Fokus Mining Completes Initial Mineral Resource Estimate for Five Sites on Its Galloway Gold Property

Fokus Mining Corporation announced it had developed an initial mineral resource (MRE) estimate For the Moriss, Hendrick and GP gold deposits at its Galloway Property located on the Quebec 
side of the Cadillac-Larder Lake Gold District.

The Galloway Property 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 kilometres. 

Numerous gold deposits can be found in 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. Also refered to as the “Golden Triangle” the project is located along the Cadillac-Larder Lake Fault, host to numerous operating and historic mines from the mining camps of Kirkland Lake, Noranda, Cadillac, Malartic and Val-d’Or.

The mineral resource estimate is based on over 40,000 metres of diamond drilling that has been completed in the last two years at an investment of $6 Million. Fokus Mining now plans to prioritize infill drilling and testing potential lateral extensions and will continue to drill the recently discovered RB mineralized zone in the near term. Fokus is still processing the results of four holes drilled in the RB Zone in January 2023 and the results will be released as soon as they become available.

The four main showings (GP, Hendrick, Moriss, and Hurd) could be connected on the surface and underground. All together, they represent an important gold deposit potential either as an underground mine or an open pit mine. The Hendrick showing was discovered by Kerr-Addison in the 1980's. It is located some 500 m south of the GP and Moriss zones.

“We are delighted to cross this initial milestone and demonstrate the potential for a multi-million ore resource on the western portion of the Galloway property,” said Jean Rainville, President and CEO of Fokus Mining. “While this MRE was completed with underground mining assumptions, there exist areas of gold mineralization on GP, RB and the Hurd sector that may have open pit potential.”

“Although the timing is uncertain, a revised MRE is in the cards as we now have a better understanding of the three mineralized zones that require more drilling,” Rainville said.

"The initial MRE is based on recent exploration and drilling programs, mineralization modelling and metallurgical testing from the Moriss, Hendrick and GP gold deposits." 

The MRE was prepared by InnovExplo and effective as of March 21, 2023. All the assumption about the potential gold quantities at the Galloway Project are in the Inferred Mineral Resource category. A sensitivity analysis was performed on the MRE to assess the variability to gold prices and found that the MRE has upside potential at higher gold prices while retaining over a million ounces at lower gold prices.

These inferred mineral resources are not mineral reserves, that category with the proven presence of gold resources on site, because they do not yet have demonstrated economic viability. The results are presented undiluted and are considered to have reasonable prospects of economic viability.

The highest grade of the gold was found at the Moriss site with a high of 2.74 oz per tonne. The Hendrick Zone had a grade of 1.06 oz per tonne and found the Hurd Zone returned 1.00 oz per tonne. The GP Zone had 0.98 oz per tonne and the RB Zone 0.96 oz per tonne.

A sensitivity analysis was performed on the MRE to assess the variability to gold prices and found that the MRE has upside potential to higher gold prices while retaining over a million ounces at lower gold prices.
 
The MRE indicates that at a price of $US1,960 per oz of gold at grades ranging between 0.80 to 0.97 oz per tonne of gold processing 57,546,000 tonnes of ore would produce 1,788,100 oz of gold from the five sites at Galloway.  With slightly higher grades of gold in the range of 1.00 oz per tonne to 1.15 oz per tonne (that require less processing), 1,128,000 oz of gold could be recovered at $US 1,575 per oz of gold from the processing of 30,595,000 tonnes of ores.

According to Rainville, additional work is required at the Galloway Property to get a better handle on the gold grade and to find out if infill drilling can support  increases in the MRE. The extra drilling would also examine the potential for lateral extensions and depth potential on those same mineralized zones. 

Areas such as the RB zone have only received limited work to date. Fokus Mining’s planned exploration program aims to bring greater certainty to quantities of gold present at the Galloway project site. This will be needed to advance the Galloway Project. 

For more information:

Adrian Sydenham, Investor Relations: 877-261-4466
Jean Rainville, CEO: 514-918-3125
info@fokusmining.com 

https://fokusmining.com/
 

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Tags: Quebec / Exploration / Gold / All Articles