Fokus Mining Intersected 120.30 Meters at 1.12 g/t Au Included in a Broader Segment That Returned 367.45 Meters at 0.72 g/t Au on Hendrick Zone, Galloway
Fokus Mining Corporation (“Fokus” or the “Company“) (TSXV: FKM, OTCQB: FKMCF, FSE: F7E1) is pleased to announce that it has intersected 519.20 meters grading 0.62 g/t Au, including sections of 367.45 meters grading 0.72 g/t Au, 120.30 meters at 1.12 g/t Au, 74.40 meters at 1.36 g/t Au and 12.90 meters at 2.61 g/t Au in hole GA-20-10 in the Hendrick sector of the Galloway project. Hole GA-20-14, drilled 60 m east of hole GA-20-10, intersected over 500 m of mineralized syenite similar to hole GA-20-10. The results are expected soon.
The Hendrick gold zone is characterized by the presence of disseminated and stringers of pyrite, chalcopyrite with local molybdenite and specks of visible gold. The mineralized zone is comprised within a magnetite and potassic feldspar alteration envelope characteristic of Au-Cu porphyry deposits. The Company therefore believes it is in the presence of an extended gold system due to the presence of syenitic intrusives favoring the link between the various gold zones such as Hendrick, GP, Moriss and Hurd.
The Company also requested assays for copper and silver in holes GA-20-10 and GA-20-14. Assays for Ag and Cu are pending. In order to verify the various extensions of the Hendrick zone, the management of the Company plans to complete several new drill holes in the coming weeks.
Jean Rainville, CEO and President of Fokus commented: “I’m very satisfied with the results to date despite the slowness of the labs and it corresponds to the expectations of the Company. We have almost completed 20% of the proposed program and we do not have 50% of the assays yet. Noteworthy, the fact that on Hendrick we are finding gold grades that exceed historical results and that in nearly every hole drilled to date there is at least background gold values showing how prospective the Golden Triangle of Galloway is. The Company now believes that an important porphyry system exists on the Galloway project.”
Moreover, the 3D inversion interpretation of a very high-resolution magnetic heli-borne survey recently flown over the prospective area demonstrates the probable presence of two other syenite intrusives. One of them is located northeast of the Hendrick gold zone and in close proximity to the Hurd gold zone. Further drilling is planned in this area. The other magnetic anomaly is located east of the Hendrick zone and is interpreted as a syenite intrusive, historic hole 99-H-30 having intersected 800 m of porphyritic syenite mineralized with pyrite and chalcopyrite all along the hole. Although interpretation is not fully completed, the Company believes that an important porphyritic intrusions system and related mineralization exists on the property. Current drilling will attempt to prove this hypothesis while making the link between the various gold zones.
The Renault Bay syenite which is a part of that system had been identified by the Quebec government geologists in a special study on Au-Cu porphyry deposits (EP 2006-03) as a favorable exploration target for those types of deposits. More information on the magnetic survey interpretation will be provided shortly by management. Maps will soon be posted on the Company’s website.
A total of 25 holes (see Figure 1) were completed to date and two holes are in progress totalling 9,708 meters drilled on the Galloway project since the beginning of the 2020-2021 drill campaign. On the Moriss zone, most of the holes have intersected the marker intermediate dyke and the Moriss shear zone on its footwall. The intersections carry variable mineralization and results to date may indicate that the gold distribution in the Moriss zone may not be homogenous resulting in a nugget effect that was already experienced in some historical holes. Drilling also show that the marker dyke is present at depth (assays pending) and absent to the east, indicating that the Moriss zone is closed to the east. Complete assays were received for only ten holes and partial results for two holes. Significant gold intercepts are presented in Table 1. Drill hole information are presented in Table 2.
Figure 1.
Table 1. Significant intercepts
Table 2. Drill hole information
Fokus also wishes to inform that it will pay to the Vendor of the Galloway project the third cash payment of $250,000 next week. Only $250,000 cash payment will be due in three months in order to complete the acquisition of 100% interest in the mineral claims of the Galloway project (see details of the transaction in the press release dated July 16th, 2020).
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 reâ€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.
About Fokus
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: fokus.mining.co
The TSX Venture Exchange and its Regulation Services Provider (as that term is defined in the TSX Venture Exchange Policies) do not accept any responsibility for the truth or accuracy of its content.
For further information:
Jean Rainville, President & Chief Executive Officer
Tel.: (514) 918-3125, Fax: (819) 762-0097
Email: jrainville@fokusmining.com
Related Links: http://fokusmining.com/
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Caution Regarding Forward-Looking Statements
Certain statements contained in this news release may constitute forwardâ€looking information. Forwardâ€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. Forwardâ€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 forwardâ€looking information. The Company’s actual results could differ materially from those anticipated in this forwardâ€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 forwardâ€looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forwardâ€looking information should not be unduly relied upon. Any forwardâ€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 forwardâ€looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.