TSX.V: FKM OTCQB:
FKMCF Frankfurt: F7E1
ROUYN-NORANDA, QC, May 8, 2024
/CNW/ - Fokus Mining Corporation ("Fokus" or the
"Company") (TSXV: FKM) (OTCQB: FKMCF) (FSE: F7E1) is pleased
to announce that it has awarded a contract to InnovExplo Inc.
to:
1) Conduct a sensitivity analysis at today's economical
parameters for the NI43-101 open pit shell originally outlined by
SRK Consultants in 2012 at a gold price of US $1,400. The estimate included 18.14 million tons
of indicated resources at a grade of 0.41 G/T (equivalent to
240,000 ounces of gold) and 2.51 million tons of inferred resources
at a grade of 0.39 G/T (equivalent to 32,000 ounces of gold).
2) Develop a new sensitivity model for the NI 43-101 compliant
resource estimate published in March
2023 to reflect recent increases in the price of gold.
3) Obtain an accurate independent assessment of the necessary
drill holes spacing in order to upgrade a portion of the resource
to the 'Indicated' category.
Jean Rainville, CEO and President
of Fokus, stated that the 2023 independent resource estimate only
considered an underground bulk mining scenario. Given the current
higher gold prices, Fokus believes it is necessary to reassess the
open pit potential of the near surface gold mineralization of the
GP Zone. "To expedite this process and save costs, we will use the
drilling data from March 2023 to
provide a preliminary estimate. Although operating costs are
expected to be higher now than in 2012, we believe that the
increased price of gold and the US/Canadian dollar exchange rate
differential (1:1 in 2012 and now 1:1.37) should offset the
additional expenses." Fokus does not anticipate that a potential GP
Zone near surface operation alone would warrant a large capital
investment in a gold processing facility. However, we are exploring
the option of a custom milling operation, given the GP Zone's
proximity to the 117 highway and railway. The preliminary findings
suggest that the mineralization is not likely to result in acid
mine drainage.
Jean Rainville stated, "When we
made the decision to initially option and later acquire full
ownership of the Galloway
property, our plan was to eventually evaluate the possibility of
beginning with a small pit at GP and then expanding underground to
access the deeper and/or adjacent RB and Hendrick zones. However,
we believed it was necessary to wait for improved gold prices
before moving forward with this plan. And in the meantime, we
concentrated on exploring other parts of the property that were
already known to contain gold mineralization."
As pointed out earlier, a reassessment of the March 2023 resource estimate at increased gold
prices will be conducted to analyze the effects of various cut-off
grades on the resource model.
Jean Rainville further stated:
"Although additional 40 holes have been drilled in Galloway since the initial resource estimate
in March 2023, it is deemed premature
to revise the estimate at this time. Rather, the plan is on
continuing drilling efforts to enhance the quality and quantity of
the resource before revisiting the estimate. Therefore, the current
model will be used to evaluate the implications of a higher gold
price environment."
Finally, as stated in the press release dated April 16, 2024, the Company has presented a
proposed drill program for the GP and RB zones to stakeholders to
secure necessary permits, with further refinement pending the
establishment of drill spacing requirements. Jean Rainville mentioned: "A timetable has yet
to be determined and priorities for the drill program have not been
set, though there is a potential priority made on shallow holes in
the GP."
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 100% Galloway Project covers an area of 2,865.54 hectares
and is located just north of the Cadillac-Larder Lake deformation, which extends for
more than 100km. Numerous gold deposits are associated with the
structure and its subsidiaries. The recent work focused on the
western part of the mineral claims has allowed the Company to
delineate a NI 43-101 inferred resource of 1.419 million ounces of
gold at a price of US$1,750 per
ounce. This was published in the March
2023 press release, which includes a sensitivity table
showing that at a price of US$1,960
per ounce, the inferred resource increases to 1.788 million ounces
of gold.
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
