Minfocus Exploration Corp. ("Minfocus") is pleased to announce that it is mobilizing a truck-mounted auger drill to the Seagull North prospect within its Nipigon Reefs Project, near Thunder Bay, Ontario.
The drill program is to test for downdip extensions in weathered bedrock of surface Platinum Group Element ("PGE") mineralization which was identified in historic trenches. The program is planned to be about 15 auger drill holes to a depth of 5-10 metres to assess the dip and orientation of near surface PGE zones.
Nipigon Reefs Project Minfocus has completed seven diamond drill holes totaling more than 2,000 metres on the Nipigon Reefs property, of which four holes intersected the expected ultramafic mineralized layers. The program has identified PGE intercepts in all four drill holes and confirms 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 (3E=Pt+Pd+Au assays) . Minfocus has also sampled the historic trenches with assay results up to 1.92 g/t 3E. This trenched mineralization may be related to PGE intercepts in near surface core sampling and the auger drilling will attempt to determine if mineralization in the trenches can be followed downdip.
The Seagull North Prospect is a group of claims that 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 plus other payments to earn a 55% joint venture interest. Minfocus can increase its joint venture interest up to 70% by completing an additional $2.0 million in exploration expenditures within the initial 4-year option term.
About Minfocus Exploration Corp.
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 of 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 (+790,000 oz Pt-Eq). The 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).