ROUYN-NORANDA, QC, April 10, 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. The Galloway Project outlined a NI 43-101 inferred mineral resource of 1.42 million ounces of gold (41.2 Mt at 1.07 g/t Au) at US$1,750/oz, or 1.79 million ounces (57.5 Mt at 0.97 g/t Au) at US$1,960/oz, as detailed in our March 23, 2023, press release. This press release highlights the Company's recent drilling results and provides update on Phase 1 exploration program.
Recent Drilling Highlights
The Company is announcing results from the extension of drill hole GA-24-91, which targeted the RB (Renault-Bay) deposit, as well as from drill holes GA-25-93, GA-25-94, and GA-25-95, which intersected the Hurd target at the Galloway Project. Highlights include the following:
Philippe MacKay, President and CEO of Fokus Mining commented: "Results from Phase 1 of our exploration program consistently demonstrate robust geological continuity and mineralization, reinforcing the Galloway Project's potential. Recent results from the Hurd target, located 300 meters northeast of RB, highlight the presence of multiple broad mineralized zones that continue to expand across the property. The data suggest a significant gold system with meaningful copper intersections, indicating potential for an open-pit bulk-tonnage operation. Drilling completed earlier in Phase 1 confirmed the presence of a higher-grade core at depth within the Hendrick zone, supporting the potential for a bulk-tonnage underground operation. At GP and RB, drilling extended the near-surface mineralized footprint along strike, further reinforcing the potential for a larger-scale open-pit configuration. With the TITAN survey now finalized, the Company is preparing to initiate Phase II of drilling, which will focus on refining known zones and testing new targets across the Galloway property."
RB Target
Hole GA-25-91 (Extension):
0.64 g/t AuEq (0.60 g/t Au and 0.03% Cu) over 12.0m including:
1.87 g/t AuEq (1.81 g/t Au and 0.05% Cu) over 1.5m
1.07 g/t AuEq (1.03 g/t Au and 0.04% Cu) over 1.5m
Hole GA-25-91 (Extension):
0.61 g/t AuEq (0.47 g/t Au and 0.11% Cu) over 18.0m including:
1.52 g/t AuEq (1.46 g/t Au and 0.05% Cu) over 1.5m
Hurd Target
Hole GA-25-93:
0.90 g/t AuEq (0.64 g/t Au and 0.21% Cu) over 33.0m including:
1.67 g/t AuEq (1.18 g/t Au and 0.38% Cu) over 10.1m
Hole GA-25-94:
0.81 g/t AuEq (0.64 g/t Au and 0.13% Cu) over 30.0m including:
1.19 g/t AuEq (1.01 g/t Au and 0.14% Cu) over 1.5m
1.19 g/t AuEq (1.05 g/t Au and 0.11% Cu) over 6.0m
Hole GA-25-95:
0.72 g/t AuEq (0.66 g/t Au and 0.05% Cu) over 16.5m including:
2.26 g/t AuEq (2.19 g/t Au and 0.05% Cu) over 1.5m
1.42 g/t AuEq (1.35 g/t Au and 0.05% Cu) over 1.5m
0.80 g/t AuEq (0.67 g/t Au and 0.10% Cu) over 14.5m including:
1.27 g/t AuEq (1.04 g/t Au and 0.17% Cu) over 1.5m
0.81 g/t AuEq (0.69 g/t Au and 0.09% Cu) over 15.0m including:
2.70 g/t AuEq (2.22 g/t Au and 0.37% Cu) over 1.5m
1.67 g/t AuEq (1.47 g/t Au and 0.15% Cu) over 1.0m
Drilling Results
HOLE
FROM
TO
INTERCEPT
GRADE AU
GRADE CU
GRADE AUEQ
CUTOFF AUEQ
TARGET
(ID)
(M)
(M)
(M)
(GPT)
( %)
(GPT)
(GPT)
RB
GA-24-91
451.5
463.5
12
0.60
0.03
0.64
0.35
including
GA-24-91
451.5
453
1.5
1.81
0.05
1.87
1
& including
GA-24-91
456
457.5
1.5
1.03
0.04
1.07
1
GA-24-91
470
480
10
0.51
0.05
0.57
0.35
including
GA-24-91
479
480
1
1.19
0.03
1.23
1
GA-24-91
510
528
18
0.47
0.11
0.61
0.35
including
GA-24-91
513
514.5
1.5
1.46
0.05
1.52
1
HOLE
