Fokus Mining Corporation

Company Data | Introduction | Projects in Hand | Management
News Update | Chinese

Company Data

Introduction

Fokus Mining Corporation is a mineral resource company actively acquiring and exploring precious metals deposits located in the province of Quebec, Canada. Fokus is currently developing the Galloway Project and its vast mineral potential and has sold its other main projects to Mosaic Minerals in which it owns ten million common shares. Mosaic Minerals has a large portfolio of properties with exploration potential for strategic minerals.

Projects in Hand

Galloway Gold Project, Quebec

The Galloway property is less than 30 km west of the Rouyn-Noranda mining district and is easily accessible via Trans-Canada Highway 117. The property is also parallel to a major railway. It consists of three mining concessions and 95 claims covering a total area of 2,668 hectares. The Galloway property is the result of the amalgamation of the Hurd, Ogima Nord, Renault Bay, Sandborn, Perron, Cadillac, Francoeur and Lac Fortune claims blocks.

In total, Fokus' Galloway covers a 3-km-wide corridor of gold bearing structures across a total length of 10 km along the Larder-Lake-Cadillac Break (LLCB).

This Project is located in the heart of one of the most prolific gold faults in the world, the Cadillac-Larder Lake Fault, Galloway is in close proximity to numerous mines and deposits including the mining camps of Kirkland Lake, Noranda, Cadillac, Malartic and Val-d'Or.

More than 100 million ounces of gold have been extracted from these mining camps of the course of the last 100 years.

New Discovery

The Western Portion of Galloway

• Several mineralized zones have now been identified on the western portion of Galloway where drilling is in progress: Moriss, Hendrick, GP and northeast of GP several indices including Hurd and the Pitchvein zone.
• Recently, a new discovery was made East of the GP zone (drill holes GA-21-46 and GP-21-47). The geology resembles that of the large Hendrick mineralized sector: the RB Zone
• This was rapidly followed by another gold discovery (drill hole GA-21-59) that intersected several gold values.
• Note that several buried intrusions remain to be tested in that sector of Galloway. The GP zone has a different geological signature than other surrounding known mineralized sectors.
• The high definition airborne geophysical survey completed on the entire property had indicated several new targets. A first long hole was drilled (GA-21-59) in one of the large targets located one km East of Hendrick.

The Galloway Golden Triangle: GP, Hendrick and Moriss Zones

GP Zone (In Focus)

• The GP showing lies immediately at the contact with the syenite stock. It consists of pervasive gold mineralization within a mineralized envelope of 230 m in length by over 100 m in width and over 300 m in depth to date.
• Numerous gold intervals of over 1 g/t Au across widths in excess of 20 m to date, the best gold intersection returned 2.19 g/t Au over 19.5 m in hole VHD-09-13.
• A NI 43-101 Mineral Resource Estimate by SRK Consulting (2012) gave Indicated Resources of 18,140,000 t at 0.41 g/t Au and Inferred Resources of 2,510,000 t at 0.39 g/t Au using a cut-off grade of 0.21 g/t Au.
• The resource estimate does not correspond to the entire GP showing but to a pit shell design as required by NI 43-101 regulation. (See report on SEDAR-Vantex).
• The GP Zone appears not be related to the adjacent mineral zones. It is cut-off on each side by NW-SE faults.

Hendrick Zone (In Focus)

• The Hendrick showing was discovered by Kerr-Addison in the 1980's. It is located some 500 m south of the GP and Moriss zones.
• The Hendrick zone is genetically related to the Renault Bay syenite as it lies within or in close proximity to what seems to be an apophysis of the intrusion. It is thus related to the GP and Moriss zones due to the strong similarities between them in the nature of the gold mineralization, its distribution and its geochemistry, as well as the spatial relation.
• The five holes to date have intersected the zone over a 700 m strike length, and it is presently open in all directions. The Hendrick zone is made of two parallel mineralized envelopes that are 150 and 170 m thick, dipping to the north and plunging to the northwest.

Moriss Zone (In Focus)

• The Moriss showing lies about 500 m west of the GP showing. It is spatially associated to an apophysis of the main syenite intrusion.
• The Moriss showing was originally identified as a geophysical target in 2009 and was discovered by drilling in October 2010. It is actually a composite occurrence: there appears to be three main gold-bearing zones, 1.5 to 10.5 m thick, at the near-surface level (North zone), 60-70 m depth (Moriss zone) and at 115-135 m depth (New zone), though several deeper holes have intersected up to 5 discrete gold-bearing structures which warrant further investigation.
• It is notable that coarse gold is often found in the Moriss showing. Many assays over 30 g/t Au are found in the Moriss zone with an uncut interval of 59.51 g/t Au over 6.2 m in hole VPE-12-50 (with an individual assay of 285.93 g/t Au over 1.0 m). Free gold is found in pyrite-rich smoky quartz veining, breccia and stockworks within nearly massive intermediate tuffs.
• The recent work indicates that this zone does not extend laterally. However the potential in that area remains untested at depth.

