Minfocus Exploration Reports Seagull North JV 2013 Work Commitment Exceeded and Summary of Significant Results from 2012 Expl...
13 Febbraio 2013 - 10:00PM
Marketwired Canada
Minfocus Exploration Corp. (TSX VENTURE:MFX) ("Minfocus") is pleased to report
that, as of December 31, 2012, the work commitment expenditures completed with
respect to the Seagull North joint venture claims have exceeded the $500,000
required to be completed before February 2013. Work continues on the Seagull
North joint venture claims and elsewhere on the other claims within the Nipigon
Reefs project area.
The Seagull North claims comprise part of Minfocus' Nipigon Reefs PGE project,
which is road accessible only 80 km north of Thunder Bay, Ontario, and 15 km
north of the nearby Current Lake Platinum Group Elements ("PGE") deposit
(+700,000 oz Pt-Eq) now owned by Panoramic Resources of Australia.
Summary of Significant Results from 2012 Exploration
The results and conclusions from the 2012 exploration program at the Nipigon
Reefs PGE project have provided significant new evidence of near surface PGE
mineralization, that outcrops at surface in trenches and in another new
intercept that was found at less than 60 metres below surface in the first drill
hole (WM12-34) sampled within 150 metres of surface. Such shallow mineralization
may to be mineable by open-pit methods. The interpretation of these results are
still at an early stage, but they continue to demonstrate a high average ratio
of Pt:Pd=1.0 or greater.
Gerald Harper, President of Minfocus noted that, "If the mineralisation is
continuous between Trenches 3 and 4 and dips southerly as suggested by the old
records, then it represents a new PGE zone, not identified in previous drilling,
exposed at surface over a substantial strike length." If continuity can be
demonstrated between the mineralization in surface trenches and the 3.0 metre
thick layer assaying 0.45 3E g/tonne at 57 metres down hole in WM12-34, there is
potential for a large mineralized zone(s) near surface. This untested area
covers approximately 600 metres by 300 metres in the Seagull North claims area.
Beyond that area there are historic drill holes that were not sampled in these
shallow intervals.
2012 Surface Sampling Results
Surface mapping during 2012, in the Seagull North claims, located six historic
trenches, which are grouped midway between the locations of the two Minfocus
drill hole pairs WM12-34/35 and WM12-36/37, which are approximately one (1) km
apart. Minfocus' sampling of the 90 metre long Trench No. 4 yielded PGE values
up to 1.92 g/t 3E. These results from the freshly dug 0.5 m deep sample pits
taken from the bottom of the 2 metre deep Trench 4 are summarized below:
Trench 4 Pit Sampling Results
----------------------------------------------------------------------------
3E Pt Pd
Length from South End of Trench 4 (g/t) (g/t) (g/t)
----------------------------------------------------------------------------
0.0 metres 1.92 1.00 0.92
----------------------------------------------------------------------------
25.0 metres 0.25 0.18 0.07
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50.0 metres 0.26 0.17 0.09
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75.0 metres 1.68 0.84 0.84
----------------------------------------------------------------------------
2012 Drilling Results
Between February 12 and March 5, 2012, four (4) holes (WM12-34 to WM12-37) were
drilled on the Seagull North project area for a total of 1,742 metres of core.
