TORONTO, ONTARIO--(Marketwire - March 12, 2013) - Minfocus Exploration Corp. (TSX VENTURE:MFX) ("Minfocus") has received additional assay results from its recently completed program of diamond drilling on the Chief Peter Property, which confirmed near surface sample intervals of 4.0 to 5.0 meters with >2.0 g/tonne combined Platinum and Palladium and >0.50% copper. The Chief Peter Property, under option by Minfocus to earn a 100% interest, is located in Northwest Ontario very close to the Provincial Highway No. 11, powerlines and the parallel CN rail line between Thunder Bay and Atikokan.
Minfocus President, Gerald Harper, observed, "I am very encouraged by the grade of these initial platinum and palladium results that show the consistency of grade of the zone from surface to a depth of 50 metres, as well as, the favourable ratio of platinum to palladium exhibited by all the sampling.
The recently completed 750 metre diamond drilling programme comprised six holes in three fences at 100 metre spacing, the first four of which intersected a gabbro body with disseminated chalcopyrite and pyrrhotite. Assay results have been received for all sample intervals taken for holes CP13-01 and CP13-02. Sample intervals with grades greater than 1.0 gram per tonne 3E (platinum + palladium + gold) are:
|Chief Peter Sample Interval Assay Results (>1.0 g/tonne 3E)
|3E = (Pt + Pd + Au); g/t=grams per tonne; All samples were analysed by Activation Laboratories Ltd., Thunder Bay, Ontario
Hole CP13-01 was drilled at a dip angle of -42 degrees at an azimuth of 145 degrees. Hole CP13-02 was drilled from the same collar position in the same direction at a dip of -53 degrees. The lengths of intervals reported are core lengths not true widths of the mineralized zone. Lower grade mineralization was encountered either side of the reported intervals, to the limits of the width of the gabbro zone in the core. Assay results are awaited for the other drill holes.
These holes, CP13-01 and CP13-02, were drilled underneath an historic trench which was resampled in 2011 by Minfocus by sawn channel sampling. The resampling of this trench yielded:
|Chief Peter Trench 2011 Sampling (>1.0 g/tonne 3E)
|Sample intervals with grades greater than 1.0 gram per tonne 3E
One end of the channel sampled was limited by the outcrop dropping off into swamp and preventing further sampling across the zone of mineralized outcrop.
In the summer of 2011, Minfocus undertook reconnaissance on the Chief Peter property and relocated historic pits and trenches at the prospect now referred to as Chief Peter Central. That work confirmed the historic records of the existence of elevated platinum and palladium values associated with copper and nickel mineralisation. For further details on the Chief Peter PGE Property, see the company website at http://minfocus.com/projects/chief-peter/.
The Chief Peter property is under option to Minfocus whereby the company may earn 100% interest in the property upon making payments over a four year option period to the Optionors totaling $140,000 cash and issuing 300,000 Minfocus shares, plus completing $200,800 in exploration expenditures on the property, which is composed of minimum work expenditures in each respective year of $20,800, $45,000, $45,000 and $90,000. Upon earning its 100% interest in the Chief Peter Property, the Optionors will be granted a 3% NSR, which may be reduced to a 1% NSR by Minfocus making a payment of $500,000 for each 0.5% NSR purchased back by Minfocus.
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 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).
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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