Short-Term Priorities

• Complete an Extensive Drilling Program on Galloway
• Complete a NI 43-101 Resources Estimate on Galloway

Why Invest in the Galloway Project

• Several Mineralized Zones on the Property
• Completed Over 30,000 M of Drilling in 2020-2021
• Open Pit and Underground Potential
• In a Prolific Gold Mining District
• Best Jurisdiction in Canada with a Strong Management
• Multi-Million Ounces of Gold Potential

Management

Management and Directors

Jean Rainville, President and Chief Executive Officer

Mr. Rainville has over 40 years of experience in the mining industry and financial markets. From 2008, his principal occupation was President and CEO of Blackrock Metals Inc. In 2018, Mr. Rainville ceased to serve as CEO, while retaining his position as President until late 2019, at which time he became a consultant. Previously, Mr. Rainville worked as an engineer, a fund manager and a director of corporate finance and has also served as a director or advisor for several public companies. He holds bachelor's degrees in Mining Engineering and Commerce, both from McGill University.

Sylvain Champagne, Secretary and Chief Financial Officer

Mr. Champagne holds a bachelor's degree in Business Administration from Université du Québec en Abitibi-Témiscamingue. He has two decades of experience in the financial and mining industries.

Ciro Cucciniello, Director

Mr. Cucciniello has been a lawyer since 1986 and is a partner of the law firm Cucciniello Calandriello Attorneys Inc.

Steve Duchesne, Director

Mr. Duchesne is a founding partner of BiomassCarbon, ULC (“Biomass”) and has been its president since May 2015.

Gilles Laverdière, Director

Mr. Laverdière is a Geologist. For over 35 years, he has served as a Consultant and a member of senior management for many public mining companies.

Marc-Andre Lavoie, Director

Mr. Lavoie is an experienced finance professional and entrepreneur with over 25 years of experience in both institutional capital markets and project development.

News Update

On January 18, 2024, Fokus Mining Corp. has provided an exploration update on its Galloway project located in the Abitibi region of Quebec.

As mentioned in previous press releases, last November's program was to include a minimum of 1,500 metres of diamond drilling with seven or eight holes. This target has been exceeded:

1. Five holes have been drilled on the Moriss mineralized area for a total of 903 metres (holes GA-23-75 to GA-23-79); and
2. Three holes have been drilled in the Fayolle mineralized area for a total of 840 metres (holes GA-23-80 to GA-23-82).

The press release of Nov. 29, 2023, described the objectives of the drilling campaign on the Moriss zone, which followed on from an earlier drilling campaign by Fokus. However, this is the company's first exploration effort to test the Fayolle area of Galloway, located approximately one kilometre north of the Hurd area and approximately 3.5 km northeast of the GP zone. Previous companies drilled a few shallow holes on Fayolle and obtained some low-grade gold values.

Jean Rainville, chief executive officer and president, says: "We hope to be able to increase the resource on Moriss. Furthermore, with our tests on Fayolle we are now moving out of the areas where we have been concentrating. The goal is not only to evaluate Fayolle with these drill holes but also to investigate the potential extensions of Hurd. In fact, a 417-metre-long hole should also provide information on another copper-gold target to the north-west. Core logging was completed for this program last week and we expect to receive some of the assays before the end of the month."

Jean Rainville also said: "As indicated in our press release of Dec. 4, 2023, we expect to resume another minimum-1,500-metre diamond drilling campaign towards the end of the month. We are in the process of finalizing the program, but we will certainly include at least a few holes on the recently discovered RB mineralized zone, where we have already drilled 19 holes (press release dated Sept. 6, 2023).

On December 28, 2023, Fokus Mining Corp. has retained the services of ALS Goldspot to review the results of the spring and summer exploration programs on the Galloway project in order to better define future drill targets on the western portion of the property. This follows its review of the geological models and completion of the historical data for the entire Galloway property that was completed earlier in the calendar year.

