Focus Ventures Ltd. (TSX-V: FCV.V) has announced that it has staked a large property package prospective for phosphates near the towns of Tarma and La Oroya in central Peru, roughly 200km east of Lima.
During the course of ongoing property evaluations for precious and base metals, the Company identified an opportunity to acquire a land position in central Peru covering the trend of the phosphate-bearing Aramachay Formation, a Jurassic-aged sedimentary unit.
A number of old geological reports written in the early 1960's for the Cerro de Pasco Corporation, highlighted numerous phosphate occurrences in the Tarma-La Oroya region hosted within the Aramachay Formation. Stonegate Agricom's (TSX: ST) Mantoro phosphate deposit near Sincos is hosted by the same unit, approximately 30km to the south-east. To date, Stonegate has outlined measured and indicated resources of 39.5Mt @ 10% P2O5 and inferred resources of 376.3Mt @ 9% P2O5.
Phosphates are an essential component of many fertilizers. The price of phosphate rock concentrate was $155-165/t for 31-33% P2O5 as of January 6, 2011, and has risen by nearly 25% in the last year reflecting the growing global demand for fertilizer. Given this increase in demand, and Focus's presence on the ground in Peru, the Company made applications for 26 concessions covering roughly 16,600 hectares, now known as the Machay Property. Sixteen of the concessions have been granted, and the other 10 are pending registration.
As fertilizers are not a key part of Focus's business strategy, a joint venture partner will be sought to explore the phosphate potential of the claims package. The claims are strategically located close to the La Oroya metallurgical complex, a potential source of sulphuric acid for fertilizer production.
The scientific and technical information in this release was prepared under the supervision of Mr. David Cass, Focus's President, who is a member of the Association of Professional Engineers and Geoscientists of British Columbia, and a "Qualified Person" in accordance with NI 43-101.
Source: Focus Ventures Ltd.