FIRST MNG FIN CORP COM NPV (OTCMKTS:FFMGF) has been rebounding as of late. This is a penny stock with overall a very niche business model. Their main business driver is a mineral bank, which might appeal to precious metal investors. However, the company’s Goldlund project is a clearly step up from where it was months ago. Previously, FFMGF had properties spread out across the Americas that needed to be mined. Now, the company’s Goldlund project is starting to show promise and investors should take note.
According to the Vancouver-based company, FFMGF is a mineral property holding company that is primarily engaged in the acquisition of high quality mineral assets with a focus in the Americas. The company currently holds a portfolio of 25 mineral assets in Canada, Mexico and the United States with a focus on gold. The company’s ultimate goal is to continue to grow its portfolio of mineral assets through acquisitions that are expected to be comprised of gold, silver, copper, lead, zinc and nickel.
FIRST MNG FIN CORP COM NPV (OTCMKTS:FFMGF) recently released its second set of testing results from its 106 hole, 28,500 metre diamond drill infill program on its 100% owned Goldlund Gold Project, which is located near the town of Sioux Lookout in northwestern Ontario, Canada.
- Hole GL-17-084 intersected 34.0 metres of 4.30 grams per tonne gold
- Including 2.0 metres of 48.72 grams per tonne gold
- Hole GL-17-105 intersected 10 metres of 1.90 grams per tonne gold
- Including 2.0 metres of 9.14 grams per tonne gold
- Hole GL-17-071 intersected 45.2 metres of 0.97 grams per tonne gold
- Including 30 metres of 1.26 grams per tonne gold
FFMGF’s 2017 drilling campaign at Goldlund is to aimed at upgrading Inferred resources into the Measured and Indicated categories with the majority of the drilling focused on Zone 7 and Zone 1. This drilling program is currently comprised of a total of 28,500 metres within 106 drill holes using HQ sized (63.5 mm) core. Thus far, 76% of the planned drill holes have been completed and the Company is awaiting additional drilling assay results.
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Commenting on the results, Patrick Donnelly, President of FFMGF stated, “The goal of this year’s Phase 1 drilling campaign at the Goldlund project is to unlock value for our shareholders and, as this third batch of dig results demonstrates, we believe there is tremendous untapped potential at our Goldlund project that, in our view, the capital markets have yet to recognize. Taking into account this latest batch of results, we have now intersected significant gold mineralization in 34 out of 37 drill holes which is an incredible success rate. Given the continued success of this drilling campaign, we have commenced planning a Phase 2 drill program to supplement the data being received from this Phase 1 program.”
The Goldlund deposit is situated within a land package of approximately 280 square kilometres (28,000 hectares) referred to as the Goldlund Gold Project. The Property has a strike-length of over 50 kilometres in the Wabigoon Subprovince.
Investors should take notice of FIRST MNG FIN CORP COM NPV (OTCMKTS:FFMGF). At this time, it is carrying a market cap of $268M and has good cash on hand with limited long-term debt. Junior mining companies and the risk associated with them are well known. The hole in the ground is either good or it is not. However, it is interesting to see how focused FFMGF is on their Goldlund project. The company claims that the market has not yet recognized the potential and this might be the time for investors to listen up. For continuing coverage on shares of FIRST MNG FIN CORP COM NPV stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!