Fokus has also recently retained InnovExplo Inc. to review existing data and assess the potential for the Hendrick zone to extend eastward, as well as the potential of the GP and RB mineralized zones at depth. InnovExplo is the independent firm that prepared the first National Instrument 43-101-compliant mineral resource on Galloway (press release dated March 23, 2023).

Jean Rainville, president and chief executive officer, commented, "We strive to optimize the dollars spent on our drilling campaigns, and we believe it is extremely important that independent parties constantly review our geological models and help us better define our drill targets."

On December 22, 2023, Fokus Mining Corp. has held the closing of its previously announced private placement by issuing 11.25 million units at a price of four cents per unit, for gross proceeds to Fokus of $450,000. Each Unit is comprised of one common share of Fokus and one common share purchase warrant. Each warrant entitles the holder to acquire one additional common share of Fokus at a price of $0.06 until December 22, 2027.

Fokus intends to use the net proceeds from the private placement for a drilling program on its Galloway property located in the Province of Quebec, for geological advisory services and for working capital purposes. Below is a summary of the major categories applied to the gross proceeds as required by Policy 1.1 of the TSX Venture Exchange (the "Exchange"):

• 56% - Drilling program on the Galloway property;
• 7% - Geological advisory services;
• 7% - Management fees for services to be provided by insiders of Fokus; and
• 30% - Working capital.

None of the proceeds of this financing will be used for investor relations activities.

On December 04, 2023, Fokus Mining Corp. has launched a private placement of up to 11.25 million units at a price of four cents per unit, for aggregate gross proceeds to Fokus of up to $450,000. Each of the units will comprise one common share and one common share purchase warrant. Each unit warrant will entitle its holder to acquire one additional common share of Fokus at a price of six cents for a period of four years from the closing date.

Jean Rainville, president and chief executive officer of Fokus, stated, "We have to continue to expand our resource on Galloway by looking at extensions of the mineralized zones where a resource has been delineated and we have so many other targets that are yet to be tested on this large property."

On November 29, 2023, Fokus Mining Corp. began its winter drilling program on the Galloway project in the Abitibi region last week. This campaign will be entirely devoted to drilling, with a minimum of 1,500 metres planned. As indicated in the press release of Sept. 6, 2023, the first series of holes is being completed on the Moriss zone for a total of around 950 metres, with six shallow holes, designed to validate a possible north-south gold system. Several holes had already intersected high gold values in this sector and an initial National Instrument 43-101 compliant resource estimate for Moriss was released earlier in 2023: 514,000 tonnes grading 2.74 grams per tonne gold. The program will also include a series of holes in the Fayolle sector located northeast of Moriss.

Jean Rainville, president and chief executive officer of Fokus, stated, "Having reviewed the data, we believe it is worth continuing our efforts at Moriss and additional funds will be allocated to Fayolle in the short term to complete our minimum target of 1,500 metres in this campaign."

On November 23, 2023, The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced on Oct. 26, 2023.

Number of shares: 500,000 common shares and 5,030,667 flow-through shares

Purchase price: five cents per common share and six cents per flow-through share

Warrants: 500,000 common share purchase warrants to purchase 500,000 common shares and 2,515,333 flow-through share purchase warrants to purchase 2,515,333 common shares

Warrant exercise price: eight cents per common share purchase warrant share for a period of three years and eight cents per flow-through purchase warrant share for a period of two years

Number of placees: eight placees

Total pro group involvement: 250,000 flow-through shares (one pro group)

On October 26, 2023, Fokus Mining Corp. has held a first closing of a non-brokered private placement in which it issued 500,000 units at a price of five cents per unit, for aggregate gross proceeds to Fokus of $25,000, and 5,030,667 flow-through (FT) units at a price of six cents per FT unit, for aggregate gross proceeds to Fokus of $301,840.02. Each of the units is composed of one common share and one common share purchase warrant, and each of the FT units is composed of one common share and one-half of a common share purchase warrant. Each unit warrant entitles its holder to acquire one additional common share of Fokus at a price of eight cents for a period of three years from the closing date and each whole FT unit warrant entitles its holder to acquire one additional common share of Fokus at a price of eight cents for a period of two years from the closing date. Fokus intends to use the proceeds from the FT units for exploration of its Galloway property located in Quebec and the proceeds from the units for working capital purposes.

On September 06, 2023, Fokus Mining Corp. has released assay results from its fourth exploration drilling campaign, held during the summer of 2023, aimed at furthering its knowledge of the RB zone, where it had previously drilled 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."

On September 01, 2023, The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced June 9, 2023.

