Minfocus Exploration Announces Option to Acquire 100% Interest in British Columbia Mississippi Valley Type Lead-Zinc Property, the Peregrine Project
Toronto, ON (FSCwire) - Minfocus Exploration Corp. (TSX-V: MFX) ("Minfocus") is pleased to announce that it has recently entered an option earn-in agreement on a Mississippi Valley Type (“MVT”) Lead-Zinc property, the Peregrine Project, in southeastern British Columbia. Minfocus can earn a 100% interest over a period of two years by making optional staged payments totaling $10,000 cash and issuing 1,000,000 shares plus the grant of a 2% NSR. Minfocus has the option to repurchase up to 1% of the NSR for $1.0 million after commercial production. The agreement is still subject to TSXV approval.
Peregrine Lead-Zinc Project Exploration History and Access
The initial discovery of lead-zinc mineralization on the Peregrine property dates back to the 1970’s with the most recent work being historic work from 1986 by Cominco. Regional lead-zinc exploration throughout British Columbia mostly ceased around this time due to poor metal prices.
Historical chip sampling of the Showing No. 1 by Cominco, in 1986, using 1-metre intervals, channeled obliquely across breccia zones in the Cambrian-Jubilee Formation assayed 17m of 11.1% Zn including an interval 14.3% Zn over 11m with assays ranging from 2.90% to 25.2% Zn. Showing No. 2 assayed 11.7% Zn over 1.7m. A third trench stratigraphically higher in breccia of the Devonian-Beaverfoot Formation assayed 2.92% Zn and 15.4% Ba. Cominco reported that surface mineralization at the two main showings investigated is of “significant extent and grade.” Historical geochemical surveys indicate widespread very high zinc values in soils. Anomalous soils analyses ranged from 5,000 to 30,000 ppm Zn and from 100 to 1,500 ppm Pb. All assays and analyses were performed at Cominco’s exploration laboratory in Vancouver, B.C.
The Peregrine property contains two regional disconformities in dolostone host rocks that are associated with major lead-zinc ore deposits and occurrences elsewhere in North America. The Cambrian disconformity at the contact of the Upper Jubilee Formation with the McKay Formation is approximately the same age as the prolific Viburnum lead-zinc district in S.E. Missouri. The Silurian–Devonian disconformity at the contact of the base of the Mt Forster Formation with the top of the Beaverfoot Formation is approximately the same as the disconformity at the Pine Point Mine in the Northwest Territories. The Peregrine lead-zinc property covers over 7 km of this favourable underexplored stratigraphy.
The Peregrine property has good access to infrastructure and is within 30 km of a commercial airport and rail line and is reachable by all-weather gravel roads. A main power transmission line passes less than 10 km from the property.
About Minfocus Exploration Corp.
Minfocus Exploration Corp. is a Canadian company currently advancing a portfolio of base metal projects including zinc and nickel projects in British Columbia and a Platinum Group Element (“PGE”) rich nickel project in N.W. Ontario. Minfocus has a successful management group with a record of multiple discoveries of deposits worldwide, including gold and uranium deposits in Mongolia and PGE-rich resources in Ontario, including the discovery of the first Platinum-rich Pt-Pd-Cu-Ni deposit in the Midcontinent Rift, the Current Lake deposit (+700,000 oz. Pt-Eq). Minfocus is strongly committed to safe and environmentally responsible exploration practises and to building transparent and meaningful relationships with First Nation and community stakeholders related to our projects.
For further information, please contact:
President and CEO, Director
Phone: (416) 232-0025
The Qualified Person who has reviewed and approved the technical content contained in this release is Dr. Gerald Harper, P.Geo.(Ont).
Neither the TSX Venture Exchange nor its Regulatory Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
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.
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Source: Minfocus Exploration Corp. (TSX Venture:MFX)
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