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Minfocus Exploration Corp

Exchange: TSXV Exchange | Nov 18, 2017, 11:38 PM EST

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Minfocus Exploration Reports on Field Work Progress at Peregrine Zinc Project and Coral Zinc Project in British Columbia




Minfocus Exploration Reports on Field Work Progress at Peregrine Zinc Project and Coral Zinc Project in British Columbia



Toronto, Ontario (FSCwire) - infocus Exploration Corp. (TSX-V: MFX) ("Minfocus" or the "Company") announces that field work is continuing at its two zinc properties in British Columbia.  At the Coral Zinc Project the airborne LiDAR survey was completed and at the Peregrine Zinc Project a further field program is planned before the end of October.

 

Peregrine Zinc Project – Further Field Program Planned for October

 

The Peregrine Zinc property in southeastern British Columbia was the focus of prospecting and a soil geochemical survey by Minfocus in July 2017.  During that work program the Minfocus’ exploration team relocated an historic showing and collected several grab samples from the zinc mineralized exposures in the blasted area with results as shown below:

 

Sample

Zinc %

Lead %

Iron %

Silver ppm

27

26.9

0.28

1.67

10

28

35.9

0.28

4.11

16

30

19.1

0.44

1.25

12

31

13.0

0.48

1.08

7

 

They also located an historic, partially buried, adit surrounded by very rusty dolostone.  A sample of the sludge accumulated at the entrance to the adit yielded almost 1% zinc (9,420 ppm Zn) and 0.2% lead (1,970 ppm Pb).  A water sample collected from the adit also yielded a very high zinc value of 323 micrograms per litre. The team also soil sampled an area of 1,000 x 700 metres along the strike of the potential host carbonate mineralization and identified a strong soil anomaly along 650 metres of the favourable horizon.  The highest zinc soil geochemical values were over 3,000 parts per million (“ppm”) and were supported by a coincident lead anomaly. This anomaly is open to the west, towards the old adit.

Minfocus will undertake further field work later this month, including further soil sampling and prospecting of the area identified from the open-ended soil anomaly.

 

Coral Zinc Project – LiDAR Airborne Survey

 

The Company has been advised by the contractor that it has completed the 16 km2 LiDAR airborne survey over the portions of the Coral Zinc property where a large geochemical anomaly is located.  The data is being processed by the contractor to provide images and a report on the survey.  The LiDAR survey is expected to assist in identifying surface expressions of collapsed or karst structures in the areas with thick tree cover. These topographic collapse features may reflect the location of enriched zinc and lead mineralization associated with Mississippi Valley Type (“MVT”) zinc mineralization. 

 

Historic core drilling and trenching on the property has intersected mineralized breccias containing values of up to 7.8% zinc and up to 3.8% lead and a very large (600m x 300m) historic zinc soil geochemical anomaly exists with up to 6680 ppm zinc (15-50 times background zinc levels) adjacent to outcropping zinc mineralized brecciated dolostone.  The mineralization at CORAL has similarities to MVT deposits such as the Pine Point Mine in NWT, Canada.

 

Analyses were all undertaken by Activation Laboratories Ltd.  For more information on the Peregrine or Coral Zinc properties, the reader should visit the Company website at www.minfocus.com

 

Private Placement Closed

 

The Company has closed and received TSXV Final Acceptance for the private placement announced on June 1st, 2017 for a total of 3,100,000 units and proceeds of $77,500.  This amount comprised subscriptions for $37,500 from a total of 1,500,000 non-flow-through units ("NFT Units"), each comprising a share and a share purchase warrant exercisable for 3 years at $0.05/share and subscriptions for $40,000 from 1,600,000 flow-through units ("FT Units") each comprising a share and a share purchase warrant exercisable for 2 years at $0.05/share.  All securities issued under the private placement are subject to a hold period for 4 months plus a day which expires on October 31, 2017.

 

An Insider, Gerald Harper, who is a current Control Person, subscribed for 1,000,000 FT Units representing $25,000 of the proceeds.  A finder’s fee of $3,800 was paid on a portion of the subscriptions and 32,000 finder’s warrants were issued at an exercise price of $0.025 per share, which are exercisable until expiry on June 30, 2019.

 

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). 

 

For further information, please contact:

 

Gerald Harper

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), 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:
public://news_release_pdf/Minfocus10182017.pdf

Source: Minfocus Exploration Corp. (TSX Venture:MFX)

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