The analyses of selected portions of the drill core from each drill hole
confirmed, in all four, the existence of multiple significant PGE mineralized
layers with drill core interval lengths up to 5.0 metres thick and with PGE
grades up to 2.47 g/t 3E and greater than 0.5g/t 3E. Below is a summary of the
significant drill core assay results from the 2012 Seagull North prospect
drilling, including the recent near surface intercept in hole WM12-34:
Assay Results from Minfocus Nipigon Reefs 2012 Drill Core (greater than 0.5 g/t 3E)
----------------------------------------------------------------------------
From Width 3E Pt:Pd Pt Pd Cu Ni Cr S
DDH # (m) (m) (g/t) Ratio (g/t) (g/t) (%) (%) (%) (%)
----------------------------------------------------------------------------
WM12-34 57.0 3.0 0.45 1.65 0.28 0.17 less 0.12 0.43 0.17
than
0.01
----------------------------------------------------------------------------
Including 58.0 1.0 0.91 1.53 0.55 0.36 less 0.17 0.47 0.17
than
0.01
----------------------------------------------------------------------------
WM12-34 400.0 1.0 0.55 0.96 0.27 0.28 0.04 0.14 0.38 0.18
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
WM12-37 313.0 1.0 0.62 2.05 0.41 0.20 0.02 0.04 0.11 0.11
----------------------------------------------------------------------------
WM12-37 320.0 5.0 1.28 0.88 0.58 0.66 0.08 0.15 0.30 0.37
----------------------------------------------------------------------------
Including 322.0 2.0 2.12 0.86 0.95 1.11 0.15 0.18 0.27 0.60
----------------------------------------------------------------------------
WM12-37 333.0 5.0 0.55 0.93 0.26 0.28 0.03 0.17 0.31 0.15
----------------------------------------------------------------------------
Including 334.0 3.0 0.61 0.91 0.29 0.32 0.04 0.14 0.27 0.15
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
WM12-36 293.0 3.0 1.80 0.91 0.83 0.91 0.19 0.19 0.45 0.46
----------------------------------------------------------------------------
Including 294.0 2.0 2.47 0.92 1.14 1.24 0.26 0.21 0.46 0.57
----------------------------------------------------------------------------
WM12-36 306.0 5.0 0.84 1.05 0.41 0.39 0.03 0.14 0.42 0.20
----------------------------------------------------------------------------
Including 309.0 2.0 1.36 1.05 0.68 0.65 0.06 0.17 0.48 0.25
----------------------------------------------------------------------------
WM12-36 315.0 2.0 0.58 0.81 0.25 0.31 less 0.09 0.39 0.16
than
0.01
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
WM12-35 351.3 3.0 0.67 0.91 0.29 0.32 0.01 0.14 0.29 0.23
----------------------------------------------------------------------------
----------------------------------------------------------------------------
"($/t) x metres" based on contained 3E metals at $1400/oz Pt, $600/oz Pd and
$1400/oz Au
3E = Pt + Pd + Au assays (g/t); g/t=grams per tonne. Samples analyses by
Activation Laboratories Ltd. in Thunder Bay, Ontario.
These PGE intercepts in holes WM12-34 to WM12-37 align with intercepts in nearby
historic drill holes and demonstrate continuity and extension of mineralisation
towards surface within the mafic-ultramafic complex of intrusive rocks of the
Nipigon Reefs project area.
Of the 50 historic drill holes and trenches in the core 4km by 4km of the
Seagull North prospect exploration area all, but four drill holes, were found,
marked and incorporated into the Minfocus database. A registered Ontario land
surveyor was contracted to undertake a survey of all of these features to
provide accurate UTM coordinates and elevations. From the various report and
records, almost all of the historic drill holes have intercepted
mafic-ultramafic rock units, however many were not adequately analyzed for PGE.
Additional PGE Metals
A selection of drill intercepts with elevated platinum and palladium values were
analysed for the full suite of the 6 PGE (Platinum, Palladium, Rhodium, Iridium,
Osmium and Ruthenium) plus Gold and Rhenium. Elevated levels of Rhodium, Iridium
and Osmium were reported in all samples assayed. On average, the grade for the
interval for the 6E grade versus 3E grade was 8.2% higher. Values reported for
ruthenium and rhenium were not significant and were near or below detection
limits.
