Minfocus Exploration Reports Seagull North JV 2013 Work Commitment Exceeded and Summary of Significant Results from 2012 Exploration at Nipigon Reefs PGE Project
February 13th, 2013 – Minfocus Exploration Corp. (TSX-V: MFX) (“Minfocus”) is pleased to report that, as of December 31, 2012, the work commitment expenditures completed with respect to the Seagull North joint venture claims have exceeded the $500,000 required to be completed before February 2013. Work continues on the Seagull North joint venture claims and elsewhere on the other claims within the Nipigon Reefs project area.
The Seagull North claims comprise part of Minfocus’ Nipigon Reefs PGE project, which is road accessible only 80 km north of Thunder Bay, Ontario, and 15 km north of the nearby Current Lake Platinum Group Elements (“PGE”) deposit (+700,000 oz Pt-Eq) now owned by Panoramic Resources of Australia.
Summary of Significant Results from 2012 Exploration
The results and conclusions from the 2012 exploration program at the Nipigon Reefs PGE project have provided significant new evidence of near surface PGE mineralization, that outcrops at surface in trenches and in another new intercept that was found at less than 60 metres below surface in the first drill hole (WM12-34) sampled within 150 metres of surface. Such shallow mineralization may to be mineable by open-pit methods. The interpretation of these results are still at an early stage, but they continue to demonstrate a high average ratio of Pt:Pd=1.0 or greater.
Gerald Harper, President of Minfocus noted that, “If the mineralisation is continuous between Trenches 3 and 4 and dips southerly as suggested by the old records, then it represents a new PGE zone, not identified in previous drilling, exposed at surface over a substantial strike length.” If continuity can be demonstrated between the mineralization in surface trenches and the 3.0 metre thick layer assaying 0.45 3E g/tonne at 57 metres down hole in WM12-34, there is potential for a large mineralized zone(s) near surface. This untested area covers approximately 600 metres by 300 metres in the Seagull North claims area. Beyond that area there are historic drill holes that were not sampled in these shallow intervals.
2012 Surface Sampling Results
Surface mapping during 2012, in the Seagull North claims, located six historic trenches, which are grouped midway between the locations of the two Minfocus drill hole pairs WM12-34/35 and WM12-36/37, which are approximately one (1) km apart. Minfocus’ sampling of the 90 metre long Trench No. 4 yielded PGE values up to 1.92 g/t 3E. These results from the freshly dug 0.5 m deep sample pits taken from the bottom of the 2 metre deep Trench 4 are summarized below:
Trench 4 Pit Sampling Results
|Length from South End of Trench 4||3E(g/t)||Pt(g/t)||Pd(g/t)|
2012 Drilling Results
Between February 12 and March 5, 2012, four (4) holes (WM12-34 to WM12-37) were drilled on the Seagull North project area for a total of 1,742 metres of core. The analyses of selected portions of the drill core from each drill hole confirmed, in all four, the existence of multiple significant PGE mineralized layers with drill core interval lengths up to 5.0 metres thick and with PGE grades up to 2.47 g/t 3E and >0.5g/t 3E. Below is a summary of the significant drill core assay results from the 2012 Seagull North prospect drilling, including the recent near surface intercept in hole WM12-34:
Assay Results from Minfocus Nipigon Reefs 2012 Drill Core (>0.5 g/t 3E)
|“($/t) x metres” based on contained 3E metals at $1400/oz Pt, $600/oz Pd and $1400/oz Au|
|3E = Pt + Pd + Au assays (g/t); g/t=grams per tonne. Samples analyses by Activation Laboratories Ltd. in Thunder Bay, Ontario.|
These PGE intercepts in holes WM12-34 to WM12-37 align with intercepts in nearby historic drill holes and demonstrate continuity and extension of mineralisation towards surface within the mafic–ultramafic complex of intrusive rocks of the Nipigon Reefs project area.
Of the 50 historic drill holes and trenches in the core 4km by 4km of the Seagull North prospect exploration area all, but four drill holes, were found, marked and incorporated into the Minfocus database. A registered Ontario land surveyor was contracted to undertake a survey of all of these features to provide accurate UTM coordinates and elevations. From the various report and records, almost all of the historic drill holes have intercepted mafic-ultramafic rock units, however many were not adequately analyzed for PGE.
Additional PGE Metals
A selection of drill intercepts with elevated platinum and palladium values were analysed for the full suite of the 6 PGE (Platinum, Palladium, Rhodium, Iridium, Osmium and Ruthenium) plus Gold and Rhenium. Elevated levels of Rhodium, Iridium and Osmium were reported in all samples assayed. On average, the grade for the interval for the 6E grade versus 3E grade was 8.2% higher. Values reported for ruthenium and rhenium were not significant and were near or below detection limits.
Analyses for Additional PGE Metals (Platinum, Palladium, Gold, Rhodium, Iridium, Osmium)
|All samples were analysed by Activation Laboratories Ltd. in Ancaster and Thunder Bay, Ontario.|
|3E = Pt+Pd+Au ; 6E = 3E + Rh+Ir+Os ; g/t = grams per tonne|
Recent prices reported for the 6 PGE’s (February 11, 2013) were Gold = $1652/oz, Platinum = $1694/oz, Palladium = $755/oz, Rhodium = $1200/oz, Iridium = $1025/oz and Osmium = $360/oz. These additional PGE’s represent a potentially significant added value to the mineralized intervals reported.
The Seagull North claims were optioned in February 2011 from their joint owners, Black Panther Mining Corp. (TSX-V: BPC) (40% interest), Rainy Mountain Royalty Corp. (TSX-V: RMO) (30% interest) and Trillium North Mineral Ltd. (TSX-V: 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.
About Minfocus Exploration Corp. (www.minfocus.com)
Minfocus Exploration Corp. is a Canadian company currently focused on the 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 considerable 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.
For further information please contact:
Senior Vice President
Phone: (416) 232-0025
The Qualified Person who has reviewed and approved the technical content contained in this release is Dr. Gerald Harper, P.Geo.(Ont).
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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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