Minfocus Exploration Corp.

Minfocus Exploration Corp.

June 11, 2012 08:00 ET

Minfocus Exploration Reports Highest Grade PGE Intercept Sampled to Date from Drill Hole WM12-37 on Its Nipigon Reefs Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 11, 2012) - Minfocus Exploration Corp. (TSX VENTURE:MFX) ("Minfocus") is pleased to announce that additional sampling of drill core from hole WM12-37 has located an additional 3.0 metre core length grading 1.85 g/t 3E (3E=Pt+Pd+Au assays) plus 0.14% copper and 0.17% nickel. WM12-37 is one of four drill holes recently completed by Minfocus on the Seagull North claims which comprises part of its Nipigon Reefs project, which is road accessible only 80 km north of Thunder Bay, Ontario, and 15 km north of the nearby Current Lake PGE deposit (+700,000 oz Pt-Eq).

WM12-37 Drill Core - Additional Sampling Results (>0.5 g/t 3E)
DDH # From (m) To (m) Width (m) Pt (g/t) Pd (g/t) 3E (g/t) Pt:Pd Cu (%) Ni (%)
WM12-37 322.0 325.0 3.0 0.83 0.96 1.85 0.86 0.14 0.17
Including 322.0 324.0 2.0 0.95 1.11 2.12 0.86 0.15 0.18
WM12-37 Drill Core - Previously Reported Results (>0.5 g/t 3E)
DDH # From (m) To (m) Width (m) Pt (g/t) Pd (g/t) 3E (g/t) Pt:Pd Cu (%) Ni (%)
WM12-37 334.0 337.0 3.0 0.29 0.32 0.63 0.90 0.04 0.14
3E = Pt + Pd + Au assays (g/t) g/t=g/tonne
The samples were analysed by Activation Laboratories Ltd. in Thunder Bay, Ontario.

This new additional anomalous platinum group element (PGE) intercept in hole WM12-37 aligns with PGE intercepts in nearby adjacent historic holes and further demonstrates continuity and extension of mineralisation up-dip towards surface within the mafic-ultramafic complex of intrusive rocks within the Nipigon Reefs project area.

Hole WM12-37 is a vertical hole that was drilled north of and up-dip from historic holes WM06-25 and WM01-09. They were both vertical holes and reportedly collared 80 metres and 160 metres south respectively from WM12-37. Hole WM06-25 intersected 2 metres from 402.0m grading 1.34 g/t Pt and 1.69 g/t Pd with 0.43% Cu and 0.25% Ni. Hole WM01-09 intersected 1.75m from 545.0m grading 1.14 g/t Pt and 1.10 g/t Pd with 0.17% Cu and 0.27% Ni. The results for these historic drill holes have been quoted from the drill logs and assay certificates filed with the Ontario Government for mineral claim assessment work and there can be no assurance that the results or reporting comply with standards established under National Instrument 43-101 even though such NI 43-101 was in effect in 2001 and 2006, the periods when the holes were drilled.

This high PGE interval in hole WM12-37 was detected during a follow-up program of additional sampling of the core from this hole that was reported as planned by Minfocus in its press release dated April 4th, 2012. Minfocus plans additional sampling of more drill holes based on correlations of geologic, geochemical and magnetic core characteristics, as several more holes in the vicinity have not been assayed at the depths projected to host the PGE mineralisation. The mineralisation is not accompanied by increased volume of sulphide minerals, generally, and therefore is extremely difficult to identify. Sampling will include the other three drill holes completed by Minfocus in its recent 2012 winter drill program, plus some historic drill holes drilled by previous operators on the Seagull North claims.

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. The exploration work successfully completed to date has exceeded the minimum exploration work commitment of $250,000 required to be expended prior to April 30, 2012.

About Minfocus Exploration Corp.

Minfocus Exploration Corp. is a Canadian company currently focused on the continued 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 Magma Metals' 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.

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

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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.

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Contact Information

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