Focus signs Community Agreement for its Aurora Porphyry Cu-Mo Project, Peru and commences Geophysical Survey
VANCOUVER, Oct. 15, 2012 /PRNewswire/ - Focus Ventures Ltd. (TSXV: FCV) is pleased to announce the signing of a surface access agreement with the local community at its Aurora Cu-Mo project located in south-eastern Peru, and the commencement of an Induced Polarization and Magnetic Survey by Fugro Geophysics Pty Ltd. The work is expected to take around a month to complete.
The Aurora project shows potential for the definition of a large copper-molybdenum porphyry system. The geophysical survey is expected to define the potential size of the porphyry system and identify high chargeability zones which could infer the presence of high grade hypogene mineralization at depth and laterally under cap rocks.
Historical drilling within an area of approximately 1,200m by 800m cut significant intervals of copper and molybdenum mineralization in all holes including 190m @ 0.57% Cu and 71.7m @ 0.7% Cu (see press release July 11, 2012). Several holes were stopped in good mineralization with copper grades strengthening towards the bottom of the hole, suggesting the presence of a deeper higher grade (+ 0.7% Cu) mineralized core extending for at least 900m in strike. For example, the final 56.1m of hole ABC-5 graded 0.72% Cu (to 289.1m) and hole ABC-2 ended in 0.8% Cu and 0.08% Mo (EOH 406m). DDA-3A assayed 0.7% Cu for the last 71.7m to the end of hole at 297.7m.
Copper and molybdenum mineralization is present in both porphyritic intrusive rocks and metamorphosed host rocks, and is completely unrestrained by the historical drilling.
Plans, maps and photos are available on the company website: www.focusventuresltd.com.
Modification to Agreement
As previously announced, Focus has signed an option agreement with the titleholders and assumed the terms of an earlier option by signing an agreement with the former optionee allowing Focus to acquire 100% of the Aurora claim by paying a total of US$3,525,000 over at least 4 years. Focus has amended the original royalty terms and agreed to a 2 percent NSR to the titleholders with a buyout of 1 percent for $1 million and the first right of purchase for the remaining 1 percent.
The property is located between 2,600 - 2,900m above sea level on the north-eastern margin of the prolific Yauri-Andahuaylas porphyry belt, host to several important copper and copper-gold deposits including Las Bambas, Huaquira, Constancia, Tintaya and Antapaccay mines. The mineralization at Aurora is associated with a series of porphyritic intrusions including coarse grained quartz feldspar porphyry and monzonite that intrude Paleozoic-aged Sandia Formation slates and hornfels. The system has been partially unroofed along a narrow northwest-southeast trending ridge that forms a weak leached cap, with slate cover rocks preserved on all sides.
The scientific and technical information in this release was prepared under the supervision of Mr. David Cass, Focus's President, who is a member of the Association of Professional Engineers and Geoscientists of British Columbia, and a "Qualified Person" in accordance with NI 43-101.
About Focus Ventures
Focus Ventures is developing a diversified portfolio of quality silver, gold, copper and phosphate properties 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: 40.1-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.