First Mining Gold Corp. (TSX:FF, OTCQX:FFMGF) said among the highlights of its first quarter ended March 31, 2023, was the continued advancement of feasibility study work at its Springpole Gold Project and the completion of a district-scale exploration program in the Birch-Uchi Greenstone Belt.
"This has been an active quarter for First Mining for exploration activities at Springpole and Duparquet," Dan Wilton, CEO of First Mining, said in a statement.
"During Q1 2023, we embarked on our first district-scale exploration program in the Birch-Uchi Greenstone Belt near our Springpole Gold Project and began preparations for an exploration program at our Duparquet Gold Project. In addition, we were able to consolidate a strategic regional property package at Duparquet in the Abitibi, one of the most prolific gold camps in Quebec, and also raised C$6.7 million in non-dilutive financing by completing the sale of our non-core royalties. We continue to advance feasibility level work at Springpole and are making great progress on a PEA at the Duparquet project where we expect to have it complete before the end of the year."
Also during the quarter, the company started mobilizing on an initial 5,000-metre exploration drilling program at the Duparquet Gold Project, focusing on advancing a number of newly developed exploration targets.
Another highlight was the company’s SD foundational geoscience models supporting lithology, structure, and mineralization were completed for Duparquet Gold.
The company also completed the sale of all of the common shares of a wholly-owned subsidiary that held its non-core royalty portfolio to Elemental Altus Royalties Corp (TSX-V:ELE) for a total consideration of approximately $6.7 million in a cash and shares deal.
First Mining is a gold developer advancing two of the largest gold projects in Canada, the Springpole Gold Project in northwestern Ontario and the Duparquet, Pitt Gold, Duquesne and Porcupine East Gold Project in Quebec.
Contact the author at jon.hopkins@proactiveinvestors.com