Focus Reports More Phosphate Drill Assays From Bayovar 12, Peru;
Receives $2.38m Through Exercise of Warrants
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 24, 2014) -
Focus Ventures Ltd. (TSX-VENTURE:FCV) is pleased to provide
additional assay results from the Bayovar 12 phosphate project near
Piura, northern Peru. Assays have been received for an additional
five holes drilled along a west to east section 800m south of the
second section reported previously (see press release June 16,
2014).
The new holes all intersected the same sequence of phosphate
beds drilled in previous holes and reiterate the continuity of the
geology and phosphate mineralization observed in earlier holes.
Highlights of the holes, spanning a 3.2 km section line (Section 3)
are:
- Average grade of 11 main beds over all 5 holes is 13.6% P2O5,
with individual beds averaging 9.8% to 19.9% P2O5 over the
section
- Average width of 11 main beds varies between 0.31m - 1.03m over
all 5 holes, averaging 0.52m overall
- Average grade of the first top 5 beds is 14.8% over 0.54m, with
mean grades ranging from 11.8% - 19.9% P2O5 per bed over the
section
- Individual beds up to 1.2m thick (JPQ-14-07 13.8% P2O5 from 92m
- 93.2m)
- Phosphate beds occur from 26.7m below surface in JPQ-14-16 and
confirm the shallower position of the beds drilled in the eastern
part of the grid as reported in JPQ-14-11 and 13 (see Section
4)
- No faulting or structural features were observed affecting the
beds, allowing for easy correlation of individual beds hole to
hole
David Cass, the President of Focus, said: "This third batch of
results again emphasizes the continuity of the phosphate beds
across the drill grid to date with the mineralization wide open on
all sides. As in previous sections we are seeing grades of around
15% P2O5 within the first 5 beds, which we believe are the same as
those currently being mined by Vale."
A drill collar plan with geological cross sections, updated
results tables and full set of assays are posted on Focus's website
www.focusventuresltd.com. Cross sections 3 and 4 are shown
below.
Exercise of Warrants
The Company is also pleased to announce that it has received
proceeds of $2.38 million from the exercise of warrants that were
recently subject to acceleration (see press release May 21, 2014).
Focus' management expressly thanks all warrant holders
involved.
Summary of Drilling
All holes were drilled vertically to between 80m - 110m depth
targeting horizontal phosphate beds within the Diana Formation, a
sequence of phosphoric diatomites and sandstones approximately 40
metres thick. The phosphate beds comprise up to 40% apatite
pellets, ooliths and fossil debris consisting of mainly fish teeth,
bones and scales representing the remains of marine organisms that
accumulated on the sea floor. Flat-lying deposits such as
sedimentary phosphates and other bulk commodities such as bauxite
and gypsum may be amenable to precision mechanized strip mining
using surface miners, which can efficiently mine beds down to as
little as 10cm in thickness.
Summary Table showing Assays of Main Phosphate Beds for
Holes JPQ 14-07, 05, 02, 09, 16 (Section 3). All widths are in
meters.
|
|
|
|
JPQ-14-07 |
JPQ-14-05 |
JPQ-14-02 |
JPQ-14-09 |
JPQ-14-16 |
PRINCIPAL BEDS |
Av width (m) |
Weighted Average Grade % |
WIDTH |
% P2O5 |
WIDTH |
% P2O5 |
WIDTH |
% P2O5 |
WIDTH |
% P2O5 |
WIDTH |
% P2O5 |
1 |
0.46 |
15.2 |
0.65 |
14.83 |
0.36 |
17.12 |
0.56 |
14.78 |
0.48 |
14.2 |
0.27 |
16.21 |
2 |
0.81 |
11.8 |
0.67 |
12.49 |
0.77 |
12.2 |
0.96 |
11.19 |
0.64 |
13.54 |
1.02 |
10.38 |
3 |
0.45 |
19.9 |
0.48 |
21.32 |
0.34 |
14.26 |
0.55 |
18.17 |
0.45 |
23.54 |
0.41 |
21.39 |
4 |
0.43 |
14.3 |
0.2 |
17.97 |
0.72 |
13.61 |
- |
- |
0.38 |
13.68 |
- |
- |
6 |
0.49 |
14.9 |
0.39 |
17.72 |
0.79 |
13.14 |
0.3 |
11.56 |
0.41 |
18.72 |
0.57 |
14.58 |
7 |
0.31 |
11.5 |
0.63 |
10.23 |
0.38 |
10.26 |
0.3 |
12.27 |
0.1 |
12.4 |
0.12 |
19.12 |
8 |
0.41 |
11.9 |
0.34 |
8.1 |
0.22 |
11.35 |
0.54 |
12.88 |
0.66 |
11.02 |
0.3 |
16.56 |
9 |
0.40 |
11.7 |
0.54 |
12.11 |
0.42 |
13.24 |
0.26 |
12.12 |
0.57 |
10.52 |
0.23 |
10.59 |
10 |
0.50 |
9.8 |
0.92 |
9.41 |
0.56 |
9.96 |
0.35 |
10.05 |
0.15 |
10.6 |
- |
- |
12 |
0.42 |
16.3 |
0.34 |
16.78 |
0.4 |
15.39 |
0.17 |
18.44 |
0.32 |
18.66 |
0.88 |
15.24 |
13 |
1.03 |
13.2 |
1.2 |
13.77 |
0.84 |
13.43 |
1.19 |
12.81 |
1.05 |
15.15 |
0.88 |
10.45 |
|
Numerals in italics denote weighted composites |
Beds averaging 0.1 – 0.3m omitted for the purpose of these
calculations |
|
Sampling Quality Analysis and Quality Control
Logging and sampling are undertaken at site in Bayovar under a
QA/QC protocol developed by Focus in conjunction with Golder
Associates. 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 (P205) is determined
by gravimetric methods. Major oxides are determined by ICPOES and
silica by gravimetric analysis. Certimin is an affiliated ISO 9001
laboratory and uses 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's 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.
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.
To view cross sections 3 and 4, click on the following link:
http://media3.marketwire.com/docs/953726m.pdf
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
Statements
This news
release may include certain "forward-looking information" within
the meaning of Canadian securities legislation. Forward-looking
statements include predictions, projections and forecasts and are
often, but not always, identified by the use of words such as
"seek", "anticipate", "believe", "plan", "estimate", "forecast",
"expect", "potential", "project", "target", "schedule", budget" and
"intend" and statements that an event or result "may", "will",
"should", "could" or "might" occur or be achieved and other similar
expressions and includes the negatives thereof. There can be no
assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those
anticipated in such statements. Forward-looking statements are
based on a number of material factors and assumptions. Important
factors that could cause actual results to differ materially from
the Company's expectations include actual exploration and
development results, changes in project parameters as plans
continue to be refined, future metal prices, availability of
capital and financing on acceptable terms, general economic, market
or business conditions, uninsured risks, regulatory changes, delays
or inability to receive required approvals, and other exploration
or other risks detailed herein and from time to time in the
documents filed by the Company from time to time on SEDAR at
www.sedar.com. Although the Company has attempted to identify
important factors that could cause actual actions, events or
results to differ from those described in forward-looking
statements, there may be other factors that cause such actions,
events or results to differ materially from those anticipated.
There can be no assurance that forward-looking statements will
prove to be accurate and accordingly readers are cautioned not to
place undue reliance on forward-looking statements which speak only
as of the date of this news release. The Company disclaims any
intention or obligation, except to the extent required by law, to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
Focus Ventures Ltd.Ralph Rushton(604) 630-5544(604)
682-1514info@focusventuresltd.comwww.focusventuresltd.com
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