Rouyn-Noranda, Québec, Canada, March 20, 2024 – Fokus Mining Corporation (“Fokus” or the “Company”) (TSXV-FKM) (OTCQB: FKMCF) (FSE: F7E1) is pleased to announce the successful completion of its winter exploration program aimed at further testing the Moriss gold mineralized zone on the Galloway property in Abitibi, Quebec. This program followed up on the Company’s November 2023 1,500-meter drill campaign (see results in the press release dated February 7, 2024) where high-grade gold mineralization was intersected in gold-bearing structures that appear to intersect the Moriss Zone perpendicularly. Moriss is part of the 100% owned Galloway property in Abitibi, Quebec.
The Moriss Zone is spatially associated with an apophysis of the main syenitic intrusion in the western part of Galloway. The Moriss was originally identified as a geophysical target in 2009 and was discovered by drilling in October 2010. Most of the recent drilling has been shallow, but several of the deeper holes have intersected up to 5 discrete gold structures that merit further investigation. These interesting results prompted the Company to continue its investigation with a winter drilling program.
The winter program consisted of drilling 1,300 metres in six holes (GA-24-83 to GA-24-88) in an east-west direction to confirm the presence of a north-south trending mineralized system in the area, perpendicular to the main shear zone.
Jean Rainville, President and CEO of Fokus, said: “This additional program should greatly enhance our understanding of the area and its potential. We knew there was a gold occurrence related to the Moriss shear zone and we were pleasantly surprised by the discovery of another mineralised system in another direction. We expect to have the results early next month, after which we will probably retain the services of specialist external sources in order to fully understand the time sequence of the various geological elements and whether certain intrusions, such as an adjacent diorite dyke, have had an influence on the presence of gold mineralisation.”
Other noteworthy news: On November 1, 2020, the Company had entered into an investor relation agreement, for a period of twelve months, with MarketSmart Communications Inc., a Vancouver, British Columbia based provider of business communications services with over two decades of experience and specializing in venture capital and small cap investments. At the time the agreement was signed, a monthly fee of $6,000 was payable and 200,000 common share options at a price of $0.36 were granted for a period of two years. The agreement has been renewed in November 2021 for twelve months and in November 2022 for another 12 months and was also renewed in November 2023 always at the same price for the period ending November 1, 2024. No new options were granted at the time of the three renewals. Note that the stock options initially granted have expired.
MarketSmart is owned by its founder and director, Maria Da Silva. The company and its owner are independent entities of Fokus. MarketSmart currently owns 750,000 ordinary shares in Fokus, all of which were acquired on the open market.
As part of the agreement, MarketSmart will provide shareholder and investor communication services, distribute the Company’s press releases, disclose relevant information in its investor database and publish information about the Company on its website (www.marketsmart.ca) and social media channels. MarketSmart will also help the Company extend its national and international scope, introduce brokerage firms and other investors to capital raising, and offer industry-specific financial and media interviews. Services will be delivered through a variety of digital platforms such as programmatic digital marketing, social media marketing on Twitter, Facebook and Instagram, email marketing and direct one-on-one communication. The agreement is subject to the TSXV approval.
Jean Rainville concluded regarding those announcements: “Investors often ask us what our plans are for the short and medium terms. As chairperson of the board of an exploration company, I would like to be able to give a clear answer, but it is difficult for me to do so. What I can say, however, is that we definitely are in a proactive mode, acquiring increased knowledge, while constantly revising our geological models and adapting to the results of ongoing exploration work, to the analysis of comparative data and to the constant use of innovative technologies. We are forging a path that sometimes must be deviated from, as information comes in. And I think that is the most interesting thing about exploration. No matter how much we plan, there are always surprises in store. And we are more than willing to welcome them.”
Qualified Person
The scientific and technical disclosure for Fokus included in this news release have been reviewed and approved by Gilles Laverdière, P. Geo. Mr. Laverdière is a geologist and a qualified person under National Instrument 43-101 Standards of Disclosure of Mineral Projects (“NI 43-101”) and a director of the Company.
About Fokus Mining
Fokus Mining Corporation is a mineral resource company actively acquiring and exploring precious metal deposits located in the province of Québec, 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 2865.54 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.
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
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Caution Regarding Forward-Looking Statements
This news release contains statements that may constitute “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information may include, among others, statements regarding the future plans, costs, objectives or performance of the Company, or the assumptions underlying any of the foregoing. In this news release, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, including additional closings of the private placement or the result of, or benefits the Company will obtain from such exploration work or if it does, from any exploration works or drillings to be conducted on Fokus’ Galloway property or if it does. Forward-looking information is based on information available at the time and/or management’s good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company’s control. These risks, uncertainties and assumptions include, but are not limited to, those described under “Risk and Uncertainties” and “Financial Risk Management Objectives and Policies” in the Company’s Annual Report for the fiscal year ended December 31, 2022, a copy of which is available on SEDAR at www.sedar.com, and could cause actual events or results to differ materially from those projected in any forward-looking statements. The Company does not intend, nor does the Company undertake any obligation, to update or revise any forward-looking information contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.