VANCOUVER, BC / ACCESSWIRE / October 18, 2017 / Minfocus Exploration Corp. (TSX-V: MFX) ("Minfocus" or the "Company") announces that field work is continuing at its two zinc properties in British Columbia. At the Coral Zinc Project, the airborne LiDAR survey was completed and at the Peregrine Zinc Project, a further field program is planned before the end of October.
Peregrine Zinc Project - Further Field Program Planned for October
The Peregrine Zinc property in southeastern British Columbia was the focus of prospecting and a soil geochemical survey by Minfocus in July 2017. During that work program the Minfocus' exploration team relocated a historic showing and collected several grab samples from the zinc mineralized exposures in the blasted area with results as shown below:
They also located an historic, partially buried, adit surrounded by very rusty dolostone. A sample of the sludge accumulated at the entrance to the adit yielded almost 1% zinc (9,420 ppm Zn) and 0.2% lead (1,970 ppm Pb). A water sample collected from the adit also yielded a very high zinc value of 323 micrograms per litre. The team also soil sampled an area of 1,000 x 700 metres along the strike of the potential host carbonate mineralization and identified a strong soil anomaly along 650 metres of the favorable horizon. The highest zinc soil geochemical values were over 3,000 parts per million ("ppm") and were supported by a coincident lead anomaly. This anomaly is open to the west, towards the old adit.
Minfocus will undertake further fieldwork later this month, including further soil sampling and prospecting of the area identified from the open-ended soil anomaly.
Coral Zinc Project - LiDAR Airborne Survey
The Company has been advised by the contractor that it has completed the 16 km2 LiDAR airborne survey over the portions of the Coral Zinc property where a large geochemical anomaly is located. The data is being processed by the contractor to provide images and a report on the survey. The LiDAR survey is expected to assist in identifying surface expressions of collapsed or karst structures in the areas with thick tree cover. These topographic collapse features may reflect the location of enriched zinc and lead mineralization associated with Mississippi Valley Type ("MVT") zinc mineralization.
Historic core drilling and trenching on the property has intersected mineralized breccias containing values of up to 7.8% zinc and up to 3.8% lead and a very large (600m x 300m) historic zinc soil geochemical anomaly exists with up to 6680 ppm zinc (15-50 times background zinc levels) adjacent to outcropping zinc mineralized brecciated dolostone. The mineralization at CORAL has similarities to MVT deposits such as the Pine Point Mine in NWT, Canada.
Analyses were all undertaken by Activation Laboratories Ltd. For more information on the Peregrine or Coral Zinc properties, the reader should visit the Company website at www.minfocus.com.
Private Placement Closed
The Company has closed and received TSX-V Final Acceptance for the private placement announced on June 1st, 2017 for a total of 3,100,000 units and proceeds of $77,500. This amount comprised subscriptions for $37,500 from a total of 1,500,000 non-flow-through units ("NFT Units"), each comprising a share and a share purchase warrant exercisable for 3 years at $0.05/share and subscriptions for $40,000 from 1,600,000 flow-through units ("FT Units") each comprising a share and a share purchase warrant exercisable for 2 years at $0.05/share. All securities issued under the private placement are subject to a hold period for 4 months plus a day which expires on October 31, 2017.
An Insider, Gerald Harper, who is a current Control Person, subscribed for 1,000,000 FT Units representing $25,000 of the proceeds. A finder's fee of $3,800 was paid on a portion of the subscriptions and 32,000 finder's warrants were issued at an exercise price of $0.025 per share, which are exercisable until expiry on June 30, 2019.
About Minfocus Exploration Corp.
Minfocus Exploration Corp. is a Canadian company currently advancing a portfolio of base metal projects including 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).