Analyses for Additional PGE Metals (Platinum, Palladium, Gold, Rhodium, Iridium,
Osmium)
----------------------------------------------------------------------------
From Width Pt Pd 3E Rh Ir Os 6E
DDH # (m) (m) (g/t) (g/t) (g/t) (g/t) (g/t) (g/t) (g/t)
----------------------------------------------------------------------------
WM12-34 400.0 1.0 0.27 0.28 0.55 0.012 0.019 0.007 0.59
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
WM12-37 313.0 1.0 0.41 0.20 0.62 0.003 less less 0.62
than than
0.001 0.001
----------------------------------------------------------------------------
WM12-37 320.0 5.0 0.58 0.66 1.28 0.026 0.045 0.074 1.43
----------------------------------------------------------------------------
Including 322.0 2.0 0.95 1.11 2.12 0.042 0.072 0.138 2.37
----------------------------------------------------------------------------
WM12-37 334.0 3.0 0.29 0.32 0.61 0.015 0.024 0.019 0.67
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
WM12-36 294.0 2.0 1.14 1.24 2.47 0.048 0.083 0.058 2.66
----------------------------------------------------------------------------
WM12-36 306.0 5.0 0.41 0.39 0.84 0.019 0.031 0.019 0.91
----------------------------------------------------------------------------
Including 309.0 2.0 0.68 0.65 1.36 0.031 0.051 0.036 1.48
----------------------------------------------------------------------------
WM12-36 315.0 2.0 0.25 0.31 0.58 0.006 0.008 less 0.59
than
0.001
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
----------------------------------------------------------------------------
WM12-35 352.3 2.0 0.36 0.42 0.67 0.024 0.045 0.029 0.77
----------------------------------------------------------------------------
----------------------------------------------------------------------------
All samples were analysed by Activation Laboratories Ltd. in Ancaster and
Thunder Bay, Ontario.
3E = Pt+Pd+Au ; 6E = 3E + Rh+Ir+Os ; g/t = grams per tonne
Recent prices reported for the 6 PGE's (February 11, 2013) were Gold = $1652/oz,
Platinum = $1694/oz, Palladium = $755/oz, Rhodium = $1200/oz, Iridium = $1025/oz
and Osmium = $360/oz. These additional PGE's represent a potentially significant
added value to the mineralized intervals reported.
The Seagull North claims were optioned in February 2011 from their joint owners,
Black Panther Mining Corp. (TSX VENTURE:BPC) (40% interest), Rainy Mountain
Royalty Corp. (TSX VENTURE:RMO) (30% interest) and Trillium North Mineral Ltd.
(TSX VENTURE:TNM) (30% interest). Under the Option Agreement, Minfocus is to
incur exploration expenditures on the Seagull North claims exceeding $250,000 in
each year of the 4 year initial option term.
About Minfocus Exploration Corp. (www.minfocus.com)
Minfocus Exploration Corp. is a Canadian company currently focused on the growth
of a portfolio of Platinum Group Element ("PGE") rich resource assets through
exploration, acquisitions and joint ventures in Northwest Ontario, Canada, which
is one of the most stable mining districts in the world with global class PGE
deposits. Minfocus has a distinguished management group with a record of
multiple discoveries of deposits worldwide, and more than 15 years experience
and success exploring for PGE-rich resources in Ontario, including the discovery
of the first Platinum-rich PGE deposit, the Panoramic Resources' Current Lake
deposit (+700,000 oz Pt-Eq). The Minfocus management group also has considerable
strength and success in corporate development, M&A and project development,
which together with its technical prowess is aimed at delivering growth in
shareholder value through a balanced strategic approach.
The Qualified Person who has reviewed and approved the technical content
contained in this release is Dr. Gerald Harper, P.Geo.(Ont).
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 the map associated with this release, please visit the following link:
http://media3.marketwire.com/docs/mfx0213map.pdf.
FOR FURTHER INFORMATION PLEASE CONTACT:
Minfocus Exploration Corp.
Kenneth deGraaf
Senior Vice President
(416) 232-0025
www.minfocus.com
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