Minfocus Exploration Corp. ("Minfocus" or the "Company") is pleased to announce that it has received Final Acceptance by the TSXV for the closing of its non-brokered private placement of 10,000,000 units for gross proceeds of $250,000. The private placement closing comprised subscriptions for $144,000 in non-flow-through units ("NFT Units") and $106,000 in flow-through units ("FT Units") for the maximum gross proceeds.
Insiders subscribed for a total of 3,820,000 units representing $95,500, including Gerald Harper, President and CEO, who is also a Control Person of Minfocus under TSXV Policies, who subscribed for 2,468,000 NFT Units and 972,000 FT Units. A finder's fee of $8,760 was paid on a portion of the subscriptions and 342,400 finder's warrants were issued at an exercise price of $0.025 per unit, which are exercisable for a period of 24 months, subject to an Accelerated Exercise Provision.
The proceeds from the private placement will be used by Minfocus to undertake a drilling program on its CORAL zinc project in British Columbia and to pay current trade payables and unrelated party overhead expenses.
Coral Zinc Project Initial Drilling Program
The drilling contractor has mobilized a lightweight, helicopter-portable drill rig to the property. The first and second drill sites have been prepared. Three holes at different azimuths and dips were drilled from site 1, and the drill has completed two holes at site 2. Drill hole information along with photographs are posted on the Minfocus website and will be updated on a regular basis. Minfocus has been granted a two-year Mines Act permit authorizing drilling at up to 10 drilling sites subject to a maximum area of disturbance.
The property has historic core drilling and trenching, intersecting mineralized breccias containing zinc and lead values of up to 7.8% zinc in carbonate rocks analogous to the Pine Point deposits, a low-iron Mississippi-Valley-Type geological environment. The primary drilling target is the large (600m x 300 m) zinc geochemical anomaly (15-50 times background zinc levels) with outcropping zinc mineralized brecciated dolostone at its edge. The target zinc anomaly is 100-150 metres from the historic drilling and trenching. For more details, see the Minfocus news release of October 19, 2015 and our website www.minfocus.com.
The first drill site is located approximately 130 metres northwest of the mineralized trench in Hound Dog Creek, and the second site is another 80 metres in the same direction. These provide a cross-section across the soil anomaly. Drill core logging is proceeding under the supervision of Minfocus' geological consultant and one of the original discoverers of the CORAL deposit, Dr. F. T. Manns. No samples have been shipped from the property yet.
Further press releases will be issued to provide regular updates on the Coral Zinc project.