TSX.V: FKM
OTCQB: FKMCF
Frankfurt: F7E1
ROUYN-NORANDA, QC, Feb. 22,
2023 /CNW/ - Fokus Mining Corporation ("Fokus"
or the "Company") (TSXV: FKM) (OTCQB: FKMCF) (FSE:
F7E1) is welcoming the announcement made by Mosaic Minerals
(CSE: MOC) ("Mosaic") that they have acquired a large
portfolio of high-potential lithium projects.
Mosaic represents an important diversification into strategic
minerals for Fokus as the Company currently owns ten (10) million
common shares of Mosaic, following the exchange of Fokus' portfolio
of base metal projects in Québec for an equity interest in
Mosaic.
Jean Rainville, President and
CEO, stated: "Our company works very hard on its large Galloway gold property in Abitibi but despite
this, we believe in the potential of strategic minerals and wanted
to be involved in their search. When we exchanged our properties
with Mosaic for an interest in the company, we were convinced of
their effectiveness. Seeing their recent large acquisition in the
current challenging lithium claims environment reinforces our
belief that Mosaic has positioned itself very well and we are
delighted with this important addition to the portfolio."
For more information, Mosaic Minerals has described its
portfolio of lithium exploration properties, primarily located in
James Bay, Québec, in a recent
press release dated February 16, 2023
https://mosaicminerals.ca/mosaic-presents-its-lithium-projects-portfolio-50000-hectares-and-exploration-priorities-for-2023/
On a different note, regarding Galloway property, the Company now expects to
be able to release the results of the four holes drilled on the RB
Zone in January in the next few weeks and will be able to provide
more details on this recently discovered mineralized sector.
The Company also anticipates that the review of its geological
models and the completion of the compilation of historical data of
the entire Galloway property by
ALS Goldspot will finally be completed by the end of the month.
An initial NI 43-101 resource estimate is now in the final
stages of preparation for three of the mineralized zones:
Hendricks, Morriss, and GP.
Jean Rainville, President and
CEO, stated: "This is an exciting time. As previously mentioned,
the potential of the RB Zone is very promising, as evidenced by the
recent drill results announced in the Company's press release dated
January 31, 2023 and we are awaiting
the results of the four holes drilled in January. We also look
forward to reviewing the results of the ongoing compilation of the
parts of the property that have received very little attention from
us to date. We are very enthusiastic with all those upcoming
results, studies, and compilations that should support our
geological models on the larger Galloway property."
In other news, the Company announces that it has completed its
previously-announced acquisition of some residual interests on the
Galloway property (see the
Company's press release dated January 30,
2023 for more details).
Forward-Looking
Statements
This news release contains statements that may constitute
"forward-looking information" within the meaning of applicable
Canadian securities legislation. Forward-looking information may
include, among others, statements regarding the future plans,
costs, objectives or performance of the Company, or the assumptions
underlying any of the foregoing. In this news release, words such
as "may", "would", "could", "will", "likely", "believe", "expect",
"anticipate", "intend", "plan", "estimate" and similar words and
the negative form thereof are used to identify forward-looking
statements. Forward-looking statements should not be read as
guarantees of future performance or results, and will not
necessarily be accurate indications of whether, or the times at or
by which, such future performance will be achieved. No assurance
can be given that any events anticipated by the forward-looking
information will transpire or occur, including the future impact of
Mosaic performance on the Company and its diversification into
strategic minerals, the timing and the impact of the release the
results of the four holes drilled on the RB Zone in January 2023, the timing for completing the
review of the geological models and the completion of the
compilation of historical data of the entire Galloway property by ALS Goldspot, the results
of the initial NI 43-101 resource estimate for three of the
mineralized zones: Hendricks, Morriss, and GP, including the timing
for its completion, and what benefits the Company will derive from
all the foregoing and the Galloway Property. Forward-looking
information is based on information available at the time and/or
management's good-faith belief with respect to future events and
are subject to known or unknown risks, uncertainties, assumptions
and other unpredictable factors, many of which are beyond the
Company's control. These risks, uncertainties and assumptions
include, but are not limited to, those described under "Financial
Risk Management Objectives and Policies" in the Company's Annual
Report for the fiscal year ended December
31, 2021 and under "Risk and Uncertainties" of the
Management's Discussion & Analysis of the Company for the
fiscal year ended December 31,
2021, copies of which are available on SEDAR at
www.sedar.com, and could cause actual events or results to differ
materially from those projected in any forward-looking statements.
The Company does not intend, nor does the Company undertake any
obligation, to update or revise any forward-looking information
contained in this news release to reflect subsequent information,
events or circumstances or otherwise, except if required by
applicable laws.
About Fokus
Fokus Mining Corporation is a mineral resource company actively
acquiring and exploring precious metal deposits located in the
province of Québec, Canada. In
implementing this major undertaking within the Canadian mining
industry, we are determined to unlock the secret of the
Galloway gold project.
The Galloway property covers an
area of 2865.54 hectares and is located just north of the
Cadillac-Larder Lake deformation
which extends laterally for more than 100 kilometres. Numerous gold
deposits are related to that structure and its subsidiaries. The
current work focuses on a small western portion of the mineral
claims where several mineral occurrences have been identified. For
more information, visit our website: fokusmining.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Related Links
http://fokusmining.com/
SOURCE Fokus Mining Corporation