TSX.V: FKM OTCQB: FKMCF Frankfurt:
F7E1
ROUYN-NORANDA, QC, Nov. 26,
2024 /CNW/ - Fokus Mining Corporation
("Fokus" or the "Company") (TSXV: FKM) (OTCQB: FKMCF)
(FSE: F7E1) is pleased to announce the initiation of its 2024-2025
exploration program on the Galloway Property ("Galloway
Project") located in Abitibi, Québec, along the Cadillac-Larder
Lake Fault Zone in the province of Québec, between the Rouyn-Noranda and Kerr-Addison mining
camps.
Fokus is focusing on advancing the Galloway Project, in the
Abitibi region, 20 km west of Rouyn-Noranda. This is a 2,866-hectare project
near the Cadillac-Larder Lake Fault Zone, known for its prolific
mineral endowment. Recent work on the Western claims of the
Galloway Property outlined a NI 43-101 inferred mineral resource of
1.42 million ounces of gold (41.2 Mt at 1.07 g/t Au) at
US$1,750/oz, or 1.79 million ounces
(57.5 Mt at 0.97 g/t Au) at US$1,960/oz, as detailed in our March 23, 2023 press release.
Philippe MacKay, President and
CEO of Fokus Mining, stated: "This is an exciting period for
Fokus Mining Corporation as we work to unlock the full exploration
potential of the Galloway Property and deliver value for our
shareholders. We plan to commence a 1,800 meter drill program
imminently and initiate a geophysical program in early Q1 2025 on
the Hendrick Deposit. We believe that the Galloway Project is a
remarkable opportunity, particularly as major mining companies
increasingly seek deposits like ours in safe
jurisdictions."
Key Objectives of the 2024-2025 Exploration Program
1) Resource Expansion on GP-RB
and Hendrick Zones:
- Extend by drilling the GP-RB zones, both at surface and at
depth.
- Build upon historical drilling data, including a notable
intercept of 2.33 g/t Au over 24m
drilled by Kerr-Addison.
- Focus on drilling the Eastern portions of the Hendrick Zone to
increase mineral resources.
- Test the previously unexplored area between the GP-RB Zone and
Hendrick Zone to investigate potential mineralization.
2) Geophysics Using Deep Titan
Survey:
- Deploy advanced Deep Titan Survey technology to enhance the
geological understanding at depth of the Hendrick deposit, hosting
significant gold and copper mineralization.
3) Exploration of New
Targets:
- Drill new areas near Zone 59 (Hole GA-21-59) to assess
potential mineralized connections between the Hendrick Zone and
Zone 59.
Qualified Person
The scientific and technical disclosure for Fokus included in
this press 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. Mr.
Laverdière consents to the publication of this press release dated
November 26, 2024. Mr. Laverdière
certifies that this press release fairly and accurately represents
the scientific and technical information that forms the basis for
this press release.
About Fokus
Fokus Mining Corporation is a mineral resource company focused
on acquiring and exploring precious metal deposits in Québec,
Canada, particularly in the
Abitibi region, 20 km West of Rouyn-Noranda, with its Galloway Project.
The 100% owned Galloway Project covers an area of 2,866 hectares
and is located just North of the Cadillac-Larder Lake Fault Zone,
which extends for more than 100 km. Numerous gold deposits are
associated with the structure and its subsidiaries. The recent work
focused on the Western mining claims of the Galloway Property has
allowed the Company to delineate a NI 43-101 inferred mineral
resource of 1.42 million ounces of gold (41,195,000t at 1.07 g/t
Au) at a price of US$1,750 per ounce.
This was published in the press release dated March 23, 2023, which includes a sensitivity
table showing that, at a price of US$1,960 per ounce, the inferred mineral resource
increases to 1.79 million ounces of gold (57,546,000t at 0.97 g/t
Au).
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 within the
meaning of Canadian securities legislation, relating to the
exploration and mineralization on the Galloway Gold Project; the
extent of mineralization and the discovery of zones of high-grade
gold mineralization; plans for future exploration and drilling and
the timing of same; the merits of the Galloway Gold Project; and
funding of the exploration program. 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. The Company cautions that
forward-looking statements are based on the beliefs, estimates and
opinions of the Company's management on the date the statements are
made, and they involve a number of risks and uncertainties.
Consequently, there can be no assurances that such statements will
prove to be accurate and actual results and future events could
differ materially from those anticipated in such statements. Except
to the extent required by applicable securities laws and the
policies of the TSX Venture Exchange, the Company undertakes no
obligation to update these forward-looking statements if
management's beliefs, estimates or opinions, or other factors,
should change. Factors that could cause future results to differ
materially from those anticipated in these forward-looking
statements include risks associated with possible accidents and
other risks associated with mineral exploration operations, the
risk that the Company will encounter unanticipated geological
factors, risks associated with the interpretation of exploration,
drilling and assay results, the possibility that the Company may
not be able to secure permitting and other governmental clearances
necessary to carry out the Company's exploration plans, the risk
that the Company will not be able to raise sufficient funds to
carry out its business plans, and the risk of political
uncertainties and regulatory or legal changes that might interfere
with the Company's business and prospects The reader is urged to
refer to the Company's Management's discussion and Analysis,
publicly available through the Canadian Securities Administrators'
System for Electronic Document Analysis and Retrieval (SEDAR+) at
www.sedarplus.ca for a more complete discussion of such risk
factors and their potential effects.
SOURCE Fokus Mining Corporation
