Fokus Mining Corporation to Acquire the Galloway Project

2020-08-07 / @newswire

 

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 43101 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.

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