Minfocus Exploration Announces Initial 20% Direct Interest Earned in Coral Project and Mobilization of a LiDAR Survey at Coral Zinc Project
Toronto, ON (FSCwire) - Minfocus Exploration Corp. (TSX-V: MFX) ("Minfocus" or the "Company") announces that it has earned its initial direct 20% interest in the Coral Zinc Project in northeastern British Columbia. Under the option agreement to earn up to a 60% interest in the Coral Zinc Project, Minfocus has exceeded exploration expenditures of $450,000 and issued 400,000 shares to the Vendors, and Minfocus now holds a direct 20% interest in the Coral Zinc Project.
Minfocus also announces that a survey crew is expected to mobilize shortly to commence a LiDAR survey to cover an estimated 16 sq km area of the Coral Zinc Project. The target area to be surveyed is focused on and around the large (600m x 300m) zinc soil geochemical anomaly and the area where mineralized breccias containing up to 7.8% zinc and up to 3.8% lead have been identified from prior trenching and drilling. The LiDAR survey is expected to assist in identifying surface expressions of collapsed or karst structures which may reflect enriched zinc and lead mineralization. LiDAR, which stands for Light Detection and Ranging, is a remote sensing method that uses pulsed laser light to measure precise distances to the Earth’s surface. Laser information—combined with other data recorded by the airborne system— generates an exact three-dimensional image of the Earth’s surface.
Minfocus also reported earlier that it has received approval for amendments to the Mineral Exploration Permit for its Coral Zinc Property from the BC Ministry of Energy and Mines which allows for an expanded surface drilling program and an extension authorizing drilling work on the property through until December 31, 2019.
Coral Zinc Project – Plans for Ground Geophysics and Further Drilling Program
The Coral Zinc Project in British Columbia provided encouraging 2016 exploration results targeting zinc and lead mineralization in a low-iron Mississippi-Valley-Type (“MVT”) target. Coral is analogous to the geological environment that hosts the prolific zinc-lead mines at Pine Point, NWT. The LiDAR survey work is intended to enhance selection of drill targets for future drill programs. Based on the interpretation of the LiDAR, further surveys, such as ground geophysics, may be planned to give additional guidance to targeting any future drilling.
For more details on both the Coral Zinc Project and the Peregrine Lead-Zinc Project, another Minfocus MVT project in British Columbia, see the Minfocus website at www.minfocus.com.
Minfocus Private Placement Update
Minfocus previously announced the non-brokered private placement of up to 20,000,000 units for gross proceeds of up to $500,000. The first tranche of the private placement closed subscriptions representing 3,100,000 units and proceeds of $77,500. The first tranche closing comprised subscriptions for $37,500 in non-flow-through units and $40,000 in flow-through units. Minfocus has recently received approval to extend the final closing date for the private placement for a further thirty (30) days.
The use of proceeds is intended to be: to finance exploration and development of the mineral properties in which Minfocus holds an interest, primarily the Coral Zinc Project and the Peregrine Zinc Project in British Columbia, Canada, which is expected to include air and ground geophysical surveys, as well as a LiDAR survey; a diamond drilling program; payment of unrelated-party trade payables; and general working capital for the Company. This private placement has received Conditional Acceptance from the TSX Venture Exchange, but remains subject to final acceptance by the exchange. Additional Finders’ Fees may be paid in accordance with TSXV policy upon further tranche closings.
About Minfocus Exploration Corp.
Minfocus Exploration Corp. is a Canadian company currently advancing a portfolio of base metal projects including lead-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).
For further information, please contact:
President & Chief Executive Officer
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),President and a director of Minfocus.
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.
To view this press release as a PDF file, click onto the following link:
Source: Minfocus Exploration Corp. (TSX Venture:MFX)
To follow Minfocus Exploration Corp. on your favorite social media platform or financial websites, please click on the icons below.
Maximum News Dissemination by FSCwire. http://www.fscwire.com
Copyright © 2017 Filing Services Canada Inc.