TSX.V: FKM
OTCQB: FKMCF
Frankfurt: F7E1
ROUYN-NORANDA, QC, Sept. 6,
2023 /CNW/ - Fokus Mining Corporation ("Fokus"
or the "Company") (TSXV: FKM) (OTCQB: FKMCF) (FSE: F7E1) is
pleased to announce assay results from its
4th exploration drilling campaign, held during the
summer of 2023, aimed at furthering its knowledge of the RB Zone
where it had previously drilled twelve (12) holes (see press
release dated March 28, 2023). Fokus
has drilled seven (7) holes for 1,735 metres, intersecting gold in
all of them.
Highlights
- Fokus completed seven (7) holes for 1,735 metres on RB zone
(July 2023)
- Fokus intersected gold in each one
- GA-23-73 cut 1,20 g/t Au on 33 metres
- GA-23-70 cut 1,07 g/t Au on 42 metres
- GA-23-69 cut 1,02 g/t Au on 28,5 metres
- Fokus is planning new exploration drilling for autumn
2023.
This is the Company's fourth small drill program since 2021 on
the RB Zone, which is one of two major new gold targets detected by
the high-resolution airborne magnetic survey in the Renault Bay
intrusion area of the Galloway
property. It is located to the east of the GP gold zone
(1,445,000 mt at 0,98 g/t Au – 43-101 report 2023). It forms
part of what the Company considers to be an AU-CU porphyry system
mineralisation in this part of Galloway, which also includes the Hendrick
Zone (37,989,000 mt at 1,06 g/t Au – 43-101 report 2023).
Jean Rainville, President and CEO
of Fokus stated: "This recent program reinforces our view that the
mineralised system could form a large mushroom typical of porphyry
systems with the entire system tilted to the west: Hendrick would
form the head (cap) and RB areas, the stipe (tube). We now need to
define the direction of the reel and the plunge of this
gold-bearing tube."
Following on from these results, and as part of its ongoing
activities, the Company's management is evaluating the possibility
of completing a financing to enable it to undertake another
drilling campaign in autumn 2023 to continue its work on the
north-eastern extension of the RB zone.
The Company also plans to validate a possible NS gold system in
the Moriss deposit area, for which the latest report NI-43-101 –
2023 gives 514,000 mt inferred at 2.74 g/t Au at surface. Several
holes drilled in this direction have previously intersected high
gold values such as 18.9 g/t Au over 5.5m and 14.38 g/t Au over 6m in hole VPE-10-11 and 59.51 g/t Au over
6.20m and 5.09 g/t Au over
5.05m in hole VPE-12-50.
Some other interception values in SW and WWS directions on
Moriss:
- VPE-10-19: 23.72 g/t Au over 3.75m
- VPE-11-24: 46.96 g/t Au over 2.80m
- VPE-10-10 : 11.48 g/t Au over 5.35m.
The Company believes that it is possible to delineate, by
drilling, several north-south trending tension zones in this
gold-bearing environment. In this sense, the Company's management
anticipates that a short drilling programme in this area during the
autumn will clearly identify the gold potential that this EW
orientation system could offer.
Jean Rainville, President and CEO
is very pleased by these recent assays and said: "Our results are
increasingly in line with our assumptions about the structure of
the deposit. These four, albeit modest, campaigns on RB confirm our
understanding of the deposit's structure." He added: "The work
planned for this autumn in both the RB and Moriss zones will focus
on better defining the model, for which we have more and more
knowledge and convincing results. It is with this in mind that we
are planning to raise appropriate funding for the situation."
