THUNDER BAY – Business – Minfocus Exploration Corp. have announced the company plans a program of diamond drilling this winter on the Chief Peter Property to test the area. This is an area where historic sampling and a 2011 confirmatory channel sampling by Minfocus returned intervals with anomalous copper, nickel, platinum and palladium.
Minfocus Exploration Diamond Drilling Program
The Chief Peter Property, under option by Minfocus to earn a 100% interest, is located approximately 120 km from Thunder Bay in Northwest Ontario very close to the Provincial Highway No. 11, power lines and the parallel CN rail line between Thunder Bay and Atikokan.
In the summer of 2011 Minfocus undertook reconnaissance on the Chief Peter Property and relocated historic pits and trenches some of which were re-sampled at the area now referred to as Chief Peter Central Zone. 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 table below shows the detailed results of sampling by Minfocus taken adjacent to historic sampling, where the results of the historic work could be confirmed. All samples were collected from rock sawn channels in bare outcrops with minimum lengths of 0.5 metres.
Rock Channel Sample Assay Results for Proximal Minfocus and Historic Samples (>500ppm Cu)
|Trench #||Spl #||Cu
3E = Pt + Pd + Au assays (ppm)
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 (+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.