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First Mining kicks off drilling at Goldlund project, to acquire 23 claims

First Mining Finance Corp. said Jan. 24 that it commenced a 27,000-meter drill campaign at its Goldlund gold project in northwestern Ontario.

The program aims to further enhance the existing resources at Goldlund and to assist in advancing the project to a preliminary economic assessment, following an initial resource estimate in early January.

In addition, First Mining entered into definitive agreements to purchase certain mineral claims located in Ontario and Quebec.

The company agreed to acquire five unpatented mining claims prospective for gold near Pickle Lake, Ontario, from GoldON Resources Ltd. for 200,000 First Mining common shares.

First Mining also agreed to acquire 18 mining claims in the town of Duparquet, Quebec, from a private vendor for C$250,000 and 2,500,000 shares.

The parties to both transactions are at arm's length and pricing for each was based on the five-day volume weighted average price of First Mining's shares. The deemed value of the GoldON deal is around C$168,000, and the deemed value of the Duparquet transaction is about C$2.4 million.

The transactions, expected to be completed Jan. 31, are subject to regulatory and stock exchange approvals and certain conditions.