Rouyn-Noranda, Québec, Canada, February 4, 2021 – Fokus Mining Corporation (“Fokus” or the “Company”) (TSXV: FKM, OTCQB: FKMCF, FSE: F7E1) wishes to provide an update on its exploration activities on the Galloway Gold project that started in November 2020.
As planned, Fokus began last November a fully financed 40,000 meters drill program on the Galloway Gold project located 30 km west of Rouyn-Noranda, Quebec, on the Cadillac Larder Lake break. The major part of the program is devoted to a section of Galloway called the Golden Triangle where three majors targets (GP, Hendrick and Moriss) were identified by previous drilling campaigns.
To date, 21 holes have been completed for a total of approximately 7,400 meters, including two holes on Hendrick for 2,000 meters, 18 holes on Moriss for 5,400 meters and one hole on a potential Moriss extension to the North for 400 meters. One rig is currently drilling on potential targets several hundred meters north of Moriss that need to be tested in the winter season while the second drill is now operating in the GP sector.
The company is currently waiting on assays results from several holes drilled in 2020. Meanwhile, the drill program continues with one drill completing shallow holes and the other deeper holes.
A tight grid magnetic airborne survey was also completed in the same portion of the Galloway Gold project in January 2021 and preliminary results indicate the presence of anomalies that had not been previously identified (the Moriss mineralized zone was discovered with geophysics in the 2009-2012 period).
Jean Rainville, CEO and President of Fokus states: “We have modified our drilling program to optimize high potential zones. We are awaiting assay results that will serve as a guide for more efficient and localized drilling with the most attractive targets. We are fortunate to have a large property with several drill ready targets and to be operating with two rigs”.
Bullish Outlook For Gold:
Leigh Goehring, managing partner at Goehring & Rozencwajg Associates, said in an interview with Kitco News that he is expecting gold price to push to $3,000 an ounce. “2021 will be the year that investors believe that there is going to be a return of inflation. We haven’t experienced anything like that for 40 years. At some point in 2021, it will happen. This is when the next leg of the bull market will take off,” Goehring said. “With all this money printing we’ve gone through in 2020, next year will be the year we are all disabused of the notion that we can print money without consequences. Gold can go through $2,100 and we could possibly challenge the $3,000”.
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.
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.