Fokus Mining Prepares a Significant Drilling Program on Galloway

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TSX.V: FKM 
Frankfurt : F7E1  

ROUYN-NORANDA, QC, Sept. 9, 2020 /CNW/ – Management of Fokus Mining Corporation (“Fokus” or the “Company”) (TSX.V- FKM) announces, in collaboration with an external consulting firm, the preparation of a drilling program in order to link the GP, Hendrick, Moriss and Hurd zones together. A first 3D modeling seems to demonstrate a direct relationship between the low-grade zones (GP, Hendrick and Hurd) in the same gold corridor of more than 1.5 kilometres long while the Moriss zone, with higher gold grades, could connect at depth to the GP area.

The primary objective of this program is to demonstrate the possibility of connecting the GP, Moriss and Hendrick areas from a common pit starting from the GP area. The proximity of these three zones could favor this hypothesis. The Hurd zone, located in the ENE extension of the GP zone, also offers gold potential that could possibly be added to the main zones.

This program could also lead to the discovery of other high grade zones in the immediate environment of these gold showings.

The Galloway gold project is located in Dasserat Township, Abitibi West, Québec, Canada (NTS 32D/03). The property is less than 30 km west of the Rouyn-Noranda mining district and is easily accessible via Trans-Canada Highway 117. It consists of 3 mining concessions and 95 claims covering a total area of 2,668 hectares. The Galloway property is the result of the amalgamation of the Hurd, Ogima Nord, Renault Bay, Sandborn, Perron, Cadillac, Francoeur and Lac Fortune claims blocks. Together, they cover a 3 km-wide corridor of gold bearing structures over a total length of 12 km along the Larder-Lake-Cadillac Break (LLCB).

The Galloway property hosts several gold bearing occurrences. Two main types of gold mineralization can be observed on the property. The first type of mineralization is found in an area nicknamed the Golden Triangle due to the presence of three gold mineralized showings, the GP, Moriss and Hendrick showings, within an area of 500 m by 500 m located on the Perron Block. It consists of disseminated pyrite in intermediate volcanics and intrusive rocks (Renault Bay syenite stock). The proposed geological model for the gold mineralization is a Cu-Mo-Au porphyry system related to the Renault Bay porphyric syenite. 

GP Gold Mineralized Zone

The GP showing lies immediately at the contact with the syenite stock. It consists of pervasive gold mineralization within a mineralized envelope of 230 m in length by over 100 m in width and over 300 m in depth. Numerous gold intervals of over 1 g/t Au over widths in excess of 20 m, the best gold intersection being 2.19 g/t Au over 19.5 m in hole VHD-09-13 (GM 66397). The GP showing contains an historical indicated mineral resource estimate of 18,140,000 tons at 0.41 g/t Au and an historical inferred resources estimate of  2,510,000 tons at 0.39 g/t Au using a cut-off grade of 0.21 g/t Au inside conceptual pit shells optimized using a gold price of US$1,400 per ounce, metallurgical recovery of 95%, 5 % mining dilution, mining cost of US$2.00 per tonne mined, processing cost of US$8.50 per tonne milled, G&A costs of US$2.00 per tonne milled, selling cost of US$8.00 per ounce, exchange rate of C$1.00 equal US$1.00, overall pit slope of 48 degrees, and a production rate of 15,000 tonnes per day. All figures are rounded to reflect the relative accuracy of the estimates.  The foregoing historical mineral resources statement as an effective date of August 1, 2012 and is based on a NI 43-101 technical report entitled “Mineral Resources Technical Report Galloway Gold Project, Québec Canada” dated September 5, 2012 as prepared for Vantex Resources Ltd. by SRK Consulting (Canada) Inc. (the “SRKTechnical Report“), a copy of which is available on Vantex’s profile on SEDAR at www.sedar.com. The above-mentioned resources estimate on the GP showing is historical in nature.  Fokus is of the view that the resources disclosed in the SRK Technical Report are relevant and reliable, however, Fokus is not treating the historical estimate as current mineral resources. No qualified person of Fokus has done sufficient work to classify the above-mentioned estimate as current mineral resources. Fokus is not aware of any more recent estimates or data since the date of SRK Technical Report.

