ROUYN-NORANDA, QC, Nov. 26, 2024 /CNW/ - Fokus Mining Corporation ("Fokus" or the "Company") (TSXV: FKM) (OTCQB: FKMCF) (FSE: F7E1) is pleased to announce the initiation of its 2024-2025 exploration program on the Galloway Property ("Galloway Project") located in Abitibi, Québec, along the Cadillac-Larder Lake Fault Zone in the province of Québec, between the Rouyn-Noranda and Kerr-Addison mining camps.
Fokus is focusing on advancing the Galloway Project, in the Abitibi region, 20 km west of Rouyn-Noranda. This is a 2,866-hectare project near the Cadillac-Larder Lake Fault Zone, known for its prolific mineral endowment. Recent work on the Western claims of the Galloway Property 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.
Philippe MacKay, President and CEO of Fokus Mining, stated: "This is an exciting period for Fokus Mining Corporation as we work to unlock the full exploration potential of the Galloway Property and deliver value for our shareholders. We plan to commence a 1,800 meter drill program imminently and initiate a geophysical program in early Q1 2025 on the Hendrick Deposit. We believe that the Galloway Project is a remarkable opportunity, particularly as major mining companies increasingly seek deposits like ours in safe jurisdictions."
Key Objectives of the 2024-2025 Exploration Program
1) Resource Expansion on GP-RB and Hendrick Zones:
Extend by drilling the GP-RB zones, both at surface and at depth.
Build upon historical drilling data, including a notable intercept of 2.33 g/t Au over 24m drilled by Kerr-Addison.
Focus on drilling the Eastern portions of the Hendrick Zone to increase mineral resources.
Test the previously unexplored area between the GP-RB Zone and Hendrick Zone to investigate potential mineralization.
2) Geophysics Using Deep Titan Survey:
Deploy advanced Deep Titan Survey technology to enhance the geological understanding at depth of the Hendrick deposit, hosting significant gold and copper mineralization.
3) Exploration of New Targets:
Drill new areas near Zone 59 (Hole GA-21-59) to assess potential mineralized connections between the Hendrick Zone and Zone 59.
Qualified Person
The scientific and technical disclosure for Fokus included in this press release have been reviewed and approved by Gilles Laverdière, P. Geo. Mr. Laverdière is geologist and qualified person under National Instrument 43-101 Standards of Disclosure of Mineral Projects ("NI 43-101") and a director of the Company. Mr. Laverdière consents to the publication of this press release dated November 26, 2024. Mr. Laverdière certifies that this press release fairly and accurately represents the scientific and technical information that forms the basis for this press release.
About Fokus
Fokus Mining Corporation is a mineral resource company focused on acquiring and exploring precious metal deposits in Québec, 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 2,866 hectares and is located just North of the Cadillac-Larder Lake Fault Zone, 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.
