Minfocus Exploration Corp.

Minfocus Exploration Corp.

November 25, 2013 08:00 ET

Minfocus Exploration Commences Nipigon Reefs Drilling Program

TORONTO, ONTARIO--(Marketwired - Nov. 25, 2013) - Minfocus Exploration Corp. (TSX VENTURE:MFX) ("Minfocus") is pleased to announce that it is mobilizing a truck-mounted auger drill to the Seagull North prospect within its Nipigon Reefs Project, near Thunder Bay, Ontario. The drill program is to test for downdip extensions in weathered bedrock of surface Platinum Group Element ("PGE") mineralization which was identified in historic trenches. The program is planned to be about 15 auger drill holes to a depth of 5-10 metres to assess the dip and orientation of near surface PGE zones.

Nipigon Reefs Project Minfocus has completed seven diamond drill holes totaling more than 2,000 metres on the Nipigon Reefs property, of which four holes intersected the expected ultramafic mineralized layers. The program has identified PGE intercepts in all four drill holes and confirms 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 (3E=Pt+Pd+Au assays) . Minfocus has also sampled the historic trenches with assay results up to 1.92 g/t 3E. This trenched mineralization may be related to PGE intercepts in near surface core sampling and the auger drilling will attempt to determine if mineralization in the trenches can be followed downdip.

The Seagull North Prospect is a group of claims that 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 plus other payments to earn a 55% joint venture interest. Minfocus can increase its joint venture interest up to 70% by completing an additional $2.0 million in exploration expenditures within the initial 4-year option term.

About Minfocus Exploration Corp.

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 of 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 (+790,000 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.

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

  • Minfocus Exploration Corp.
    Gerald Harper
    President & Chief Executive Officer
    (416) 232-0025