Focus Receives First Drill Assays from Bayovar 12; Contracts Golder Associates for Initial Resource Calculation
May 20 2014 - 7:30AM
Marketwired Canada
Focus Ventures Ltd. (TSX VENTURE:FCV) is pleased to provide assay results for
the first 5 holes logged and assayed at the Bayovar 12 phosphate project near
Piura, northern Peru. Assays have been received for holes JPQ-14-06, 14-01,
14-03, 14-08 and 14-13 drilled on 800m spacings along the northern part of the
drill grid. The holes are being logged, split and sampled in a designated order
to allow construction of coherent geological cross sections. Similar geology and
mineralization was observed in all holes. Highlights of the first 5 holes,
spanning a 3.2km section line, are:
-- Between 13 and 18 horizontal phosphate beds logged in each hole with at
least 10 beds ("main beds") with an average thicknesses of around 0.4m
or greater, with individual beds up to 1.35m thick.
-- Average grade of all the main beds calculated over all 5 holes is 15.1%
P2O5, ranging from 11.1% to 20.3% P2O5 per bed.
-- Individual samples assayed up to 29.1% P2O5. The average thickness of
the main beds is 0.53m.
-- Phosphate beds occur less than 28m below surface in JPQ-14-13 and could
be shallowing further to the east.
-- No faulting or structural features were observed affecting the beds,
allowing for easy mapping of individual beds from hole to hole.
A drill collar plan, geological cross sections and full assay results are posted
on Focus' website www.focusventuresltd.com. A cross section is also given below.
David Cass, the President of Focus, said: "These initial results are exactly
what we had anticipated, and the fact that the beds are closer to surface in the
eastern part of the grid makes this area a high priority for infill drilling and
expansion. We've cut the same multiple phosphate beds in each hole with good,
consistent P2O5 grades that can be easily correlated between these initial
widely spaced holes. The grades are in line with the existing world-class
phosphate resources at Vale's Bayovar mine, which is 15km away from our project,
and Hochschild's Fospac project. We're confident that this first phase of
drilling will lead to maiden resource estimation in Q3 and we've retained Golder
Associates to complete the resource work once we have the full set of drill
results."
For comparison, Vale's most recent resource estimation (Source: Vale Annual
Report, 2013) for its Bayovar Mine quotes Proven and Probable reserves of 415.9
million dry metric tonnes at 15.5% P2O5.
Each hole was drilled vertically to around 100m depth targeting horizontal
phosphate beds within the Diana Formation, a sequence of phosphoric diatomites
and sandstones approximately 40 metres thick. The depth from surface to the
first phosphate seam varies from 55.1m in JPQ-14-06 in the west to 27.7m in
JPQ-14-13 in the east due to the lower elevation. The phosphate beds comprise up
to 40% apatite pellets, ooliths and fossil debris consisting of mainly fish
teeth, bones and scales. The flat dip of the beds, continuous widths and
consistent grades make this style of sedimentary phosphate deposit amenable to
precision mechanized strip mining using surface miners.
Summary Table showing Assays of Main Phosphate Beds (refer also to cross section
below)
---------------------------------------------------------------------------
Hole JPQ- Hole JPQ- Hole JPQ- Hole JPQ- Hole JPQ-
Ave- 14-06 14-01 14-03 14-08 14-13
Ave- rage ------------------------------------------------------
rage grade Wid- Wid- Wid- Wid- Wid-
MAIN width % th % th % th % th % th %
BEDS (m) P2O5 (m) P2O5 (m) P2O5 (m) P2O5 (m) P2O5 (m) P2O5
---------------------------------------------------------------------------
1 0.43 14.4 0.19 17.45 0.4 16.16 0.25 15.67 0.62 13.71 0.7 12.63
---------------------------------------------------------------------------
2 0.72 14.6 0.52 16.22 0.5 16.91 0.83 13.99 0.57 15.27 0.95 12.47
---------------------------------------------------------------------------
3 0.51 20.3 0.57 21.78 0.43 19.0 0.5 19.87 0.4 19.22 0.63 20.75
---------------------------------------------------------------------------
3A 0.37 19.7 0.35 19.25 0.3 17.3 0.15 16.05 0.56 19.72 0.51 22.43
---------------------------------------------------------------------------
4 0.52 11.1 0.48 10.14 0.5 10.62 0.63 10.87 0.57 11.74 0.44 12.07
---------------------------------------------------------------------------
5 0.58 13.3 0.73 12.15 0.8 12.58 0.45 12.17 0.43 14.54 0.5 16.07
---------------------------------------------------------------------------
6 0.44 13.3 - - 0.28 16.5 0.7 12.65 0.62 11.93 0.16 15.82
---------------------------------------------------------------------------
6A 0.38 15.3 0.22 14.1 0.5 15.01 0.43 12.58 0.26 17.03 0.32 18.72
---------------------------------------------------------------------------
7 0.41 16.4 0.61 16.23 0.26 17.67 0.46 15.43 0.41 15.12 0.32 18.47
---------------------------------------------------------------------------
8 0.94 14.8 0.43 19.88 1.3 14.46 1.23 12.63 1.35 13.59 0.38 20.34
---------------------------------------------------------------------------
Av. 0.53m 15.1%
--------------------
Numerals in italics denote weighted composites
Focus' drilling has also identified disseminated phosphate in the diatomite
interbeds that, when combined with the high grade beds, show significant
intervals of low grade phosphate in each of the 5 holes. Intervals measuring
between 28.2m and 36.7m grading 4.3% to 5.8% P2O5 were drilled. For example,
Hole JPQ-14-13 returned a weighted average grade of 4.9% P2O5 over a total width
of 34.5m starting at 37.9m downhole. These results are tabulated below.
