TSX.V: FKM OTCQB:
FKMCF FRANKFURT: F7E1
ROUYN-NORANDA, QC, March 23,
2023 /CNW/ - Fokus Mining Corporation
("Fokus" or the "Company") (TSXV: FKM) (OTCQB: FKMCF)
(FSE: F7E1) is pleased to announce an initial mineral resource
estimate (MRE) prepared by the independent firm InnovExplo Inc.
This MRE have been classified in accordance with CIM Definition
Standards on Mineral Resources and Mineral Reserves (CIM, 2014) and
follows the CIM Estimation of Mineral Resources and Mineral
Reserves Best Practice Guidelines (CIM, 2019).
The initial MRE is based on recent exploration and drilling
programs, mineralization modelling and metallurgical testing from
the Moriss, Hendrick and GP gold deposits (Figure 1). It was
prepared by InnovExplo and effective as of March 21, 2023, all in the Inferred Mineral
Resource category.
Over 40,000 metres of diamond drilling has been completed in the
last two years. The Company now plans to prioritize infill drilling
and testing potential lateral extensions and will continue to drill
the recently discovered RB mineralized zone in the near term.
Galloway Gold
Project
Inferred Mineral
Resource (at 0.9 g/t Au cut-off)
|
Zones
|
Tonnes
|
Grade
|
Ounces
|
(t)
|
(g/t
Au)
|
(oz Troy
Au)
|
Hendrick
Zone
|
37,989,000
|
1.06
|
1,290,000
|
GP Zone
|
1,445,000
|
0.98
|
45,600
|
RB Zone
|
1,161,000
|
0.96
|
35,900
|
Hurd Zone
|
87,000
|
1.00
|
2,800
|
Moriss Zone
|
514,000
|
2.74
|
45,300
|
Total
Inferred
|
41,195,000
|
1.07
|
1,419,600
|
Notes to the 2023 MRE
- The effective date of the 2023 MRE is March 21, 2023.
- The independent and qualified persons (as defined by NI 43-101)
for the 2023 MRE are Olivier
Vadnais-Leblanc, P.Geo., Marc R.
Beauvais, P.Eng. from InnovExplo Inc, and David
Le Tourneux, P.Eng., from Soutex.
- The mineral resource estimate conforms to the CIM Definition
Standards (2014) and follows the CIM MRMR Best Practice Guidelines
(2019).
- These mineral resources are not mineral reserves, because they
do not have demonstrated economic viability. The results are
presented undiluted and are considered to have reasonable prospects
of economic viability.
- The estimate encompasses 5 mineralized zones. Hendrick, GP, RB
and HURD are made only of 1 3D porphyry type solid each and Morris
has 25 smaller vein type 3D solids.
- No capping was applied on Hendrick, GP, RB and HURD (porphyry
type). 5 m composites were calculated within the zones
using the grade of the adjacent material when assayed or a value of
zero when not assayed. For Moriss (veins part of the deposit),
composite length was set at 1m.
High-grade capping supported by statistical analysis was done on
compositing and was set to 20 g/t Au on Moriss.
- The estimate was completed using a sub-block model in Surpac. A
20m x 20m x 20m parent
block size was used for Hendrick, GP, RB and HURD. Parent block
size for Morris is 3m x 3m x3m.
- Grade interpolation was obtained by Inverse Distance Squared
(ID2) using hard boundaries.
- A density value of 2.78 g/cm3 was assigned to all
mineralized zones.
- Mineral resource estimate is all classified as Inferred. The
Inferred category is defined with a minimum of two (2) drill holes
within the areas where the drill spacing is respectively less than
125 m for GP, RB and HURD, 400 m
for Hendrick and 80 m for Moriss.
Data must show reasonable geological and grade continuity.
- The 2023 MRE is locally constrained within Deswik Stope
Optimizer shapes using a minimal mining width of 25 m for a potential bulk underground mining
scenario (potential block of 25m X
25m X 25m). It is reported at a rounded cut-off grade
of 0.90 g/t Au using the bulk mining method. The cut-off grades
were calculated using the following parameters: mining cost =
C$35/t; processing cost =
C$17.82/t; G&A = C$7.00/t; refining costs = C$5.00/oz; selling costs = C$5.00/oz; gold price = US$1,750.00/oz; USD: CAD exchange rate = 1.31;
and mill recovery = 90.3%. The cut-off grades should be
re-evaluated in light of future prevailing market conditions (metal
prices, exchange rates, mining costs etc.).
- The number of metric tonnes was rounded to the nearest
thousand, following the recommendations in NI 43-101 and any
discrepancies in the totals are due to rounding effects. The metal
contents are presented in troy ounces (tonnes x grade / 31.10348)
rounded to the nearest hundred. Numbers may not add up due to
rounding.
- The independent and qualified persons for the 2023 MRE are not
aware of any known environmental, permitting, legal, political,
title-related, taxation, socio-political, or marketing issues that
could materially affect the Mineral Resource Estimate.
A sensitivity analysis was performed on the MRE to assess the
variability to gold prices and found that the MRE has upside
potential to higher gold prices while retaining over a million
ounces at lower gold prices.
