Rouyn-Noranda, Quebec, Canada, May 25, 2021 – Fokus Mining Corporation (“Fokus” or the “Company”) (TSXV: FKM, OTCQB: FKMCF, FSE: F7E1) is pleased to announce that it has intersected 343.45 meters grading 0.62 g/t AuEq, including a section of 11.5 meters grading 1.22 g/t AuEq and 1.54 g/t AuEq over 9.0 meters in hole GA-21-24 on the GP Zone. All the results available to date are presented in the tables below.
KEY FACTS
– Good gold intersections on the GP Zone in three holes.
– Discovery of the potential extension of the Moriss Zone at depth in Hole GA-21-23 which intersected 7.98 g/t Au over 1.5 meters.
– A four-hole fence drilling west of the Hurd zone intersected well mineralized syenite and visible gold in hole GA-21-37 (assays not available yet).
Jean Rainville, President and CEO of the Company states: “we have now completed over 17,000 meters of diamond drilling and assay results are now starting to come in on a more regular basis as we are now receiving results from holes drilled with the two rigs in February and March 2021. We are particularly pleased with the results in the GP sector and believe that we will be able to demonstrate that the mineralization in that sector is larger than what was demonstrated in previous drill campaigns. We have also begun to drill northeast of GP in the Hurd sector and mineralization is clearly the same type as GP as expected”.
As explained in the news release dated April 21, 2021, the Company thinks that the main control of the mineralization in the western portion of the Galloway project is the syenite intrusion and that the porphyry copper-gold model applies.
GP ZONE
The infill holes yielded results as expected with hole GA-21-24 returning 0.62 g/t AuEq over 343.45 meters. This is the largest gold intersection to date in the GP zone.
** AuEq have been calculated at a price of Gold of 1,850$, Silver at 24.50$ and Copper at 4.54$/lb.
HENDRICK ZONE
Hole GA-21-30 was collared in the Hendrick Zone to verify the lateral extension of the mineralization intersected in hole GA-21-10 and GA-21-14. The hole intersected over 200 m of mineralized syenite. Partial assay results show that the gold mineralization continues laterally to the east with a significant increase in Ag and Cu content. Ten grains of gold were identified at a depth of 914 m within mafic tuffs. Results will be fully released when all the results will be received. Hole GA-21-34 was abandoned at 219 m in a fault zone parallel to the direction of the holes. Further holes are planned in the Hendrick zone.
MORISS ZONE
Hole GA-21-23 intersected 7.98 g/t over 1.50 m in a shear zone with numerous quartz veins mineralized with pyrite. The mineralized interval is located near the footwall of a syenite dyke similar to the Moriss zone dyke. It is believed that it could be the faulted extension of the Moriss Zone. Two large NW regional faults have been recognized on each side of this hole. More drilling in this area will be needed to confirm this hypothesis.
HURD ZONE
A fence of 4 holes was drilled west of the Hurd zone in order to verify its lateral extension to the west. All holes intersected porphyritic syenite mineralized with pyrite and chalcopyrite and other copper sulphides like bornite, chalcocite and covellite. Visible gold was also reported in hole GA-21-37. Historical holes VPE-12-57 and VPE-12-59 intersected respectively 0.53 g/t Au over 124.5 m and 0.62 g/t Au over 102.0 m (assays are not available yet).
EXPLORATION HOLES
Five exploration drill holes were drilled to investigate magnetic highs suspected to be underlain by syenite bodies and on interpreted faults delineated by the airborne magnetic surveys. Three of these holes intersected well-mineralized syenite and visible gold was identified hole GA-21-38. All assays for these holes are pending and results will be released when available.
OTHER WORK
A heli-borne very-high resolution magnetic survey was flown last week over the remainder of the property not covered last December to try to discover areas of high magnetic susceptibility which are suspected to correspond of buried syenite intrusions similar to syenite intrusion present at the Hendrick zone. The previous magnetic survey unveiled three buried syenite bodies. Results of the survey will be received in the coming days.
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 250 g 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 50 g aliquot of pulverized material. Assays exceeding 3 g/t Au are re‐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.
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 re‐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 Mining
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.
For further information:
Jean Rainville, President & Chief Executive Officer
Tel.: (514) 918-3125, Fax: (819) 762-0097
Email: jrainville@fokusmining.com
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: fokusmining.com
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Caution Regarding Forward-Looking Statements
Certain statements contained in this news release may constitute forward‐looking information. Forward‐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. 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 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 forward‐looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking information should not be unduly relied upon. Any forward‐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 forward‐looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.