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Fokus Mining Corporation (“Fokus” or the “Company”) (TSXV-FKM) (OTCQB: FKMCF) (FSE: F7E1) is pleased to announce assay results from its 4th exploration drilling campaign, held during the summer of 2023, aimed at furthering its knowledge of the RB Zone where it had previously drilled twelve (12) holes (see press release dated March 28, 2023). Fokus has drilled seven (7) holes for 1,735 metres, intersecting gold in all of them.
Highlights
- Fokus completed seven (7) holes for 1,735 metres on RB zone (July 2023)
- Fokus intersected gold in each one
- GA-23-73 cut 1,20 g/t Au on 33 metres
- GA-23-70 cut 1,07 g/t Au on 42 metres
- GA-23-69 cut 1,02 g/t Au on 28,5 metres
- Fokus is planning new exploration drilling for autumn 2023.
This is the Company’s fourth small drill program since 2021 on the RB Zone, which is one of two major new gold targets detected by the high-resolution airborne magnetic survey in the Renault Bay intrusion area of the Galloway property. It is located to the east of the GP gold zone (1,445,000 mt at 0,98 g/t Au – 43-101 report 2023). It forms part of what the Company considers to be an AU-CU porphyry system mineralisation in this part of Galloway, which also includes the Hendrick Zone (37,989,000 mt at 1,06 g/t Au – 43-101 report 2023).
Jean Rainville, President and CEO of Fokus stated: “This recent program reinforces our view that the mineralised system could form a large mushroom typical of porphyry systems with the entire system tilted to the west: Hendrick would form the head (cap) and RB areas, the stipe (tube). We now need to define the direction of the reel and the plunge of this gold-bearing tube.”
Following on from these results, and as part of its ongoing activities, the Company’s management is evaluating the possibility of completing a financing to enable it to undertake another drilling campaign in autumn 2023 to continue its work on the north-eastern extension of the RB zone.
The Company also plans to validate a possible NS gold system in the Moriss deposit area, for which the latest report NI-43-101 – 2023 gives 514,000 mt inferred at 2.74 g/t Au at surface. Several holes drilled in this direction have previously intersected high gold values such as 18.9 g/t Au over 5.5m and 14.38 g/t Au over 6m in hole VPE-10-11 and 59.51 g/t Au over 6.20m and 5.09 g/t Au over 5.05m in hole VPE-12-50.
Some other interception values in SW and WWS directions on Moriss:
- VPE-10-19: 23.72 g/t Au over 3.75m
- VPE-11-24: 46.96 g/t Au over 2.80m
- VPE-10-10 : 11.48 g/t Au over 5.35m.
The Company believes that it is possible to delineate, by drilling, several north-south trending tension zones in this gold-bearing environment. In this sense, the Company’s management anticipates that a short drilling programme in this area during the autumn will clearly identify the gold potential that this EW orientation system could offer.
Jean Rainville, President and CEO is very pleased by these recent assays and said: “Our results are increasingly in line with our assumptions about the structure of the deposit. These four, albeit modest, campaigns on RB confirm our understanding of the deposit’s structure.” He added: “The work planned for this autumn in both the RB and Moriss zones will focus on better defining the model, for which we have more and more knowledge and convincing results. It is with this in mind that we are planning to raise appropriate funding for the situation.”
Detailed information and results of the summer 2023 exploration campaign on the RB zone
Figure 1: Drill Hole Coordinates on RB Zone
Figure 2: Results of the Drilling Program on the RB Zone
*Lengths are measured along the holes. True widths are believed to be 65-90% of the core length.
Qualified Person
The scientific and technical disclosure for Fokus included in this news release have been reviewed and approved by Gilles Laverdière, P. Geo. Mr. Laverdière is a geologist and a qualified person under National Instrument 43-101 Standards of Disclosure of Mineral Projects (“NI 43-101”) and a director of the Company.
ABOUT FOKUS MINING
Fokus Mining Corporation is a mineral resource company actively acquiring and exploring precious metal deposits located in the province of Quebec, Canada. In implementing this major undertaking within the Canadian mining industry, we are determined to unlock the secret of the Galloway gold project.
