First Mining Options Land Package Near Springpole Gold Project, Canada

Rhea-AI Summary

First Mining Gold Corp. has signed a 3-year option agreement with Exiro Minerals Corp. to earn a 100% interest in the Swain Post property in Ontario. This property consists of 237 mining claims across nearly 5,000 hectares, located near the Springpole Gold Project. The company aims to explore this under-explored area, which is thought to host significant gold deposits, contributing potential upside to the Springpole project. Plans for regional data compilation and geophysics are set for later in the year.

Positive

• First Mining has secured a strategic option agreement to significantly increase its mineral tenure near the Springpole Gold Project.
• The Swain Post property is located in a promising geological area that may enhance future gold exploration and development opportunities.

Negative

• None.

VANCOUVER, BC, March 1, 2021 /PRNewswire/ - First Mining Gold Corp. ("First Mining" or the "Company") (TSX: FF) (OTCQX: FFMGF) (FRANKFURT: FMG) is pleased to announce that the Company has entered into a 3-year option agreement with Exiro Minerals Corp. ("Exiro") pursuant to which First Mining may earn a 100% interest in Exiro's Swain Post property in northwestern Ontario through future cash and share payments to Exiro during the term of the option, and by completing all assessment work requirements on the property during the option term. The Swain Post property comprises 237 single cell mining claims covering nearly 5,000 hectares. It is located approximately 20 km west of the Springpole Gold Project ("Springpole") and approximately 5 km west of First Mining's western-most property boundary at Springpole.

"We are excited to add this prospective mineral tenure near our Springpole Gold Project," stated Dan Wilton, CEO of First Mining. "We believe that the under-explored Birch-Uchi greenstone belt has the potential to host gold deposits that can add significant longer-term upside to our robust development project at Springpole.  We look forward to undertaking regional and targeted exploration programs to assess this potential in the coming year."

Plan map showing the Swain Post Property and the Springpole Gold Project:

The Swain Post property has seen sporadic historic exploration work for both precious and base metals since the 1960s, with the last significant work being done in 2006-2007 by Merrex Gold. The property covers approximately 15 km of the 1 km-wide Swain Post Deformation Zone, and is host to 2nd and 3rd order shear zones cutting folded iron formation and mafic and felsic volcanics.  First Mining intends to undertake regional data compilation and more detailed geophysics later this year.

Qualified Person

Hazel Mullin, P.Geo., Director, Data Management and Technical Services of First Mining, is a "Qualified Person" for the purposes of NI 43-101, and she has reviewed and approved the scientific and technical disclosure contained in this news release.

About First Mining Gold Corp. 

First Mining is a Canadian gold developer focused on the development and permitting of the Springpole Gold Project in northwestern Ontario. Springpole is one of the largest undeveloped gold projects in Canada. The results of a positive Pre-Feasibility Study for the Springpole Gold Project were announced by First Mining in January 2021, and permitting activities are on-going with submission of an Environmental Impact Statement for the project targeted for 2021. The Company also holds a large equity position in Treasury Metals Inc. who are advancing the Goliath-Goldlund gold projects towards construction. First Mining's portfolio of gold projects in eastern Canada also includes the Pickle Crow (being advanced in partnership with Auteco Minerals Ltd.), Cameron, Hope Brook, Duparquet, Duquesne, and Pitt gold projects.

First Mining was established in 2015 by Mr. Keith Neumeyer, founding President and CEO of First Majestic Silver Corp. 

ON BEHALF OF FIRST MINING GOLD CORP.

Daniel W. Wilton
Chief Executive Officer and Director

Cautionary Note Regarding Forward-Looking Statements

This news release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date of this news release. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "plans", "projects", "intends", "estimates", "envisages", "potential", "possible", "strategy", "goals", "opportunities", "objectives", or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions.

Forward-looking statements in this news release relate to future events or future performance and reflect current estimates, predictions, expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: (i) future cash and share payments to Exiro during the course of the option period for the Swain Post property; (ii) First Mining completing all work assessment requirements for the Swain Post property during the course of the option period; (iii) the Company's belief that the under-explored Birch-Uchi greenstone belt has the potential to host gold deposits that can add significant longer-term upside to Springpole; (iv) future regional and targeted exploration programs to assess the potential for gold mineralization in the area around Springpole, including at the Swain Post property, and the success of such programs; (v) First Mining's focus on developing and permitting Springpole; and * the timing for the submission of an EIS for Springpole. All forward-looking statements are based on First Mining's or its consultants' current beliefs as well as various assumptions made by them and information currently available to them. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Such factors include, without limitation the Company's business, operations and financial condition potentially being materially adversely affected by the outbreak of epidemics, pandemics or other health crises, such as COVID-19, and by reactions by government and private actors to such outbreaks; risks to employee health and safety as a result of the outbreak of epidemics, pandemics or other health crises, such as COVID-19, that may result in a slowdown or temporary suspension of operations at some or all of the Company's mineral properties as well as its head office; fluctuations in the spot and forward price of gold, silver, base metals or certain other commodities; fluctuations in the currency markets (such as the Canadian dollar versus the U.S. dollar); changes in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins and flooding); the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities, indigenous populations and other stakeholders; availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development; title to properties.; and the additional risks described in the Company's Annual Information Form for the year ended December 31, 2019 filed with the Canadian securities regulatory authorities under the Company's SEDAR profile at www.sedar.com, and in the Company's Annual Report on Form 40-F filed with the SEC on EDGAR.

First Mining cautions that the foregoing list of factors that may affect future results is not exhaustive. When relying on our forward-looking statements to make decisions with respect to First Mining, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. First Mining does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by the Company or on our behalf, except as required by law.

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SOURCE First Mining Gold Corp.

FAQ

What is the recent agreement signed by First Mining Gold Corp.?

First Mining Gold Corp. has signed a 3-year option agreement with Exiro Minerals Corp. to earn a 100% interest in the Swain Post property in Ontario.

How many mining claims does the Swain Post property include?

The Swain Post property includes 237 mining claims covering nearly 5,000 hectares.

What is the significance of the Swain Post property for First Mining Gold?

The Swain Post property is expected to host significant gold deposits, potentially enhancing the value of the nearby Springpole Gold Project.

What are the next steps for First Mining Gold Corp. regarding the Swain Post property?

First Mining plans to undertake regional data compilation and detailed geophysics to explore the potential of the Swain Post property later this year.