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FOKUS MINING EXPANDS MINERALIZED FOOTPRINT CONNECTING GP AND HENDRICK DEPOSITS AT THE GALLOWAY PROJECT INTERSECTING 6.0M OF 4.61 G/T GOLD WITHIN A 45 METER INTERVAL OF 1.16 G/T GOLD
ROUYN-NORANDA, QC, Jan. 30, 2025 /CNW/ - Fokus Mining Corporation ("Fokus" or the "Company") (TSXV: FKM) (OTCQB: FKMCF) (FSE: F7E1) is pleased to announce an update of its 2024–2025 exploration program on the Galloway Property ("Galloway Project"), located in Abitibi, Quebec, along the Cadillac-Larder Lake Fault, between the Rouyn-Noranda and Kerr-Addison mining camps. This update highlights the Company's recent drilling results, planned drilling campaign and upcoming geophysical survey. The Company has also strengthened its financial position to assist in advancing exploration efforts.
Recent Drilling Highlights
The Company is reporting results from hole GA-24-89 on the Galloway Project, which intercepts both the GP (Galloway-Pitchevin) and Hendrick deposits, with the following highlights.
Philippe MacKay, President and CEO of Fokus Mining commented: "Hole GA-2024-89 expands the mineralized footprint throughout the length of the hole (1,107m), highlighting a series of long and broad intercepts. The discovery of low-grade mineralization between GP and Hendrick in a previously undrilled area supports a connection between these deposits. The results also confirm the continuity of higher-grade mineralization at GP while revealing shallower, broader zones that could be suitable for open-pit, bulk-tonnage mining, as well as higher-grade underground opportunities. Deeper exploration at Hendrick has provided valuable geological insights that will help guide the TITAN geophysical program, particularly in understanding copper distribution at depth, and will play a role in refining our exploration strategy"
1.09 g/t Au over 22m including:
5.69 g/t Au over 3m
1.16 g/t Au over 45m including:
3.05 g/t Au over 1.5m
1.23 g/t Au over 1.5m
4.61 g/t Au over 6m
0.92 g/t AuEq (0.66 g/t Au and 0.20% Cu) over 81.2m including:
1.53 g/t AuEq (1.31 g/t Au and 0.17% Cu) over 7.5m
1.56 g/t AuEq (1.23 g/t Au and 0.25% Cu) over 1.5m
1.61 g/t AuEq (1.34 g/t Au and 0.21% Cu) over 3m
1.61 g/t AuEq (1.2 g/t Au and 0.31% Cu) over 1.5m
0.91 g/t AuEq (0.66 g/t Au and 0.20% Cu) over 72m including:
1.81 g/t AuEq (1.17 g/t Au and 0.49% Cu) over 1m
2.12 g/t AuEq (1.47 g/t Au and 0.50% Cu) over 1.5m
2.21 g/t AuEq (1.80 g/t Au and 0.31% Cu) over 2.4m
6.78g/t AuEq (6.72 g/t Au and 0.05% Cu) over 1.5m
1.92g/t AuEq (1.46 g/t Au and 0.36% Cu) over 3m
Drilling Results
Hole
From
To
Intercept
Grade Au
Cut-off
Target
(ID)
(m)
(m)
(m)
(g/t)
(g/t)
GP
GA-24-89
171
174
3
2.40
0.35
GA-24-89
229
240
11
1.09
0.35
including
GA-24-89
238
240
2
4.17
1.00
GA-24-89
270
309
39
0.69
0.35
including
GA-24-89
280.5
286.5
6
1.29
1.00
& including
GA-24-89
292.5
300
7.5
1.11
1.00
GA-24-89
319.5
341.5
22
1.09
0.35
including
GA-24-89
330
333
3
5.69
1.00
GA-24-89
345.9
390
44.1
0.47
0.35
including
GA-24-89
373.5
375
1.5
1.20
1.00
GA-24-89
517.5
562.5
45
1.16
0.35
including
GA-24-89
522
523.5
1.5
3.05
1.00
& including
