TSX.V: FKM
OTCQB:
FKMCF
Frankfurt: F7E1
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.
Related Links
http://fokusmining.com/
Caution regarding forward-looking
statements
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.
SOURCE Fokus Mining Corporation