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FireFox Gold Exercises its Option and Earns 100% Interest in the Jeesiö Gold Project, Finland
FireFox Gold Exercises its Option and Earns 100% Interest in the Jeesiö Gold Project...
About this update from Firefox Gold Corp.
[{"type":"text","content":"\n \n \n \n FireFox Gold Exercises its Option and Earns 100% Interest in the Jeesiö Gold Project, Finland\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n Feb. 1, 2021\n \n /CNW/ - FireFox Gold Corp. (\"FireFox\" or the \"Company\") is pleased to report that it has completed its earn-in requirements and exercised the option for a 100% interest in the Jeesiö Gold Project in Lapland,\n \n Finland\n \n . The exercise comes more than six months ahead of schedule.\n \n \n FireFox Chairman\n \n Patrick Highsmith\n \n commented, \"\n \n Jeesiö is one of our core projects, occupying approximately 142km\n \n 2\n \n right in the heart of\n \n Finland's\n \n new gold rush, with exciting targets at both the Utsamo and Kataja zones. Having completed a significant exploration program in 2020 and in position to secure our ownership, it makes perfect sense to exercise the option now. Our next program is a detailed bottom-of-till sampling program and we are planning to follow that with more core drilling in the spring.\"\n \n \n \n FireFox entered into the RJY option agreement with Magnus Minerals Ltd (\"Magnus\") for the Riikonkoski, Jeesiö, and Ylöjӓrvi gold projects in August of 2017. In order to complete the option, FireFox was required to issued six million common shares and make cash payments of\n \n C$250,000\n \n to Magnus, and to incur\n \n C$2.5 million\n \n in exploration expenditures on the projects. Magnus had extended the dates for expenditures and payments so that the final commitments were not due until\n \n August 31, 2021\n \n . FireFox met its expenditure requirements in\n \n December 2020\n \n , and with\n \n C$100,000\n \n left in cash payments, due\n \n February 28\n \n \n th\n \n and\n \n August 31\n \n \n st\n \n , 2021, elected to complete the payments immediately and exercise the option. FireFox is obligated to pay Magnus an additional payment, equal to the value of 1,000 troy ounces of gold, within 12 months of the commencement of commercial production fro...