ROUYN-NORANDA, QC, March 31, 2021
TSX.V: FKM OTCQB: FKMCF Frankfurt: F7E1
ROUYN-NORANDA, QC, March 31, 2021 /CNW Telbec/ – Fokus Mining Corporation (“Fokus” or the “Company“) (TSXV: FKM) (OTCQB: FKMCF) (FSE: F7E1) is pleased to announce that hole GA-20-14, located 60 meters from hole GA-20-10 (see assay results of the press release of February 19, 2021: 120.30 meters grading 1.12g/t Au) in the Hendrick zone tends to demonstrate the continuity of the mineralization over a significant lateral extension as it has intersected 264.00 meters grading 0.83 g/t Au, including 106.50 meters grading 1.09 g/t Au. Assay results for copper and silver are not available yet for hole GA-20-14 but they have been received for GA-20-10 (see table below).
TABLE WITH RESULTS AND MAP
|Hole||Interval (m)||Au (g/t)||Zone|
* Note that drill results are presented uncapped and lengths represent core lengths. True width is estimated to be greater than 75% in the Moriss zone. True widths at the Hendrick Zone are currently unknown.
In-fill drilling in the Moriss gold zone has yielded results as expected. In the Hendrick zone, copper and silver assays were received for hole GA-20-10 and are presented in the table below. The AuEq grade for hole GA-20-10 is now 0.84 g/t AuEq for the 367.45 m interval. Copper and silver thus represent 12% of the AuEq grade.
|Hole||Interval||Au (g/t)||Ag (g/t)||Cu (%)||AuEq* (g/t)|
*Gold equivalent grades (“AuEq”) are for comparative purposes only. Calculations are uncut and recovery is assumed to be 100% as no metallurgical data are available. The metal prices including: US$1685/oz Gold, US$24/oz Silver, US$4.0/lb. Copper were used for (AuEq g/t). **Lengths are downhole drilled core lengths.
GA-20-14 is located 60 m east of hole GA-20-10 and results for this hole seems to confirm the Au-Cu porphyry nature of the mineralization at the Hendrick zone as well as its continuity. Drill hole VPE-10-36 is located 70 m east of hole GA-20-14 and it has intersected 0.99 g/t Au over 114 m. Au-Cu porphyry deposits are not frequent in the Abitibi Greenstone Belt but are the main type of deposits sought in the Canadian Western Cordillera. A resource over 100M oz. Au is now being developed in British Colombia and Yukon with grades varying between 0.20 and 0.60 g/t Au. A study by the Ministère de l’Énergie et des Ressources naturelles du Québec (EP-2007-01) concluded that many mines of the Chibougamau mining district are Au-Cu porphyry deposits. In the same study, the Baie Renault syenite was determined as a high –favorability zone and exploration target for Au-Cu porphyry deposit.
Jean Rainville, CEO and President states: “the region has an illustrious mining history and we have just only scratched the surface in terms of exploration potential of this large Galloway property, the Company’s flagship .There are so several targets to be tested from Hendrick to GP and Hurd and many more new targets identified with the recent geophysical survey including one very large never tested anomaly located less than on kilometer from Hendrick that will be tested later this year. As we indicated, we still do not have the copper and silver assays for GA-20-14 but there is evidence of such mineralization in the drill core which reinforces our view that this zone represents a copper-gold porphyry type of mineralized system.”
As the drilling program progresses well, despite accumulated continued backlog at the laboratories, the Company believes to be in a position to revisit the resource estimate on the GP zone produced in 2012 and produce a resource estimate as well on the Hendrick sector before the end of calendar 2021. Note that in 2012, an independent consulting firm produced an NI43-101 report on the GP zone: near surface indicated resource of 240,000 ounces of gold and an inferred resource of 32,000 ounces of gold (Mineral Resource Technical Report, Galloway Gold Project, Quebec, Canada, SRK Consulting, 2012).
The Company also intends to carry preliminary metallurgical tests in the Hendrick zone similarly to the testing completed on the GP sector in 2012 and the Hurd sector in 2013.
Quality Control and Assurance
The design of the Galloway project drilling programs Quality Assurance/Quality Control and interpretation of results is under the control of Fokus geological staff including qualified person employing a strict QA/QC program consistent with NI 43-101 and industry best practices. The Galloway project is supervised by Gilles Laverdière, P. Geo.
Drill core is logged and split with half-core samples packaged and delivered to AGAT Laboratories. Samples are dried and subsequently crushed to 75% passing a 2 mm mesh screen. A 250g subsample is pulverized to a nominal 85% passing 75 microns mesh screen. The remaining crushed sample (reject) and pulverized sample (pulp) are retained for further analysis and quality control. All samples are analysed by Fire Assay with an Atomic Absorption (AA) finish using a 50g aliquot of pulverized material. Assays exceeding 3 g/t Au are re–assayed by Fire Assay with a Gravimetric Finish. Fokus inserts 3rd party independent control reference samples and blank samples regularly in the sample stream to monitor assay performance. Fokus internal control samples represents approximately 10% of the total samples sent for assays. Fokus is planning to perform duplicate sampling at a certified secondary control laboratory. This press release was compiled and approved by Gilles Laverdière, P. Geo. and Qualified Person under National Instrument 43-101.
Fokus Mining Corporation is a mineral resource company actively acquiring and exploring precious metal deposits located in the province of Quebec, Canada. In implementing this major undertaking within the Canadian mining industry, we are determined to unlock the secret of the Galloway gold project.
The Galloway project covers an area of 2,865.54 hectares and is located just north of the Cadillac-Larder Lake deformation which extends laterally for more than 100 km. Numerous gold deposits are related to that structure and its subsidiaries. The current work focuses on a small western portion of the mineral claims where several mineral occurrences have been identified. For more information, visit our website: fokusmining.com
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Caution Regarding Forward-Looking Statements
Certain statements contained in this news release may constitute forward–looking information. Forward–looking information is often, but not always, identified by the use of words such as “anticipate”, “plan”, “estimate”, “expect”, “may”, “will”, “intend”, “should”, and similar expressions. Forward–looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward–looking information. The Company’s actual results could differ materially from those anticipated in this forward–looking information as a result of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, changes to the Company’s strategic growth plans, and other factors, many of which are beyond the control of the Company. The Company believes that the expectations reflected in the forward–looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward–looking information should not be unduly relied upon. Any forward–looking information contained in this news release represents the Company’s expectations as of the date hereof, and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward–looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.
SOURCE Fokus Mining Corporation