TORONTO, ONTARIO--(Marketwire - March 4, 2013) - Minfocus Exploration Corp. (TSX VENTURE:MFX) ("Minfocus") is pleased to announce that it has received the first assay results from its recently completed program of diamond drilling this winter on the Chief Peter Property to test the area where historic sampling and recent channel sampling by Minfocus returned intervals with anomalous copper, nickel, platinum and palladium. The Chief Peter Property, under option by Minfocus to earn a 100% interest, is located in Northwest Ontario very close to the Provincial Highway, powerline and the parallel CN rail line between Thunder Bay and Atikokan.
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 part of hole CP13-02 and sample intervals with grades greater than 1 gram per tonne 3Es (platinum + palladium + gold) are:
|49.65 - 53.96 metres = 4.0 metres
||1.41 g/t Pt
||1.20 g/t Pd
||0.06 g/t Au
This hole was drilled at a dip angle of -53 degrees at an azimuth of 145 degrees. Assay results are awaited for the balance of hole CP13-02, as well as all the other drill holes. For further details on the Chief Peter PGE Property, see the company website at http://minfocus.com/projects/chief-peter/. Minfocus will have drill core from this recent Chief Peter program on display Tuesday and Wednesday at their PDAC Core Shack display booth No. 5016.
In the summer of 2011, Minfocus undertook reconnaissance on the Chief Peter and relocated historic pits and trenches some of which were re-sampled at the prospect now referred to as Chief Peter Central. That work confirmed the historic records of the existence of copper and nickel mineralisation with associated platinum and palladium. The copper, nickel and PGE grades at surface ranged, respectively, from 0.08% to 0.67% Cu, 0.04% to 0.13% Ni and 0.12 to 2.14 g/t 3E (Pt+Pd+Au).
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 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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