Minfocus Exploration Secures Option to Acquire Nevada Rose Property
TSX.V: MFX
MINFOCUS EXPLORATION SECURES
OPTION TO ACQUIRE NEVADA ROSE PROPERTY
July 20, 2020 - Vancouver, B.C., Minfocus Exploration Corp. (TSX.V: MFX) (“Minfocus” or the
“Company”) announces that, further to its news release of March 6, 2020, and subject to TSX Venture
Exchange approval, it has entered an agreement to acquire a 100 -per-cent interest in a group of 22
unpatented lode claims located in NE Nevada (the “Nevada Rose project”).
The Nevada Rose project is situated about 145 kilometres (km) SSE of Carlin, NV and roughly 370 km
NNE of Las Vegas, NV , towards the southerly intersection of the Battle Mountain -Eureka and
Independence-Eureka Trends, approximately 12 km SW of the Ruby Hill mining district near Eureka
City.
Nevada Rose Project
The Nevada Rose project targets a precious-metals system striking over a one-kilometre length on the
edge of the pediment, which comprises previously identified silver-rich zones within a larger zoned
system. The host rock is a sequence of Silurian dolostone overlain by Devonian limestones that dips
gently east toward pediment cover.
Historic regional mapping by Homestake Mining in the 1990s identified aerially extensive bedded and
high-angled (structurally emplaced) jasperoid. Their 79 samples averaged 180 grams per tonne (g/t)
silver (5.2 ounces per tonne (oz/t) Ag) with no appreciable gold and with individual assays of up to
2,050 g/t silver (60 oz/t Ag). Zones of zebra-textured dolomite associated with d issolution collapse
breccia carry more than 30 g/t (over one oz/t ) Ag suggesting targets that should yield thicker zones
containing multiple ounces of silver when the core jasperoid is added.
Anomalous gold mineralization has, in addition, been identified in two locations on the Nevada Rose
project. The first is a bleached zone 200 m wide dipping beneath the pediment. Multiple samples
from this zone reported over 100 parts per billion (ppb) gold. More recent work showed a strong gold
zonation toward the pediment coincident with high zinc values. A shear zone on the edge of the
pediment assayed at 0.58 g/t Au (0.02 oz/t Au) and 380 g/t Ag (11 oz/t Ag). A reverse circulation (RC)
drill program in this zone by Piedmont Mining in 2007 intercepted six metres (20 feet) of 0.91 g/t Au
and 3.4 g/t Ag. Another RC drill hole in the same zone intercepted 44 metres (144 feet) of 0.26 g/t Au
and 3.1 g/t Ag. Mineralization in the latter RC drill hole remains open. A second zone approximately
850 metres to the north produced a gold assay of 0.4 g/t. Historic data indicate the presence of a
mineralizing system with disseminated gold in addition to the multi- ounce silver showings that
dominate the property near surface.
The Nevada Rose project has not to date been the subject of recent systematic exploration. Historic
work has not evaluated the identified targets near to the historic workings or the areas of jasperoid
which are anomalous in silver.
Nevada Rose Project Agreement
Minfocus can acquire a 100% interest in all property rights and title to the Nevada Rose Project over
a period of up to 10 years under the following terms:
1. Issuance of 200,000 Minfocus shares upon TSX-V approval of the agreement to the Vendor;
2. Cash and work commitment:
a) US$10,000 within three months of closing a financing of at least US$100,000. The
closing date of the financing shall be the start date for the agreement anniversary
(“Anniversary”). First year Work commitment: US$50,000;
b) Year 1 Anniversary: US$20,000 and US$200,000 Year-2 work commitment;
c) Year 2 Anniversary: US$30,000 and US$200,000 Year-3 work commitment;
d) Year 3 Anniversary onwards annually until production or 10th Anniversary: US$50,000
and US$500,000 work commitment each year; and
e) Year 10 Anniversary if not in production, US$200,000 and US$2-million Year-10 work
commitment.
On completion of all payments and work commitments (up to and including the 10th anniversary work
commitment), Minfocus will have earned 100% interest in Nevada Rose. Further bonus payments to
the vendor of US$50,000 upon a prefeasibility and US$250,000 upon a feasibility shall be paid .
Payments and work commitments shall cease on the start of production and a 3% net smelter return
(NSR) shall be granted to the vendor.
The Nevada Rose option agreement remains subject to TSX-V approval.
The qualified person who has reviewed and approved the technical content contained in this release
is Dr. Graham C. Wilson, P.Geo (Ontario), a Director of the Company.
About Minfocus Exploration Corp.
Minfocus is a Canadian mineral exploration company currently advancing a portfolio of North
American precious and base metals projects, including gold in Nevada, USA and three Mississippi
Valley-type zinc projects in B .C. and NL, Canada. Minfocus is led by a highly experienced technical
team with a track record of successful exploration worldwide.
FOR FURTHER INFORMATION PLEASE CONTACT:
Alicia Milne
President and Director
Telephone: 1 (800) 482-7560
E-mail: [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.