Rouyn-Noranda, Québec, Canada, May 8, 2023 – Fokus Mining Corporation (the “Company”) (TSXV: FKM, OTCQB: FKMCF, FSE: F7E1) is pleased to announce that further to its news release dated March 23, 2023, it has filed an independent National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) compliant technical report in support of the mineral resource estimate for the Galloway gold project located in the province of Québec.
The technical report is entitled “NI 43-101 Technical Report and Mineral Resource Estimate for the Galloway Project, Quebec, Canada”, dated May 7, 2023 with an effective date of March 21, 2023 (the “Technical Report”) and was prepared for the Company by InnovExplo Inc. and Soutex Inc. and is available under the Company’s profile on SEDAR at www.sedar.com and will also be available on the Company’s website at www.fokusmining.com.
As outlined in the Technical Report and as reported in the Company’s press release dated March 23, 2023, and filed on SEDAR on that date, using the potential underground bulk mining scenario with a 0.90 g/t Au cut-off grade, the Galloway gold project contains an estimated Inferred Mineral Resource of 41,195,000 tonnes grading 1.07 g/t Au for 1,419,600 ounces of gold.
A sensitivity analysis was performed on the MRE to assess the variability to gold prices and found that the MRE has upside potential to higher gold prices while retaining over a million ounces at lower gold prices.
The Technical Report was prepared by Alain Carrier, P.Geo., Olivier Vadnais-Leblanc, P. Geo. and Marc R. Beauvais, P.Eng. from InnovExplo Inc, and David Le Tourneux, P.Eng., from Soutex. Messrs. Vadnais-Leblanc, Beauvais and Le Tourneux have reviewed and approved the technical contents of this press release as it relates to the Technical Report, including the 2023 MRE.
Gilles Laverdière, P.Geo, a director of the Company, a Qualified Person under NI 43-101 has also reviewed the technical contents of this press release and has approved the disclosure of the technical information contained herein.
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 property 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 kilometres. 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.
For further information:
Jean Rainville, President & Chief Executive Officer
Tel.: (514) 918-3125, Fax: (819) 762-0097
This press release contains “forward-looking information” within the meaning of applicable Canadian and United States securities laws, which is based upon the Company’s current internal expectations, estimates, projections, assumptions and beliefs. The forward-looking information included in this press release are made only as of the date of this press release. Such forward-looking statements and forward-looking information include, but are not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including the completion and anticipated results of planned exploration activities, timelines and anticipated costs of such exploration activities, the interpretation of 2023 MRE for the Galloway gold project. Forward-looking statements or forward-looking information relate to future events and future performance and include statements regarding the expectations and beliefs of management based on information currently available to the Company. Such forward-looking statements and forward-looking information often, but not always, can be identified by the use of words such as “plans”, “expects”, “potential”, “is expected”, “anticipated”, “is targeted”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
Forward-looking statements or forward-looking information are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements or forward-looking information, including, without limitation, risks and uncertainties relating to: general business and economic conditions; changes in commodity prices; the supply and demand for, deliveries of, and the level and volatility of the price of gold, and other metals; changes in project parameters as exploration plans continue to be refined; costs of exploration including labour and equipment costs; risks and uncertainties related to the ability to obtain or maintain necessary licenses, permits or surface rights; changes in credit market conditions and conditions in financial markets generally; the ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; the availability of qualified employees and contractors; the impact of value of Canadian dollar and U.S. dollar, foreign exchange rates on costs and financial results; market competition; exploration results not being consistent with the Company’s expectations; the interpretation of 2023 MRE for the Galloway gold project changes in taxation rates or policies; technical difficulties in connection with mining activities; changes in environmental regulation; environmental compliance issues; other risks of the mining industry; and risks related to the effects of COVID-19 as well as all of the risks described under “Financial risk management objectives and policies” and “Risk and Uncertainties” 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. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that could cause results not to be as anticipated, estimated or intended. For more information on the Company and the risks and challenges of its business, investors should review the Company’s annual filings that are available at www.sedar.com. The Company provides no assurance that forward-looking statements or forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements and information. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, changing circumstances, or otherwise.
Neither the 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.