The table below lists the most significant results on the GP Gold Zone

(Sources :  GM 48138, GM 49129, GM 53650 and GM 66397) (1) :

Hole #

   FROM 

       TO       

LENGTH

  GRADE

 (metres)

 (metres) 

(metres) 

(g/t Au)

KHD-87-09            

62.24

281.18

218.90

0.515

Including           

160.32

196.9

36.50

1.00

VHD-09-01        

9.50

307.50

298.00

0.51

Including             

9.50

21.00

11.50

1.01

VHD-09-05   

6.85

213.10

206.50

0.517

Including           

138.80

166.60

27.80

1.25

VHD-09-12    

5.20

174.0

168.80

0.572

Including       

127.50

139,35

11.85

1.928

Including           

153.00

166.50

13.50

1.12

VHD-09-13     

8,25

262.80

254.55

0.638

Including      

172.50

217.50

45.00

1.313

Including           

177.00

196.50

19.50

2.19

VHD-10-31       

1.50

252.00

250.50

0.60

Including         

16.50

54.00

37.50

1.045

Including            

93.00

112.50

19.50

1.85

KHD-21            

7.32

305.10

297.78

0.608

Including          

261.00

273.00

12.00

1.796

KHD-22           

7.45

143.80

134.75

0.637

Including           

112.50

123.50

11.00

1.697

KHD-24          

10.75

259.10

248.35

0.609

Including          

151.00

172.50

21.50

1.03

93-H-05                 

4.27

321.46

317.19

0.674

Including           

4.27

48.30

44.03

1.04

Including            

196.50

208.90

12.40

2.38

*True widths are not known but are estimated to be at least 85% of the core interval

“With the expectation of a significant rise in the price of gold in the short to medium term, it becomes essential to reassess the economic potential of the GP zone. Open both laterally and at depth, this zone can potentially offer, following a well-defined drilling program, a more significant gold resource than that known to date”, stated Thibaut Segeral, Chief Executive Officer of the Company. 

Moriss Gold Zone

The Moriss showing lies about 500 m west of the GP showing. It is spatially associated to an apophysis of the main syenite intrusion.  The Moriss Showing was originally identified as a geophysical target in 2009 and was discovered by drilling in October 2010. It is actually a composite occurrence: there appear to be three main gold-bearing zones, 1.5 to 10.5 m thick, at the near-surface level (North Zone), 60-70 m depth (Moriss Zone) and at 115-135 m depth (New Zone), though several deeper holes have intersected up to 5 discrete gold-bearing structures which warrant further investigation. It is notable that coarse gold is often found in the Morris Showing. Many assays over 30 g/t Au are found in the Morris zone with an uncut interval of 59.51 g/t Au over 6.2 m in hole VPE-12-50 (with an individual assay of 285.93 g/t Au over 1.0 m) (GM 67641). Free gold is found in pyrite-rich smoky quartz veining, breccia and stockworks within nearly massive intermediate tuffs.

The table below lists the most significant results on the Moriss Gold Zone 

(Source : GM 66317, GM 67641 and Kelly 2013, internal report) (1)  :

Hole #     

From 

To

LENGTH      

GRADE

( metres )  

( metres )

( metres )   

(g/t Au)

