VANCOUVER, April 10, 2012 /PRNewswire/ - Focus Ventures Ltd. (TSX-V: FCV) is pleased to announce that it has signed an agreement whereby International Northair Mines Ltd (TSXV:INM, "Northair") has granted Focus the option to acquire a 65% interest in the El Reventon Property, located in the State of Durango, Mexico.
The property comprises 4,430 hectares and controls a series of historic silver workings and occurrences that lie along trend, and are contiguous with, the Santa Cruz project where Focus is currently conducting an aggressive exploration program. Drilling at Reventon in 2007 and 2008 by Northair intersected significant intercepts of silver, zinc and lead in the majority of holes drilled. The mineralization is hosted within an intrusive breccia unit and is similar to breccias that host silver, gold, lead and zinc at Santa Cruz.
David Cass, President of Focus Ventures, comments: "We are very pleased to have Northair as our partners at El Reventon. This is an important acquisition for Focus as it demonstrates the western continuation of the Santa Cruz mineralized trend now controlled by Focus for over 20km. The significant intercepts in silver drilled by Northair at El Reventon and the very encouraging results from our recent work at Santa Cruz confirms that this is a large, new and underexplored silver district."
Focus can earn a 65% interest in the El Reventon Project by incurring US$2,000,000 in exploration expenditures over three years, including a firm commitment of US$250,000 in the first year. Focus will also be required to make cash payments to Northair totalling US$235,000 over two years, and maintain all underlying obligations of Northair by making cash payments under an existing option agreement to a property owner totalling US$139,000 by December 2014. Once Focus has earned its 65% interest, a joint venture will be formed where both Focus and Northair will contribute to exploration, with either party's interest to be diluted for non-participation. Should either party's interest fall below a 10% threshold, its interest will be converted to a 1% net smelter return royalty. The agreement is subject to receipt of any necessary regulatory approval.
Work by Northair
In 2006, 51 initial surface channel samples taken by Northair from the exposed Reventon Breccia averaged 104 g/t silver; highlights included 52.0 metres of 166.5 g/t Ag, 0.73% Pb, 0.85% Zn. The breccia outcrops in the central part of the Project, where it dips moderately to the northeast underneath andesite volcanics, with a thickness that varies between 40 and 120m.
In 2007, Northair completed a successful first phase drill program that totaled 660 metres in six core holes, and in 2008 completed a second phase of drilling totaling 2,170 metres in 17 reverse circulation drill holes. The second phase drill program was successful in further exploring and expanding the zone with 12 of the 15 holes intersecting significant silver values, as well as important values in lead and zinc. Potential to expand the known area of mineralization is considered excellent.
Northair Drilling Highlights
|Drill Hole||From (m)||To (m)||Interval (m)||Ag (g/t)||Pb (%)||Zn (%)|
* Hole terminated in mineralization
Work by Northair also identified many additional zones of mineralization and historical workings over the property, including Los Alisos that contains a diorite porphyry having a geochemical signature similar to the Reventon Breccia. Los Alisos is located approximately 500 metres to the south of the Reventon Breccia with most of the area between the two deposits covered by post-mineral volcanics. As part of the 2008 drill program, two holes were also drilled at the Los Alisos Zone; highlights included 16.8 metres of 36.8 g/t silver, with 0.5% Pb and 2.5% Zn.
Several other targets on the Project include Estrella located 2.1km down trend from Reventon where twenty-four samples averaged 0.83 g/t gold and 385 g/t silver over sample widths from 0.75 to 5 metres associated with an intrusive diorite. Other zones that will be followed up by Focus include the El Portrero Zone (sixty-one samples averaging 23 g/t silver over widths from 1.5 to 7 metres) and Portrero East.
Maps, plans and assay results will be made available on the Focus website at www.focusventuresltd.com.
The Santa Cruz and El Reventon Projects lie within the Silver Lake Trend, a polymetallic belt that hosts several operating and past producing gold and silver mines, including the La Ciénega, Topia, San Dimas and Metates deposits. District-wide historical production from this world-class belt is estimated at 655 million ounces (Moz) of silver and 9.33Moz of gold. Focus is developing a series of targets at Santa Cruz that show potential to host potentially bulk-tonnage high-grade and low-grade silver systems.
Sampling Quality Analysis and Quality Control
Sampling and QA/QC by Northair was conducted according to best industry practices and NI 43-101. Assaying was undertaken by Inspectorate Laboratories. Silver was determined by multi-acid digestion and ICP-AES, with fire assay gravimetric finish.
Mr. David Cass, Focus's President, is a member of the Association of Professional Engineers and Geoscientists of British Columbia, and a "Qualified Person" in accordance with NI 43-101. Mr. Cass has reviewed and approved the technical information in this release based on reports provided to Focus by Northair. Focus, however, has not independently verified Northair's exploration results.
About Focus Ventures
Focus Ventures is acquiring advanced, drill-ready projects in Peru and Mexico. Backed by an experienced technical team of geologists and consultants, Focus's strategy is to identify and acquire former producing mines or untested gold and silver and base metal properties that show potential to become new mines. For further information, please call 604-688-5288 or visit our web site www.focusventuresltd.com.
ON BEHALF OF THE BOARD
David Cass, President
Shares Issued: 36.4-million
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Focus Ventures Ltd. Actual results may differ materially from those currently anticipated in such statement.
SOURCE Focus Ventures Ltd.