First Mining Gold Corp. announced the positive results of a Preliminary Economic Assessment completed for its 100%-owned Duparquet Gold Project located in the Abitibi region of Quebec, Canada. The PEA results support a 15,000 tonnes per day open pit and underground mining operation over an 11-year mine life.

The PEA only considers the Duparquet gold deposit located on the Beattie, Donchester, Central Duparquet and Dumico claim blocks and does not include the Pitt Gold and Duquesne deposits. This PEA for the Duparquet Gold Project was prepared by G Mining Services Inc. of Montreal, Quebec, in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects. The Duparquet Gold Project, located in the Abitibi region of Quebec, Canada, is one of the largest undeveloped gold projects in North America.

The Project is located immediately north of the town of Duparquet which is approximately 50 kilometres northwest of Rouyn-Noranda, Quebec, a major mining service centre and home to the only remaining copper smelter in Canada. Duparquet currently hosts 3.4 million ounces of gold in the Indicated Mineral Resource category and 2.7 million ounces of gold in the Inferred Mineral Resource category, 5 in the Mineral Resource Estimate section. The PEA evaluates recovery of gold from a 15,000 tonne-per-day ("tpd") open pit and underground mining operation, with a process plant that includes crushing, grinding, and flotation, producing a concentrate for sale.

The Duparquet Gold Project, located in the Abitibi region of Quebec, Canada, is one of the largest undeveloped gold projects in North America. The Project is located immediately north of the town of Duparquet which is approximately 50 kilometres northwest of Rouyn-Noranda, Quebec, a major mining service centre and home to the only remaining copper smelter in Canada. Duparquet currently hosts 3.4 million ounces of gold in the Indicated Mineral Resource category and 2.7 million ounces of gold in the Inferred Mineral Resource category.

The PEA evaluates recovery of gold from a 15,000 tonne-per-day ("tpd") open pit and underground mining operation, with a process plant that includes crushing, grinding, and flotation, producing a concentrate for sale. In September 2022, the Duparquet Gold Project Mineral Resource Estimate ("MRE") was updated by InnovExplo Inc. in accordance with NI 43-101. The Duparquet Gold Project contains 3.44 million ounces of gold in the Measured & Indicated category, grading 1.55 g/t Au, and an additional 1.6 million ounces of gold in the Inferred category, grading 1.36 g/t Au.

The database used for the Duparquet MRE contains 904 holes totalling 270,119m and 173,831 sampled intervals. The resource area has an E-W strike length of 4.5 km, a width of approximately 1 km, and a vertical extent of 1,050 m below surface. A total of 60 mineralized zones wireframes have been created for the Duparquet deposit.

The database used for the Duquesne MRE contains 1,011 underground drill holes for a total of 51,957.43m and 393 surface Diamond Drill Holes ("DDH") totaling 103,888.19m. The DDH intervals used for the interpretation contain 66,411 assays taken from the 1404 drill holes and surface channels (71,034.71m of core). A total of 389 mineralized zones wireframes have been created for the Duquesne deposit.

Mineralized zones average thickness in the deposit varies between 0.69 m and 4.28 m with an interpreted average thickness of 1.89 m. The database used for the Pitt Gold MRE contains 163 surface diamond drill holes totaling 70,364.67m. A total of 119 mineralized zones wireframes have been created for the Pitt Gold deposit. Mineralized zones average thickness in the deposit varies between 0.71 m and 3.03 m with an interpreted average thickness of 1.56 m. In August 2023, new updated Mineral Resource Estimates were completed on First Mining's 100% owned Pitt Gold and Duquesne projects and have added 1.05 million ounces of gold grading 2.32 g/t Au in the Inferred category, which will now form part of the larger consolidated Duparquet Gold Project.

Following the updated Mineral Resource Estimate at Pitt Gold and Duquesne, the consolidated Duparquet Project now contains 3.44 million ounces of gold in the Measured & Indicated category, grading 1.55 g/t Au, and an additional 2.68 million ounces of gold in the Inferred category, grading 1.68 g/t Au.