July 20, 2020 - Vancouver, B.C., Minfocus Exploration Corp. (TSX.V: MFX) (“Minfocus” or the “Company”) announces that, further to its news release of March 6, 2020, and subject to TSX Venture Exchange approval, it has entered an agreement to acquire a 100-per-cent interest in a group of 22 unpatented lode claims located in NE Nevada (the “Nevada Rose project”).
The Nevada Rose project is situated about 145 kilometres (km) SSE of Carlin, NV and roughly 370 km NNE of Las Vegas, NV, towards the southerly intersection of the Battle Mountain-Eureka and Independence-Eureka Trends, approximately 12 km SW of the Ruby Hill mining district near Eureka City.
Nevada Rose Project
The Nevada Rose project targets a precious-metals system striking over a one-kilometre length on the edge of the pediment, which comprises previously identified silver-rich zones within a larger zoned system. The host rock is a sequence of Silurian dolostone overlain by Devonian limestones that dips gently east toward pediment cover.
Historic regional mapping by Homestake Mining in the 1990s identified aerially extensive bedded and high-angled (structurally emplaced) jasperoid. Their 79 samples averaged 180 grams per tonne (g/t) silver (5.2 ounces per tonne (oz/t) Ag) with no appreciable gold and with individual assays of up to 2,050 g/t silver (60 oz/t Ag). Zones of zebra-textured dolomite associated with dissolution collapse breccia carry more than 30 g/t (over one oz/t) Ag suggesting targets that should yield thicker zones containing multiple ounces of silver when the core jasperoid is added.
Anomalous gold mineralization has, in addition, been identified in two locations on the Nevada Rose project. The first is a bleached zone 200 m wide dipping beneath the pediment. Multiple samples from this zone reported over 100 parts per billion (ppb) gold. More recent work showed a strong gold zonation toward the pediment coincident with high zinc values. A shear zone on the edge of the pediment assayed at 0.58 g/t Au (0.02 oz/t Au) and 380 g/t Ag (11 oz/t Ag). A reverse circulation (RC) drill program in this zone by Piedmont Mining in 2007 intercepted six metres (20 feet) of 0.91 g/t Au and 3.4 g/t Ag. Another RC drill hole in the same zone intercepted 44 metres (144 feet) of 0.26 g/t Au and 3.1 g/t Ag. Mineralization in the latter RC drill hole remains open. A second zone approximately 850 metres to the north produced a gold assay of 0.4 g/t. Historic data indicate the presence of a mineralizing system with disseminated gold in addition to the multi-ounce silver showings that dominate the property near surface.
The Nevada Rose project has not to date been the subject of recent systematic exploration. Historic work has not evaluated the identified targets near to the historic workings or the areas of jasperoid which are anomalous in silver.
Nevada Rose Project Agreement
Minfocus can acquire a 100% interest in all property rights and title to the Nevada Rose Project over a period of up to 10 years under the following terms:
1. Issuance of 200,000 Minfocus shares upon TSX-V approval of the agreement to the Vendor;
2. Cash and work commitment:
- US$10,000 within three months of closing a financing of at least US$100,000. The closing date of the financing shall be the start date for the agreement anniversary (“Anniversary”). First year Work commitment: US$50,000;
- Year 1 Anniversary: US$20,000 and US$200,000 Year-2 work commitment;
- Year 2 Anniversary: US$30,000 and US$200,000 Year-3 work commitment;
- Year 3 Anniversary onwards annually until production or 10th Anniversary: US$50,000 and US$500,000 work commitment each year; and
- Year 10 Anniversary if not in production, US$200,000 and US$2-million Year-10 work commitment.
On completion of all payments and work commitments (up to and including the 10th anniversary work commitment), Minfocus will have earned 100% interest in Nevada Rose. Further bonus payments to the vendor of US$50,000 upon a prefeasibility and US$250,000 upon a feasibility shall be paid. Payments and work commitments shall cease on the start of production and a 3% net smelter return (NSR) shall be granted to the vendor.
The Nevada Rose option agreement remains subject to TSX-V approval.
The qualified person who has reviewed and approved the technical content contained in this release is Dr. Graham C. Wilson, P.Geo (Ontario), a Director of the Company.
About Minfocus Exploration Corp.
Minfocus is a Canadian mineral exploration company currently advancing a portfolio of North American precious and base metals projects, including gold in Nevada, USA and three Mississippi Valley-type zinc projects in B.C. and NL, Canada. Minfocus is led by a highly experienced technical team with a track record of successful exploration worldwide.
FOR FURTHER INFORMATION PLEASE CONTACT:
President and Director
Telephone: 1 (800) 482-7560
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.