Firefox Gold (FFOX.V) has launched a 10,000+ meter diamond drill program along the existing mineralized trend defined by the Mustajärvi Shear Zone. This will be part of the largest ever exploration program at Mustajarvi (where all previous drill programs combined resulted in less than 16,000 meters of drilling), and drilling will be a combination of infill drilling and step-out drilling at the currently known mineralized zones, while there will also be a budget to drill-test new targets proximal and distal to the main mineralized structures.
As there has been very little drilling in between the three mineralized lodes and beneath 230 meters, some of the holes will provide much better data on the potential mineralization in those locations. The very first hole of the current drill campaign already kicked off with a hole that has been collared 280 meters southwest from the center of the East Zone, and is targeting one of the electromagnetic anomalies.
The company is fully funded by the drill program after completing a C$7M raise priced at C$0.04 pre-consolidation (and thus C$0.40 on a post-consolidation basis). Each unit consisted of one share and a full warrant, allowing the warrant holder to acquire another share at C$0.60 (on a post-consolidated basis) during a three year period. The company currently has less than 39M shares outstanding for a market capitalization of around C$25M.
Disclosure: The author has a long position in Firefox Gold. This post is for educational purposes only; be mindful investing in junior mining stocks is risky and you may lose your entire investment if things go wrong. Please read the disclaimer.