Inferred
Resources
|
Gold Price
(US$)
|
Cut-Off
grade
|
Tonnes (t)
|
Grade
(g/t Au)
|
Ounces
(Oz Troy Au)
|
1,960
|
0.80
|
57,546,000
|
0.97
|
1,788,100
|
1,850
|
0.85
|
50,411,000
|
1.00
|
1,632,500
|
1,750
|
0.90
|
41,195,000
|
1.07
|
1,419,600
|
1,660
|
0.95
|
36,410,000
|
1.10
|
1,283,400
|
1,575
|
1.00
|
30,595,000
|
1.15
|
1,128,400
|
Jean Rainville, President and
CEO, stated: "We are delighted to cross this initial milestone and
demonstrate the potential for a multi-million once resource on the
western portion of the Galloway
property. While this MRE was completed with underground mining
assumptions, there exist areas of gold mineralization on GP, RB and
the Hurd sector that may have open pit potential. (Hurd is located
north-east of RB). Hence, although timing is uncertain, a revisited
MRE is in the cards as we now have a better understanding of
the three mineralized zones included in the MRE where more
drilling is required: 1) to get a better handle on the gold grade
to find out if infill drilling can support an increase in the MRE;
and 2) to examine the potential for lateral extensions and depth
potential on those same mineralized zones (Figure 2). As
well, other areas such as the RB zone have only received limited
work to date but our planned exploration program aims to leverage
all the information we now have for maximum impact on continuing to
advance the Galloway project".
On a different note, regarding Galloway property, the Company now expects to
be able to release the results of the four holes drilled on the RB
Zone in January shortly and will be able to provide more details on
this recently discovered mineralized sector. Fokus is also
reviewing the results of the analysis of the geological study
prepared by ALS-Goldspot on the entire Galloway property.
QUALIFIED PERSONS STATEMENT
THE MRE was prepared by Olivier
Vadnais-Leblanc, P. Geo. and Marc R.
Beauvais, P.Eng. from InnovExplo Inc, and David Le Tourneux, P.Eng., from Soutex. Mr.
Vadnais-Leblanc, Beauvais and Le
Tourneux have reviewed and approved the technical contents
of this news release as it relates to the MRE.
Gilles Laverdiere, Director of
the Company, P.Geo and Qualified Person under National Instrument
43-101 has also reviewed and approved the press release for
Fokus.
Forward-Looking
Statements
This press release contains statements that may constitute
"forward-looking information" within the meaning of applicable
Canadian securities legislation. Forward-looking information may
include, among others, statements regarding the future plans,
costs, objectives or performance of the Company, or the assumptions
underlying any of the foregoing. In this press release, words such
as "may", "would", "could", "will", "likely", "believe", "expect",
"anticipate", "intend", "plan", "estimate" and similar words and
the negative form thereof are used to identify forward-looking
statements. Forward-looking statements should not be interpreted as
guarantees of future performance or results, and will not
necessarily be accurate indications of whether, or the times at or
by which, such future performance will be achieved. No assurance
can be given that any events anticipated by the forward-looking
information will transpire or occur, including the future impact of
Mosaic's performance on the Company and its diversification into
strategic minerals, the timing and the impact of the release the
results of the four holes drilled on the RB Zone in January 2023, the timing for completing the
review of the geological models and the completion of the
compilation of historical data of the entire Galloway property by ALS Goldspot, the results
of the initial NI 43-101 resource estimate for three of the
mineralized zones: Hendrick, Morriss, and GP, including the timing
for its completion, and what benefits the Company will derive from
all the foregoing and the Galloway Property. Forward-looking
information is based on information available at the time and/or
management's good-faith belief with respect to future events and
are subject to known or unknown risks, uncertainties, assumptions
and other unpredictable factors, many of which are beyond the
Company's control. These risks, uncertainties and assumptions
include, but are not limited to, those described under "Financial
Risk Management Objectives and Policies" in the Company's Annual
Report for the fiscal year ended December
31, 2021 and under "Risk and Uncertainties" of the
Management's Discussion & Analysis of the Company for the
fiscal year ended December 31,
2021, copies of which are available on SEDAR at
www.sedar.com, and could cause actual events or results to differ
materially from those projected in any forward-looking statements.
The Company does not intend, nor does the Company undertake any
obligation, to update or revise any forward-looking information
contained in this news release to reflect subsequent information,
events or circumstances or otherwise, except if required by
applicable laws.
About Fokus
Fokus Mining Corporation is a mineral resource company actively
acquiring and exploring precious metal deposits located in the
province of Québec, 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 property covers an
area of 2865.54 hectares and is located just north of the
Cadillac-Larder Lake deformation
which extends laterally for more than 100 kilometres. Numerous gold
deposits are related to that structure and its subsidiaries. The
current work focuses on a small western portion of the mineral
claims where several mineral occurrences have been identified. For
more information, visit our website: fokusmining.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Related Links
http://fokusmining.com/
SOURCE Fokus Mining Corporation