Toronto, ON (FSCwire) - Minfocus Exploration Corp. (TSX-V: MFX) ("Minfocus" or the "Company") announces that it has earned its initial direct 20% interest in the Coral Zinc Project in northeastern British Columbia. Under the option agreement to earn up to a 60% interest in the Coral Zinc Project, Minfocus has exceeded exploration expenditures of $450,000 and issued 400,000 shares to the Vendors, and Minfocus now holds a direct 20% interest in the Coral Zinc Project.
Minfocus also announces that a survey crew is expected to mobilize shortly to commence a LiDAR survey to cover an estimated 16 sq km area of the Coral Zinc Project. The target area to be surveyed is focused on and around the large (600m x 300m) zinc soil geochemical anomaly and the area where mineralized breccias containing up to 7.8% zinc and up to 3.8% lead have been identified from prior trenching and drilling. The LiDAR survey is expected to assist in identifying surface expressions of collapsed or karst structures which may reflect enriched zinc and lead mineralization. LiDAR, which stands for Light Detection and Ranging, is a remote sensing method that uses pulsed laser light to measure precise distances to the Earth’s surface. Laser information—combined with other data recorded by the airborne system— generates an exact three-dimensional image of the Earth’s surface.
Minfocus also reported earlier that it has received approval for amendments to the Mineral Exploration Permit for its Coral Zinc Property from the BC Ministry of Energy and Mines which allows for an expanded surface drilling program and an extension authorizing drilling work on the property through until December 31, 2019.
Coral Zinc Project – Plans for Ground Geophysics and Further Drilling Program
The Coral Zinc Project in British Columbia provided encouraging 2016 exploration results targeting zinc and lead mineralization in a low-iron Mississippi-Valley-Type (“MVT”) target. Coral is analogous to the geological environment that hosts the prolific zinc-lead mines at Pine Point, NWT. The LiDAR survey work is intended to enhance selection of drill targets for future drill programs. Based on the interpretation of the LiDAR, further surveys, such as ground geophysics, may be planned to give additional guidance to targeting any future drilling.
For more details on both the Coral Zinc Project and the Peregrine Lead-Zinc Project, another Minfocus MVT project in British Columbia, see the Minfocus website at www.minfocus.com.
Minfocus Private Placement Update
Minfocus previously announced the non-brokered private placement of up to 20,000,000 units for gross proceeds of up to $500,000. The first tranche of the private placement closed subscriptions representing 3,100,000 units and proceeds of $77,500. The first tranche closing comprised subscriptions for $37,500 in non-flow-through units and $40,000 in flow-through units. Minfocus has recently received approval to extend the final closing date for the private placement for a further thirty (30) days.
The use of proceeds is intended to be: to finance exploration and development of the mineral properties in which Minfocus holds an interest, primarily the Coral Zinc Project and the Peregrine Zinc Project in British Columbia, Canada, which is expected to include air and ground geophysical surveys, as well as a LiDAR survey; a diamond drilling program; payment of unrelated-party trade payables; and general working capital for the Company. This private placement has received Conditional Acceptance from the TSX Venture Exchange, but remains subject to final acceptance by the exchange. Additional Finders’ Fees may be paid in accordance with TSXV policy upon further tranche closings.
About Minfocus Exploration Corp.
Minfocus Exploration Corp. is a Canadian company currently advancing a portfolio of base metal projects including lead-zinc and nickel projects in British Columbia and a Platinum Group Element (“PGE”) rich nickel project in N.W. Ontario. Minfocus has a successful management group with a record of multiple discoveries of deposits worldwide, including gold and uranium deposits in Mongolia and PGE-rich resources in Ontario, including the discovery of the first Platinum-rich Pt-Pd-Cu-Ni deposit in the Midcontinent Rift, the Current Lake deposit (+700,000 oz. Pt-Eq).
