Welcome to our dedicated page for First Mining news (Ticker: FFMGF), a resource for investors and traders seeking the latest updates and insights on First Mining stock.
First Mining Gold Corp. reports developments for a Canadian gold-development portfolio led by the Springpole Gold Project in northwestern Ontario and the Duparquet Gold Project in Quebec's Abitibi region. Company updates commonly address Springpole permitting, environmental assessment materials, feasibility-study work and socio-economic analysis, as well as Duparquet exploration drilling, environmental baseline work and the PEA-stage development profile on the Destor-Porcupine Fault Zone.
News also covers First Mining's project interests and capital actions, including its 20% interest in the Pickle Crow Gold Project through PC Gold, its equity interest in Seva Mining following the completed Cameron Gold Project sale, and shelf prospectus or registration-statement activity tied to financing flexibility.
First Mining Gold Corp. has signed a definitive agreement with Big Ridge Gold Corp. for a partnership to advance the Hope Brook Gold Project in Newfoundland. Big Ridge can earn an 80% interest through a five-year, two-stage earn-in by spending $20 million, issuing shares, and providing cash payments. First Mining will retain a 1.5% net smelter returns royalty and maintain significant exposure with a 19% equity stake in Big Ridge. This collaboration aims to unlock value at Hope Brook, enhancing First Mining's project portfolio.
First Mining Gold Corp. announced that Auteco Minerals Ltd has met its Stage 1 $5 million expenditure requirement for the Pickle Crow Gold Project. This completion allows Auteco to issue 100,000,000 shares to First Mining, granting it a 51% interest in PC Gold Inc. First Mining anticipates receiving these shares by the end of April 2021. A major drill program of 45,000 meters is ongoing at Pickle Crow, with promising early results. After completing further expenditures, Auteco has the option to acquire an additional stake in PC Gold.
First Mining Gold Corp. has filed an independent Pre-Feasibility Study for its Springpole Gold Project, revealing a robust economic outlook. The study indicates a pre-tax net present value (NPV5%) of $1.5 billion at a gold price of $1,600/oz, with a 36% internal rate of return (IRR). The project is expected to produce an average of 335,000 ounces of gold annually over its 11.3-year lifespan. Estimated initial capital costs are $718 million, with a sustainable capital cost of $55 million. The report highlights probable mineral reserves of 3.8 million ounces of gold and 20.5 million ounces of silver.
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.
First Mining Gold Corp. (FFMGF) announced promising results from the ongoing diamond drill program at its Pickle Crow Gold Project. Partner Auteco Minerals Ltd has completed 4,464 meters of drilling, revealing high-grade gold intersections, including 99.35 g/t Au over 0.6 m in hole AUDD0017. With 45,000 meters planned, the program aims to enhance resource growth. A third drill rig will be introduced soon, while additional high-grade targets have been identified, indicating significant resource expansion potential as drilling continues.
First Mining Gold Corp. has released an update regarding its Springpole Gold Project in Ontario, focusing on the progress of its Pre-Feasibility Study (PFS) and environmental assessments. Conducted by various consulting firms, the PFS aims to optimize project scope and mitigate environmental risks while enhancing economic viability. The company is nearing completion of essential trade-off studies and CAPEX/OPEX estimates. Additionally, drilling programs have advanced significantly, and the company is engaged in extensive environmental baseline data collection. The PFS is expected to be delivered in Q1 2021.
First Mining Gold Corp. (FFMGF) reports that its partner, Auteco Minerals Ltd., has increased the drill program at the Pickle Crow Gold Project from 10,000 meters to 45,000 meters. The expansion aims to enhance resource growth and explore multiple targets, supported by a 24-person all-season camp. Nineteen drill holes have been completed so far. The program is fully funded following a recent A$30.4 million capital raising. Additionally, First Mining announced the resignation of Mal Karwowska, its Vice President of Corporate Development, effective September 2, 2020.
First Mining Gold Corp. has successfully completed its upsized bought deal offering, issuing 57.5 million units at a price of $0.50 per unit for total gross proceeds of $28.75 million. Each unit consists of one common share and one-half of a warrant, with each full warrant allowing the purchase of an additional share at $0.70 for 24 months. The net proceeds will support exploration, development, potential acquisitions, and working capital needs. The offering was led by Cormark Securities with additional participation from BMO and H.C. Wainwright.
First Mining Gold Corp. (TSX:FF)(OTCQX:FFMGF) announced that Auteco Minerals Ltd has successfully met the initial $750,000 exploration expenditure requirement for the Pickle Crow Gold Project in Ontario. This milestone was reached just four months after starting the exploration program, which includes a total of 10,000 metres of drilling. Auteco must spend an additional $4.25 million over two years to earn a 51% interest in the project. With A$4.8 million in cash and additional fundraising, Auteco is well-positioned for further exploration.