Minfocus Exploration Reports More Near Surface Platinum Intersections From Recent Drilling Program on Chief Peter PGE Property
March 26 2013 - 7:00AM
Marketwired Canada
Minfocus Exploration Corp. (TSX VENTURE:MFX) ("Minfocus") has received the assay
results from the last four drill holes in its recently completed program of
diamond drilling on the Chief Peter Property, which also demonstrate near
surface Platinum, Palladium and Copper values as was located in the first two
holes. The Chief Peter Property, under option by Minfocus to earn a 100%
interest, is located in Northwest Ontario very close to the Provincial Highway
No. 11, powerlines and the parallel CN rail line between Thunder Bay and
Atikokan.
The recently completed 750 metre diamond drilling programme comprised six holes
on four sections, three of which are at 100 metre spacing and the westernmost
section being at 50 metre spacing. The first four holes and the last hole
intersected a gabbro body with disseminated chalcopyrite and pyrrhotite. The
fifth hole did not intersect any gabbro. Assay results have now been received
for all sample intervals taken in drill holes 1 to 4 and 6, and the key sample
intervals are summarized below:
Summary of Chief Peter Sample Interval Assay Results
----------------------------------------------------------------------------
Core
Hole # From To Length 3E Pt Pd Au Cu Ni
(m) (m) (m) (g/t) (g/t) (g/t) (g/t) % %
----------------------------------------------------------------------------
CP13-01 41.10 45.10 4.00 2.39 1.06 1.27 0.06 0.54 0.22
----------------------------------------------------------------------------
CP13-02 48.96 53.96 5.00 2.34 1.20 1.08 0.06 0.61 0.14
----------------------------------------------------------------------------
CP13-03 60.00 61.00 1.00 0.06 0.02 0.03 0.01 0.10 0.04
----------------------------------------------------------------------------
CP13-04 73.00 74.00 1.00 0.17 0.06 0.08 0.03 0.18 0.08
----------------------------------------------------------------------------
CP13-04 79.00 81.00 2.00 0.19 0.07 0.08 0.04 0.14 0.08
----------------------------------------------------------------------------
CP13-06 9.00 9.35 0.35 0.26 0.11 0.12 0.02 0.28 0.13
----------------------------------------------------------------------------
3E = (Pt + Pd + Au); g/t=grams per tonne; All samples were analysed by
Activation Laboratories Ltd., Thunder Bay, Ontario
Hole CP13-03 and CP13-04 were drilled from the same set up at dip angles of -45
degrees and -60 degrees respectively at an azimuth of 145 degrees. Hole CP13-05
was drilled from a site approximately 100 metres further southwest at a dip
angle of -45 degrees at an azimuth of 325 degrees. Hole CP13-06 was drilled from
a site approximately 50 metres southwest of hole CP13-05 at a dip angle of -45
degrees and an azimuth of 325 degrees. The lengths of intervals reported are
core lengths not true widths of the mineralized zone. Lower grade mineralization
was encountered either side of the reported intervals, to the limits of the
width of the gabbro zone in the core.
All the holes were drilled in the vicinity of historic trenches but other than
the trench near holes CP13-01 and 02 which was resampled in 2011 by Minfocus,
the trenches are all largely in-filled and heavily overgrown, making it
impossible to determine where gabbro outcrops occur. The 0.35m core length of
gabbro in hole CP13-06 contains visible sulphide mineralisation throughout and
occurs right at the top of the hole at the interface from drill hole casing
through overburden to bedrock. It cannot be determined with certainty whether it
is part of the bedrock or a large block of overburden. If it is part of the
bedrock then the drill hole was sited too far north to provide a full
intersection of the gabbro body.
Minfocus President, Gerald Harper, remarked, "We continue to be very encouraged
by this platinum and palladium discovery in all these drill holes. There are
some aspects emerging that suggest it may have some geological features in
common with the former Inco Shebandowan mine to the east. Re-excavation of old
trenches and more drilling is required to better understand Chief Peter."
For further details on the Chief Peter PGE Property, see the company website at:
http://minfocus.com/projects/chief-peter/.
The Chief Peter property is under option to Minfocus whereby the company may
earn 100% interest in the property upon making payments over a four year option
period to the Optionors totaling $140,000 cash and issuing 300,000 Minfocus
shares, plus completing $200,800 in exploration expenditures on the property,
which is composed of minimum work expenditures in each respective year of
$20,800, $45,000, $45,000 and $90,000. Upon earning its 100% interest in the
Chief Peter Property, the Optionors will be granted a 3% NSR, which may be
reduced to a 1% NSR by Minfocus making a payment of $500,000 for each 0.5% NSR
purchased back by Minfocus.
Grant of Stock Options
Minfocus also announces that it has granted incentive stock options to its
directors, officers, employees and consultants to purchase up to a total of
1,275,000 common shares exercisable for five years at a price of $0.10 per
share.
About Minfocus Exploration Corp.
Minfocus Exploration Corp. is a Canadian company currently focused on the growth
of a portfolio of Platinum Group Element ("PGE") rich resource assets through
exploration, acquisitions and joint ventures in Northwest Ontario, Canada, which
is one of the most stable mining districts in the world with global class PGE
deposits. Minfocus has a distinguished management group with a record of
multiple discoveries of deposits worldwide, and more than 15 years of experience
and success exploring for PGE-rich resources in Ontario, including the discovery
of the first Platinum-rich PGE deposit, the Panoramic Resources' Current Lake
deposit (+790,000 oz Pt-Eq). The Minfocus management group also has extensive
strength and success in corporate development, M&A and project development,
which together with its technical prowess is aimed at delivering growth in
shareholder value through a balanced strategic approach.
The Qualified Person who has reviewed and approved the technical content
contained in this release is Dr. Gerald Harper, P.Geo.(Ont).
This press release includes certain forward-looking statements concerning the
future performance of the Company's business and operations as well as
management's objectives, strategies, beliefs and intentions. Forward-looking
statements are often identifiable by the use of words such as "may", "will",
"might", "would", "plan", "believe", "expect", "anticipate", "intend",
"estimate", "scheduled", "forecasts" and similar expressions or variations
(including negative variations) of such words and phrases. Forward-looking
statements are based on the current opinions and expectations of management, and
are subject to a number of risks and uncertainties that may cause actual
results, performance or achievements of the Company to be materially different
from those currently anticipated by such statements. Factors that could cause
actual results or events to differ materially from current expectations include,
among other things, the possibility that future exploration results will not be
consistent with the Company's expectations, fluctuating commodity prices, delays
in commencing the Company's proposed drilling program, exploration costs varying
significantly from estimates, the availability of financing, and other risks
identified in the Company's documents filed with the Canadian securities
regulatory authorities at www.sedar.com. Any forward-looking statement speaks
only of the date on which it is made, and except as may be required by
applicable securities laws, the Company disclaims any intent or obligation to
update any forward-looking statement.
FOR FURTHER INFORMATION PLEASE CONTACT:
Minfocus Exploration Corp.
Gerald Harper
President & Chief Executive Officer
(416) 232-0025
www.minfocus.com
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