Detailed information and results of the summer 2023
exploration campaign on the RB zone
Figure 1: Drill Hole Coordinates on RB Zone
HOLE_ID
|
EASTING
|
NORTHING
|
AZIMUTH
|
DIP
|
EOH
(m)
|
GA-21-68
|
617947
|
5339193
|
180
|
-60
|
252
|
GA-23-69
|
617975
|
5339193
|
180
|
-60
|
252
|
GA-23-70
|
618058
|
5339182
|
180
|
-80
|
225
|
GA-23-71
|
618109
|
5339190
|
180
|
-50
|
249
|
GA-23-72
|
618021
|
5339278
|
180
|
-50
|
252
|
GA-23-73
|
618153
|
5339224
|
180
|
-70
|
252
|
GA-23-74
|
618087
|
5339288
|
180
|
-75
|
252
|
Figure 2: Results of the Drilling Program on the RB
Zone
Hole_ID
|
From
(m)
|
To
(m)
|
Length
(m)*
|
Au
(g/t)
|
GA-23-68
|
232.5
|
238.5
|
6.00
|
1.33
|
|
|
|
|
|
GA-23-69
|
75.0
|
81.0
|
6.0
|
0.81
|
96.0
|
102.0
|
6.00
|
0.54
|
156.0
|
184.5
|
28.50
|
1.02
|
incl.
|
171.0
|
183.0
|
12.00
|
1.34
|
|
229.5
|
235.5
|
6.00
|
0.60
|
|
|
|
|
|
GA-23-70
|
10.5
|
13.5
|
3.00
|
1.58
|
27.0
|
69.0
|
42.00
|
1.07
|
75.0
|
78.0
|
3.00
|
1.31
|
85.5
|
88.5
|
3.00
|
0.78
|
111.0
|
114.0
|
3.00
|
0.57
|
118.5
|
121.5
|
3.00
|
0.62
|
130.5
|
147.0
|
16.50
|
0.76
|
153.0
|
156.0
|
3.00
|
0.63
|
202.5
|
205.5
|
3.00
|
1.29
|
217.5
|
225.0
|
7.50
|
1.07
|
|
|
|
|
|
GA-23-71
|
9.0
|
15.0
|
6.00
|
0.82
|
190.5
|
195.0
|
4.50
|
0.73
|
210.0
|
223.5
|
13.50
|
0.73
|
232.5
|
235.5
|
3.00
|
0.58
|
|
|
|
|
|
GA-23-72
|
13.5
|
24.0
|
10.50
|
0.55
|
31.5
|
36.0
|
4.50
|
1.03
|
115.5
|
120.0
|
4.50
|
2.03
|
147.0
|
153.0
|
6.00
|
0.63
|
162.0
|
165.0
|
3.00
|
0.79
|
171.0
|
175.5
|
4.50
|
0.87
|
187.5
|
223.5
|
36.00
|
0.86
|
incl.
|
187.5
|
190.5
|
3.00
|
2.76
|
incl.
|
208.5
|
223.5
|
15.00
|
1.08
|
|
|
|
|
|
GA-23-73
|
129.0
|
162.0
|
33.00
|
1.20
|
Incl.
|
130.0
|
145.5
|
15.50
|
1.82
|
|
217.5
|
222.0
|
4.50
|
0.51
|
|
|
|
|
|
GA-23-74
|
82.5
|
85.5
|
3.00
|
1.44
|
99.0
|
105.0
|
6.00
|
0.85
|
120.0
|
124.5
|
4.50
|
1.50
|
*Lengths are measured
along the holes. True widths are
believed to be 65-90% of the core length.
|
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 a geologist and a qualified
person under National Instrument 43-101 Standards of Disclosure of
Mineral Projects ("NI 43-101") and a director of the Company.
About Fokus
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.
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 extensions. 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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accept responsibility for the adequacy or
accuracy of this release.
Related Links
http://fokusmining.com/
Caution regarding forward-looking
statements
Certain statements contained in this press release may
constitute forward-looking information or statements.
Forward-looking information is often, but not always, identified
using words such as "anticipate", "plan", "estimate", "expect",
"may", "will", "will have", "should", and other 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 due to regulatory decisions,
competitive factors in the industries in which the Company
operates, prevailing economic conditions, changes in the Company's
strategic growth plans and other factors, many of which are beyond
the Company's control. 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, accordingly, such forward-looking information should
not be relied upon as such. All forward-looking information
contained in this press 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.
SOURCE Fokus Mining Corporation