First Mining Gold Corp. (FF:TSX; FFMGF:OTCMKTS; FMG:FRA) has announced the commencement of its 2025 exploration program at the Duparquet gold project in Quebec's Abitibi region. This program marks the company's most extensive drill campaign at the project since gaining full ownership in 2022. Over the course of the year, First Mining plans to conduct approximately 18,000 meters of exploration drilling, focusing on priority targets with resource expansion potential.
The Duparquet gold project spans 5,800 hectares along a 19-kilometre strike length of the highly prospective Destor-Porcupine fault zone. Since launching its maiden drill program in May 2023, First Mining has completed 20,000 meters of exploration drilling. These efforts, combined with updated geoscience modeling and targeting, have been aimed at increasing resource confidence and identifying potential extensions to mineralization. The 2025 drilling program will build upon this foundation by testing new regional exploration targets and enhancing the understanding of the deposit's geological controls.
According to First Mining CEO Dan Wilton in the news release, "We are excited to embark on a new exploration program that will almost double the amount of drilling completed to date since First Mining acquired the Duparquet project in 2022. In addition to the 20,000 meters of drilling First Mining has completed, the company inherited 270,000 meters of historical drilling at the project that provides a strong foundation for our understanding of the deposit."
The 2025 drilling campaign will be executed in multiple phases. The initial phase, commencing in March, will deploy a single drill rig to complete 3,000 meters of drilling at the Miroir discovery zone before moving to targets at Central Duparquet-Valentre-Dumico and East Extension. A second drill rig is expected to be added in the second quarter to advance drilling at the North Zone, Buzz, Miroir, Aiguille, and other select resource growth targets. First Mining has outlined an additional 15,000 meters of drilling for later in the year.
Recent exploration work has identified multiple high-grade zones and new discovery areas, including the Miroir and Aiguille targets, which returned significant gold intercepts. Additional drill testing will be conducted at depth and along strike to expand known mineralization. The company has also integrated high-resolution airborne geophysical surveys, LiDAR data, and 3D Leapfrog geological modeling into its exploration framework.
Gold Prices Climb as Economic Uncertainty Fuels Investor Demand
Gold prices climbed as economic uncertainty and trade tensions fueled investor demand for safe-haven assets. Excelsior Prosperity published a broad analysis on March 10 discussing the value of commodity producers in investment portfolios. The report highlighted that while many investors focus on physical gold ownership, mining stocks provide leveraged exposure to rising gold prices. It emphasized that successful investment strategies in the sector require an understanding of cyclical trends, as commodity prices are inherently volatile. The report also suggested that institutional money managers, restricted from purchasing physical bullion, could increasingly allocate capital to gold mining stocks in response to shifting economic conditions.
According to Kitco on March 11, gold futures rose by US$23.60 to US$2,923.10 as of 3:55 PM EST. The increase was driven by market volatility stemming from President Trump's decision to double proposed tariffs on Canadian metals to 50%. Analysts noted that these measures heightened concerns of a U.S. economic slowdown, leading investors to seek gold as a hedge. Additionally, a weakening U.S. dollar provided further support for gold prices, with the dollar index dropping 0.52% to 103.355 — its lowest level since November 2024.
On the same day, Stewart Thomson of 321Gold compared current market conditions to 1929, warning that tariff policies could serve as a catalyst for a market downturn. He emphasized the importance of gold ownership in navigating market instability, stating, "The most important tactic for stock market investors is to be sure they own lots of gold." Thomson pointed to bullish technical indicators, including inverse head-and-shoulders formations, predicting that gold could target the US$3,075 level. He further suggested that the ongoing stagflation cycle could sustain rising gold prices, leading to increased institutional interest in mining stocks.
First Mining's 2025 Exploration Program Targets Growth at Duparquet
First Mining's investor materials indicate that the 2025 exploration program aligns with the company's broader strategy of advancing resource development at Duparquet while positioning the project for future economic studies. The company completed a preliminary economic assessment (PEA) in 2023, which outlined a measured and indicated gold resource of 3.44 million ounces grading 1.55 grams per tonne (g/t) gold, with an additional inferred resource of 2.64 million ounces grading 1.62 g/t gold.
The program's focus on high-priority targets could provide new insights into resource continuity and grade distribution. In particular, the North Zone has demonstrated strong mineralization potential, with previous drill results highlighting significant intercepts, including 10.67 g/t gold over 5.3 meters and 6.63 g/t gold over 9.0 meters. The company is prioritizing deeper drilling in this zone to assess high-grade controls on mineralization.
With additional drilling planned at the Valentre, Central Duparquet, and East Extension targets, First Mining aims to increase resource confidence and define potential extensions beyond currently outlined deposits. The company's strategic approach integrates extensive historical data with modern exploration techniques to optimize target selection.
First Mining's management has emphasized the project's strategic location in the Abitibi greenstone belt, noting its accessibility to infrastructure, including road, rail, and hydroelectric power. This infrastructure advantage, coupled with continued resource expansion efforts, positions the Duparquet project as a significant asset within the company's portfolio.
As First Mining continues to advance its exploration objectives, the results from the 2025 drilling program could provide further clarity on the project's long-term development potential. The company expects ongoing assay results and technical updates throughout the year, offering key milestones for investors monitoring the project's progress.
Drill Expansion Strengthens Gold Asset Growth at Duparquet
According to a March 6 report from Jeff Clark of The Gold Advisor, First Mining Gold outlined plans for an 18,000-meter drill program at its Duparquet gold project in Quebec, focusing on resource expansion. The publication noted that the project already hosted 3.4 million ounces of indicated gold and 2.6 million ounces of inferred gold, positioning it as a significant asset in the Abitibi Greenstone Belt. The report highlighted that the company had previously completed 20,000 meters of drilling at Duparquet since acquiring it in 2022, in addition to the 270,000 meters of historical drilling conducted at the project. Clark emphasized that any additional resources identified in this year's drill program would be "essentially gravy for First Mining," given the scale of its existing gold inventory.
The report also pointed to the company's use of advanced geoscientific techniques, including LiDAR surveys and 3D Leapfrog geological modeling, to refine drill targets. It noted that the program would begin with an initial 3,000-meter phase focused on the Miroir, Central Duparquet-Valentre-Dumico, and East Extension targets before expanding to other key areas. The analysis described First Mining's assets as "world-class," with Duparquet's extensive mineralization potential and the company's Springpole project in the final stages of environmental assessment.
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First Mining Gold Corp. (FF:TSX;FFMGF:OTCMKTS;FMG:FRA)
Clark acknowledged that First Mining's stock performance had remained stagnant due to the prolonged permitting process at Springpole but maintained that the company held strong long-term potential. It suggested that for existing investors, the stock remained a Hold, emphasizing the substantial scale of its gold resources and ongoing exploration efforts at Duparquet.
Ownership and Share Structure
According to the company, about 12% of First Mining Gold is owned by strategic entities, while management and insiders hold approximately 4.4%. The rest is retail.
The company has approximately 1.013 billion free float shares. Its market cap is approximately CA$90.11 million. It trades in a 52-week range of CA$0.07995–$0.14.
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