Minfocus Exploration Corp. ("Minfocus") is pleased to announce that it has received the first assay results from its recently completed program of diamond drilling this winter on the Chief Peter Property to test the area where historic sampling and recent channel sampling by Minfocus returned intervals with anomalous copper, nickel, platinum and palladium.
The Chief Peter Property, under option by Minfocus to earn a 100% interest, is located in Northwest Ontario very close to the Provincial Highway, powerline and the parallel CN rail line between Thunder Bay and Atikokan.
The recently completed 750 metre diamond drilling programme comprised six holes in three fences at 100 metre spacing, the first four of which intersected a gabbro body with disseminated chalcopyrite and pyrrhotite. Assay results have been received for part of hole CP13-02 and sample intervals with grades greater than 1 gram per tonne 3Es (platinum + palladium + gold) are:
49.65 - 53.96 metres = 4.0 metres 1.41 g/t Pt 1.20 g/t Pd 0.06 g/t Au 0.67% Cu 0.15% Ni
This hole was drilled at a dip angle of -53 degrees at an azimuth of 145 degrees. Assay results are awaited for the balance of hole CP13-02, as well as all the other drill holes. For further details on the Chief Peter PGE Property, see the company website at http://minfocus.com/projects/chief-peter/. Minfocus will have drill core from this recent Chief Peter program on display Tuesday and Wednesday at their PDAC Core Shack display booth No. 5016.
In the summer of 2011, Minfocus undertook reconnaissance on the Chief Peter and relocated historic pits and trenches some of which were re-sampled at the prospect now referred to as Chief Peter Central. That work confirmed the historic records of the existence of copper and nickel mineralisation with associated platinum and palladium. The copper, nickel and PGE grades at surface ranged, respectively, from 0.08% to 0.67% Cu, 0.04% to 0.13% Ni and 0.12 to 2.14 g/t 3E (Pt+Pd+Au).
The Chief Peter property is under option to Minfocus whereby the company may earn 100% interest in the property upon making payments over a four year option period to the Optionors totaling $140,000 cash and issuing 300,000 Minfocus shares, plus completing $200,800 in exploration expenditures on the property, which is composed of minimum work expenditures in each respective year of $20,800, $45,000, $45,000 and $90,000. Upon earning its 100% interest in the Chief Peter Property, the Optionors will be granted a 3% NSR, which may be reduced to a 1% NSR by Minfocus making a payment of $500,000 for each 0.5% NSR purchased back by Minfocus.