FOKUS MINING CONFIRMS HIGHER GRADE GOLD-COPPER ZONES ON HENDRICK DEPOSIT AT THE GALLOWAY PROJECT INTERSECTING 21.6 METER OF 2.05 G/T AUEQ AND 10.5 METER OF 2.06 G/T AUEQ
ROUYN-NORANDA, QC, March 11, 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 update highlights the Company's recent drilling results.
The Company is announcing results from drill holes GA-24-90 and GA-24-91, which intersected the RB (Renault Bay) deposit, as well as GA-25-92, which targeted the Hendrick deposit at the Galloway Project, with the following highlights.
Philippe MacKay, President and CEO of Fokus Mining commented: "Our latest drilling results are encouraging, we have already defined a massive syenite system and now we have successfully confirmed a broad, higher-grade portion within the Hendrick deposit, in GA-25-92, characterized by significant gold and copper values that support the potential for sustainable underground bulk mining. Additionally, GA-24-90 and GA-24-91 extend mineralization toward surface, indicating potential for open-pit mining. We plan to follow up on GA-24-91 to further extend the higher-grade gold mineralization encountered in GA-24-90, which exceeds the average grade in RB. Our deep TITAN survey is progressing well, with more than 75% completed, and we are currently analyzing the data. This will not only help generate new drilling targets for resource expansion but also guide exploration across the broader Galloway Project."
RB Target Hole GA-24-90: - 1.70 g/t Au over 24m including:
2.60 g/t Au over 13.5m
Hole GA-24-91: - 0.56 g/t Au over 12m
Hendrick Target Hole GA-25-92: - 1.10 g/t AuEq (0.71 g/t Au and 0.30% Cu) over 221.5m including:
2.09 g/t AuEq (1.16 g/t Au and 0.71% Cu) over 4.0m
2.05 g/t AuEq (1.18 g/t Au and 0.67% Cu) over 21.6m
2.06 g/t AuEq (1.42 g/t Au and 0.49% Cu) over 10.5m
Drilling Results
Hole
From
To
Intercept
Grade Au
Cut-off
Target
(ID)
(m)
(m)
(m)
(g/t)
(g/t)
RB
GA-24-90
55
67.5
12.5
0.71
0.35
including
GA-24-90
56
58
2
1.41
1.00
GA-24-90
217.5
256.5
39
0.47
0.35
including
GA-24-90
219.6
220.6
1
1.23
1.00
GA-24-90
271.5
286.5
15
0.74
0.35
including
GA-24-90
271.5
273
1.5
1.89
1.00
including
GA-24-90
280.5
282
1.5
1.16
1.00
& including
GA-24-90
285
286.5
1.5
1.47
1.00
GA-24-90
384
436.5
52.5
0.59
0.35
including
GA-24-90
394.5
396
1.5
1.78
1.00
& including
GA-24-90
430.5
432
1.5
1.55
1.00
GA-24-90
477
501
24
1.70
0.35
including
GA-24-90
484.5
498
13.5
2.60
1.00
Hole
From
To
Intercept
Grade Au
Cut-off
Target
(ID)
(m)
(m)
(m)
(g/t)
(g/t)
RB
GA-24-91
99
111
12
0.56
0.35
GA-24-91
145.5
159
13.5
0.40
0.35
GA-24-91
193.5
207
13.5
0.50
0.35
including
GA-24-91
202.5
204
1.5
1.13
1.00
GA-24-91
246
249
3
0.58
0.35
Hole
From
To
Intercept
Grade Au
Grade Cu
Grade AuEq
Cut-off
AuEq
Target
(ID)
(m)
(m)
(m)
(g/t)
( %)
(g/t)
(g/t)
Hendrick
GA-25-92
498.85
720
221.15
0.71
0.30
1.10
0.35
including
GA-25-92
561
565
4
1.16
0.71
2.09
1.0
& including
GA-25-92
591.5
613.1
21.6
1.18
0.67
2.06
1.0
& including
GA-25-92
678
688.5
10.5
1.42
0.49
2.06
1.0
& including
GA-25-92
709
716
7
1.27
0.20
1.53
1.0
GA-25-92
727.5
798
70.5
0.49
0.17
0.72
0.35
including
GA-25-92
732
736
4
0.58
0.51
1.24
1.0
& including
GA-25-92
763
767
4
0.82
0.23
1.13
1.0
& including
GA-25-92
772
777
5
1.18
0.04
1.23
1.0
GA-25-92
814.5
834
19.5
0.32
0.17
0.55
0.35
GA-25-92
867
877.5
10.5
0.50
0.05
0.56
0.35
GA-25-92
885
963
78
0.48
0.06
0.56
0.35
including
GA-25-92
906
909
3
1.21
0.09
1.32
1.0
& including
GA-25-92
922.5
925.1
2.6
1.08
0.08
1.18
1.0
GA-25-92
979
993
14
0.45
0.04
0.51
0.35
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
Phase 1 of the ongoing exploration program is nearing completion. Assays are pending for drill holes GA-25-93, GA-25-94, and GA-25-95. Drilling is underway to extend hole GA-24-91 to intercept the broader gold zone identified in hole GA-24-90 and confirm continuity along strike. A total of 1,900 meters of drilling has been completed in Phase 1, with 3,750 meters drilled since the start of the exploration program in November 2024.
Figure 1 provides a plan view of the current exploration program, while Figure 2 presents an updated long-section view of the Galloway Project. Figure 3 illustrates the depth extension of the resource, incorporating results from hole GA-24-91, supporting its potential for an open-pit bulk tonnage application. Figure 4 confirms the extension of the higher-grade gold and copper intersection within the Hendrick deposit model. The figures are available in the appendix.
The deep-penetrating TITAN DCIP (Direct Current Induced Polarization) survey progressing, with 24 kilometers completed out of the planned 33 kilometers. Quantec and Fokus technical team are actively analyzing the data to generate targets for Phase II of drilling, focusing on areas near the current resource as well as new exploration opportunities.
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 March 11, 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.
Appendix
SOURCE Fokus Mining Corporation
For further information: Philippe MacKay, P. Eng., MBA, President & CEO, Fokus Mining Corp., Tel.: (514) 974-4349, Email: [email protected]
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