Rouyn-Noranda, Québec, Canada, March 28, 2023 – Fokus Mining Corporation (‘Fokus” or the “Company”) (TSXV: FKM, OTCQB: FKMCF, FSE: F7E1) is pleased to announce that it has intersected grades of 1.18 g/t Au over 27 metres and 1.01 g/t Au over 24 metres respectively in drill holes GA-22-66 and GA-22-67, both located in the RB Zone.
Three other gold-bearing sections containing grades ranging from 1.20 g/t Au to 1.83 g/t Au over thicknesses of 3 to 7.5 metres were also intersected in GA-22-66, while grades ranging from 1.16 to 1.63 g/t Au over thicknesses of 6 to 9 metres were identified in GA-22-67.
“The last eight holes completed in the RB area since December 2022 indicate a significant gold presence near surface. Additional drilling will certainly be required to fully evaluate this new gold zone, but we are very pleased with the results obtained to date. They will eventually add to the inferred resource defined in the first 43-101 resource estimate recently delivered by the independent consulting firm InnovExplo Inc. The RB Zone coupled with the Hurd Zone offers very substantial gold potential on surface. This area will be our priority in 2023.” stated the Company’s President and CEO, Mr. Jean Rainville.
Figure 1: Results of 4 historical holes (names beginning VHD and 95-H) and of the 12 holes drilled to date on RB, by Fokus (names beginning by GA
Based on the compilation of all the work and drilling done mainly in the western part of the Galloway project, it appears that a large syenitic porphyry gold corridor containing significant gold values is being developed over several kilometers from the Hendrick Zone to the Hurd Zone. There is increasing evidence that the Hendrick, RB and Hurd zones are part of the same intermediate intrusive.
Figure 2: Map showing Increased evidence of a Gold Corridor formed by Hendrick, RB, and Hurd Zones. Fokus’ management believes it is possible to connect the RB and Hurd zones at surface with a tight drill grid using a higher drilling angle. This will potentially allow for a more efficient intersection of the various gold-bearing stockworks that are characterized by a network of thin, closely spaced veins in the host rock. Vein systems typically form in zones of fissures and fractures in the earth’s crust, where mineral-rich hydrothermal fluids flow and deposit along the fractures. Over time, these mineral deposits can consolidate and form thin veins of gold-bearing minerals that intersect to form a complex network.
Based largely on the information obtained from drilling on the Hendrick Zone, the Company is currently evaluating the implementation of a summer drilling program of approximately 8,000 to 10,000 metres along the inferred gold-bearing corridor between RB and Hurd.
Also, the Company’s management intends to verify the environment of hole GA-21-59, which had revealed the presence of another potential gold showing with a grade of 7 g/t Au over 3m intersected at a vertical depth of approximately 140m. Several other gold-bearing zones were intersected along this 1,500-metre hole.
“The environment of hole GA-21-59 should not be overlooked either. This hole is located approximately 1 kilometer east of the RB Zone. The compilation of work done in collaboration with ALS Goldspot has identified several interesting gold target zones. The 59 hole is one of the priority targets outside of the potential RB-Hurd corridor” said Mr. Rainville.
An application for a drilling permit has been submitted to MERN for approximately ten new drill holes that will be added to those for which permits had already been obtained in 2022.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release, release.
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
Email: jrainville@fokusmining.com
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This press 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 press 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 interpreted 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. 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 “Financial Risk Management Objectives and Policies” in the Company’s Annual Report for the fiscal year ended December 31, 2021 and under “Risk and Uncertainties” of the Management’s Discussion & Analysis of the Company for the fiscal year ended December 31, 2021, copies of which are 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.