The Galloway project covers an area of 2,865.54 hectares and is located just north of the Cadillac-Larder Lake deformation which extends laterally for more than 100 km. Numerous gold deposits are related to that structure and its extensions. The current work focuses on a small western portion of the mineral claims where several mineral occurrences have been identified. For more information, visit our website: fokusmining.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
For further information:
Jean Rainville, President & Chief Executive Officer
Tel.: (514) 918-3125, Fax: (819) 762-0097
Email: jrainville@fokusmining.com
Related Links
Forward-Looking Statements
Certain statements contained in this press release may constitute forward-looking information or statements. Forward-looking information is often, but not always, identified using words such as “anticipate”, “plan”, “estimate”, “expect”, “may”, “will”, “will have”, “should”, and other similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company’s actual results could differ materially from those anticipated in this forward-looking information due to regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, changes in the Company’s strategic growth plans and other factors, many of which are beyond the Company’s control. The Company believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and, accordingly, such forward-looking information should not be relied upon as such. All forward-looking information contained in this press release represents the Company’s expectations as of the date hereof and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.
FKM:CC
What Does the GDX Index Change Mean for Gold Investors?
It’s been a long time coming, but it seems gold-mining stocks are finally responding to record gold prices.
The VanEck Gold Miners ETF (ARCA:GDX), whose holdings include the biggest global gold-mining companies, was up by 103.54 percent year-to-date as of Thursday (September 18).
The GDX has tracked the price and yield performance of the NYSE ARCA Gold Miners Index since its inception in May 2006. That came to an end on Friday (September 19) as it switched to the MarketVector Global Gold Miners index.
What does the GDX index change mean for gold investors?
It may seem counterintuitive for global investment management firm VanEck to make a change to the index for the popular US$20.5 billion GDX, but there are plenty of good reasons.
The switch was planned a few months ago in conjunction with housekeeping that’s a routine component of exchange-traded fund (ETF) management. The move to the MarketVector Global Gold Miners Index is happening at the same time that the firm would normally rebalance the weight of its positions in GDX's underlying securities.
And the move makes sense. Not only is MarketVector a subsidiary of VanEck, but it is based on free-float market-cap-weighted methodology that many major stock indexes now use.
“By focusing only on shares available for public trading, excluding those held by insiders or restricted from the market, this method offers a more accurate reflection of market dynamics than the full-market capitalization method,” explains Investopedia, noting that this approach is used by indexes like the S&P 500 (INDEXSP:.INX).
It seems VanEck is joining the rest of the global financial community, which has transitioned away from full market-cap-weighting methodologies like that used by NYSE ARCA Gold Miners Index.
So what can GDX investors expect from this change?
They probably won’t see much difference right away besides slight adjustments to how some stocks are weighted in the fund, or which stock listing is used for companies with multiple stock listings.
For example, major miner Newmont (TSX:NEM,NYSE:NEM,ASX:NEM) — which is among the ETF’s top five holdings — will be weighted at 6.95 percent from 12.99 percent.
Chart via VanEck.
Over the long term, however, GDX may see a boost in performance, including less volatility and better liquidity, as the dead weight is cut away and the largest companies are no longer concentrated at the top. This could represent a major growth opportunity for GDX investors, especially if this bull run on gold and gold-mining stocks continues.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Lahontan Gold Corp.
Investor Insight
Lahontan Gold is on track to become a leading gold developer in Nevada’s Walker Lane district, presenting a compelling investment opportunity by combining a high-quality resource base with a clear path to production in Nevada’s premier mining jurisdiction — all in a rising gold price environment.
Overview
Lahontan Gold (TSXV:LG,OTCQB:LGCXF) is focused on advancing its portfolio of high-quality gold and silver projects in Nevada. The company’s flagship Santa Fe mine was a past producer that operated from 1988 to 1992, yielding 356,000 ounces of gold and 784,000 ounces of silver. Lahontan aims to unlock the mine’s full potential by expanding its resources and pushing forward on permitting.
The company recently completed a robust preliminary economic assessment (PEA) outlining a clear pathway to production. Permitting efforts are progressing with the Bureau of Land Management, and Lahontan anticipates being in a position to break ground by 2026.
Additionally, strategic drilling campaigns are planned to further expand the existing resource base.
