SOURCE: Minfocus Exploration Corp.

Minfocus Exploration Corp.

June 23, 2015 08:00 ET

Minfocus Confirms Significant Zinc Mineralization From Initial 2015 Program at the Coral Zinc Project in British Columbia

TORONTO, ON--(Marketwired - June 23, 2015) - Minfocus Exploration Corp. (TSX VENTURE: MFX)("Minfocus") is pleased to announce that it has confirmed significant zinc and lead mineralization of up to 6.43% zinc and up to 3.81% lead from the resampling of a rediscovered mineralised 1985 trench during the recently completed initial field program at the Coral Zinc prospect earlier this month.

The mineralized 1985 trench is located within the area of an eight-hole 1988 diamond drilling survey. Minfocus resampled the mineralized trench during its recent June program at the Coral Zinc project. After cleaning out the trench, chip channel samples were collected at one metre intervals over the full 9.0 metre length yielding an average grade of 3.22% zinc, 0.72% lead and 0.9 grams per tonne of silver. Though the resampling conditions impeded truly evenly spaced samples, the intervals extended over barren, as well as mineralized samples. Three of the nine trench samples assayed 5.86-6.43% zinc, while all other samples exceeded 1.32% zinc, except one at 0.46% zinc. Two samples assayed 2.11% and 3.81% lead.* The original 1985 sampling of this trench with two metre samples yielded an average of 1.56% zinc, 0.27% lead and 0.2 grams per tonne of silver.

Prospecting also revealed sufficient points to re-establish the location on the geochemical survey grid (600m x 800m) and provide for accurate location of future drilling to test the very large (300m x 600m) soil anomaly with highly elevated zinc (up to 6680 ppm Zn) along with contiguous anomalous lead and silver values, which is open-ended in at least two directions. The four mineralized drill holes from the 1988 program (see Table below), and the 1985 trench recently resampled by Minfocus, are located 50 - 100 metres from the edge of this large zinc geochemical anomaly. Minfocus has submitted a Notice of Work application for a permit to undertake a drill program to drill test this previously untested zinc soil geochemical anomaly.

Coral Zinc Project Historic Drilling Results (1988)

  Hole  C-88-2  C-88-3  C-88-4  C-88-6  
  Overburden  0 - 2.80m  0 - 1.78m  0 - 4.10m  0 - 5.40m  
  Recrystallized Dolostone Breccia  2.80 - 4.25m  1.78 - 7.40m  4.10 - 10.60m  5.40 - 13.20m  
     3.12m to 4.12m  4.25m to 5.25m  4.10m to 5.10m  8.40m to 9.40m  
  % Zinc (in each interval)  @ 2.54%  @ 7.67%  @ 0.87%  @ 1.28%  
        5.25m to 6.25m  5.10m to 6.10m  9.40m to 10.40m  
        @ 1.03%  @ 4.29%  @ 0.54%  
        6.25m to 7.25m  6.10m to 8.10m     
        @ 1.61%  @3.04%     
           8.10m to 9.10m     
           @ 3.63%     
  % Zinc (Average over all intervals)  1.0m @ 2.54%  3.0m @ 3.44 %  5.0m @ 2.97%  2.0m @ 0.91%  

*Activation Laboratories Ltd. of Kamloops, BC, an SCC accredited laboratory analyzed all trench samples using a four-acid total digestion followed by ICP-OES.

The Coral Zinc prospect was discovered in the early 1970's, when there was intense exploration in the area of the central Rocky Mountains, north of Mackenzie, B.C. Intermittent mineralized showings were discovered by prospecting above treeline but only in the 1980's, later prospecting, mapping and geochemical surveys below the treeline revealed a highly elevated soil geochemical anomaly for zinc, lead and silver covering a large area on a hillside above a creek in which two outcrops of carbonate- hosted zinc mineralisation are exposed. Logging roads access areas within 15 kilometres of the Coral Zinc prospect zinc anomaly area and a high-voltage power line is planned to pass within 25 kilometres to deliver power for another advanced mine development.

The Coral Zinc project has strong similarities to the Pine Point zinc deposits in the North West Territories. The Pine Point zinc deposits are examples of a class of zinc deposits known as Mississippi Valley Type ("MVT") which are hosted by dolomite sediments and occur in clusters along a bedding horizon. Cominco started mining Pine Point in 1964 with an initial reserve (historic figures) of 21.5 million tonnes grading 7.2% Zn and 4.0% Pb. When they finished mining in 1988 they had mined 64 million tonnes grading 7.0% Zn and 3.1% Pb from 48 deposits. Initially Cominco mined ore with grades above 20% combined lead and zinc and shipped it directly to their smelter at Trail, B.C.

The Coral Zinc project option agreement provides for Minfocus to earn up to a minimum 60% interest in the Coral Zinc Project in east central British Columbia over five (5) years by spending a minimum of $2.0 million on exploration work and making payments to the Vendors totalling $160,000, in cash and/or shares, in years 3 to 5 of the option term. Two of the vendors are insiders of Minfocus. Upon earning its minimum 60% interest, Minfocus will grant a 3% NSR Royalty to the vendors, of which up to 2% may be bought back by Minfocus upon certain terms and conditions. (see January 26, 2015 News Release).

More information is available on Minfocus' website at www.minfocus.com

About Minfocus Exploration Corp.

Minfocus Exploration Corp. is a Canadian company currently focused on the advancement of a portfolio of base metal projects including a zinc and a nickel project in British Columbia and a Platinum Group Element ("PGE") rich nickel projects in N.W. Ontario, which are among the most stable mining districts in the world. 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 PGE deposit, the Current Lake deposit (+700,000 oz Pt- Eq). The Minfocus management group also has extensive 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. Minfocus is strongly committed to safe and environmentally responsible exploration practises and to building transparent and meaningful relationships with First Nation and community stakeholders related to our projects.

The Qualified Person who has reviewed and approved the technical content contained in this release is Dr. Gerald Harper, P.Geo.(Ont).

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.

Contact Information

  • For further information please contact:

    Gerald Harper
    President & Chief Executive Officer
    Phone: (416) 232-0025