Number of shares: 4,075,000 common shares and 985,000 flow-through common shares

Purchase price: eight cents per common share and 10 cents per flow-through common share

Warrants: 4,075,000 common share purchase warrants and 492,500 common share purchase warrants to purchase 4,567,500 common shares

Warrant exercise price: 12 cents per share for a 36-month period for the unit warrants and 12 cents per share for a 24-month period for the FT warrants

Number of placees: 25 placees

Insiders: 340,000 common shares and 340,000 unit warrants (two insiders)

Finder's fee: none

On July 06, 2023, Fokus Mining Corp. sold on July 5, 2023, 1.1 million common shares of Mosaic Minerals Corp., representing approximately 1.60 per cent of the issued and outstanding Common Shares of Mosaic Minerals. The Common Share were sold through the facilities of the Canadian Securities Exchange at a price of $0.07 per share for gross proceeds of $77,000.

Immediately prior to the disposition of the Common Shares described above, Fokus held 7,783,000 Common Shares of Mosaic Minerals, representing approximately 11.32% of the issued and outstanding Common Shares of Mosaic Minerals. As a result of the disposition, Fokus now holds 6,683,000 Common Shares, which represents approximately 9.72% of the issued and outstanding Common Shares of Mosaic Minerals.

On July 05, 2023, Fokus Mining Corp. has sold 2,217,000 common shares of Mosaic Minerals Corp., representing approximately 3.22 per cent of the issued and outstanding common shares of Mosaic Minerals. An aggregate of 620,000 Common Shares were sold on May 2, 2023 at a price of $0.080 with respect to 615,000 shares and at a price of $0.085 with respect to 5,000 shares for gross proceeds of approximately $49,625, and an aggregate of 1,597,000 Common Shares were sold on July 4, 2023 at an average price of $0.071 per Common Share, for gross proceeds of approximately $113,135. All the foregoing share dispositions were made through the facilities of the Canadian Securities Exchange.

On July 04, 2023, Fokus Mining Corp. has released the results of its annual meeting of shareholders held on June 29, 2023, in Rouyn-Noranda, Que. At the meeting, Fokus shareholders re-elected Jean Rainville, Sylvain Champagne, Gilles Laverdiere, Marc-Andre Lavoie, Ciro Cucciniello, Steve Duchesne and Jean-David Moore as directors of Fokus. Following the meeting, Fokus's board of directors reappointed Mr. Rainville as president and chief executive officer and Mr. Champagne as corporate secretary and chief financial officer of the company.

At the meeting, Fokus shareholders also approved resolutions: (i) appointing Raymond Chabot Grant Thornton LLP, chartered professional accountants, as the auditor of Fokus; and (ii) ratifying, approving and confirming Fokus's stock option plan.

On June 29, 2023, Fokus Mining Corp. has completed a second and final closing of a non-brokered private placement in which it issued a further 1.01 million units at a price of eight cents per unit, for aggregate gross proceeds to Fokus of $80,800. Each of the units comprises one common share and one common share purchase warrant. Each unit warrant entitles its holder to acquire one additional common share of Fokus at a price of 12 cents for a period of three years from the closing date. Fokus intends to use the proceeds from the units for exploration of its Galloway property located in the province of Quebec and for working capital purposes.

On June 14, 2023, Fokus Mining Corp. has begun approximately 1,650 metres of exploration drilling to further test the RB zone in which it has drilled 12 holes to date (press release dated March 28, 2023). RB is one of two major new targets detected in the latest high-resolution airborne magnetic survey in the Renault Bay intrusion area of the Galloway project.

Following the results of the last drilling campaign on the RB zone, where good gold values were obtained in the first 200 metres from surface, the company decided to drill seven additional shallow holes to increase the level of confidence in the near-surface gold mineralization. All the holes are infill with a dip of between 50 and 75 degrees and varying in length from 200 to 260 metres.

On June 09, 2023, Fokus Mining Corp. has held a first closing of a non-brokered private placement, in which it issued 3,065,000 units at a price of eight cents per unit for aggregate gross proceeds to Fokus of $245,200 and 985,000 flow-through units at a price of 10 cents per FT unit for aggregate gross proceeds to Fokus of $98,500. Each of the units is composed of one common share and one common share purchase warrant, and each of the FT units is composed of one common share and one-half of a common share purchase warrant. Each unit warrant entitles its holder to acquire one additional common share of Fokus at a price of 12 cents for a period of three years from the closing date, and each FT unit warrant entitles its holder to acquire one additional common share of Fokus at a price of 12 cents for a period of two years from the closing date. Fokus intends to use the proceeds from the FT units for exploration of its Galloway property located in the province of Quebec and the proceeds from the units for working capital purposes.