The company's strategy to unlock shareholder value is to advance the Santa Fe mine toward production by derisking the project through permitting and feasibility studies, while optimizing heap leach processing for maximum recoveries and economic efficiency. Concurrently, it is unlocking value from satellite deposits, including West Santa Fe, which has high-grade oxide potential, and Moho, an early-stage project with promising historic gold and silver intercepts.
Positioned as a low-cost developer in a top-tier jurisdiction, the company maintains strong institutional support with minimal dilution risk, ensuring capital efficiency and sustainable growth.
Company Highlights
- Flagship Santa Fe Project: 100 percent owned, past-producing open-pit heap leach mine with an updated resource estimate of 1.54 million ounces indicated and 0.41 million ounces inferred pit constrained resource
- Strategic Nevada Location: Situated in Walker Lane, one of the world’s best mining jurisdictions, with excellent infrastructure, water access, and a mining-friendly regulatory environment.
- Strong Resource Growth Potential: The Santa Fe Mine and its satellite projects, West Santa Fe and Moho, offer exploration upside, with further drilling planned to expand resources.
- Advancing Toward Production: With a positive Preliminary Economic Assessment (PEA) completed in late 2024, Lahontan is aggressively moving toward permitting and development.
- Experienced Leadership: The company is led by an experienced management team with a proven track record in mine development, permitting, and value creation for investors.
Key Projects
Santa Fe Mine
The Santa Fe mine, located in Mineral County, Nevada, spans 26.4 sq km and represents Lahontan Gold’s flagship development project. With an updated mineral resource estimate of 1.95 Moz gold equivalent, the project hosts multiple oxide and sulfide zones that remain open for expansion.
Historical production from the Santa Fe mine yielded 356,000 oz gold and 784,000 oz silver from an open-pit heap leach operation. Modern exploration and metallurgical testing have identified additional high-grade mineralization that could support an expanded operation.
The recently completed PEA indicates strong economic potential, with favorable heap leach recoveries and low operating costs. Lahontan is actively working with the Bureau of Land Management to advance the permitting process, with the goal of achieving production readiness by 2026.
Lahontan has received confirmation from the Bureau of Land Management (BLM) that its Santa Fe Exploration Plan of Operations (POO) is now complete, paving the way for the project to enter the full environmental assessment (EA) under the National Environmental Policy Act (NEPA). The completion marks over two years of baseline studies, including biological, cultural, and historical assessments, and covers more than 12 sq km of the Santa Fe project with provision for over 700 drill sites. With this milestone, Lahontan expects to secure final POO approval in Q4 2025, enabling an expanded and robust drilling campaign in 2026.
West Santa Fe
The West Santa Fe project, situated just 13 km from the Santa Fe mine, is a highly prospective satellite project that could serve as an extension of the main operation. Historic drill data suggest the presence of a shallow oxide deposit, with early resource modeling indicating a potential gold equivalent resource of 0.5 to 1 Moz.
West Santa Fe’s excellent resource growth potential
Lahontan is preparing for an extensive drill program in 2025 to validate and expand this resource. Geophysical surveys and geochemical sampling have identified strong structural controls on mineralization, further supporting the potential for economic extraction. Given its proximity to Santa Fe, West Santa Fe offers a compelling low-cost, high-margin opportunity for future production.
Moho Project
The Moho project is another 100 percent owned asset within the Walker Lane district in Nevada, presenting a longer-term growth opportunity for Lahontan. The project is characterized by historic high-grade gold and silver intercepts from past drilling, with reported grades exceeding 20 g/t gold and 300 g/t silver. Initial exploration has confirmed the presence of oxidized tertiary epithermal vein systems, which are ideal for conventional heap leach processing. Core drilling in 2019 further validated the high-grade nature of Moho’s mineralization, with significant intercepts occurring at relatively shallow depths. Lahontan plans to conduct additional exploration drilling to refine resource estimates and assess potential economic viability.
