Excerpt from Stockwatch Gold-Today Carl Lofberg's Firefox Gold Corp. (FFOX) rose 1.5 cents to 11.5 cents on 869,000 shares on word that it has drilled a 13.85-metre interval averaging 14.39 grams of gold per tonne at its Mustajarvi project in northern Finland. The headline hit included a 5.65-metre stretch averaging 25.02 grams per tonne and much of that gold sat in a one-metre stretch that averaged 59.7 grams per tonne. Three other holes also produced noteworthy results, including 8.26 grams per tonne over 2.1 metres and 3.03 grams per tonne over 8.1 metres.
Mr. Lofberg, president, was suitably enthused. "These results continue to highlight the high-grade gold potential at Mustajarvi," he cheered, noting that gold mineralization at the East Target area starts immediately below shallow overburden and is characterized by multiple high-grade gold intervals that remain open at depth and along strike. Assays from another two holes are pending, he concludes.
This seemed like a good time to slip some bad news to the market. Firefox also has assays from seven more holes drilled at its Sarvi project, but there were no significant gold intercepts in any of the tests. Mr. Lofberg and his crew are not yet ready to quit: They say work continues to interpret the data and develop targets for the next round of drilling.
This is not the first disappointment from Sarvi. In May, the company drilled a 17-metre interval worthy of mention, but the grade was just 0.134 gram of gold per tonne. That interval was part of a thicker, 25.5-metre zone of what the company called "high silver," but the silver content was low, at just 1.94 grams per tonne. No matter: Work will carry on at what Mr. Lofberg applauds as a "large property" that adjoins the Area 1 discovery scored by James Withall's Rupert Resources Ltd. (RUP).
Area 1, you ask? Well, Rupert has been touting that region of its Pahtavaara project since 2019. Drilling that year produced 3.6 grams of gold per tonne over 10.5 metres and since then it has scored hits of up to five grams per tonne over 110 metres in the Ikkari target and 378 grams per tonne over one metre in the Heina South area. Rupert rose three cents to $4.43 on 30,000 shares today.
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