Fokus Mining Options its 113 North Project to Mosaic Minerals
TSX.V: FKM OTCQB: FKMCF FRANKFURT: F7E1
ROUYN-NORANDA, QC, June 9, 2021 /CNW Telbec/ - Fokus Mining Corporation ("Fokus" or the "Company") (TSXV: FKM) (OTCQB: FKMCF) (FSE: F7E1) is pleased to announce that it has concluded an agreement with the company Mosaic Minerals Corp. in order to explore and develop the 113 North property located in Abitibi, Quebec.
"There are so many high quality targets on the Galloway project for mineralization that we need to concentrate our efforts there in the near future" states Jean Rainville, President and CEO of Fokus.
The 113 North property, acquired by Fokus in April 2020, is composed of 59 mineral claims totalling 3,010 hectares, and hosts several known occurrences of nickel, copper and gold. Located roughly 41 km from Senneterre, the property is accessible year around via a good road system.
The project is located in the southeast part of the Abitibi Greenstone belt, within a 6-12 kilometers wide band composed of volcano-sedimentary rocks oriented towards the north-northwest and situated between the granidioritic batholiths of Josselin and Montgay. Volcanic rocks of this band, which is named Formation of Desboues, exhibited felsic, intermediate and mafic compositions and are cross-cut by dunite, gabbroand diorite dykes. Iron formations (sulphide and oxide) and classic sedimentary rocks, such as greywackes and shales, are also present. Some gold showings, with and without the presence of chalcopyrite, are recognized in the project environment. In the third quarter of 2020, Fokus completed an airborne magnetic survey totalling 1,448 linear km on the property which showed the presence of four very prospective areas for sulphide deposits.
The agreement with Mosaic Minerals allows them to initially acquire a 50% interest by issuing immediately 2 million common shares of the company to Fokus and exploration expenditures of $500,000 over the next four years following the signature of the agreement with a minimum of $100,000 in the first year. Once the earn-in is completed a joint-venture will be formed with standard dilution clause. If a party is diluted to a 10% or lower participating interest, its interest will be converted into a 2% Production Royalty Interest.
The option agreement is subject to the approval by the regulatory authorities.
The content of this press release had been read and approved by Gilles Laverdiere, Independent geologist and qualified person under the norm NI43-101.
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 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.
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Caution Regarding Forward-Looking Statements
Certain statements contained in this news release may constitute forward–looking information. Forward–looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", and 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 as a result of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, changes to the Company's strategic growth plans, and other factors, many of which are beyond the control of the Company. 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 such forward–looking information should not be unduly relied upon. Any forward–looking information contained in this news 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
Company Codes: TorontoVE:FKM, Frankfurt:F7E1, OTC-PINK:FKMCF, OTC-QB:FKMCF
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