First Mining Gold - Advancing the Duparquet Gold Project Through Successful Drilling Campaign

About First Mining Gold

First Mining Gold Corp. (TSX: FF) (OTCQX: FFMGF) (FRANKFURT: FMG) is a Canadian gold developer focused on advancing its portfolio of gold projects located in Canada. The company has two main projects - the Springpole Gold Project located in northwestern Ontario and the Duparquet Gold Project located in Quebec. First Mining is aiming to develop these projects into producing gold mines to deliver value to shareholders. The company was founded in 2015 by mining entrepreneur Keith Neumeyer.

First Mining’s Duparquet Gold Project Shows Exploration Upside

On September 5, 2023, First Mining announced initial results from the Phase I exploration drilling program at the Duparquet Gold Project in Quebec. The results have confirmed a new gold zone at the project called the “Buzz Zone” which returned high-grade intercepts including 6.52 g/t gold over 4.6 meters and 1.19 g/t gold over 10.4 meters.

This is a significant discovery for First Mining as it demonstrates the exploration upside and growth potential remaining at Duparquet beyond the current mineral resource estimate. The drilling also validated some existing mineralization, showing continuity of gold zones.

The Buzz Zone - Confirming a New Gold Discovery

The drilling at the Buzz Zone intersected a newly identified area of gold mineralization located immediately south of the current Duparquet deposit. Two drill holes tested this zone, uncovering gold intercepts that confirm it as a new viable target. Highlights include:

• 6.52 g/t Au over 4.6m including 12.82 g/t Au over 1.8m (hole DUP23-002)
• 1.19 g/t Au over 10.4m including 3.97 g/t Au over 0.7m (hole DUP23-002)
• 4.94 g/t Au over 1.0m (hole DUP23-003)
• 2.16 g/t Au over 1.5m (hole DUP23-003)

This newly discovered zone remains open along strike and at depth, providing plenty of upside for further exploration drilling. It sits outside of the current resource area, presenting an opportunity to significantly expand the overall gold resources at Duparquet.

Importantly, this drilling has unlocked a new portion of the property that was previously underexplored due to fragmented mineral tenure. First Mining’s consolidation of the land package has opened up this area for exploration.

Drilling Results Also Validate Existing Resources

In addition to discovering the new Buzz Zone, this drilling validated some of the existing mineral resource at Duparquet. Drill hole DUP23-002 intersected strong mineralization within modeled gold zones, including:

• 8.70 g/t Au over 3.3m
• 0.94 g/t Au over 12.0m

This confirms the continuity of gold mineralization within the current resource pit shells and wireframe models. It provides confidence in the existing Duparquet mineral resource estimate which stands at:

• 3.4 million ounces Au Measured & Indicated at 1.55 g/t
• 1.6 million ounces Au Inferred at 1.36 g/t

First Mining’s drilling has verified continuity of some of these modeled mineralized zones while also expanding them through the Buzz Zone discovery.

Ongoing Exploration Program at Duparquet

This is just the first phase of drilling at Duparquet under First Mining’s ownership. The company commenced this initial 5,000 meter program in May 2023, with drilling focused on testing new targets as well as existing mineralization.

With the early success from Phase I, the company now plans to continue drilling in Fall 2023. This will follow up on the Buzz Zone discovery and other results from the first round of drilling. Ongoing exploration will aim to further expand resources and make new discoveries to continue growing the gold inventory at Duparquet.

According to the company’s Vice President of Exploration, this drilling has unlocked both near-mine and regional exploration opportunities on the property. First Mining consolidated a district-scale land package along 19km of the Destor-Porcupine fault zone. This provides significant upside for finding additional gold deposits along this highly prospective structure.

The company is currently advancing the Duparquet Project on a PEA study that will incorporate the current mineral resources. This technical study is expected to be completed in Q3 2023. Additional exploration success from drilling could substantially increase resources ahead of a future Pre-Feasibility Study.

Conclusion

First Mining’s drilling results at the Duparquet Gold Project have confirmed a new high-grade gold discovery and shown growth potential beyond the current mineral resource estimate. This points to exploration upside at the project as the company continues drilling to expand and discover additional deposits.

For investors, Duparquet provides a low-risk gold project located in a top mining jurisdiction. It hosts an established multi-million ounce mineral resource with significant upside potential from exploration. First Mining has also consolidated a major district-scale land package with room to make additional discoveries away from the main deposit area.

The company is continuing advancement and de-risking activities including metallurgical studies, permitting baseline studies and the PEA in 2023. Further exploration success could elevate Duparquet into becoming a cornerstone asset in First Mining’s portfolio. The recent drilling results highlight the exploration growth potential that still exists, giving ample blue-sky opportunities to create value for shareholders through new gold discoveries.