First Mining Gold has positive Q3 and Environmental Milestone at Springpole

First Mining Gold Corp. has announced its financial and operational highlights for the third quarter ending September 30, 2024. The company’s progress includes a substantial cash infusion, exploration successes, and a pivotal environmental step forward for the Springpole Gold Project in Northwestern Ontario.

 

“We want to thank our new and existing supportive shareholders for a positive third quarter where we were able to successfully add more than $15 million to our balance sheet to continue advancing our projects,” said Dan Wilton, CEO of First Mining. “We continue to demonstrate strong exploration success at both Duparquet and our Birch-Uchi Greenstone Belt project, and we look forward to more exciting results to come. We are tremendously proud of our recent achievement of filing our Final Environmental Impact Statement / Environmental Assessment at our Springpole Gold Project, which has the potential to deliver significant socio-economic benefits to an underserviced region of Northwestern Ontario with a focus on environmental stewardship and sustainable development.”

 

2024 Q3 Highlights:

• Springpole Project EIS/EA Filing: First Mining submitted the final Environmental Impact Statement/Environmental Assessment (EIS/EA) for the Springpole Project on November 5, 2024. This crucial milestone marks more than two years of extensive consultation and positions Springpole for federal and provincial environmental review. The project is being evaluated by the Impact Assessment Agency of Canada and Ontario’s Ministry of Environment, Conservation, and Parks.

• Process Agreement with First Nations: On October 31, 2024, First Mining entered into a Process Agreement with Cat Lake First Nation and Lac Seul First Nation. This agreement supports the implementation of a community-led Anishinaabe-Led Impact Assessment (ALIA), strengthening First Mining’s commitment to meaningful Indigenous partnerships.

• Strong Cash Position: As of September 30, 2024, First Mining reported a cash balance of $13.8 million, with an additional equity interest valued at $21.5 million in the Pickle Crow Project, totaling $35.3 million.

• Successful Fundraising: First Mining raised $8 million through a brokered public offering and an additional $7.35 million through a non-brokered private placement. The funds support the company’s project advancements, with each offering including common share purchase warrants exercisable over three years at $0.20 per share.

• Challenger Target Discoveries: On September 9, 2024, the company announced four new gold mineralization occurrences at the Challenger Target, with channel samples yielding grades of up to 6.53 g/t Au over 3 meters and grab samples as high as 26.6 g/t Au. These findings underscore First Mining’s summer exploration successes in the Challenger area.

• Duparquet Drilling Success: First Mining reported further drilling results from its 2024 Phase 3 program at the Duparquet Project, located in the Valentre target area. Completed in October, the 24-hole, 9,564-meter program is anticipated to expand the resource base, with assay results pending.

 

About First Mining Gold Corp.

 

First Mining is advancing two of Canada’s largest gold projects: the Springpole Gold Project in Northwestern Ontario, where feasibility and permitting are underway, and the Duparquet Gold Project in Quebec, a promising asset on the Destor-Porcupine Fault Zone in the Abitibi gold belt. With additional interests in the Pickle Crow and Hope Brook Gold Projects, First Mining continues to strengthen its presence in Canada’s mining landscape.

Tags: Northern Ontario / Operational Updates / Gold / All Articles