Minfocus Announces Consolidation of Peregrine Zinc Project
Toronto, ON (FSCwire) - Minfocus Exploration Corp. (TSX-V: MFX) (“Minfocus” or “Company”) is pleased to announce it has received TSXV approval of the terms of the agreement to acquire a strategic additional (20 ha) tenure that is contiguous with its Peregrine Zinc Project tenures in southeastern British Columbia. Minfocus also recently filed an exploration assessment report on its 2017 field work at the Peregrine Zinc Project extending the expiry of the current tenures to September 2021, which included soil geochemical surveys and rock sampling with encouraging results (see Minfocus news release Jan 8, 2018).
This news also follows the recent announcement of acquisition of an additional (36 ha) tenure at its Coral Zinc Project covering the remaining part of the “Poco Ridge Showings” (see Minfocus news release Apr 16, 2018). A significant new exploration target has been identified within two 1975 historic geochemical surveys. The new target area hosts historic trenching and sections sampled over an area of roughly 600 metres x 75 metres. The Poco Ridge Showings include a trench with an average 5.1% zinc-lead over 11.9 metres (“Lower Trench”), and a parallel trench 7 metres away with an average 19.3% zinc-lead over 3.5 metres (“Upper Trench”). The assays ranged from 0.3% to 9.2% Zn+Pb in the Lower Trench; 0.6% to 43.4% Zn+Pb in the Upper Trench.
These two recently completed property agreements consolidate Minfocus’ ground positions at these two promising Mississippi-Valley-Type (“MVT”) zinc projects in British Columbia.
Peregrine Zinc Project
The new Peregrine tenure is contiguous to the existing Peregrine Zinc Project tenures and on the mineralized stratigraphic trend and horizons identified from historic exploration by Cominco. In 1986, Cominco completed trenching and chip sampling at two showings at the Peregrine Zinc Project. At Showing No. 1, on the newly-acquired tenure, using 1-metre intervals, sampling channeled obliquely across breccia zones in the Cambrian-age Jubilee Formation returned assays over 17 m of 11.1% Zn, including an interval of 14.3% Zn over 11 m with assays ranging from 2.90% to 25.2% Zn. At Showing No. 2, on existing Peregrine tenures, similar trench sampling assayed 11.7% Zn over 1.7 m. Cominco reported that surface mineralization at the two main showings investigated is of “significant extent and grade.” Historical soil geochemical surveys in the area were reported by Cominco to have “numerous highly anomalous zinc values ranging from 5,000 to 30,000 ppm Zn with moderately to locally very anomalous 100 to 1,500 ppm lead values.” All assays and analyses were performed at Cominco’s exploration laboratory in Vancouver, B.C.
Dr. Francis Manns, P.Geo (ON), Minfocus’ MVT Specialist and Advisory Board Member, noted the significance of the stratigraphic horizons on the project saying, “The Peregrine Zinc Project hosts encouraging lead-zinc showings in both the Cambro-Ordovician and the Siluro-Devonian carbonate successions, both are the locus of former and current MVT mines on the North American continent.”
Under the terms of the agreement to acquire the additional tenure, upon TSXV approval, Minfocus is to issue an initial payment of 200,000 shares, then within three months, either make a cash payment of $2,500 or issue a further 350,000 shares, at the sole discretion of Minfocus. In total, Minfocus may issue up to 550,000 shares plus grant a 2.0% NSR royalty to acquire the claim under the terms of the agreement. Minfocus shall retain the option to buy back 1.0% of the NSR royalty for $500,000 to reduce the royalty to a 1.0% NSR interest. The terms of the agreement have been approved by the TSXV.
About Minfocus Exploration Corp.
Minfocus Exploration Corp. is a Canadian company currently advancing a portfolio of base-metal projects including three Mississippi-Valley-Type zinc projects in British Columbia and Newfoundland and a Platinum Group Element (“PGE”)–enriched Ni-Cu-Pt-Pd 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 Ni-Cu-Pt-Pd deposit in the Midcontinent Rift, the Current Lake deposit (+700,000 oz. Pt-Eq).
For further information, please contact:
Kenneth B. de Graaf
President & Chief Executive Officer
The Qualified Person who has reviewed and approved the technical content contained in this release is Dr. Graham C. Wilson, P.Geo.(Ont), 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.
Source: Minfocus Exploration Corp. (TSX Venture:MFX)
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