Minfocus Exploration Corp. Confirms Continuity of PGEs at Seagull Option, Part of the Nipigon Reefs Property

Posted Posted by Minfocus in PGE Supply-Demand News
Apr
4

VANCOUVER, BRITISH COLUMBIA–(Marketwire – April 4, 2012) – Minfocus Exploration Corp. (“Minfocus“) (TSX VENTURE:MFX)announces results from its recent winter drilling program on its optioned Seagull North claims which comprise part of Minfocus’ Nipigon Reefs project in northwestern Ontario.

Minfocus has completed four (4) diamond drill holes (WM12-34 to 37), aggregating 1,742 metres, within the optioned Seagull North claims. All holes intersected the expected ultramafic mineralized layers with concentrations of fine grained sulphide minerals where predicted by projections from historic holes (WM05-20 and WM08-32). Locations of holes and sections will be posted on the Minfocus website (www.minfocus.com). The initial samples assayed from each hole from the targeted ultramafic zones were selected to test the most visibly sulphide-rich intervals of the ultramafic zones identified in the core logging. Of these samples, two of the holes (WM12-35 and WM12-37) reported PGE’s assays greater than 0.5g/t 3E (platinum + palladium + gold). Further sampling of additional intervals is planned. The samples were analysed by Activation Laboratories Ltd. laboratory in Thunder Bay, Ontario. Future drilling is planned based on the success of this initial program.

The highest grade intercept assayed in hole WM12-35 was a 0.4metre interval, grading 1.47g/t 3E. The hole is located some 50 metres NE from and up-dip from the historic hole WM08-32, which was previously reported with an intercept grading 1.9 g/t 3E over a 2 metre interval. This suggests continuity of the previously identified mineralized layer.

Holes WM12-36 and WM12-37 were drilled 50 metres north and east respectively and up-dip from historic hole WM05-20 which was previously reported with an intercept of 7.9 g/t 3E over 0.28 metres within a wider 3 metre intercept. The highest grade intercept assayed adjacent to this historic hole was a 3.0 metre interval in hole WM12-37, grading 0.63 g/t 3E.

Drill core assay results:
Hole # From Width 3E* Pt Pd Au Cu Ni Cr
(m) (m) g/t (g/t) (g/t) (g/t) (%) (%) (%)
WM12-34 (No significant intersections)
WM12-35 352.3 1.0 0.78 0.36 0.42 n.d. 0.02 0.14 0.32
372.8 0.4 1.47 0.69 0.78 n.d. 0.02 0.21 0.29
WM12-36 (No significant intersections)
WM12-37 334.0 0.3 0.63 0.29 0.32 0.02 0.04 0.14 0.27
413.5 0.4 0.09 0.04 0.03 0.02 0.35 0.20 0.16
* 3E = combined platinum, palladium and gold grades. g/t = grams per tonne. n.d.=none detected
All assays were undertaken by Activation Laboratories Ltd at their Thunder Bay facility.

Hole WM12-37 failed to reach the underlying old basement rocks as projected, but instead intersected a diabase dyke or sill which is a hitherto unknown intrusive zone. About 9 metres above this diabase unit in hole WM12-37, the assay of a mineralized interval (0.4 metres) returned a significant copper assay value of 0.35% Cu. After continued drilling in the diabase a further 100m, the hole was stopped due to drill equipment limitations. Therefore, the basal contact in this hole remains unknown, and whether there are additional ultramafic intrusives below the diabase, prior to a basement contact, which could host additional mineralization.

Drill core logging included measurement of the magnetic susceptibility of the core and comparison of these magnetic values with mineralised intervals. Study of the chrome and iron analyses in the zones assayed suggests a relationship with the PGE enrichment. Additional core will be sampled and analysed to check the full extent of the mineral concentrations in these magnetic intervals beyond the visible sulphide zones sampled initially.

Drill holes locations and orientations:
Hole # Collar UTM Easting Northing Azimuth Collar dip Depth (m)
WM12-34 356073 5432912 N/A -90° 422.80
WM12-35 356073 5432957 N/A -90° 393.64
WM12-36 357014 5432712 N/A -90° 405.08
WM12-37 357068 5432663 N/A -90° 520.90

The winter diamond drilling at the Nipigon Reefs Property was aimed at shallower target extensions of the previously identified multiple layers of mineralization with platinum group elements (“PGE”), gold, copper and nickel. Minfocus has constructed a new geological model of the Nipigon Reefs by incorporating and reinterpreting a broader database of the historic drilling than previous workers which suggests that the mineralized layers could be much more extensive than previously interpreted.

The Seagull North claims were optioned in February 2011 from their joint owners, Black Panther Mining Corp. (TSX VENTURE:BPC) (40% interest), Rainy Mountain Royalty Corp. (TSX VENTURE:RMO) (30% interest) and Trillium North Mineral Ltd. (TSX VENTURE:TNM) (30% interest). Under the Option Agreement, Minfocus is to incur exploration expenditures on the Seagull North claims exceeding $250,000 in each year of the 4 year initial option term. The exploration work successfully completed to date has exceeded the minimum exploration work commitment of $250,000 required prior to April 30, 2012 on the optioned Seagull North claims which form part of its Nipigon Reefs project in northwestern Ontario.

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 Management Group that is distinguished 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, which is the Magma Metals’ Current Lake deposit (+700,000 oz Pt-Eq). 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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