Focus Acquires Porphyry Copper-Molybdenum Project, Peru; Historical Drilling includes 190m @ 0.57% Cu and 71.7m @ 0.7% Cu
VANCOUVER, July 11, 2012 /PRNewswire/ – Focus Ventures Ltd. (TSXV: FCV) is
pleased to announce the acquisition of the Aurora porphyry
copper-molybdenum property located in the Department of Cusco, Peru.
The property is located between 2,600 – 2,900m above sea level on the
northeastern margin of the Yauri-Andahuaylas porphyry belt, host to
several important copper and copper-gold deposits including Las Bambas,
Huaquira, Constancia, Tintaya and Antapaccay mines.
Focus can acquire 100% of the 400 hectare claim by paying US$3,525,000
and granting a 1% NSR by January 2017. There are no expenditure
commitments. In addition, Focus has staked an additional 2,300 hectares
and optioned a further 800 hectares immediately to the west and south,
bringing the total area controlled by Focus to 3,500 hectares.
The presence of porphyry Cu-Mo mineralization at Aurora was confirmed by
two small drilling campaigns undertaken by different companies in 2001
and 2005. Twelve holes (3,900m) drilled over an area approximately
1,200m by 800m cut significant intervals of Cu and Mo mineralization in
both porphyry intrusive and hornfelsed wall rocks (see table below).
Several holes were stopped in good mineralization with copper grades
strengthening towards the bottom of the hole. 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.
Holes ABC-4, DDA-02 & DDA-03 were drilled too shallow to intercept
intrusive rocks and remained in silicified and biotized hornfels but
nevertheless showed appreciable copper mineralization associated with
secondary chalcocite within a fracture/fault zones and hydrothermal
breccias. For example, hole DDA-3 graded 141.8m @ 0.5% Cu and 0.039% Mo
from 18m downhole to the end of the hole which finished at 159.8m in
Aurora is a robust porphyry system with mineralization cut in all the
historical drillholes and open in all directions, with potential to
expand the mineralized system laterally and to depth. Grades of the
historic drilled intercepts are comparable to some of the region’s
major deposits: e.g. Constancia with 372 MT Proven and Probable
Reserves grading 0.39% Cu and 0.0105% Mo (Source: Hudbay Minerals
website) which was purchased by Hudbay Minerals in 2011 in a deal worth
Peru is the world’s second major producer of copper and is particularly
important to future copper supply growth with several large scale
copper mines and projects in development. Demand for copper is largely
driven by China which is the world’s largest importer of copper.
Drill Intercepts – All Holes
Hole Year Depth From To Interval Cu% Mo % Cu Geology Drilled (m) (m) (m) (m) Eq.%* ABC 1 2001 290.0 109.0 290.0 181.0 0.30 0.010 0.35 Hornfels, Porphyry ABC 2 2001 406.0 181.6 406.0 224.4 0.27 0.007 0.30 Porphyry ABC 3 2001 83.5 0.0 83.5 83.5 0.12 0.006 0.15 Porphyry ABC 4 2001 180.0 30.0 54.0 24.0 0.45 0.010 0.49 Slate & Hornfels ABC 5 2001 289.1 173.0 289.1 116.1 0.45 0.005 0.47 Porphyry including 233.0 289.1 56.1 0.72 0.008 0.76 ABC 6 2001 303.9 1.5 303.9 302.4 0.23 0.082 0.64 Porphyry > Mo including 94.0 158.0 64.0 0.49 0.087 0.93 including 90.0 216.0 126.0 0.37 0.087 0.81 DDA-01 2005 604.0 216.0 406.0 190.0 0.57 0.008 0.61 Porphyry including 266.0 286.0 20.0 1.01 0.006 1.04 406.0 604.0 198.0 0.13 0.022 0.25 Porphyry > Mo DDA-02 2005 218.8 20.0 62.0 42.0 0.50 0.028 0.64 Slate & Hornfels DDA-03 2005 159.8 18.0 159.8 141.8 0.50 0.004 0.52 Slate, Hornfels, including 88.0 138.0 50.0 0.75 0.004 0.77 Breccia DDA-3A 2005 297.7 82.0 297.7 215.7 0.36 0.005 0.39 Slate & Hornfels including 226.0 297.7 71.7 0.70 0.007 0.73 DDA-04 2005 401.0 204.0 396.0 192.0 0.19 0.012 0.25 Rhyodacite Porphyry & 0.000 HT DDA-06 2005 268.4 232.0 268.4 36.4 0.40 0.001 0.41 Slate & Hornfels 0.000 DDA-07 2005 409.3 210.0 402.0 192.0 0.21 0.006 0.23 Hornfels, slate, porphyry