GA-24-89
535.5
537
1.5
1.23
1.00
& including
GA-24-89
552
558
6
4.61
1.00
GA-24-89
571.5
589.5
18
0.78
0.35
including
GA-24-89
571.5
574.5
3
2.27
1.00
& including
GA-24-89
585
586.5
1.5
1.41
1.00
GA-24-89
598.5
609
10.5
1.04
0.35
including
GA-24-89
600
609
9
1.14
1.00
Hole
From
To
Intercept
Grade Au
Grade Cu
Grade AuEq
Cut-off
Target
(ID)
(m)
(m)
(m)
(g/t)
( %)
(g/t)
(g/t)
Hendrick
GA-24-89
751
757
6
1.12
0.04
1.17
0.35
including
GA-24-89
751
752
1
1.84
0.03
1.88
1.00
& including
GA-24-89
756
757
1
2.35
0.06
2.43
1.00
GA-24-89
813
834
21
0.58
0.05
0.64
0.35
including
GA-24-89
826.5
828
1.5
1.65
0.02
1.68
1.00
GA-24-89
849
903
54
0.50
0.10
0.63
0.35
including
GA-24-89
866.5
868
1.5
1.54
0.82
2.61
1.00
& including
GA-24-89
900.3
901.8
1.5
1.23
0.08
1.33
1.00
GA-24-89
937.3
1018.5
81.2
0.66
0.20
0.92
0.35
including
GA-24-89
966
973.5
7.5
1.31
0.17
1.53
1.00
& including
GA-24-89
982.5
984
1.5
1.23
0.25
1.56
1.00
& including
GA-24-89
1002
1005
3
1.34
0.21
1.61
1.00
& including
GA-24-89
1012.5
1014
1.5
1.20
0.31
1.61
1.00
GA-24-89
1024.5
1096.5
72
0.66
0.20
0.91
0.35
including
GA-24-89
1033
1034
1
1.17
0.49
1.81
1.00
& including
GA-24-89
1039.5
1041
1.5
1.47
0.50
2.12
1.00
& including
GA-24-89
1056.8
1059.2
2.4
1.80
0.31
2.21
1.00
& including
GA-24-89
1072.5
1074
1.5
6.72
0.05
6.78
1.00
& including
GA-24-89
1089
1092
3
1.46
0.36
1.92
1.00
Notes:
1.
A complete table of assay results from all deposits intersected utilizing a 0.35 g/t Au cut-off is on the Company's website.
2.
Composite assay grades presented in summary tables are calculated using a Au grade minimum average of 0.35 g/t or 1.0 g/t as indicated in "Au Cut-off" column of Summary Tables. Maximum internal waste included in any reported composite interval is 3.00 m. The 1.00 g/t Au cut-off is used to define higher-grade "cores" within the lower-grade halo.
3.
Gold equivalent (AuEq) grades are calculated using an assumed gold price of US$2,100 per ounce and a copper price of US$4.00 per pound, based on the formula: AuEq (g/t)=(Au (g/t)×1.00)+(Cu (%)×1.306). Metallurgical recoveries are not considered in the in-situ grade estimate but are estimated to be 90.3% and 90% for gold and copper, respectively, when processed in a mill. Gold recovery rate assumptions are derived from the Initial Mineral Resource Estimate announced on March 23, 2023. The recovery rate assumption for copper is speculative as limited metallurgical work has been completed to date.
Assay results for holes GA-24-90 and GA-24-91, which targeted the RB (Renault Bay) deposit, are currently pending.
Planned Drilling Campaign
The planned drilling campaign will include up to 5,000 meters and will be executed in two phases. The first phase will target key areas, including the Hendricks deposit, where high-grade targets have been identified from previous drilling and the GP-RB extension along the northeast (N-E) trend, with the objective of increasing the potential mineral resource. Drilling has resumed this week, marking the start of the first phase of the program. The second phase will follow post-geophysical surveys, aiming at newly defined targets from the TITAN survey.
