11/25/2021 | Press release | Distributed by Public on 11/24/2021 22:04
Rouyn-Noranda, Québec, Canada, November 2, 2021 - Fokus Mining Corporation ("Fokus" or the "Company") (TSXV: FKM, OTCQB: FKMCF, FSE: F7E1) is pleased to release some partial results from the Hendrick Zone, located in the southern axis of the Golden Triangle area of the Galloway project. The reported results are located approximately 400 m north of the previous Hendrick intersections suggesting a thickness of approximately 400 m of the mineralized zone due to the pervasive nature of the gold mineralization.
These preliminary and very partial results clearly demonstrate that the Au, Ag and Cu mineralized zone is significantly present in the eastern part of the Hendrick Zone. Drill holes GA-21-48 and GA-21-53 respectively intersected a gold-bearing zone along the 84-metre hole grading 0.96 g/t AuEq, including 30 meters grading 1.71 g/t AuEq, as well as 99 meters grading 1.43 g/t AuEq and 51 meters grading 1.21 g/t AuEq. It is very important to note that these partial results do not limit the gold potential of the Hendrick mineralized zone intersected by drilling and which can extend up to nearly 400 meters in thickness along the hole.
Hendrick Area Partial Highlights:
Although only partial, these initial results are consistent with previous drilling results in the Hendrick Zone.
Table of historical results from the Hendrick zone
Nearly 5,200 samples from 12 holes completed to date on the Hendrick Zone are still being analyzed
Based on all of the previous results and the current partial results, the Hendrick Zone is now estimated to be nearly 700 meters long and 400 meters thick. It remains open in all directions. Drilling on this zone continues and the primary objective remains to define an economic gold resource associated with this porphyry intrusive.
"These preliminary results, although partial, are considered very encouraging by the Company. They clearly show that the Hendrick zone is heading towards the GP zone and that these two gold zones could eventually connect at depth. Moreover, the increased presence of copper and molybdenum in this same environment highly suggests that we are in the presence of an Au-Cu porphyry-type deposit. We are extremely anxious to get all the results. This is a very exciting project and its potential increases as the work progresses" said Jean Rainville, President and CEO of the Company.
Drilling on the Hendrick Zone is continuing and will aim to demonstrate the continuity of gold mineralization within the porphyry intrusive. Hole GA-21-59, currently underway, is targeting a circular magnetic anomaly with a signature similar to that of Hendrick. This hole is located approximately 1 km N-E of the Hendrick Zone.
The Company also received partial and complete results from the Hurd and GP zones and from exploration holes GA-21-38 and GA-21-40, which tested a NE-SW structure underlain by cobalt sediments. Exploration hole GA-21-40 intersected a porphyry intrusive and anomalous gold values over a thickness of up to 130 meters were detected, including an intersection of 0.85 g/t Au over 15 meters.
Finally, results from the Hurd area show a consistent anomalous gold presence in most holes, including hole GA-21-37, which returned 16.50 metres grading 0.94 g/t AuEq, including 7.5 meters grading 1.18 g/t AuEq and 1.07 g/t AuEq over 6 meters. Incomplete results from hole GA-21-45 located in the GP Zone have so far returned 0.77 g/t AuEq over 40.50 meters. Results from over 215 samples are still pending for this hole.
In addition, InnovExplo has begun processing the available data in order to prepare an initial 43-101 compliant resource estimate for the three main showings comprising the Golden Triangle, namely Hendrick, GP and Moriss. The results of this first estimate should be available early next spring.
The Company would like to inform the shareholders and potential investors that there is no plan to complete any financing in the near term.
This press release was approved by Gilles Laverdière, P. Geo. and Qualified Person under National Instrument 43-101.
About Fokus Mining
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.
For further information:Jean Rainville, President & Chief Executive Officer
Tel.: (514) 918-3125, Fax: (819) 762-0097
Email: [email protected]
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.
Fokus Mining Corporation is a mineral resource company dedicated to the acquisition and exploration of precious metals deposits in the province of Quebec, Canada.
147 Quebec Avenue, Rouyn-Noranda, Quebec, Canada, J9X 6M8
C.P. 491 Rouyn-Noranda, Quebec, Canada, J9X 5C4
Tel.: (819) 762-0609
Fax: (819) 762-0097