Rouyn-Noranda, Québec, Canada, January 20, 2022 – Fokus Mining Corporation (‘Fokus’ or the ‘Company’) (TSXV: FKM, OTCQB: FKMCF, FSE: F7E1) is pleased to provide more drill results mostly on its Hendrick zone on its Galloway project located near Rouyn-Noranda in the Abitibi region.
Drillhole no GA-21-53 located in the Eastern portion of the Hendrick zone has intersected the gold bearing zone along 312 meters grading 1.18 G/T AuEq including 144 meters at a grade of 1.67 G/T AuEq, 48 meters at a grade of 1.65 G/T AuEq and 78 meters grading 1.90 G/T AuEq. Hole GA 21-47 located in the same area has intersected the zone over 102 meters grading 1.42 G/T AuEq including 35.5 meters at a grade of 2.61 G/T AuEq and 48 meters grading 1.32 G/T AuEq.
Also, holes GA-21-28, 45, 46 and 49 made it possible to identify a new zone located east of the GP zone. This new zone called RB located in a geological context similar to the Hendrick zone opens up the potential for Au-Cu Porphyry mineralization in the main Renault Bay intrusion.
Note that the results of holes GA-21-47 to GA-21-52 are incomplete (See table below) and
that the Company is still waiting for the complete results from holes GA-21-54 to GA -21-59.
** Thickness along the hole.
“These results clearly demonstrate that the Hendrick zone is located in a vast pervasive auriferous system. It is now recognized by drilling over nearly 700 meters, thicknesses can exceed 300 meters and there is no indication that it does not extend further both laterally and at depth. We are pleased with the results to date on the western portion of Galloway and continue to progress toward the production of a NI43-101 resource estimate to be released as soon as possible in 2022”, comments Jean Rainville, President and CEO of Fokus.
The Company is currently preparing its 2022 exploration campaign that will include a minimum in all likelihood of another 15,000 meters of diamond drilling in the areas drill tested in 2021 and mainly on Hendrick. A few holes will also test different targets identified with the high resolution airborne magnetic survey completed last year. Concurrently, InnovExplo Inc. will continue its work
to achieve an independent mineral resource estimate in 2022.
Qualified Person
This press release was approved by Gilles Laverdière, P.Geo and Qualified Person under National Instrument 43-101.
2. The AuEq formula used a gold price of USD 1,818 per ounce, a silver price of USD 23.17 per ounce, and a copper price of USD 4.54 per pound.
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.
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.
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.