Minfocus Exploration Corp.

Minfocus Exploration Corp.

November 04, 2014 08:00 ET

Minfocus Exploration Options the BC Myst Metals Nickel Project, Provides Exploration Update on the Nipigon Reefs PGE Project, and Reports the 2014 Annual General Meeting Results

TORONTO, ONTARIO--(Marketwired - Nov. 4, 2014) - Minfocus Exploration Corp. (TSX VENTURE:MFX) ("Minfocus") is pleased to provide an update of corporate events, exploration activities and a recent property acquisition that have developed over the past few months:

Myst Metals Nickel Project in British Columbia

Minfocus is pleased to announce that it has recently concluded an option earn-in agreement on the Myst Metals nickel property such that Minfocus can earn a 100% interest over a period of two years by making optional payments totaling $7,000 cash and issuing 400,000 shares while, at a minimum, maintaining the property in good standing during the option period.

The Myst Metals nickel property is located within the Blue River ultramafic intrusive complex which extends for some 80 kilometres north and northeast of Cassiar, B.C. This ultramafic complex has good potential to host "Decar-styled" nickel-iron alloy mineralisation, occurring as the mineral awaruite (Ni2Fe3). The significance of this style of deposit was identified by First Point Minerals and Cliff Resources at their Decar nickel project, located northwest of Prince George, B.C. The Decar nickel project is a large, undeveloped, low grade nickel deposit which has the potential to be mined by open pit. The nickel mineralization at the Decar nickel project occurs as widely disseminated awaruite in serpentinized peridotite host rocks. The grades are less than 0.40% Ni and the average for the deposit is 0.125% recoverable Ni.

The Myst Metals nickel project has seen limited exploration, however, from early exploration in the 1950's, there are reports of a 4-sq-mile (10 sq km) sampling area averaging 0.24% Ni (30 assays), which occurred in serpentinized dunites and perodotites. Samples of this "oolitic serpentine" taken at the time, when polished, showed minute nodules of native nickel alloy (70%Ni and 30%Fe), likely awaruite, enclosed in or separated from larger magnetite grains. Also, there are other reports from the 1950's of a sample of dunite taken on the Myst Metals project area from the same ultramafic intrusion outcropping there which was submitted to Mines Branch in Ottawa and was found to contain 0.33% nickel. The major nickel sulphide in the sample was identified as medium to fine grained heazlewoodite (Ni3S2).

There has been little significant exploration of PGE potential reported within these types of nickel occurrences, however, at the Dumont nickel deposit in Quebec, where nickel mineralization also occurs in serpentinized dunites, there are limited reports of significant PGE-nickel mineralization in semi-massive pyrrhotite associated with the contact between the peridotite and the footwall mafic volcanic rocks.

Minfocus will be exploring for nickel and PGE mineralization at the Myst Metals nickel project. The transaction is subject to the approval of the TSX Venture Exchange.

Review of Nipigon Reefs PGE Project and Update on Other Projects

Under the Seagull option agreement, which forms part of the Nipigon Reefs PGE project, Minfocus was required to make a payment to the Optionors prior to February 22, 2014, which was made in shares, and Minfocus was also required to meet work commitment to have cumulative expenditures exceeding $750,000. Further to our news release of March 19, 2014, where Minfocus reported it had received approval from the Optionors to extend the deadline to complete the work commitment, Minfocus is pleased to report that as of the extended deadline of August 31, 2014, Minfocus has exceeded the cumulative work expenditures required to satisfy the obligations under the amended Seagull PGE Option agreement. As of August 31, 2014, Minfocus has accumulated total exploration expenditures of $1,150,200 related to the Nipigon Reefs PGE project, which comprise the Seagull and Springlet properties.

Over the recent 2014 summer period, Minfocus has undertaken mapping, sampling and trenching programs on the Nipigon Reefs property in order to understand better the attitude of the layered PGE- bearing complex and determine if there are areas where the PGE-rich horizons may extend to surface, thereby providing potential for near surface resources. This work has led to a significant revision to the geological interpretation and assumptions about controls on PGE mineralization. Much more importance is now assigned to a series of faults cutting through the district as controls of the mineralization. Minfocus is developing a revised work program to follow up on this significant revision of the geological model for the Nipigon Reefs PGE project.

After a review of priorities for exploration expenditures on all Minfocus projects, it was decided to terminate the Chief Peter option agreement.

Results of 2014 Annual General Meeting

Minfocus is also pleased to announce that all matters set out in the management information circular dated July 31, 2014 for the 2014 Annual Meeting of Shareholders held on October 7, 2014 (the "Meeting") were approved by shareholders.

The following four nominees were elected as directors of the Company. The detailed results of the vote for the election of directors are set out below:

Director Nominee Votes For % For Votes Withheld % Withheld
Gerald Harper 18,168,412 98.64 250,000 1.36
Kenneth B. de Graaf 18,168,412 98.64 250,000 1.36
Roger Walsh 18,168,412 98.64 250,000 1.36
Graham C. Wilson 18,168,412 98.64 250,000 1.36

About Minfocus Exploration Corp.

Minfocus Exploration Corp. is a Canadian company currently focused on the continued growth of a portfolio of base and precious metals rich resource assets through exploration, acquisitions and joint ventures in Canada, which is one of the most stable mining jurisdictions in the world with global class copper, nickel and platinum group elements ("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 platinum-rich PGE deposit at 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 demonstrated technical skills 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 news release is Dr. Graham C. Wilson, Ph.D., 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.
    Kenneth de Graaf
    Senior Vice President
    (416) 232-0025