Fokus Mining Updates Exploration At Its Cadillac-Larder Lake Property
Fokus Mining Corporation of Rouyn-Noranda, Quebec 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 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.
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.
"We are enthusiastic about the Transaction as the Company will own the entire project and it reduces the constraints on the Galloway property,” said Rainville.
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: www.fokusmining.com.
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