First Nordic Metals

First Nordic Commences Top-of-Bedrock Drilling Program on Nippas Target, Gold Line Belt, Sweden

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First Nordic Commences Top-of-Bedrock Drilling Program on Nippas Target, Gold Line Belt, Sweden

December 16, 2024
Regulatory

Vancouver, BC – December 16, 2024 – First Nordic Metals Corp. (the “Company” or “FNM”) (TSX.V:FNM, OTCQB:FNMCF, FRA: HEG0) is pleased to announce the commencement of a top-of-bedrock drilling program (also known as base-of-till drilling (“BoT”)) on its 100%-owned Nippas target (“Nippas”) located in the Storjuktan project area (“Storjuktan” or the “Project”) of the Gold Line Belt, northern Sweden.  

Taj Singh, FNM CEO comments: “The Nippas target currently being tested represents an extensive gold and pathfinder element till anomaly on the Storjuktan project, located 28 kilometres north of our resource-stage Barsele project. Nippas is located on a second order splay structure within the Gold Line structural corridor in a setting ideal for large orogenic gold deposits. BoT drilling is the most effective method of targeting potential new discoveries through glacial till cover and has already proven fruitful at our Paubäcken project’s Aida discovery further south. This BoT program sets us up well for diamond drilling Nippas in 2025. On the back of our recent financing, we are now fully funded for aggressive drilling on multiple multi-kilometric targets on the Gold Line through 2025.”

Nippas Exploration Program
The current Nippas BoT drilling program is designed to investigate bedrock sources of a >5 kilometre (“km”) by 250 metre (“m”) wide historic Au-As-Cu-Zn (gold-arsenic-copper-zinc) glacial till anomaly oriented in the prominent ice flow direction. The program will include up to 120 BoT drill holes and is designed to systematically test the bedrock along a 4 km zone interpreted to be the most probable source of the till anomaly based on interpretation of geophysical data and ice flow direction (see Figure 1). Analysis of recently acquired UAV magnetic geophysical data (interpretation ongoing) has identified a second order structural corridor that is parallel to the gold and pathfinder anomaly that will be targeted in the drilling campaign. Historic BoT and diamond drilling campaigns completed near the Nippas target have not focused on the main anomaly area identified recently by FNM. 

BoT drilling is an efficient exploration technique in glaciated terrains that provides high-quality geological data and allows direct analysis of underlying bedrock lithologies which have the potential to host mineral deposits. This technique reduces costs significantly compared with conventional reverse circulation or diamond drilling, has a small environmental footprint, and increases the success of identifying potential mineral deposits. It is a critical step in the exploration workflow when exploring under shallow cover, bridging surface surveys and deeper, more targeted drilling programs.


About the Nippas Target
The Nippas target is located in the Storjuktan project area of the Gold Line Belt in northern Sweden. The geology consists of a sequence of inverted basin sediments and mafic volcanic rocks intruded by small syn-kinematic granitic intrusions within a broad, anastomosing high strain structural corridor. These lithological sequences are highly prospective for orogenic gold deposits.

About the Gold Line Belt Geology
The geology of the Gold Line Belt consists of an inverted volcano-sedimentary sequence intruded by small pre- to syn-kinematic granitic intrusions within a broad, anastomosing high strain structural corridor. Lithologies are regionally metamorphosed to upper greenschist and amphibolite grade facies, and gold mineralization is associated with intense sericite, carbonate, biotite, and calc-silicate alteration assemblages and sulphide minerals pyrite, arsenopyrite, and pyrrhotite. The regional Gold Line structural corridor runs up the axis of the belt with many jogs, splays, and zones of structural complexity that are potential locations for dilation and deposition of gold bearing fluids. These lithological sequences are deemed to be highly prospective for orogenic gold deposits.

ABOUT FIRST NORDIC METALS
The Company’s flagship asset is the Barsele gold project, located in northern Sweden and in a joint venture with senior gold producer Agnico Eagle Mines Limited. Immediately surrounding the Barsele project, FNM is the 100%-owner of a district-scale license position of close to 100,000 hectares on Gold Line Belt. Additionally, in northern Finland FNM is the 100%-owner of a district-scale position covering the entire Oijärvi Greenstone Belt.

ON BEHALF OF THE BOARD OF DIRECTORS
Taj Singh, M.Eng, P.Eng, CPA
CEO and Director

Qualified Person
Benjamin Gelber, P. Geo., VP Exploration of the Company, is the Qualified Person as defined in NI 43-101 and takes responsibility for the technical disclosure contained within this news release.

For further information contact:
Alicia Ford, Business Development Manager
Phone: 403-604-9646, Email: [email protected]

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Forward-Cautionary Note Regarding Forward-Looking Statements:
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This News Release contains forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements and FNM undertakes no obligation to update such statements, except as required by law.

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Cautionary Note Regarding Forward-Looking Statements

This press release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the terms and conditions of the Arrangement, timing for the hearing for the final order of the Supreme Court of British Columbia to approve the Arrangement and the timing and ability of Gold Line to complete the Arrangement. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions.

Investors are cautioned that forward-looking information is not based on historical facts but instead reflect Gold Line’s respective management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although Gold Line believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of Gold Line. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: the ability to obtain necessary approvals in respect of the Arrangement, the ability to consummate the Arrangement,; the ability to obtain requisite court approvals and the satisfaction of other conditions to the consummation of the Arrangement on the proposed terms and schedule; the potential impact on exploration activities; the potential impact of the announcement or consummation of the Arrangement on relationships, including with regulatory bodies, employees, suppliers, customers and competitors; the re-rating potential following the consummation of the Arrangement; changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws; compliance with extensive government regulation; and the diversion of management time on the Arrangement. This forward-looking information may be affected by risks and uncertainties in the business of Gold Line and market conditions. This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in filings made by Gold Line with the Canadian securities regulators, including Gold Line’s financial statements and related management’s discussion and analysis for the financial year ended December 31, 2022 and its interim financial reports and related management’s discussion and analysis for the period ended September 30, 2023 filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedarplus.ca.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although Gold Line has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended, and do not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.