FireFox is earning a 100% interest in Ylöjӓrvi from Magnus Minerals Ltd., (“Magnus”) as part of the agreement that includes properties in the Riikonkoski and Jeesiö Projects. The agreement requires a combination of common shares issuance (completed) plus $250,000 cash and $2.5M in exploration expenditures over a four year period. Magnus Minerals retains a 1.5% NSR which may be reduced by 1% in return for the payment to Magnus of 1000 troy ounces of gold. For the current status of payments and expenditures please refer to the latest Financial Statements.
Geology & Exploration
In-house exploration targeting work emphasised the strong similarities in the chemical composition, style of alteration and structures of the volcanic sequences and soil geochemistry of the Ylöjärvi Project with those features observed near the gold mines of the region. Gold in the area is usually associated with pyrite or arsenopyrite and hosted by quartz veins in altered volcanic rocks or shear zones in granodiorite.
The prospectivity of the project is supported by the presence of high-grade glacial erratics and gold anomalies in till or soil, as reported in the Geological Survey of Finland (GTK) database. Additional exploration work will have to be performed in order to ascertain whether there is continuous mineralization associated with these initial indicators.
The area of Ylöjärvi tenement has seen only minor exploration work in the past. During the 2017 field season the Company conducted reconnaissance geological mapping, soil sampling and Self Potential (SP) line surveys on selected targets. New grab samples assayed up to 7 g/t Au (7 samples exceeded 1g/t Au, and 17 samples had > 0.1 g/t Au), and FireFox was able to verify the extension of one of the historical drilled prospects (“Oks”) by another 1,000 metres along strike. Geological teams returned to these areas during the spring of 2018 to conduct additional sampling and geophysics, but no significant new mineralization was encountered. The Company conducted additional mapping and percussion drill BOT sampling in order to further delineate these anomalies but did not identify any high priority targets.