Rouyn-Noranda, Québec, Canada, February 7, 2024 —Fokus Mining Corporation (“Fokus” or the “Company”) (TSXV-FKM) (OTCQB: FKMCF) (FSE: F7E1) is pleased to announce that it intersected gold grading 51.13 g/t Au over 5 metres on the Moriss showing, located in the western part of the Galloway project.
- Discovery of a new high-grade zone north of the Moriss Zone
- GA-23-76 intersects 51.13 g/t Au over 5 m, including a 1.5-m section grading 159.16 g/t Au
- GA-23-77 intersects 18.41 g/t Au over 3 m, including 30.96 g/t Au over 1.5 m.
- Fokus discovers a new gold zone north of the Hurd Zone.
Last December, the Company drilled five new holes in the Moriss area to evaluate the direction of the gold-bearing veins. At present, it is not possible to determine with certainty the direction of the veins in this area; however, initial interpretations following these results suggest the presence of gold-bearing structures intersecting the Moriss zone perpendicularly.
Of the five holes drilled in a westerly direction, four intersected significant gold values in this sector (see table below).
Table 1 – Assay results
Table 2 – Drilling technical parameters
Since Fokus’ winter 2020-2021 campaign on the Moriss area, there have been a number of unanswered questions regarding the direction of various mineralized zones intersected in this part of the Galloway project. Following an analysis of the data, the Company designed a drilling program to assess the possible presence of a north-south trending gold system intersecting the Moriss shear zone. Based on the results obtained, this appears to be the case.
Jean Rainville, the Company’s President and CEO, explains: “We now believe that gold is present not only in association with the main east-west shear of the Moriss Zone, but that it could also be present with other structures intersecting it in a significant gold-bearing environment. However, further work is required to fully assess the gold potential of Moriss.”
The Company also announces that it has intersected several anomalous gold values by drilling in the Fayolle showing area. This area, located some 400 metres north of Hurd, has been little prospected in the past and is associated with significant magnetic anomalies. The two holes were drilled to test their gold potential.
“It is encouraging to have traced by drilling a new potential gold-bearing area associated with significant magnetic anomalies. In order to better define the true grades and thicknesses of the gold zones intersected by these two drill holes, we have asked our consulting geologist to have nearly 300 additional samples analyzed. We should have the results in the next few weeks,” adds Mr. Rainville.
Management is currently preparing a new drilling campaign, which should begin in the next few weeks. Details will be released when all the results of the last campaign are in, but it’s likely that the Moriss zone will be the focus of this new program.
The scientific and technical information of Fokus included in this press release has been reviewed and approved by Gilles Laverdière, P. Geo. Mr. Laverdière is a director of Fokus and a qualified person under National Instrument 43-101 – Standards of Disclosure for Mineral Properties (“NI 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 undertaking and implementing this major project 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 associated with this structure and its subsidiaries. Current work is focused on the western part of the mineral claims, where several mineral occurrences have been identified. For more information, visit our website: www.fokusmining.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information:
Jean Rainville, President & Chief Executive Officer
Tel.: (514) 918-3125, Fax: (819) 762-0097
Certain statements contained in this press release may constitute forward-looking information or statements. Forward-looking information is often, but not always, identified using words such as “anticipate”, “plan”, “estimate”, “expect”, “may”, “will”, “will have”, “should”, and other 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 due to regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, changes in the Company’s strategic growth plans and other factors, many of which are beyond the Company’s control. 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, accordingly, such forward-looking information should not be relied upon as such. All forward-looking information contained in this press release represents the Company’s expectations as of the date hereof and is subject to change after such date. The Company denies 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.