VPE-10-02     

87.00

91.75

4.75

5.88

VPE-10-06   

97.50

108.00

10.50

3.80

Including     

97.50

100.50

3.00

11.86

VPE-10-10   

101.00

106.35

5.35

11.41

Including  

102.35

105.00

2.65

22.37

VPE-10-11     

84.00

89.50

5.50

19.06

And           

100.50

106.50

6.50

14.63

And        

145.00

153.00

7.50

3.23

VPE-10-18    

48.00

59.50

7.50

9.49

VPE-10-19   

96.00

106.65

10.65

7.23

VPE-10-23    

55.00

56.50

1.50

32.63

VPE-11-24     

98.60

103.90

5.30

24.87

Including    

98.60

101.40

2.80

46.96

VPE-11-25  

99.15

105.00

5.85

15.13

VPE-11-27   

107.30

111.00

3.70

7.09

VPE-11-40     

46.50

48.00

1.50

48.91

VPE-11-42     

98.60

103.60

5.00

5.11

VPE-12-50    

58.00

64.20

6.20

59.51

Including    

59.00

60.00

1.00

285.93

And         

117.85

122.90

5.05

5.09

VM-13-02    

156.00

163.90

7.90

4.26

Including     

160.40

163.90

3.50

9.14

VM-13-08   

203.20

208.95

5.75

33.64

Including    

203.20

204.80

1.40

137.90

VM-13-11   

36.35

47.50

5.15

3.64

*True widths are not known but are estimated to be at least 85% of the core interval.

“The Moriss zone, located approximately 500 metres west of the GP zone, indicates a promising gold ore-shoot containing a higher gold grade that can potentially be linked to the main deposit” stated Thibaut Segeral, Chief Executive Officer of Fokus.

Hendrick Gold Zone

The Hendrick showing was discovered by Kerr-Addison in the 1980’s. It is located some 500 m south of the GP and Moriss zones. The Hendrick Zone is genetically related to the Renault Bay syenite as it lies within or in close proximity to what seems to be an apophysis of the intrusion. It is thus related to the GP and Moriss zones due to the strong similarities between them in the nature of the gold mineralization, its distribution and its geochemistry, as well as the spatial relation. The 5 holes to date have intersected the zone over a 600 m strike length and it is presently open in all directions. The Hendrick zone is made of two parallel mineralized envelopes that are 150 and 170 m thick dipping to the north and plunging to the northwest. Hole VPE-11-36 intersected 1.01 g/t Au over 144.0 m in syenite intruded volcanic rocks. Some higher grades intersections are also found in hole KDH-87-9 (6.05 g/t Au over 3.0 m) and in hole KDH-21 (3.73 g/t Au over 6.0 m) (GM 46760).

The table below lists the most significant results on the Hendrick Gold Zone

(Source : GM 66317 and GM 67641) (1)  :

Hole     

From

To 

LENGTH 

GRADE

(metres) 

 (metres)   

(metres)

(g/t Au)

VPE-10-15  

519.00

801.00

282.00

0.627

Including     

636.00

675.00

39.00

1.19

And        

934.50

1002.00

67.50

0.623

VPE-11-36 

440.30

999.00

558.70

0.56

Including     

657.00

801.00

144.00

1.01

VPE-12-48   

834.00

982.50

148.50

0.80

Including   

929.50

973.50

48.00

0.99

*True widths are not known but are estimated to be at least 85% of the core interval.

“This sector, located approximately 500 metres south of the Moriss and GP zones, offers an interesting potential. Historically, gold intersections over widths often exceeding a few hundred metres indicate pervasive gold mineralization constituting an important element in the pursuit of our efforts to exploration in this sector” underlined the Chief Executive Officer of the Company.

The three gold showings forming the Golden Triangle share almost all the same geological features. First, they are all associated with a porphyric syenite stock and its apophyses. Secondly, their mineral assemblage is characterized by the presence of pyrite with minor amounts of chalcopyrite and molybdenite. And finally, the higher-grade lenses are all parallel to the apophyses of the syenite and plunging towards the main syenite stock. It is therefore obvious that the main control for the mineralization is the syenite intrusion. It is believed that the higher-grade shoots are resulting from the brittle deformation along with the circulation of hydrothermal fluids that accompanied the setting of the syenite stock.

