ROUYN-NORANDA, QC, Jan. 30,
2023 /CNW Telbec/ - Fokus Mining Corporation
("Fokus" or the "Company") (TSXV: FKM) (OTCQB: FKMCF)
(FSE: F7E1) is pleased to announce that it has completed its
four-drill hole program on the RB Zone announced early in
December 2022 (assays pending). Eight
holes have now been completed in this newly discovered gold
mineralized area located East of the GP Zone.
As the drill rig is still at the site, the Company decided to
add four more drill holes to the RB Zone program for a total
of roughly an additional 1,300 meters as more work is required in
that sector to be able to eventually include it in any resource
estimate.
The Company also expects that the review of its geological
models and the completion of the compilation of historical data of
the entire large Galloway property
by Goldspot will be completed by the end of this month.
Jean Rainville, CEO and President
of the Company, stated: "More work is obviously required on the RB
Zone to hope to be able to include it in any resource estimate at
this point but the sector looks very promising. We are also
confident that the compilation in progress in parts of the property
that got very little attention on our part yet will be key in
prioritizing exploration targets which are numerous on this large
property."
In other news, the Company is also pleased to announce that it
has entered into an agreement dated January
28, 2023 with four persons (the "Vendors") to acquire their
residual interest of 10% in: (i) the three mining leases and
eight mining claims comprising the Hurd sector of the western part
of the Galloway property, and
(ii) 26 mining claims comprising the Ogima-Nord sector of the
western part of the Galloway
property (the "Transaction"). In connection with the Transaction,
the Vendors have given full and total release and discharge to the
Company with respect to the entire mining claims comprising the
Galloway property. The
consideration to be paid to the Vendors in connection with the
Transaction will consist of the issuance of an aggregate of
3,000,000 treasury common shares of the Company. Following the
closing of the Transaction, the Company will own a 100% interest in
the mining claims comprising the sectors of the Galloway property known as the Hurd and
Ogima-Nord sectors. The Transaction is subject to regulatory
approval, including that of the TSX Venture Exchange. The Company
and the Vendors are dealing at arm's length.
Jean Rainville, CEO and President
of the Company, stated: "We are enthusiastic about the Transaction
as the Company will own the entire project and it reduces the
constraints on the Galloway
property.
Forward-Looking
Statements
This news release contains statements that may constitute
"forward-looking information" within the meaning of applicable
Canadian securities legislation. Forward-looking information may
include, among others, statements regarding the future plans,
costs, objectives or performance of the Company, or the assumptions
underlying any of the foregoing. In this news release, words such
as "may", "would", "could", "will", "likely", "believe", "expect",
"anticipate", "intend", "plan", "estimate" and similar words and
the negative form thereof are used to identify forward-looking
statements. Forward-looking statements should not be read as
guarantees of future performance or results, and will not
necessarily be accurate indications of whether, or the times at or
by which, such future performance will be achieved. No assurance
can be given that any events anticipated by the forward-looking
information will transpire or occur, including the delay for the
review of the geological models and the completion of the
compilation of historical data of the entire Galloway property by Goldspot, the exploration
programs and development (including any drilling programs) or the
results from exploration assays and/or the compilation being
conducted by Goldspot) on the Galloway property, or if it does so, what
benefits the Company will derive from the Galloway property, if regulatory approval for
the Transaction will be obtained and the timing for the completion
of the Transaction. Forward-looking information is based on
information available at the time and/or management's good-faith
belief with respect to future events and are subject to known or
unknown risks, uncertainties, assumptions and other unpredictable
factors, many of which are beyond the Company's control. These
risks, uncertainties and assumptions include, but are not limited
to, those described under "Financial Risk Management Objectives and
Policies" in the Company's Annual Report for the fiscal year ended
December 31, 2021 and under "Risk and
Uncertainties" of the Management's Discussion & Analysis of the
Company for the fiscal year ended December
31, 2021, copies of which are available on SEDAR at
www.sedar.com, and could cause actual events or results to differ
materially from those projected in any forward-looking statements.
The Company does not intend, nor does the Company undertake any
obligation, to update or revise any forward-looking information
contained in this news release to reflect subsequent information,
events or circumstances or otherwise, except if required by
applicable laws.
About Fokus
Fokus Mining Corporation is a mineral resource company actively
acquiring and exploring precious metal deposits located in the
province of Québec, 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 2865.54 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.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Related Links
http://fokusmining.com/
SOURCE Fokus Mining Corporation