VANCOUVER, Dec. 8 /PRNewswire/ - Focus Ventures Ltd. (TSX-V: FCV.V) is pleased to provide an update on its exploration activities in Peru. The Company has a very active strategy to evaluate, acquire and drill advanced stage, drill-ready precious metal projects. Highlights of Focus' current programs include:
Drilling underway at the Chucara gold-silver project to test a robust
system of high-grade gold and silver veins.
The recent acquisition of the historic Santa Rosa Ag-Zn-Pb Mine where
drilling is expected to commence in Q1 2011.
An ongoing project evaluation effort with approximately 70 projects and
prospects reviewed in the last 6 months.
- Buenaventura currently permitting for an exploration program at the Minas Chanca silver project.
David Cass, the President of Focus, commented, "With the recent acquisition of Santa Rosa, and drilling underway at Chucara, we're well positioned to take advantage of the current surge in silver and gold prices which is leading to a positive revaluation of quality precious metals assets. Our strategy is to identify and acquire former producing mines that show potential to become new mines. This business model allows the Company the shortest lead time to drilling and by focusing on advanced stage, drill-ready properties, we're offsetting the risks associated with grassroots exploration."
The Company is drilling its first hole at the Chucara gold-silver project located within the La Libertad Gold District. The drill program is designed to test the robust system of high-grade gold and silver veins and deep geophysical anomalies that outcrop within a northwest-southeast trending corridor at least 2 kilometres long. The first hole is being drilled to test several targets, including the down-dip continuity of several past producing Au-Ag (Pb-Zn) veins and associated splays, and CSAMT geophysical anomalies. High grade gold-silver assay results, ranging from trace to as high as 15.1g/t Au + 800g/t Ag over 1m from Chucara were reported by Focus in news releases dated July 26 and August 5, 2010.
Santa Rosa Acquisition
Focus recently announced the acquisition of the Santa Rosa Mine located in the department of Lima, the Company's second silver acquisition after Minas Chanca (see news release dated November 30, 2010). The Company has since received permissions from the local community to initiate exploration activities on the project, and a geophysical survey is due to commence shortly.
Drilling is expected to commence in Q1 2011. Silver, lead, zinc and copper mineralization occurs in veins, stockwork and replacements hosted within a sequence of sedimentary quartzites, sandstones and volcanic rocks. At the Santa Rosa and Milagros Sally zones, broad zones of silver and base metal stockworks and veins were sampled by Focus returning up to 109 g/t Ag, 15.6% Zn, 4.7% Pb and 0.06% Cu over 4m. Locally, the mineralized zones attain thicknesses of up to 9m.
Focus's first silver acquisition was the Minas Chanca project located 70km north of Santa Rosa, in the Central Peru Polymetallic Belt. The property was acquired by direct staking in 2009. In early 2010 the project was optioned to Buenaventura (NYSE: BVN), Peru's largest publicly-traded precious metals company. A Definitive Agreement is currently being finalized for signing by the parties.
Over the last 6 months the Company has evaluated approximately 70 projects and prospects, several of which are under ongoing appraisals. Management continues to actively search and assess opportunities in Peru through its experienced team of Lima-based geologists and consultants.
Background on Peru
Peru is the world's biggest silver producer (123.9 million ounces in 2009) with the majority of production from polymetallic Ag-Pb-Zn veins, mantos and replacement deposits within the Central Peru Polymetallic Belt.
Accordingly, some of the world's top silver producing companies have operations in Peru including BHP Billiton, Pan American Silver, Cia. Minera Volcan, Hochschild Mining and Cia. de Minas Buenaventura. The majority of silver production in Peru is from narrow, high grade vein and replacement systems which can form world class silver deposits such as Uchucchacua (10.56 million ounces Ag produced in 2009), Arcata (9.54 million ounces Ag produced in 2009), Pallancata (8.42 million ounces Ag produced in 2009) and Pan American Silver Corp.'s Huaron (3.46 million ounces Ag produced in 2009.)
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.
Samples were analyzed by ALS Chemex Laboratories in Lima. Gold was assayed by Atomic Adsorption Spectrometry with fire assay gravimetric finish. Silver was determined by multi-acid digestion and ICP-AES, with AA finish. Lead and Zinc were determined by ICP with Atomic Adsorption Spectrometry and volumetric finish. ALS Chemex's quality control system complies with International Standards ISO 9001:2000 and ISO 17025:2005. Analytical accuracy and precision are monitored by the analysis of reagent blanks, reference material and replicate samples. Focus' own blanks and duplicates were included in the sample stream.
ON BEHALF OF THE BOARD
Ralph Rushton, Vice-President, Corporate Development
Contact: Erin Ostrom / Ralph Rushton
Shares Issued: 29.1-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.