There is a large untested area at depth below the GP showing and above the Hendrick gold zone. The down dip extension of the Moriss zone crosses this area and the junction between these three gold zones has an interesting potential to contain gold mineralization. It should be the focus of more drilling.

The Hurd Showing

The Hurd Showing is located about 800 m to the north-northeast of the GP Showing. Holes VHD-12-57 and 59 where drilled in 2012 to check assay results in hole VHD-09-19 of 0.64 g/t Au over 45 m (84-129 m). (including 3.03 g/t Au over 3 m (84-87 m) and 1.43 g/t Au over 6 m (109.5-115.5 m)) and 0.51 g/t Au over 13.5 m (165-178.5 m). The gold mineralization is associated with decametric syenite dyke in mafic lapilli tuffs mineralized with pyrite and chalcopyrite.  Hole VHD-12-57 intersected 2.68 g/t Au over 9.0 m (210-222 m) in what appears to be an ultrabasic dyke or sill in mafic tuffs. It is mineralized with pyrite and traces of malachite. Hole VHD-12-59 intersected 1.38 g/t Au over 12.0 m (153-162 m) in highly fractured syenite with limonite (GM 67641). There are at least four different gold mineralized lenses that seem parallel to syenite contact. Cyanide leach tests by URSTM’ concluded that the ore from Hurd is poorly suited for leach mining and that the gravity recovery of free gold is low (approximately 32%).

The table below lists the most significant results on the Hurd showing

(Source GM 66317 and GM 67641) (1)  :

Hole #       

From

To

 LENGHT

GRADE

  (metres) 

(metres)  

(metres)

(g/t Au)

VHD-12-57  

166.50

291.00

124.50

0.53

Including      

208.50

223.50

15.00

1.20

VHD-12-59  

99.00

201.00

102.00

0.62

Including     

138.00

163.50

25.50

1.28

*True widths are not known but are estimated to be at least 85% of the core interval.

“The Hurd showing, located approximately 1.2 km NNE of the GP zone, also offers a very interesting surface gold potential. This area has only a few drill holes and it should be subject of a drilling program with the objective of connecting it to the GP zone.” said Thibaut Segeral, Chief Executive Officer of the Company.

Other gold showings are also known on this large project but the management of the Company has chosen to focus on the main showings located mainly in the western part of the Galloway property.

(1) For  additional  information  on  data  verification,  key assumptions and  other  matters  relating  to  the  Galloway property, please refer to the technical report entitled “NI 43-101 Technical Report on the Galloway Gold Project Abitibi, Quebec, Canada”  with an effective date of August 5, 2020 prepared for the Company by Pierre O’Dowd, P. Geo., a copy of which is available on the Company’s profile on SEDAR at www.sedar.com.

The technical content of this news release has been reviewed and approved by Mr. Gilles Laverdière, P.Geo, consulting geologist, a qualified person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Forward-Looking Statements

Except for historical information, this news release may contain certain “forward looking statements”, including those relating to preparation and completion of a drilling program on the Galloway Property or the acquisition by Fokus of the Galloway Property pursuant to the Mineral Option Agreement dated July 16, 2020 with Vantex Resources Ltd. (the “Mineral Option Agreement“). These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the expectations and projections of Fokus. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, including the preparation and completion of a drilling program on the Galloway Property or the exercise of the option under the Mineral Option Agreement, or what benefits Fokus will derive therefrom. A more detailed discussion of the risks inherent in Fokus’ business is available in documents filed by Fokus on SEDAR at www.sedar.com. Unless otherwise stated, all forward-looking statements in this news release speak only as of the date of this news release and Fokus does not have any obligation to update such statements, except to the extent required by applicable securities laws.

The TSX Venture Exchange and its regulator (as that term is defined in the policies of the TSX Venture Exchange) accept no responsibility for the truthfulness or accuracy of its content.

SOURCE Fokus Mining Corporation

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