---------------------------------------------------------------------------
Interval % From To
Hole No. (m) P2O5 (m) (m)
---------------------------------------------------------------------------
JPQ-14-06 36.8 4.3 64.0 100.8
---------------------------------------------------------------------------
JPQ-14-01 28.3 5.8 69.8 98.1
---------------------------------------------------------------------------
JPQ-14-03 30.9 5.3 61.3 92.2
---------------------------------------------------------------------------
JPQ-14-08 32.3 4.8 39.6 71.9
---------------------------------------------------------------------------
JPQ-14-13 34.5 4.9 37.9 72.4
---------------------------------------------------------------------------
The potential economic significance of these broad lower grade P2O5 beds will be
investigated as part of Focus' ongoing exploration.
Additional drill results will be released upon receipt of further sections. A
resource definition drill program will be prepared by the Company, with Golder's
input, to commence by third quarter this year.
Sampling Quality Analysis and Quality Control
Logging and sampling is undertaken at site in Bayovar under a QA/QC protocol
developed by Focus. Due to the friable nature of the diatomite, the core cannot
be split by diamond saw or mechanical splitter, and has to be split by hand.
Once logged and sampled, the core is bagged and transported in sealed plastic
drums by Focus personnel to Certimin laboratories in Lima for analysis.
Phosphorous pentoxide (P2O5) and silica are determined by gravimetric methods.
Major oxides are determined by ICP-OES. Certimin is a certified ISO 9001
laboratory and use standards for phosphate and silica from the Association of
Fertilizer and Phosphate Chemists. Analytical accuracy and precision are
monitored by the analysis of reagent blanks, reference material and replicate
samples. Quality control is further assured by Focus' QA/QC program which
involves the insertion by Focus personnel of blind certified standards, blanks
and core duplicates into the sample stream at regular intervals in order to
independently assess analytical precision and accuracy of each batch of samples
as they are received from the laboratory.
To view the cross section accompanying this press release, please visit the
following link: http://media3.marketwire.com/docs/946709.png
Background
The Bayovar 12 concession shows potential to host a large sedimentary phosphate
deposit. The Bayovar district is situated in the Sechura Desert, a
north-trending basin approximately 22,000 square kilometres in area comprising
Miocene-aged sedimentary rocks. Phosphate was discovered in the 1950s during
drilling for petroleum. It occurs as beds of pelletal phosphate within the
Zapallal formation, a thick sequence of diatomites and sandstones. The phosphate
layers are remarkably regular in P2O5 content over long distances, a typical
characteristic of marine phosphate deposits. At Vale's Bayovar mine, the soft
and friable nature of the phosphate rock and diatomite permits mining by
conventional truck and shovel without the use of explosives.
On January 14, 2014, the Company's Peruvian subsidiary, Agrifos Peru SAC, signed
a formal option agreement for the acquisition of shares in Juan Paulo Quay SAC,
the titleholder of the Bayovar 12 non-metallic mining concession. Agrifos can
earn a 70-per-cent interest of the issued share capital of JPQ by investing in
exploration and making a series of cash payments up to the completion of a
positive prefeasibility study, after which Agrifos will have the first right of
refusal to purchase the remaining 30-per-cent of JPQ.
Qualified Person
The scientific and technical information in this release were prepared under the
supervision of David Cass, Focus's President, who is a member of the Association
of Professional Engineers and Geoscientists of British Columbia, and a Qualified
Person in accordance with National Instrument 43-101.
About Focus
Phosphate rock is a raw material for fertilizers and vital to world food
production. Focus is acquiring and developing quality phosphate projects in
Latin America where the discovery and development of new deposits is becoming
increasingly important given the growing demand and limited local supply of
phosphate for fertilizer production. For further information, please call
604-630-5544 or visit our web site www.focusventuresltd.com.
ON BEHALF OF THE BOARD
Ralph Rushton, Director & Vice-President, Corporate Development
Neither the TSX Venture Exchange nor the Investment Industry Regulatory
Organization of Canada accepts responsibility for the adequacy or accuracy of
this release.
Forward-Looking Statement
Some of the statements in this news release contain forward-looking information
that involves inherent risk and uncertainty affecting the business of Focus
Ventures Ltd. Actual results may differ materially from those currently
anticipated in such statement.
FOR FURTHER INFORMATION PLEASE CONTACT:
Focus Ventures Ltd.
Ralph Rushton
Director & Vice-President, Corporate Development
(604) 630-5544
(604) 682-1514 (FAX)
info@focusventuresltd.com
www.focusventuresltd.com
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