FOKUS MINING REPORTS GOLD RESULTS ON ALL ITS RECENT DRILL HOLES ON THE RB ZONE OF THE GALLOWAY PROJECT
Rouyn-Noranda, Québec, Canada, September 6, 2023 –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.
- 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
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.
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.
For further information:
Jean Rainville, President & Chief Executive Officer
Tel.: (514) 918-3125, Fax: (819) 762-0097
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