VANCOUVER, Feb. 20, 2012 /PRNewswire/ - Focus Ventures Ltd. (TSXV: FCV.V) is pleased to announce that recent underground sampling and diamond drilling at its Minas Chanca project by Compañia de Minas Buenaventura (NYSE: BVN, "Buenaventura") has returned bonanza silver grades of up to 9.3kg/t Ag over 35cm in underground drilling. Underground channel sampling along some of the veins returned a best interval for the Candelaria vein of 761g/t Ag +2.46% Pb + 2.25% Zn over 87m strike length and an average vein thickness of 60cm.
Focus's partner on the project, Compañia de Minas Buenaventura (NYSE: BVN, "Buenaventura"), is now beginning work on a resource estimation for some of the high grade shoots identified by the recent sampling.
Buenaventura is undertaking a detailed underground and surface exploration program including 6,816m of diamond drilling to date. Surface drilling has identified extensions to the Santo Toribio and Santo Rosa vein system some 300m west of the of the old historic workings in an area concealed by colluvial cover.
Highlights of the recent drilling include:
|Santo Toribio Vein|
|Hole||From (m)||To (m)||Interval (m)*||Ag (g/t)||Pb (%)||Zn (%)|
|HDD CAN 11-02||210.40||210.85||0.45||418.9||0.07||0.19|
|660 PS 11-19||17.55||19.35||1.8||544.7||0.42||0.64|
|Santo Rosa System|
|Hole||From (m)||To (m)||Interval (m)*||Ag (g/t)||Pb (%)||Zn (%)|
|HDD CAN 11-03||10.75||12.6||1.85||1,152.8||0.06||0.24|
|HDD CAN 11-04||93.35||93.80||0.45||769.9||0.12||0.19|
|HDD CAN 11-07||157.40||159.50||2.1||1,544.0||0.11||0.36|
|HDD CAN 11-08||178.50||178.85||0.35||9,314.6||0.25||0.25|
|HDD CAN 11-09||220.10||220.75||0.65||699.0||0.15||0.44|
|HDD CAN 11-13||394.00||394.55||0.55||1,695.1||0.26||0.48|
* Drilled core interval. True widths have not yet been provided but are expected to approximate the cored interval.
BVN are planning to develop a cross-cut from the 440 Level main gallery some 375m to cut the high-grade veins drilled in holes 11-02, 11-04, 11-07 and 11-08.
Underground mapping and sampling has successfully identified the depth and strike continuation of bonanza-grade shoots which are typical of the grades mined historically in the upper levels at Chanca. Highlights of the sampling are as follows:
|Pb (%)||Zn (%)||Vein|
To date, over 2,000m of tunnels have been rehabilitated over 3 levels, including Level 440 that was the principal access gallery used in the 1980's when the mine was in production, and the Level 400 that accessed the main high-grade Candelaria vein. The lowest gallery, Level 365 is currently being de-watered and rehabilitated to access the Candelaria West vein for exploration: this vein returned high grade silver mineralization along Levels 440 and 400.
Several high-grade shoots have already been blocked out along the Candelaria and Tarazca veins, and resource estimation will commence once all assays have been received. The high grades sampled on the Tarazca vein along Level 440 will be explored by underground development to the southwest and at depth by underground drilling to justify further exploration by underground development along the 400 Level.
Buenaventura have spent approximately $2.5 million of the $3 million investment commitment required to earn a 75% interest in Minas Chanca project, including completion of a 17km graded access road from Minas Chanca to their permitted Mallay mine and mill.
Once Buenaventura vests its 75%, they will have a period of 12 months to acquire Focus's 25% participating interest by paying Focus the greater of $4 million in cash or $4.00 /oz Ag based on resources outlined in a NI 43-101 compliant technical report. If Buenaventura chooses not to purchase Focus's 25% share of the joint venture, Focus will have the option to elect to have Buenaventura provide financing, with repayments to be made through dividends, or alternatively Focus can choose its own financing. A 2% Net Smelter Royalty will be payable to Focus on future production, subject to a buy-out clause of $1 million.
Minas Chanca is high-grade past-producing silver mine located in the Central Peru Polymetallic Belt. It lies within the prolific Central Peru Polymetallic Belt, some 160km north of the Peruvian capital, Lima and 65km north of Focus's Santa Rosa property.
References to mining at Minas Chanca date back to 1712 during Spanish Colonial times. Commercial production took place from 1975 with a 180 tonne per day plant and shut down in 1985 due to low silver prices and labor disputes. The majority of historical silver-lead and zinc ore came from the Candelaria, Tarazca and Santo Toribio veins, where early production reportedly yielded grades of 15 - 25 oz Ag/t.
|Drillhole Locations, Azimuth & Inclination|
|HDD CAN 11-02||8833093||294179||329||-37|
|660 PS 11-19||8833368||294323||324||0|
|HDD CAN 11-03||8833092||294179||330||-46|
|HDD CAN 11-04||8833092||294179||330||-25|
|HDD CAN 11-07||8833092||294179||330||-26|
|HDD CAN 11-08||8833039||294209||307||-38|
|HDD CAN 11-09||8833039||294237||305||-25|
|HDD CAN 11-13||8833166||293664||357||-50|
Additional information on the Minas Chanca project can be found on the Focus website: www.focusventuresltd.com.
Mr. David Cass, Focus's President, is a member of the Association of Professional Engineers and Geoscientists of British Columbia, and is Focus's "Qualified Person" in accordance with NI 43-101. Mr. Cass has verified that the technical information in this release is an accurate summary of the information provided by Buenaventura to Focus; however, Focus has not independently verified the information provided by Buenaventura.
Sampling Quality Analysis and Quality Control
Samples were prepared and analyzed at ALS Chemex laboratories in Lima. Peru. Silver was determined by multi-acid digestion and ICP-AES, with fire assay gravimetric finish. Lead and zinc were determined by ICP with Atomic Absorption with 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.
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.