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ued world class assets available.
After identifying and deciding to buy
a company, First Mining winds down
and de-lists the acquired company, bring-
ing their mineral assets into its portfolio.
The services of knowledgeable people are
retained on a consulting basis to ease the
transition and maintain continuity of
information, important for mining proper-
ties with a long history.
First Mining Finance's top three proj-
ects were Springpole (Ontario), Hope
Brook (Newfoundland), and Pickle Crow
(Ontario) but the company just recently
announced the acquisition of Chalice Gold
Mines' Cameron Gold Project in Ontario
and this one would move into the third
spot. Gold Canyon Resources brought in
the flagship Springpole gold project, con-
sidered one of the largest undeveloped
gold projects in Canada, located 110 km
northeast of Red Lake. In 2013 it had a
positive preliminary economic assessment
(PEA), which estimated an average annual
production of 217,000 oz gold and 1.2 mil-
lion oz silver at a 20,000 tpd processing
facility. Hosted in alkalic intrusive rocks,
indicated resources (calculated at 0.4 g/t
cut-off grade) are estimated at 128.2 mil-
lion tonnes with grades of 1.07 g/t gold
and 5.7 g/t silver, containing 4.41 million
ounces gold and 23.80 million ounces sil-
ver (gold equivalent 4.78 million ounces);
and inferred resources of 25.7 million
tonnes with grades of 0.83 g/t gold and 3.2
g/t silver, containing 0.69 million ounces
gold and 2.70 million ounces silver (gold
equivalent 0.73 million ounces).
The Pickle Crow gold project and the
Springpole Project are both in a pro-
mining jurisdiction of northern Ontario
covered by the Treaty Three First Nations
Agreement. Pickle Crow (premier project
of PC Gold Inc.) was a high-grade gold
mine in operation until the 1960s, and has
a 200 tpd gravity mill in place. Historical
mining was stopped at a grade of 0.5 oz/
ton Au (17 g/t), so substantial gold is left
to mine with modern techniques. A 2011
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The advanced-stage Springpole gold
project located 110 km northeast of
Red Lake, northern Ontario. Photo
courtesy First Mining Finance Corp.
