VANCOUVER, BC, Aug. 8, 2024
/PRNewswire/ - First Mining Gold Corp. ("First Mining" or the
"Company") (TSX: FF) (OTCQX: FFMGF) (FRANKFURT: FMG)
reports its second quarter financial results for the quarter ended
June 30, 2024. The financial
statements and management's discussion and analysis ("MD&A")
are available on First Mining's website at
www.firstmininggold.com/investors/reports-filings/financials/ and
have been posted under the Company's profile on SEDAR+ at
www.sedarplus.ca and EDGAR at www.sec.gov.
"We are pleased to announce a successful second quarter where we
were able to bolster our balance sheet with an oversubscribed
flow-through financing," stated Dan
Wilton, CEO of First Mining. "We continue to demonstrate
strong drilling results at Duparquet and with the recent financing
completed, we look forward to delivering more exciting exploration
results at Duparquet. At
Springpole, we are in the final stages of our environmental
assessment preparation and look forward to having it submitted to
regulators before the end of the year."
2024 Q2 Highlights:
- At Springpole, continued collecting environmental baseline data
and advancing environmental assessment work, planning for
submission of a final EIS/EA in 2024, and continued engagement with
local Indigenous rights holders and government regulators
- In the Birch-Uchi, completed a 3-year option agreement with
Whitefish Exploration Inc. on the Swain Lake property, and 70%
ownership of the property, which comprises 82 mining claims over an
area of 1,656 hectares
- In the Birch-Uchi, additional mapping and prospecting programs
focusing on several prospective areas commenced in June 2024 with corresponding drill target
development underway
- At Duparquet, announced the
completion of our Phase 2 winter drilling program totaling 2,856
metres with activities on our Phase 3, 9,000 metre drilling program
underway; a property-wide expanded 3D geological and target model
is also being developed
- At Duparquet, reported
drilling results from our 2024 Phase 2B winter diamond drilling program at
Duparquet with multiple high-grade
gold zones that had not been previously modelled were
identified
- At Duparquet, provided an
update on the final Phase 2B drilling
results, which included drill hole DUP24-024 which returned
multiple gold zones including 10.67 g/t Au over 5.3 m, 6.63 g/t Au over 9.0 m, 3.04 g/t Au over 33.5 m, and 5.97 g/t Au over 33.0 m in newly identified mafic volcanic units
not previously modelled
- In June, First Mining closed an upsized flow through financing,
for aggregate proceeds of approximately $7
million, to fund exploration programs in Ontario and Quebec
- In June, the Company published its third annual Environmental,
Social and Governance ("ESG") Report for the 2023 year highlighting
the Company's ESG commitments, practices and performance
- As of June 30, 2024, the
Company's cash and current investments balance was $13.2 million and the equity interest in PC Gold
Inc. (Pickle Crow Project) was $21.5
million, resulting in a combined carrying value of
$34.7 million
About First Mining Gold Corp.
First Mining is a gold developer advancing two of the largest
gold projects in Canada, the
Springpole Gold Project in northwestern Ontario, where we have commenced a Feasibility
Study and permitting activities are on-going with a draft
Environmental Impact Statement ("EIS") for the project published in
June 2022, and the Duparquet Project
in Quebec, a PEA-stage development
project located on the Destor-Porcupine Fault Zone in the prolific
Abitibi region. First Mining also owns the Cameron Gold Project in
Ontario and a portfolio of gold
project interests including the Pickle Crow Gold Project (being
advanced in partnership with Firefly Metals Ltd.) and the Hope
Brook Gold Project (being advanced in partnership with Big Ridge
Gold Corp.).
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.
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, 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, 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, 2023 filed with the Canadian
securities regulatory authorities under the Company's SEDAR+
profile at www.sedarplus.ca, 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.
