or the "Project") located 80 km southeast of the city of Kenora in northwestern Ontario.
Under the transaction, First Mining will acquire the East Cedartree claims by paying $3 million in cash to Metalore and issuing 3 million First Mining shares to Metalore. The transaction is expected to close on December 9, 2020. The East Cedartree claims contain an existing mineral resource estimate that was prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and encompass a highly favourable geological setting for new gold discoveries in close proximity to the existing known deposits at the Company's Cameron and West Cedartree properties.
Highlights:
"We are very excited with the acquisition of the East Cedartree claims" stated Dan Wilton, CEO of First Mining. "The acquisition consolidates a strategic part of our district-scale Cameron Gold Project and adds immediately accretive resources to the project. We are currently undertaking prioritization and review of the numerous exploration targets at Cameron while we advance discussions with our local Indigenous communities, and hope to commence a drill program in 2021."
About the East Cedartree Property
The East Cedartree property is located approximately 80 km southeast of the city of Kenora, and 15 km east of the village of Sioux Narrows in northwestern Ontario. The property consists of 212 mining claims, which cover over 3,200 hectares, and hosts a number of gold showings, shear zones, and sulphide rich-areas, many of which have never been drilled.
In 2002, Metalore acquired the property from Avalon Ventures Ltd. and spent $2.8 M to acquire additional claims, selectively prospect and sample, conduct geophysical surveys (magnetic survey, VLF, electro-magnetic and IP) and drill 95 holes (12,947 m) throughout the property from 2002 to 2010. Significant gold intersections include 46.8 m at 4.51 g/t Au (drill hole MC-02-05), 18.8 m at 5.44 g/t Au (drill hole MC-02-13) and 50.9 m at 2.97 g/t Au (drill hole MC-02-17).
This exploration work resulted in the publication of a mineral resource estimate in 2012 that was prepared in accordance with NI 43-101. A total of seven sub-parallel gold mineralized corridors of higher-grade gold mineralization along with a main zone were defined within a larger envelope of lower grade gold mineralization that could potentially be incorporated into a "bulk mining" structure. A cut-off of 0.3 g/t Au was used to define a lower grade envelope and cut-offs of 1.0 g/t and 3.0 g/t Au were used to define higher grade sections. At a cut-off of 0.3 g/t Au, an Indicated Resource was calculated of 2.1 million tonnes at 1.36 g/t Au totalling 92,950 ounces of gold, plus an Inferred Resource of 2.2 million tonnes at 1.36 g/t Au for a total of 95,280 ounces of gold.
*Resource figures based on the technical report titled "Gold Exploration Potential & Preliminary Resource Estimate, East Cedartree Lake Mining Claims, Kenora Mining District, Northwestern Ontario", dated effective March 12, 2012, which is available at www.sedar.com under Metalore's SEDAR profile. |
Notes:
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Plan map showing the location of the Cameron project and the East Cedartree claims:
Plan map showing the regional geology of the Cameron Gold Project:
About the Cameron Gold Project
The Cameron Gold Project consists of a district-scale, 496 square kilometre land package encompassing the Cameron Gold Deposit, the West Cedartree deposits (including Dubenski and Dogpaw) and several other highly prospective gold showings. The Cameron Gold Deposit covers prospective areas of the Cameron Lake Shear Zone ("CLSZ"), a northwest trending shear zone which dips steeply to the northeast. The CLSZ is itself a splay from a large, regional crustal-scale structure called the Cameron-Pipestone Fault. The mineralization at the Cameron Gold Deposit comprises a number of sub–parallel lodes which commonly occur in the upper part of the CLSZ or in the structural hanging wall to the CLSZ. Gold mineralization mainly consists of disseminated sulphide replacements, quartz–sulphide stockwork and quartz breccia veins.
The Cameron Gold Deposit has been explored by surface and underground drilling and by underground bulk sample. Mineralization remains open at depth and along strike to the northwest with potential to expand the mineral resource in these directions.
The 2017 mineral resource estimate for Cameron is presented below:
Mineral Resource Classification | Open-Pit Constraint | Cut-off Au Grade (g/t) | Tonnes | Au Grade (g/t) | Contained Au (oz) |
Measured Mineral Resource | Within $1,350 open-pit shell | 0.55 | 2,670,000 | 2.66 | 228,000 |
Indicated Mineral Resource | Within $1,350 open-pit shell | 0.55 | 820,000 | 1.74 | 46,000 |
Measured + Indicated | | | 3,490,000 | 2.45 | 274,000 |
Mineral Resource Classification | Underground Constraint | Cut-off Au Grade (g/t) | Tonnes | Au Grade (g/t) | Contained Au (oz) |
Measured Mineral Resource | Below $1,350 open-pit shell | 2.00 | 690,000 | 3.09 | 69,000 |
Indicated Mineral Resource | Below $1,350 open-pit shell | 2.00 | 1,350,000 | 2.80 | 121,000 |
Measured + Indicated | | | 2,040,000 | 2.90 | 190,000 |
Total Measured + Indicated | | | 5,530,000 | 2.61 | 464,000 |
Mineral Resource Classification | Open-Pit Constraint | Cut-off Au Grade (g/t) | Tonnes | Au Grade (g/t) | Contained Au (oz) |
Inferred Mineral Resource | Within $1,350 open-pit shell | 0.55 | 35,000 | 2.45 | 3,000 |
Mineral Resource Classification | Underground Constraint | Cut-off Au Grade (g/t) | Tonnes | Au Grade (g/t) | Contained Au (oz) |
Inferred Mineral Resource | Below $1,350 open-pit shell | 2.00 | 6,500,000 | 2.54 | 530,000 |
Total Inferred | | | 6,535,000 | 2.54 | 533,000 |
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Historical Exploration and Development
Exploration in the project area commenced in the 1940s and continued until 2015, with numerous companies completing prospecting, line cutting, geological mapping, trenching, soil, till and outcrop sampling, surface and underground drilling, underground development, and geophysical surveys including ground magnetic and electromagnetic (EM) and Induced Polarisation (IP), airborne magnetic and Versatile Time-domain Electromagnetic (VTEM). The Cameron Gold Project comprises both the Cameron property (hosting the Cameron Gold Deposit) and the West Cedartree property (hosting the Dogpaw and Dubenski Deposits).
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