Rouyn-Noranda, Québec, Canada, November 29, 2023 – Fokus Mining Corporation (“Fokus” or the “Company”) (TSXV-FKM) (OTCQB: FKMCF) (FSE: F7E1) is pleased to announce that it began its winter drilling program on the Galloway Project in the Abitibi region last week. This campaign will be entirely devoted to drilling, with a minimum of 1,500 metres planned. As indicated in the press release of September 6, 2023, the first series of holes is being completed on the Moriss Zone for a total of around 950 metres with six shallow holes designed to validate a possible NS gold system. Several holes had already intersected high gold values in this sector and an initial NI 43-101 compliant resource estimate for Moriss was released earlier in 2023: 514,000 tonnes grading 2.74 g/t gold. The program will also include a series of holes in the Fayolle sector located North East of Moriss.
Jean Rainville, President, and CEO of Fokus stated: “Having reviewed the data, we believe it is worth continuing our efforts at Moriss and additional funds will be allocated to Fayolle in the short term to complete our minimum target of 1,500 metres in this campaign”.
In other news, Fokus states that the sponsorship contract that the Company had signed with RocksAndStocksNews, a private company based in Mexico and headed by Allan Laboucan, expired on October the 17, 2023.
The contract with this online precious metals and mining stocks portal, worth $15,000, had been paid in full at the beginning of the period, and therefore no shares or options were given as additional compensation.
The Company has also just entered into a one month sponsorship agreement with Gold Investment Letter, a Miami based private entity for cash consideration of $50,000. No shares or options will be issued as part of compensation.
Jean Rainville concludes: “Our efforts on Moriss are aimed at improving the initial NI 43-101 estimate, and we are confident that this new drilling program will provide us with additional valuable information on this zone. We are also now also initiating an exploration effort on the Fayolle sector with a series of drillholes’.
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 geologist and 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
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.