Focus Reports More Phosphate Drill Assays From Bayovar 12, Peru; Receives $2.38m Through Exercise of Warrants
June 24, 2014 (Source: Marketwired) — Focus Ventures Ltd. (TSX VENTURE:FCV) is pleased to provide additional assay results from the Bayovar 12 phosphate project near Piura, northern Peru. Assays have been received for an additional five holes drilled along a west to east section 800m south of the second section reported previously (see press release June 16, 2014).
The new holes all intersected the same sequence of phosphate beds drilled in previous holes and reiterate the continuity of the geology and phosphate mineralization observed in earlier holes. Highlights of the holes, spanning a 3.2 km section line (Section 3) are:
- Average grade of 11 main beds over all 5 holes is 13.6% P2O5, with individual beds averaging 9.8% to 19.9% P2O5 over the section
- Average width of 11 main beds varies between 0.31m – 1.03m over all 5 holes, averaging 0.52m overall
- Average grade of the first top 5 beds is 14.8% over 0.54m, with mean grades ranging from 11.8% – 19.9% P2O5 per bed over the section
- Individual beds up to 1.2m thick (JPQ-14-07 13.8% P2O5 from 92m – 93.2m)
- Phosphate beds occur from 26.7m below surface in JPQ-14-16 and confirm the shallower position of the beds drilled in the eastern part of the grid as reported in JPQ-14-11 and 13 (see Section 4)
- No faulting or structural features were observed affecting the beds, allowing for easy correlation of individual beds hole to hole
David Cass, the President of Focus, said: “This third batch of results again emphasizes the continuity of the phosphate beds across the drill grid to date with the mineralization wide open on all sides. As in previous sections we are seeing grades of around 15% P2O5 within the first 5 beds, which we believe are the same as those currently being mined by Vale.”
A drill collar plan with geological cross sections, updated results tables and full set of assays are posted on Focus’s website www.focusventuresltd.com. Cross sections 3 and 4 are shown below.
Exercise of Warrants
The Company is also pleased to announce that it has received proceeds of $2.38 million from the exercise of warrants that were recently subject to acceleration (see press release May 21, 2014). Focus’ management expressly thanks all warrant holders involved.
Summary of Drilling
All holes were drilled vertically to between 80m – 110m depth targeting horizontal phosphate beds within the Diana Formation, a sequence of phosphoric diatomites and sandstones approximately 40 metres thick. The phosphate beds comprise up to 40% apatite pellets, ooliths and fossil debris consisting of mainly fish teeth, bones and scales representing the remains of marine organisms that accumulated on the sea floor. Flat-lying deposits such as sedimentary phosphates and other bulk commodities such as bauxite and gypsum may be amenable to precision mechanized strip mining using surface miners, which can efficiently mine beds down to as little as 10cm in thickness.
Summary Table showing Assays of Main Phosphate Beds for Holes JPQ 14-07, 05, 02, 09, 16 (Section 3). All widths are in meters.
|Numerals in italics denote weighted composites|
|Beds averaging 0.1 – 0.3m omitted for the purpose of these calculations|
Sampling Quality Analysis and Quality Control
Logging and sampling are undertaken at site in Bayovar under a QA/QC protocol developed by Focus in conjunction with Golder Associates. Due to the friable nature of the diatomite, the core cannot be split by diamond saw or mechanical splitter, and has to be split by hand. Once logged and sampled, the core is bagged and transported in sealed plastic drums by Focus personnel to Certimin laboratories in Lima for analysis. Phosphorous (P205) is determined by gravimetric methods. Major oxides are determined by ICPOES and silica by gravimetric analysis. Certimin is an affiliated ISO 9001 laboratory and uses standards for phosphate and silica from the Association of Fertilizer and Phosphate Chemists. Analytical accuracy and precision are monitored by the analysis of reagent blanks, reference material and replicate samples. Quality control is further assured by Focus’s QA/QC program which involves the insertion by Focus personnel of blind certified standards, blanks and core duplicates into the sample stream at regular intervals in order to independently assess analytical precision and accuracy of each batch of samples as they are received from the laboratory.
The Bayovar 12 concession shows potential to host a large sedimentary phosphate deposit. The Bayovar district is situated in the Sechura Desert, a north-trending basin approximately 22,000 square kilometres in area comprising Miocene-aged sedimentary rocks. Phosphate was discovered in the 1950s during drilling for petroleum. It occurs as beds of pelletal phosphate within the Zapallal formation, a thick sequence of diatomites and sandstones. The phosphate layers are remarkably regular in P2O5 content over long distances, a typical characteristic of marine phosphate deposits. At Vale’s Bayovar mine, the soft and friable nature of the phosphate rock and diatomite permits mining by conventional truck and shovel without the use of explosives.
To view cross sections 3 and 4, click on the following link: http://media3.marketwire.com/docs/953726m.pdf
On January 14, 2014, the Company’s Peruvian subsidiary, Agrifos Peru SAC, signed a formal option agreement for the acquisition of shares in Juan Paulo Quay SAC, the titleholder of the Bayovar 12 non-metallic mining concession. Agrifos can earn a 70 per cent interest of the issued share capital of JPQ by investing in exploration and making a series of cash payments up to the completion of a positive prefeasibility study, after which Agrifos will have the first right of refusal to purchase the remaining 30 per cent of JPQ.
The scientific and technical information in this release were prepared under the supervision of 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 National Instrument 43-101.
Phosphate rock is a raw material for fertilizers and vital to world food production. Focus is acquiring and developing quality phosphate projects in Latin America where the discovery and development of new deposits is becoming increasingly important given the growing demand and limited local supply of phosphate for fertilizer production. For further information, please call 604-630-5544 or visit our web site www.focusventuresltd.com.
ON BEHALF OF THE BOARD
Ralph Rushton, Director & Vice-President, Corporate Development
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
This news release may include certain “forward-looking information” within the meaning of Canadian securities legislation. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “forecast”, “expect”, “potential”, “project”, “target”, “schedule”, budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from the Company’s expectations include actual exploration and development results, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required approvals, and other exploration or other risks detailed herein and from time to time in the documents filed by the Company from time to time on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on forward-looking statements which speak only as of the date of this news release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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