ROUYN-NORANDA, QC, March 20, 2024 /CNW/ - Fokus Mining Corporation ("Fokus" or the "Company") (TSXV: FKM) (OTCQB: FKMCF) (FSE: F7E1) is pleased to announce the successful completion of its winter exploration program aimed at further testing the Moriss gold mineralized zone on the Galloway property in Abitibi, Quebec. This program followed up on the Company's November 2023 1,500-meter drill campaign (see results in the press release dated February 7, 2024) where high-grade gold mineralization was intersected in gold-bearing structures that appear to intersect the Moriss Zone perpendicularly. Moriss is part of the 100% owned Galloway property in Abitibi, Quebec.
The Moriss Zone is spatially associated with an apophysis of the main syenitic intrusion in the western part of Galloway. The Moriss was originally identified as a geophysical target in 2009 and was discovered by drilling in October 2010. Most of the recent drilling has been shallow, but several of the deeper holes have intersected up to 5 discrete gold structures that merit further investigation. These interesting results prompted the Company to continue its investigation with a winter drilling program.
The winter program consisted of drilling 1,300 metres in six holes (GA-24-83 to GA-24-88) in an east-west direction to confirm the presence of a north-south trending mineralized system in the area, perpendicular to the main shear zone.
Jean Rainville, President and CEO of Fokus, said: "This additional program should greatly enhance our understanding of the area and its potential. We knew there was a gold occurrence related to the Moriss shear zone and we were pleasantly surprised by the discovery of another mineralised system in another direction. We expect to have the results early next month, after which we will probably retain the services of specialist external sources in order to fully understand the time sequence of the various geological elements and whether certain intrusions, such as an adjacent diorite dyke, have had an influence on the presence of gold mineralisation."
Other noteworthy news: On November 1, 2020, the Company had entered into an investor relation agreement, for a period of twelve months, with MarketSmart Communications Inc., a Vancouver, British Columbia based provider of business communications services with over two decades of experience and specializing in venture capital and small cap investments. At the time the agreement was signed, a monthly fee of $6,000 was payable and 200,000 common share options at a price of $0.36 were granted for a period of two years. The agreement has been renewed in November 2021 for twelve months and in November 2022 for another 12 months and was also renewed in November 2023 always at the same price for the period ending November 1, 2024. No new options were granted at the time of the three renewals. Note that the stock options initially granted have expired.
MarketSmart is owned by its founder and director, Maria Da Silva. The company and its owner are independent entities of Fokus. MarketSmart currently owns 750,000 ordinary shares in Fokus, all of which were acquired on the open market.
As part of the agreement, MarketSmart will provide shareholder and investor communication services, distribute the Company's press releases, disclose relevant information in its investor database and publish information about the Company on its website (www.marketsmart.ca) and social media channels. MarketSmart will also help the Company extend its national and international scope, introduce brokerage firms and other investors to capital raising, and offer industry-specific financial and media interviews. Services will be delivered through a variety of digital platforms such as programmatic digital marketing, social media marketing on Twitter, Facebook and Instagram, email marketing and direct one-on-one communication. The agreement is subject to the TSXV approval.
Jean Rainville concluded regarding those announcements: "Investors often ask us what our plans are for the short and medium terms. As chairperson of the board of an exploration company, I would like to be able to give a clear answer, but it is difficult for me to do so. What I can say, however, is that we definitely are in a proactive mode, acquiring increased knowledge, while constantly revising our geological models and adapting to the results of ongoing exploration work, to the analysis of comparative data and to the constant use of innovative technologies. We are forging a path that sometimes must be deviated from, as information comes in. And I think that is the most interesting thing about exploration. No matter how much we plan, there are always surprises in store. And we are more than willing to welcome them."
Qualified Person
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.
About Fokus
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 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.
Certain statements contained in this press release may constitute forward-looking information or statements. 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. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company's actual results could differ materially from those anticipated in this forward-looking information due to regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, changes in the Company's strategic growth plans and other factors, many of which are beyond the Company's control. The Company believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and, accordingly, such forward-looking information should not be relied upon as such. All forward-looking information contained in this press release represents the Company's expectations as of the date hereof and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.
