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First Mining Acquires IAMGOLD’s Quebec Claims and Consolidates Its Duparquet Property

Jan 30, 2023


Pic 1 First Mining Purchases IAMGOLD's Quebec HoldingsFirst Mining Gold through its subsidiary, Duparquet Gold Mines Inc., has agreed to acquire IAMGOLD’s Porcupine East property located adjacent to the Company's Duparquet Gold Project and connecting First Mining's land package to its Pitt and Duquesne projects to the east.

"We are very excited to announce this strategic consolidation around our Quebec assets increasing our land position by 50%," stated Dan Wilton, CEO of First Mining.  "These highly prospective claims are located in between our Duparquet, Pitt and Duquesne gold projects, and will provide First Mining with a contiguous property package covering 19 km of favourable stratigraphy in Quebec, in the heart of the Abitibi Greenstone Belt. "

The agreement provides IAMGOLD 2.5 million First Mining common shares and a 1.5% net smelter return royalty on the Porcupine East Property to IAMGOLD upon closing of the agreement.

The transaction is expected to close on or before February 3, 2023.
A future contingent payment of $500,000, in cash or First Mining shares, will be granted to IAMGOLD on the declaration of a minimum of 350,000 oz gold resource on the Porcupine East Property.

Another future contingent payment of $1,000,000, in cash or First Mining shares, will be paid to IAMGOLD within 12 months of commercial production being declared at the Duparquet Gold Project, as long as any major surface infrastructure related to the Duparquet Gold Project has been constructed on the Porcupine East Property.

“We are excited to embark on robust engineering and exploration programs that will continue to demonstrate the highly prospective nature of our Duparquet Gold Project and the surrounding projects,” Wilton added.  “We are also very pleased to welcome IAMGOLD as a shareholder of First Mining.  IAMGOLD has a significant presence in both Ontario and Quebec, and as we continue to advance both Springpole and Duparquet, we look forward to other opportunities to work together."

Pic 2 Map of First Mining Properties, Dupraquet, Quebec
The Porcupine East Property is strategically located between First Mining's Duparquet Gold Project and First Mining's Pitt and Duquesne Gold Projects.  With the addition of the Porcupine East Property, First Mining will increase its land position by 1,868 hectares for a total land package of over 5,800 hectares in Quebec.  It will also provide an additional 7 km of strategic ground along the prolific Destor-Porcupine Fault Zone, increasing First Mining's total exposure to 19 km, including numerous secondary mineralized structures.  The new amalgamated property now includes 3 past producing gold mines, 1 gold deposit and 17 mineral showings.
The underlying geology on the Porcupine East Property is very similar to that of the adjoining Duparquet gold property, which includes syenites and felsic porphyries hosted within mafic and ultramafic volcanic rocks and overlain by younger Temiskaming conglomerates.

The Porcupine East Property has been tested with 67 drill holes, totalling 16,657 m between 1945 and 2013. The most recent drilling program was carried out in 2012 to 2013, consisting of 9 holes for a total of 1,574 m.  Select historic intersections from the relatively shallow drilling on the Porcupine East Property include 2.33 g/t Au over 11.8 m (G83-2), 2.42 g/t Au over 6.1 m (G82-7), 1.20 g/t Au over 10.21 m (G82-5) 0.55 g/t Au over 32.11 m (T82-1) and 0.93 g/t Au over 29.41 m (T82-10).

The Porcupine East Property includes 3 known gold showings as defined in SIGEOM (Quebec Government database). These include the Porcupine-173595, Touriet and Touriet-East showings that were discovered between 1980 and 1998 by surface prospecting, trenching and diamond drilling.  Select intersections reported in SIGEOM associated with these showings include: 1.37 g/t Au over 1.3 m and 2.15 g/t Au over 4.5 m (Porcupine East), 1.87 g/t Au over 2.2 m and 0.84 g/t Au over 10.3 m (Touriet) and 3.1 g/t Au over 2.6 m and 0.4 g/t Au over 18.0 m (Touriet East).
The Touriet showing is characterized by a gold-bearing felsic porphyry intrusion bordered by strongly altered and locally sheared ultramafic volcanics that are locally mineralized. The initial Touriet showing was drilled laterally for approximately 750 m, generally to a maximum depth of -200 m. The Touriet showing is typical of gold porphyries with low gold grades over large thicknesses as demonstrated by a few select drill holes reported by IAMGOLD: T82-10: 0.7 g/t Au over 61.0 m; POR98-99: 0.6 g/t Au over 19.4 m.
About First Mining Gold Corp. 
First Mining is a gold developer advancing the Duparquet, Pitt and Duquesne Gold Projects in Quebec. These are advanced stage projects located on the Destor-Porcupine Fault in the prolific Abitibi region.  
First Mining also owns the Springpole Gold Project in northwestern Ontario, where a Feasibility Study and permitting activities are underway. A draft Environmental Impact Statement was published in June 2022 for the project.
Other projects First Mining Gold has interests in include, the Cameron Gold Project in Ontario and a portfolio of gold project interests including the Pickle Crow Gold Project (being advanced in partnership with Auteco Minerals Ltd.), the Hope Brook Gold Project (being advanced in partnership with Big Ridge Gold Corp.), an equity interest in Treasury Metals Inc., and a portfolio of 20 royalties.
First Mining was established in 2015 by Mr. Keith Neumeyer, founding President and CEO of First Majestic Silver Corp. 
Louis Martin P.Geo., (OGQ 0364), a consultant of First Mining, is a "Qualified Person" for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects, and he has reviewed and approved the scientific and technical disclosure contained in this news release.

First Mining trades on the following stock exchanges (TSX: FF) (OTCQX: FFMGF) (FRANKFURT: FMG)

For further information: Toll Free: 1 844 306 8827 | Email: info@firstmininggold.com | Paul Morris, Director, Investor Relations | Email: paul@firstmininggold.com

Tags: Quebec / Deals & Financial / Gold / All Articles