TSX.V: FKM Frankfurt: F7E1
ROUYN-NORANDA, QC,
Aug. 7, 2020 /CNW
Telbec/ - Fokus Mining Corporation, formerly Fieldex Exploration
Inc., ("Fokus") is pleased to announce, in connection with the
previously-announced signature of a Mineral Option Agreement with
Vantex Resources Ltd. (TSXV: VAX) of Vancouver pursuant to which Fokus can acquire
the Galloway Property, that it has commissioned the preparation of
a technical report for the Galloway Property (the "Report")
prepared in accordance with the requirements of National Instrument
43-101 - Standards of Disclosure for Mineral Projects ("NI
43-101"). Mr. Pierre O'Dowd, P.
Geologist and an independent qualified person under NI 43-101,
prepared the Report, which has been submitted to the TSX Venture
Exchange (the "Exchange") for review and approval. The Report
will be filed under Fokus' profile on SEDAR at
http://www.sedar.comshortly after its approval by the
Exchange.
In order to acquire a 100% interest in the Galloway
Property, Fokus must pay $250,000 to
Vantex Resources upon approval of the Mineral Option Agreement by
the Exchange (the "Effective Date"), pay an additional $750,000 to Vantex Resources in three tranches of
$250,000 each over a period of nine
months from the Effective Date, for a total of $1 million, and issue 3,000,000 shares to Vantex
Resources within ten days of the Effective Date. In addition,
in the event Fokus exercises its option and thereafter receives a
technical report qualifying a minimum of 500,000 ounces of gold as
"indicated resources" on the Galloway Property, it must pay an
additional $500,000 to Vantex
Resources. In the event that the technical report qualifies a
minimum of 1,000,000 ounces of gold as "indicated resources" on the
Galloway Property, the amount of the payment will increase to
$1,000,000. Fokus will use the net
proceeds from its previously-announced private placement of
$1 million in units for the cash
consideration payable under the Mineral Option Agreement (see
Fokus' press release dated July 16,
2020 for more details on the private placement). Trading of
Fokus' common shares is expected to resume on or about Wednesday August 12, 2020.
The following is a summary description of the Galloway
Property:
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 1,000 m by
1,000 m located on the Hurd 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 230 m in
length by over 100 m in width and
over 300 m in depth.
"With the expectation of a significant rise in the price
of gold in the short to medium term, it becomes essential to
reassess the gold potential of the GP zone. Open both laterally and
at depth, this zone may offer, following a well-defined drilling
program, a greater gold resource than that known to date", stated
Mr. Thibaut Segeral, the Chief Executive Officer of
Fokus.
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. The zones generally dip
moderately and somewhat erratically to the north, and there is
evidence that Moriss occupies an open fold closure and its
associated second-order folds. Free gold is found in pyrite-rich,
anastomosing, smoky quartz veining, breccia and stockworks within
nearly massive intermediate tuffs.
Hendrick Gold
Zone
The Hendrick showing was discovered by Kerr-Addison in the
1980's. It is located some 700 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
400 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.
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 zone 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.
The gold mineralization is associated with decametric syenite dyke
in mafic lapilli tuffs mineralized with pyrite and chalcopyrite. It
is mineralized with pyrite and traces of malachite. 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 Hurd showing, located approximately 1.2 km east of
the GP zone, also offers interesting gold potential. This showing,
historically very little drilled, should be the subject of a
drilling program with the primary objective of identifying a
surface gold resource" stated Mr. Thibaut Segeral, the
Chief Executive Officer of Fokus.
Renault Bay showing
Several gold and copper showings are reported on a
compilation map prepared by Aur Resources in 1985. This gold
showing is associated with 3% pyrite located within a 10.4 metres
wide alteration zone containing 20% quartz-carbonate veining. A
prospection program will be carried out as soon as possible on this
showing.
Fayolle Showing
The Fayolle showing is located on the south shore of Lake
Dasserat (northern limit of the property), within the Baie Renault
Syenite. The mineralization is hosted in
quartz-carbonate-pyrite-(chalcopyrite) veins within a ductile shear
zone. The host rock is carbonatized and silicified. Numerous
shallow holes have been completed on this showing.
Soaker Hill Showing
The Soaker Hill showing is also located on the south shore
of Lake Dasserat some 700 metres to the west of Fayolle. It
consists of quartz-carbonate-pyrite-(chalcopyrite) veins hosted in
a sheared and carbonatized (silicified) andesitic unit of the Blake
River Group. Sulphides can be semi-massive in or close to the
veins. Free gold was apparently observed.
Chalet Showing
The Chalet Showing was discovered following a prospection
survey done by Vantex in 2009. No further work was completed in the
area as the focus of Vantex was on the GP and Moriss zones since
then.
Boreal Showing
This showing was also discovered after the prospection
survey of Vantex in 2009 on the CM-83. It is located in an area
about 300 metres to the southeast of the Chalet showing. Again, no
further work was completed in the area as the focus of Vantex was
on the GP and Moriss zones since then.
The second type is related to
vein type gold lode related to ENE or EW striking shear zones
thatare subsidiaries to the Larder-Lake-Cadillac Break. This type
of mineralization is mainly found on the eastern claim blocks. This
type is exemplified by the Francoeur mine located 7 km east of the
project area.
In order to prepare a first drilling program, Fokus plans,
as a first step, to mandate a consulting firm to compile all the
work carried out on this property over the last thirty years. In
the near future, the company will focus its future work on the
western part of the Galloway Property where the most significant
gold showings are located.
Mr. Gilles Laverdière (P. Geo.), a consultant geologist to
Fokus, a qualified person under
NI 43–101 has reviewed the technical
contents of this news release and has approved the disclosure of
the technical information contained herein.
About Fokus Mining
Fokus Mining is a mineral resource
company actively exploring in Québec on acquiring and exploring
precious metals deposits located in the province of
Québec.
Forward-Looking Statements
Except for historical information, this news release may
contain certain "forward looking statements", including those
relating to the Mineral Option Agreement with Vantex Resources Ltd.
and the proposed private placement by Fokus Mining Corp. ("Fokus").
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 Fieldex. No assurance can be given that any events
anticipated by the forward-looking information will transpire or
occur, including the exercise of the option under the Mineral
Option Agreement or the proposed private placement, or if any of
them do so, 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 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.
SOURCE Fieldex Exploration Inc.