First Mining Finance Releases Third Set of Assay Results from its Goldlund Infill Drilling Program

12 of 14 drill holes intersect significant gold mineralization

 

VANCOUVER, BRITISH COLUMBIA--(May 24, 2017) -First Mining Finance Corp. ("First Mining" or the "Company")(TSX VENTURE:FF)(OTCQX:FFMGF)(FRANKFURT:FMG) is pleased to announce the third set of assay results from its, 28,500 metre diamond drill infill program on its 100% owned Goldlund Gold Project ("Goldlund"), located near the town of Sioux Lookout in northwestern Ontario, Canada.

 

Highlights:

Hole GL-17-032 intersected 64.5 metres of 3.25 grams per tonne gold

Including 0.5 metres of 335.76 grams per tonne gold

Hole GL-17-059 intersected 70.5 metres of 2.50 grams per tonne gold

Including 0.5 metres of 186.49 grams per tonne gold

Hole GL-17-073 intersected 48.0 metres of 2.34 grams per tonne gold

Including 2.0 metres of 36.53 grams per tonne gold

Hole GL-17-014 intersected 6.0 metres of 30.69 grams per tonne gold

Including 2.0 metres of 91.63 grams per tonne gold

Note: Assaying for the Goldlund 2017 drill program is being done by SGS at their laboratories in Red Lake, Ontario, and Burnaby, BC. Reported widths are drilled core lengths; true widths are unknown at this time. Assay values are uncut.

 

The goal of the 2017 drilling campaign at Goldlund is to upgrade Inferred resources into the Measured and Indicated categories with the majority of the drilling focused on Zone 7 and Zone 1 (Figure 1), and to gain further knowledge of the geology and gold mineralization in preparation for Phase 2 drilling. The drilling program will comprise a total of approximately 28,500 metres using HQ sized (63.5 mm) core. To date, 98 holes of our Phase 1 drill program have been completed. The Phase 1 drill program is expected to be completed within the week, and the remaining assay results will be released in batches as they are received. On April 25, 2017, the Company announced the results from the first 12 drill holes from the Goldlund project and on May 2, 2017 the Company announced the results from an additional 11 drill holes at the project. Of the 37 holes now released, 34 holes contain significant gold mineralization. Table 1 below shows the results of drilling from the latest drilling results (14 drill holes) and Table 2 provides additional drill hole information.

 

Commenting on the results, Patrick Donnelly, President of First Mining stated, "The goal of this year's Phase 1 drilling campaign at the Goldlund project is to unlock value for our shareholders and, as this third batch of drill results demonstrates, we believe there is tremendous untapped potential at our Goldlund project that, in our view, the capital markets have yet to recognize. Taking into account this latest batch of results, we have now intersected significant gold mineralization in 34 out of 37 drill holes which is an incredible success rate. Given the continued success of this drilling campaign, we have commenced planning a Phase 2 drill program to supplement the data being received from this Phase 1 program."

 

In addition, Keith Neumeyer, the Chairman of First Mining, stated, "These latest drill results continue to confirm our decision to acquire the Goldlund project. What also gives me comfort, and is overlooked by many investors, is that our core assets are located in northern Ontario, which is one of the safest and most politically stable jurisdictions in the world that has a long, rich history of mining and mineral exploration. I also want to reiterate that the Goldlund project is located near excellent infrastructure including roads, power and rail service, with the local airport at Sioux Lookout only a 20 minute drive from the project site."