Rouyn-Noranda, Québec, Canada, January 18, 2024 – Fokus Mining Corporation (“Fokus” or the “Company”) (TSXV-FKM) (OTCQB: FKMCF) (FSE: F7E1) is pleased to provide an exploration update on its Galloway project located in the Abitibi region of Québec.
As mentioned in previous press releases, last November’s program was to include a minimum of 1,500 metres of diamond drilling with seven or eight holes. This target has been exceeded:
- Five holes have been drilled on the Moriss mineralised area for a total of 903 metres (holes GA-23-75 to GA -23-79); and
- Three holes have been drilled in the Fayolle mineralised area for a total of 840 metres (holes GA-23-80 to GA-23-82).
The press release of November 29, 2023, described the objectives of the drilling campaign on the Moriss zone, which followed on from an earlier drilling campaign by Fokus. However, this is the Company’s first exploration effort to test the Fayolle area of Galloway located approximately one kilometre north of the Hurd area and approximately 3.5 km north-east of the GP zone. Previous companies drilled a few shallow holes on Fayolle and obtained some low-grade gold values.
Jean Rainville, CEO and President, says: “We hope to be able to increase the resource on Moriss. Furthermore, with our tests on Fayolle we are now moving out of the areas where we have been concentrating. The goal is not only to evaluate Fayolle with these drill holes but also to investigate the potential extensions of Hurd. In fact, a 417-metre-long hole should also provide information on another copper-gold target to the north-west. Core logging was completed for this program last week and we expect to receive some of the assays before the end of the month.”
Jean Rainville also said: “As indicated in our press release of December 4, 2023, we expect to resume another minimum 1,500-metre diamond drilling campaign towards the end of the month. We are in the process of finalising the program, but we will certainly include at least a few holes on the recently discovered RB mineralised zone, where we have already drilled 19 holes (press release dated 6 September 2023).
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 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
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.