All the holes were drilled in the vicinity of historic trenches but other than the trench near holes CP13-01 and 02 which was resampled in 2011 by Minfocus, the trenches are all largely in-filled and heavily overgrown, making it impossible to determine where gabbro outcrops occur. The 0.35m core length of gabbro in hole CP13-06 contains visible sulphide mineralisation throughout and occurs right at the top of the hole at the interface from drill hole casing through overburden to bedrock. It cannot be determined with certainty whether it is part of the bedrock or a large block of overburden. If it is part of the bedrock then the drill hole was sited too far north to provide a full intersection of the gabbro body.
Minfocus President, Gerald Harper, remarked, "We continue to be very encouraged by this platinum and palladium discovery in all these drill holes. There are some aspects emerging that suggest it may have some geological features in common with the former Inco Shebandowan mine to the east. Re-excavation of old trenches and more drilling is required to better understand Chief Peter."
For further details on the Chief Peter PGE Property, see the company website at: http://minfocus.com/projects/chief-peter/.
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.
Grant of Stock Options
Minfocus also announces that it has granted incentive stock options to its directors, officers, employees and consultants to purchase up to a total of 1,275,000 common shares exercisable for five years at a price of $0.10 per share.
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).
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.
Neither the TSX Venture Exchange nor its Regulatory Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Minfocus Exploration Corp.
President & Chief Executive Officer
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