Duparquet's Golden Horizon: First Mining Gold's Strategic Breakthroughs Position It for Abitibi Dominance

The Abitibi Greenstone Belt, one of the world's most prolific gold regions, has long been a hotspot for discovery. Now, First Mining Gold Corp. (FFM:TSX) is poised to capitalize on its flagship Duparquet Project with groundbreaking advancements in the Miroir and Aiguille zones, along with a redefined CVD (Central Duparquet-Valentre-Dumico) target that promises to unlock significant resource growth. Recent drilling results and strategic exploration plans reveal a project with near-surface high-grade intercepts, geological continuity, and exploration upside that could propel it to the forefront of North American gold assets. Here's why investors should take note.

The Miroir and Aiguille Breakthroughs: A Game-Changer for Resource Expansion

The Miroir Zone, discovered in 2024, is a shallow, high-grade discovery that has already delivered standout results, including 3.12 g/t Au over 19.35 meters, with a standout interval of 5.47 g/t Au over 9.6 meters. Critically, its proximity to surface reduces mining costs, a rare and valuable trait in gold projects. Just as compelling is the Aiguille Zone, located 150 meters south of Valentre, which returned 8.99 g/t Au over 3.1 meters, including a 15.50 g/t Au interval over 1 meter—a stark indicator of its potential for high-grade mineralization.

Both zones are part of a broader geological framework that aligns with the Destor-Porcupine Fault Zone (DPFZ), a structure known for hosting multi-million-ounce gold deposits like the nearby Canadian Malartic. The discovery of these zones within First Mining's 5,800-hectare tenure underscores the project's vast exploration potential, with drilling in 2025 targeting extensions along strike and at depth.

The CVD Target: A 1,700-Meter Corridor of Continuity and Depth

The CVD area, which includes the Valentre zone, has emerged as the project's backbone. Recent drilling identified 142 mineralized intercepts across 16 holes, extending the corridor to 1,700 meters east-west in a 500-meter-wide belt. Notable intercepts include 3.27 g/t Au over 10.2 meters (DUP24-036) and 5.53 g/t Au over 6.65 meters (DUP24-041), highlighting the zone's consistency.

What makes the CVD area truly transformative is its depth potential—a critical factor in resource growth. With most drilling to date focused on shallow targets, the unexplored depth below the CVD corridor represents a low-hanging opportunity to expand resources. First Mining's 2025 program aims to test this systematically, with plans to drill up to 18,000 meters—nearly doubling its 2024 effort.

Why the 2025 Drilling Program is a Catalyst for Equity Appreciation

First Mining's aggressive exploration plans for 2025 are a clear catalyst for resource upgrades and investor confidence. The program is divided into two phases:
1. Phase 3B (Winter 2025): Focused on the Miroir and CVD zones, starting with 3,000 meters of drilling to define their lateral and depth extents.
2. Phase 4 (Q2 2025): A second drill rig will add 15,000 meters targeting the North Zone, Buzz, and Aiguille zones, with an emphasis on high-grade intercepts like the 10.67 g/t Au over 5.3 meters seen in the North Zone in 2024.

The results from these drills will directly feed into First Mining's resource model, potentially elevating the project's 3.44 million-ounce Measured & Indicated resource (1.55 g/t Au) and 2.64 million-ounce Inferred resource (1.62 g/t Au). With the PEA (preliminary economic assessment) completed in 2023, the path to development is clear—especially with the project's access to existing infrastructure, including rail and hydroelectric power.

The Financial and Strategic Edge

First Mining enters 2025 with a strengthened balance sheet. The company reported $11.7 million in cash as of March 2025, bolstered by a $5 million final payment from First Majestic Silver related to the Springpole Project. This liquidity provides ample runway to fund the Duparquet exploration push without dilution.

Moreover, the Duparquet Project's location in Quebec's mining-friendly regulatory environment and its alignment with the DPFZ—home to giants like Yamana Gold's Mercedes mine—positions it as a prime consolidation candidate or a standalone development asset.

Investor Takeaway: A Rare Confluence of Catalysts

The Duparquet Project is at a pivotal juncture. Near-surface high-grade intercepts, a 1,700-meter CVD corridor with untapped depth potential, and a robust exploration program combine to create a project with asymmetric upside.

With drilling results expected through 2025 and potential resource upgrades on the horizon, investors stand to benefit from both near-term catalysts and long-term value creation. For those seeking exposure to a top-tier Abitibi asset with low execution risk and high-grade leverage, Duparquet is a buy now—before the market catches up to its true potential.

Actionable Insight:
- Buy FFM:TSX ahead of Q2/Q3 2025 drilling results.
- Monitor for updates on the Miroir and Aiguille zones' depth extensions and CVD resource expansions.
- Watch for potential resource updates in H2 2025, which could trigger a re-rating of the stock.

The Abitibi Greenstone Belt has never been short on gold—but few projects combine the scale, grade, and strategic positioning of First Mining's Duparquet. This is a story that's just getting started.