TSX.V: FKM OTCQB: FKMCF
Frankfurt: F7E1
ROUYN-NORANDA, QC, July 4, 2024
/CNW/ - Fokus Mining Corporation ("Fokus" or the
"Company") (TSXV: FKM) (OTCQB: FKMCF) (FSE: F7E1) is pleased
to announce the results of a sensitivity analysis of the gold price
on the initial NI 43-101 Mineral Resource estimate ("MRI") for its
100%-owned Galloway gold project
located in the Abitibi region of Quebec.
Using the same model as for the initial NI 43-101 MRI at a gold
price of US$2,300 per ounce, and a
cut-off grade of 0.70, inferred resources would be estimated at
2.71 million ounces of gold.
As announced in the press release of May
8th, 2024, Fokus commissioned InnovExplo to develop a new
sensitivity model for the NI 43-101 compliant resource estimate
published in March 2023. In this
regard, the results are very convincing and confirm the hypotheses
that led Fokus to request this study.
The impact of a higher gold price is very significant on the
model used to produce the independent NI 43-101 mineral resource
estimate, published on March 23,
2023. The gold price used, at that time, was an average at
US$1,750 per ounce and inferred
resources were estimated at 1.4 million ounces of gold with a
cut-off at 0.9g/tonne.
Table 1 shows the resource leverage at different gold prices and
the impact on the cut-off grade for the three main mineralised
zones.
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Source: InnovExplo
(2024)
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In addition, it is important to mention that 1) the study did
not assess the potential of an open pit model; and 2) since the
completion of the initial MRI, over 35 holes have been drilled in
the westernmost part of Galloway
with interesting gold results.
Jean Rainville, President and
CEO, commented: "When we decided to option and subsequently acquire
the Galloway project, we were
convinced that the western part of the property alone contained
several million ounces of gold. The question was how many of those
ounces would eventually qualify as resources and what would be the
price of gold in the future. "
Jean Rainville added: "Many
sectors of this vast mineralised system are open both laterally and
at depth. What's more, many gold zones are virtually untested. We
can now see what the implications of a higher gold price
environment, which we had hoped would materialise, mean for this
project and for the Company. It is also interesting to note that
the impact is not just on the deeper Hendrick zone, but also on the
shallower GP zone.
Qualified Person
The scientific and technical disclosure for Fokus included in
this news release have been reviewed and approved by Gilles
Laverdière, P. Geo. Mr. Laverdière is a geologist and a qualified
person under National Instrument 43-101 Standards of Disclosure of
Mineral Projects ("NI 43-101") and a director of the Company.
About Fokus
Fokus Mining Corporation is a mineral resource company actively
acquiring and exploring precious metal deposits located in the
province of Quebec, Canada. In
implementing this major undertaking within the Canadian mining
industry, we are determined to unlock the secret of the
Galloway gold project.
The 100% Galloway Project covers an area of 2,865.54 hectares
and is located just north of the Cadillac-Larder Lake deformation, which extends for
more than 100km. Numerous gold deposits are associated with the
structure and its extensions. The recent work focused on the
western part of the mineral claims has allowed the Company to
delineate a NI 43-101 inferred resource of 1.419 million ounces of
gold at a price of US$1,750 per
ounce. This was published in the March
2023 press release, which includes a sensitivity table
showing that at a price of US$1,960
per ounce, the inferred resource increases to 1.788 million ounces
of gold.
The current work focuses on a western portion of the mineral
claims where several mineral occurrences have been identified. For
more information, visit our website: fokusmining.com.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accept responsibility for the adequacy or
accuracy of this release.
Related Links
http://fokusmining.com/
Caution regarding forward-looking statements
Certain statements contained in this press release may
constitute forward-looking information or statements.
Forward-looking information is often, but not always, identified
using words such as "anticipate", "plan", "estimate", "expect",
"may", "will", "will have", "should", and other similar
expressions. Forward-looking information involves known and unknown
risks, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in
such forward-looking information. The Company's actual results
could differ materially from those anticipated in this
forward-looking information due to regulatory decisions,
competitive factors in the industries in which the Company
operates, prevailing economic conditions, changes in the Company's
strategic growth plans and other factors, many of which are beyond
the Company's control. The Company believes that the expectations
reflected in the forward-looking information are reasonable, but no
assurance can be given that these expectations will prove to be
correct and, accordingly, such forward-looking information should
not be relied upon as such. All forward-looking information
contained in this press release represents the Company's
expectations as of the date hereof and is subject to change after
such date. The Company disclaims any intention or obligation to
update or revise any forward-looking information, whether as a
result of new information, future events or otherwise, except as
required by applicable securities legislation.
SOURCE Fokus Mining Corporation
