Focus Ventures Provides Drill Update, Arranges Private Placement
11 Marzo 2014 - 8:47PM
Marketwired
Focus Ventures Provides Drill Update, Arranges Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 11, 2014) -
Focus Ventures Ltd. (TSX-VENTURE:FCV): Mr. David Cass, the
President of Focus Ventures, is pleased to provide an update on the
Company's diamond drill program at the Bayovar 12 mining
concession, Peru. Bayovar 12 shows potential to host a large
sedimentary phosphate deposit, and is close to the operating
Bayovar phosphate mine, owned by Vale, Mosaic and Mitsui. Focus's
Peruvian subsidiary, Agrifos Peru S.A.C., can earn 70-per-cent of
the issued share capital of JPQ, the owners of the Bayovar 12
concession, by investing in exploration and making a series of cash
payments up to the completion of a positive prefeasibility study,
after which it will have the first right of refusal to purchase the
remaining 30 per cent of JPQ.
On March 3, 2014, Focus announced that the first phase of
drilling had commenced at Bayovar 12. The holes are being drilled
vertically on a 800m by 800m grid within the western half of the
12,575-hectare concession to target phosphate beds within the Diana
Formation, a sequence of horizontally bedded diatomites and
sandstones about 40 metres thick.
The drill program is progressing well, with several holes
already completed and core recoveries averaging close to 100%.
Preliminary core logging has confirmed the presence of multiple
pelletal phosphate beds typically associated with fossiliferous
diatomite over the ±40m Diana Formation interval.
The geology appears remarkably consistent hole to hole and the
beds are almost completely horizontal. All of the holes completed
to date have finished at a depth of around 105m in a loose sand
unit which marks the bottom of the formation.
Management hopes that drilling at Bayovar 12 will lead to an
initial National Instrument 43-101-compliant resource calculation.
The conceptual geological target size is between 100 million tonnes
to 150 million tonnes of phosphate rock grading between 12 per cent
phosphorus pentoxide to 18 per cent phosphorus pentoxide -- roughly
in line with the other known deposits in the Bayovar district.
(The reader is cautioned that the potential quantity and grade
are conceptual in nature, and there has been insufficient
exploration to define a mineral resource. It is uncertain if
further exploration will result in the target being delineated as a
mineral resource. The calculation is based on the presence of at
least six phosphate beds, each averaging 0.75-metre width, with a
specific gravity of roughly 1.7, over an area of approximately 14
square kilometres.)
Focus Arranges $1.1m Private Placement
Focus Ventures has arranged, subject to stock exchange approval,
a non-brokered private placement financing of up to 5 million units
at 22 cents per unit, for proceeds of up to $1.1-million. Each unit
will consist of one common share and one half of a warrant, each
full warrant entitling the holder to purchase one additional common
share of the Company at 25 cents for one year from closing.
A finder's fee may be paid on a portion of the placement. The
finder's fee will consist of 7 per cent cash or units and 7 per
cent warrants, each such warrant entitling the finder to purchase
one common share of the Company at a price of 25 cents for one
year.
The proceeds of the financing will be used for continued
exploration of the Company's Bayovar 12 phosphate project in Peru,
and for general working capital purposes.
Qualified Person
The scientific and technical information in this release were
prepared under the supervision of David Cass, Focus's president,
who is a member of the Association of Professional Engineers and
Geoscientists of British Columbia, and a Qualified Person in
accordance with National Instrument 43-101.
About Focus
Phosphate rock is a raw material for fertilizers and vital to
world food production. Focus is acquiring and developing quality
phosphate projects in Latin America where the discovery and
development of new deposits is becoming increasingly important
given the growing demand and limited local supply of phosphate for
fertilizer production. For further information, please call
604-630-5544 or visit our web site www.focusventuresltd.com.
ON BEHALF OF THE BOARD
Ralph Rushton, Director
Neither the
TSX Venture Exchange nor the Investment Industry Regulatory
Organization of Canada accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking
Statement
Some of the
statements in this news release contains forward-looking
information that involves inherent risk and uncertainty affecting
the business of Focus Ventures Ltd. Actual results may differ
materially from those currently anticipated in such statement.
Focus Ventures Ltd.Ralph RushtonDirector(604) 630-5544(604)
682-1514info@focusventuresltd.comwww.focusventuresltd.com
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