Newly public Finland gold explorer Firefox Gold (TSXV: FFOX) recently identified five new gold targets on its Jeesio gold project in Northern Finland's central Lapland greenstone belt after compiling samples in its geochemical database.
The 2,751-sample Jeesio database contains 838 new till samples from the company's recently completed bottom of till sampling program, 768 historical Geological Survey of Finland (GTK) samples that were not previously analyzed for gold, and more than 1,100 previously unpublished samples the company purchased from GTK.
Firefox is still sampling and trenching the property to further refine targets for future drilling.
The company optioned Jeesio, along with its Riikonkoski and Ylojarvi gold projects, from Magnus Minerals. Firefox has spent more than $1.4 million, so far, and must spend a total of $2.5 million on exploration at the projects by Aug. 31, 2020. Magnus retains a 1.5% net smelter returns royalty (NSR), although Firefox can buy back 0.5% for 1,000 oz. gold, delivered within 90 days of publishing a positive feasibility study.
Firefox has also just begun a diamond drill program at its Mustajarvi gold project, 10 km northwest of Jeesio. It says it will provide details on the drill program in 2019's first quarter. The company owns 100% of Mustajarvi, while Aurora Exploration retains a 1% NSR.
Shares of Firefox Gold are currently trading at 30 ? with a 52-week range of 27 ? to 35 ?. The company has an $8 million market capitalization. It went public in late December 2018, issuing more than 5.2 million units at 40 ? a-piece for $2.11 million. Each unit included one share and half of a share purchase warrant.