Figure 2 : Galloway trend long section with drill holes highlighted (A-A’) (CNW Group/Fokus Mining Corporation)
Upcoming Geophysics Program
A deep-penetrating TITAN DCIP (Direct Current Induced Polarization) survey is planned for early February. The survey, developed by Quantec, aims to provide detailed subsurface information to depths exceeding 750 meters. Survey goals include identifying deeper mineralized structures and extensions to known mineralization along strike and at depth, The TITAN Survey is ideally suited for the style of mineralization encountered at Galloway.
Financial Update
During the fourth quarter of 2024, Fokus secured more than CA$1.15M through the exercise of warrants and options, bringing its cash position to near CA$2.1M as of January 30, 2025. This additional capital will be directed toward the Company's planned drilling campaign and geophysical survey.
Qualified Person
The scientific and technical disclosure for Fokus included in this press release has been reviewed and approved by Nathalie Landry, P. Geo. (permit number 00796). Ms. Landry is a geologist and a qualified person under National Instrument 43-101 Standards of Disclosure of Mineral Projects ("NI 43-101"). She is an independent consultant for the company, working for Technominex. Ms. Landry consents to the publication of this press release dated January 30, 2025, and certifies that it fairly and accurately represents the scientific and technical information that forms its basis.
QA/QC Protocols and Sampling Procedures
The design of the Galloway project drilling programs Quality Assurance/Quality Control and interpretation of results is under the control of Fokus geological staff including qualified person employing a strict QA/QC program consistent with NI 43-101 and industry best practices. The Galloway project is supervised by Nathalie Landry, P. Geo.
Drill core is logged and split with half-core samples packaged and delivered to Lab Expert. Samples are dried and subsequently crushed to 75% passing a 2 mm mesh screen. A 250 g subsample is pulverized to a nominal 85% passing 75 microns mesh screen. The remaining crushed sample (reject) and pulverized sample (pulp) are retained for further analysis and quality control. All samples are analysed by Fire Assay with an Atomic Absorption (AA) finish using a 30 g aliquot of pulverized material. Assays exceeding 10 g/t Au are re‐assayed by Fire Assay with a Gravimetric Finish. Fokus inserts independent control reference samples and blank samples regularly in the sample stream to monitor assay performance. Fokus internal control samples represents approximately 10% of the total samples sent for assays. Fokus is planning to perform duplicate sampling at a certified secondary control laboratory.
This press release was compiled and approved by Nathalie Landry, P. Geo. and Qualified Person under National Instrument 43-101.
About Fokus
Fokus Mining Corporation is a mineral resource company focused on acquiring and exploring precious metal deposits in Quebec, Canada, particularly in the Abitibi region, 20 km West of Rouyn-Noranda, with its Galloway Project.
The 100% owned Galloway Project covers an area of 2,925.91 hectares and is located just North of the Cadillac-Larder Lake Fault, which extends for more than 100 km. Numerous gold deposits are associated with the structure and its subsidiaries. The recent work focused on the Western mining claims of the Galloway Property has allowed the Company to delineate a NI 43-101 inferred mineral resource of 1.42 million ounces of gold (41,195,000t at 1.07 g/t Au) at a price of US$1,750 per ounce. This was published in the press release dated March 23, 2023, which includes a sensitivity table showing that, at a price of US$1,960 per ounce, the inferred mineral resource increases to 1.79 million ounces of gold (57,546,000t at 0.97 g/t Au).
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 within the meaning of Canadian securities legislation, relating to the exploration and mineralization on the Galloway Gold Project; the extent of mineralization and the discovery of zones of high-grade gold mineralization; plans for future exploration and drilling and the timing of same; the merits of the Galloway Gold Project; and funding of the exploration program. 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. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated with possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of exploration, drilling and assay results, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects The reader is urged to refer to the Company's Management's discussion and Analysis, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR+) at www.sedarplus.ca for a more complete discussion of such risk factors and their potential effects.