Management Team
Kimberly Ann – Founder, Executive Chair, President and CEO
Kimberly Ann is a seasoned mining executive who has founded multiple junior mining companies and held senior roles, including CEO, president, CFO, and board member. Over the past 12 years, she has raised more than $210 million in project financing and participated in three junior mining M&A transactions. At Prodigy Gold, she led corporate communications, equity financings, and analyst engagement, playing a key role in the company’s $340 million acquisition by Argonaut Gold. As CFO and VP corporate development at PPX Mining, she successfully advanced the high-grade Callanquitas gold-silver underground mine into production in Northern Peru. In 2017, Kimberly founded Latin America Resource Group, transforming Jasperoide from two small concessions into a 57 sq km copper-gold project in Peru’s most prolific mineralized belt. Following LARG’s 2020 merger with Carube Copper to form C3 Metals, she positioned the company for significant portfolio growth and value creation.
Brian Maher – Founder and Vice-president of Exploration
Brian Maher is an economic geologist with over 45 years of experience in the international mining and exploration industry. Prior to Lahontan, Maher was the president, CEO and director of Prodigy Gold, where he guided the company through a period of expansive growth, exploring and developing the 6.6 Moz Magino gold deposit in northern Ontario, culminating in the $341 million acquisition of Prodigy Gold by Argonaut Gold in 2012. In 1982, he began a 16-year career with ASARCO, exploring for gold and copper deposits in a variety of geologic environments throughout North and South America. From 1998 and 2004, he was project manager for Metallic Ventures Gold, supervising underground and surface exploration, mine development and operations at an underground gold mine in Nevada.
John McNeice – CFO
John McNeice is a chartered professional accountant registered in Ontario, Canada, with over 30 years of experience in public company reporting, financial management, accounting and audit. Currently McNeice is the CFO of Gold79 Mines (TSXV:AUU), C3 Metals (TSXV:CCCM) and Northern Graphite (TSXV:NGC), where he is responsible for financial and regulatory reporting as well as day-to-day financial management. He has held CFO roles in seven public resource companies over the past 17 years and has overseen IPOs, RTOs and many quarterly, annual and periodic public company filings. From 2004 to 2007, McNeice was CFO of Ur-Energy, a uranium exploration and development company now a US-based producer of uranium. During his tenure, Ur-Energy raised an aggregate of $150 million in a series of private placements, the IPO and several significant secondary financings.
Josh Serfass – Independent Director
Josh Serfass is the executive vice-president of corporate development and investor relations at Integra Resources. Previously, he was the manager of corporate communications at Integra Gold. He was a key member of the team at Integra Gold that grew, developed and sold the past producing Lamaque mine in Val-dOr, Québec to Eldorado Gold for C$590 million in 2017. Committed to thinking differently about mining, Serfass worked with the team at Integra Gold to host the 2016 Integra Gold Rush Challenge and the 2017 #DisruptMining Challenge, initiatives that encouraged innovation and technology disruption in the mining industry.
Shane Williams - Independent Director
Shane Williams is president, CEO, and director of West Red Lake Gold Mines, leading the restart of the Madsen Gold Mine. He was previously COO of Skeena Resources, advancing Eskay Creek, and VP of Operations and Capital Projects at Eldorado Gold, where he brought the Lamaque Gold Mine from PEA to production in just 18 months. As project director, he also oversaw Eldorado’s Skouries and Olympias projects with a combined US$1 billion capex, and earlier led development of Sweden’s Kaunis Iron open-pit mine from exploration to operation in 3.5 years. Williams holds a B.Eng. in Electrical Engineering and an M.Sc. in Project Management.
Evan Pelletier - Independent Director
Evan Pelletier is a mining executive with over 30 years of underground mining experience in North America, Mongolia, Argentina, and Africa. He is currently the interim general manager of the Galena Mine with Americas Gold & Silver, and previously served as VP of Mining at Kirkland Lake (2020–2022) and mine manager at the Macassa Mine (2016–2020). At Kirkland Lake, he helped grow the company from $400 million in 2016 to $13 billion in 2022, including oversight of a nearly 2,000-metre shaft with a $450 milliom budget, delivered on time and on budget.
Max Pluss - Independent Director
Max Pluss is an investment professional with experience across hedge funds, private equity, and venture capital. He is the Founder of Rhea Capital Management, backing and incubating mission-driven companies. Previously, he was an analyst at Extract Capital, a hedge fund focused on natural resource investments, and earlier advised public company CEOs on corporate development and market positioning. pluss holds a B.A. from Colorado College and M.B.A. degrees from Columbia University and London Business School.