On May 09, 2023, Fokus Mining Corp. has appointed Jean-David Moore, PEng in forestry, to its board of directors. This important appointment takes effect immediately.

Mr. Moore has been a consultant and an adviser to several mineral exploration and development companies for more than 15 years. He also holds large holdings in several mineral exploration companies and has developed a strong relationships network in the sector. He currently owns 8.2 million common shares of Fokus.

On May 08, 2023, Fokus Mining Corp. has filed an independent National Instrument 43-101 (Standards of Disclosure for Mineral Projects) compliant technical report in support of the mineral resource estimate for the Galloway gold project located in Quebec.

As outlined in the Technical Report and as reported in the Company's press release dated March 23, 2023, and filed on SEDAR on that date, using the potential underground bulk mining scenario with a 0.90 g/t Au cut-off grade, the Galloway gold project contains an estimated Inferred Mineral Resource of 41,195,000 tonnes grading 1.07 g/t Au for 1,419,600 ounces of gold.

On April 18, 2023, The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced Dec. 21, 2022.

Number of shares: 9,075,000 common shares and 5,025,000 flow-through common shares

Purchase price: six cents per common share and eight cents per flow-through common share

Warrants: 9,075,000 common share purchase warrants and 2,512,500 common share purchase warrants to purchase in the aggregate 11,587,500 common shares

Warrant exercise price: nine cents per share for a 24-month period for the unit warrants and 10 cents per share for a 24-month period for the FT warrants

Number of placees: 42 placees

Insiders: 800,000 common shares and 800,000 unit warrants (three insiders)

Pro group: 200,000 common shares and 100,000 FT warrants

On March 28, 2023, Fokus Mining Corp. has intersected grades of 1.18 grams per tonne gold over 27 metres and 1.01 grams per tonne gold over 24 metres, respectively, in drill holes GA-22-66 and GA-22-67, both located in the RB zone.

Three other gold-bearing sections containing grades ranging from 1.20 grams per tonne gold to 1.83 grams per tonne gold over thicknesses of three metres to 7.5 metres were also intersected in GA-22-66, while grades ranging from 1.16 v to 1.63 grams per tonne gold over thicknesses of six metres to nine metres were identified in GA-22-67.

"The last eight holes completed in the RB area since December, 2022, indicate a significant gold presence near surface. Additional drilling will certainly be required to fully evaluate this new gold zone, but we are very pleased with the results obtained to date. They will eventually add to the inferred resource defined in the first [National Instrument] 43-101 resource estimate recently delivered by the independent consulting firm InnovExplo Inc. The RB zone, coupled with the Hurd zone, offers very substantial gold potential on surface. This area will be our priority in 2023," stated Jean Rainville, Fokus's president and chief executive officer.

On March 23, 2023, Fokus Mining Corp. has released an initial mineral resource estimate (MRE) prepared by the independent firm Innovexplo Inc. This MRE have been classified in accordance with CIM Definition Standards on Mineral Resources and Mineral Reserves (CIM, 2014) and follows the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (CIM, 2019).

The initial MRE is based on recent exploration and drilling programs, mineralization modelling and metallurgical testing from the Moriss, Hendrick and GP gold deposits. It was prepared by Innovexplo and is effective as of March 21, 2023; it is all in the inferred mineral resource category. Fokus pegs Galloway at 41.19M t of 1.07 g/t gold inf.

February 22, 2023, Fokus Welcomes the Acquisition by Mosaic Minerals of a Large Portfolio of High-Quality Projects with Significant Lithium Potential

https://fokusmining.com/fokus-welcomes-the-acquisition-by-mosaic-minerals-of-a-large-portfolio-of-high-quality-projects-with-significant-lithium-potential/

January 31, 2023, Fokus Intersects 229.5 Metres Grading 1.03 g/t Au, Including 130 Metres Grading 1.41 g/t Au in the RB Zone of the Galloway Project

https://fokusmining.com/fokus-intersects-229-5-metres-grading-1-03-g-t-au-including-130-metres-grading-1-41-g-t-au-in-the-rb-zone-of-the-galloway-project/

January 30, 2023, Fokus Provides Exploration Update and Announces Acquisition of Some Residual Interests on Galloway

https://fokusmining.com/fokus-provides-exploration-update-and-announces-acquisition-of-some-residual-interests-on-galloway/

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