FROM
TO
INTERCEPT
GRADE AU
GRADE CU
GRADE AUEQ
CUTOFF AUEQ
TARGET
(ID)
(M)
(M)
(M)
(GPT)
( %)
(GPT)
(GPT)
Hurd
GA-25-93
142.5
175.5
33.0
0.64
0.21
0.90
0.35
including
GA-25-93
161.45
171.5
10.1
1.18
0.38
1.67
1
HOLE
FROM
TO
INTERCEPT
GRADE AU
GRADE CU
GRADE AUEQ
CUTOFF AUEQ
TARGET
(ID)
(M)
(M)
(M)
(GPT)
( %)
(GPT)
(GPT)
Hurd
GA-25-94
40.5
46.5
6
0.76
0.05
0.84
0.35
including
GA-25-94
42
43.5
1.5
1.52
0.06
1.60
1
GA-25-94
120
144
24
0.56
0.04
0.62
0.35
including
GA-25-94
126
127.5
1.5
2.65
0.02
2.68
1
& including
GA-25-94
142.5
144
1.5
1.23
0.04
1.28
1
GA-25-94
162
192
30
0.64
0.13
0.81
0.35
including
GA-25-94
166.5
168
1.5
1.01
0.14
1.19
1
& including
GA-25-94
177
183
6
1.05
0.11
1.19
1
GA-25-94
283.5
321
37.5
0.45
0.06
0.53
0.35
including
GA-25-94
295.5
297
1.5
1.28
0.08
1.39
1
HOLE
FROM
TO
INTERCEPT
GRADE AU
GRADE CU
GRADE AUEQ
CUTOFF AUEQ
TARGET
(ID)
(M)
(M)
(M)
(GPT)
( %)
(GPT)
(GPT)
Hurd
GA-25-95
13.5
30
16.5
0.66
0.05
0.72
0.35
including
GA-25-95
13.5
15
1.5
2.19
0.05
2.26
1
& including
GA-25-95
27
28.5
1.5
1.35
0.05
1.42
1
GA-25-95
78
94.5
16.5
0.45
0.06
0.53
0.35
including
GA-25-95
84
85.5
1.5
1.10
0.14
1.28
1
& including
GA-25-95
91.5
93
1.5
1.15
0.03
1.19
1
GA-25-95
145.5
160
14.5
0.67
0.10
0.80
0.35
including
GA-25-95
147
148.5
1.5
1.04
0.17
1.27
1
GA-25-95
210
225
15
0.69
0.09
0.81
0.35
including
GA-25-95
214.5
216
1.5
2.22
0.37
2.70
1
& including
GA-25-95
218
219
1
1.47
0.15
1.67
1
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 an Au or AuEq grade minimum average of 0.35 g/t or 1.0 g/t as indicated in "Au Cut-off" and "AuEq Cut-off" columns of the Summary Tables. Maximum consecutive waste included in any reported composite interval is 3.00 m. The 1.00 g/t 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.
Exploration Update
The results from Phase 1 highlight the potential for significant resource growth at depth within the Hendrick deposit. Drilling has revealed a higher-grade core that may support an underground bulk-tonnage mining scenario. In addition, mineralization at the GP and RB deposits continues to expand, with an open-pit tonnage potential now traced over more than 750 meters along a southwest–northeast strike.
Importantly, positive results at the Hurd target, located approximately 300 meters from the RB zone, confirm the presence of a large and continuous gold-copper system across the Galloway property, one that remains open in multiple directions and continues to show strong potential discovery.
Figure 1 provides a plan view of the current exploration program.
Figure 2 presents an updated long-section of the Galloway Project.
Figure 3 illustrates the depth extension of the resource, including results from holes GA-25-94 and GA-25-95, and further supports the potential for a bulk-tonnage, open-pit operation.
In parallel, the Company has completed its TITAN DCIP (Deep-Penetrating Direct Current Induced Polarization) geophysical survey, covering the west side of the Galloway Property. The Fokus technical team is currently analyzing the data and comparing results to known resource zones. Final geophysical interpretations are expected within the next week and will be announced alongside the details of the upcoming Phase II drill program, which will focus on new discovery targets surrounding the expanding resource base.
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 April 10, 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.
