First Mining Reports Updated Gold Resource Estimate for the Cameron Gold Project in Northwestern Ontario
March 22, 2017
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 22, 2017) - First Mining Finance Corp. ("First Mining" or the "Company") (TSX VENTURE:FF)(FFMGF)(FMG.F) is pleased to announce the release of an updated mineral resource estimate for its Cameron Gold Project ("Cameron" or the "Project") located near the town of Sioux Narrows in northwestern Ontario. First Mining acquired the Cameron Gold Project on June 9, 2016 pursuant to its acquisition of a subsidiary of Chalice Gold Mines Limited ("Chalice") that held the Project.
The updated mineral resource estimate for Cameron was prepared by Optiro Pty Limited ("Optiro") of Perth, Australia and has an effective date of January 17, 2017. A technical report for this updated resource estimate entitled "Technical Report on the Cameron Gold Deposit, Ontario, Canada" ("the "Technical Report"), which was prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"), has been filed by the Company under its SEDAR profile at www.sedar.com, and is also available on the Company's website.
Highlights of the Cameron Deposit
Pit constrained (0.55 g/t Au cut-off) Measured and Indicated mineral resources of 3.5 million tonnes at 2.45 grams per tonne or 274,000 ounces of gold,
Pit constrained (0.55 g/t Au cut-off) Inferred mineral resources of 35,000 tonnes at 2.45 grams per tonne or 3,000 ounces of gold,
Underground (2.00 g/t Au cut-off) Measured and Indicated mineral resources of 2.0 million tonnes at 2.90 grams per tonne or 190,000 ounces of gold, and
Underground (2.00 g/t Au cut-off) Inferred mineral resources of 6.5 million tonnes at 2.54 grams per tonne or 530,000 ounces of gold.
This latest mineral resource estimate replaces the previous resource estimate which defined the global in-situ resources at the property. Later this year, First Mining expects to commence a 9,000 metre drilling campaign at Cameron. The goal of the proposed drilling campaign is to upgrade the existing Inferred mineral resources into the Measured and Indicated categories and to drill exploration targets that lie outside of the main Cameron resource area. This latest mineral resource estimate for Cameron does not include mineralized material from the Dogpaw and Dubenski areas. These areas contain historic resources, and the Company plans to conduct additional exploration activities at a later date to define a current resource for these areas.
Patrick Donnelly, President of First Mining stated, "This updated mineral resource estimate for Cameron confirms our internal estimates from the Company's due diligence review of the Project regarding the amount of recoverable gold that is hosted at Cameron. What is especially compelling is that this Project consists of a very large land package that has the potential to host additional gold mineralization. We anticipate that our proposed 9,000 metre drilling campaign should further confirm our expectations that Cameron could become a gold project of significant merit, with further upside at several of the satellite deposits."