* Copper equivalent grades (Cu Eq.) were calculated using $2.80/lb Cu
and $14/lb Molybdenum (1:5 conversion ratio) and assumes 100%
Geology, Mineralization & Alteration
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 leached cap with slate
cover rocks preserved to the west and south and east. Aurora is
located to the northeast of the prolific Yauri-Andahuaylas metallogenic
belt and could be of an older Paleozoic age to the deposits along the
The dominant copper mineral is chalcopyrite with secondary copper
minerals mainly as covellite and lesser chalcocite which is indicative
that a degree of supergene enrichment has occurred accounting for some
of the higher grade intervals e.g. DDA-1 20m @ 1.01% Cu from 266m to
286m and ABC-5 56.1m @ 0.72% Cu from 233m to the end of the hole. All
the mineralized intrusive phases drilled show strong phyllic
(quartz-sericite) alteration with disseminated and veinlet chalcopyrite
and molybdenite associated with strongly developed sheeted quartz vein
Potentially higher grade hypogene potassic alteration typically forming
the deeper core zones of porphyry systems were not intersected by the
historical drilling however these could exist at depth and also to the
southwest along trend underneath slate host rocks where the true centre
of the porphyry system may occur.
Molybdenum shows variable concentrations, with notably higher grades in
Hole ABC-6 where 302.4m @ 0.08% was drilled from surface, including
38.5M @ 0.124% Mo and hosted in a strongly sericitized and coarse
grained quartz monzonite (quartz-feldspar porphyry).
No drill core assays for silver, gold or tungsten are available although
several tungsten-quartz veins are known on the property. Surface
sampling by Focus returned up to 0.69% tungsten. Silver in intrusive
rocks sampled at surface averaged 2.64g/t Ag (32 samples) and
constitute a potentially important by-product along with molybdenum.
Surface exploration will commence immediately, and permitting for
drilling is expected to take 4 – 6 months. There is an existing access
agreement and support for the project from the local community. No
geophysical surveys are known to have been undertaken at the site. A
two-stage exploration program is planned:
-- Logging of available drill core to characterize the distribution of grade within the different intrusive phases and construction of a 3D deposit model of the interpreted hypogene and supergene profiles. -- A wide IP - Resistivity survey to generate drill targets characterize the known mineralization and map its extensions to the south and west underneath the slate cap rocks. -- Detailed surface mapping including surrounding claims to identify satellite mineralization.
-- Grid-based diamond drilling program of targets to expand the deposit beyond the area of historic drilling and underneath the cap rocks and test for higher hypogene grades associated with deeper potassic alteration.
Focus has signed an option agreement with the titleholder 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 and granting a 1% NSR by January 2017.
$110,000 On signing (paid) $95,000 when drill permits are received $12,500 6 months after drill permits are received $25,000 due Jan 2015 $102,500 12 months after drill permits are received $25,000 due July 2015 $102,500 18 months after drill permits are received $25,000 due Oct 2015 $102,500 24 months after drill permits are received $50,000 due Jan 2016 $300,000 30 months after drill permits are received $50,000 due April 2016 $100,000 due July 2016 $200,000 due Oct 2016 $225,000 due Jan 2017 Total $810,000 Total $715,000
After completing the above payments, Focus can acquire 100% title of the
Aurora claim by paying an additional US$2,000,000 and grant a 1% NSR.
As mentioned previously, Focus has staked an additional 2,300 hectares
and optioned a further 800 hectares immediately to the west and south
of the main claim, bringing the total area controlled by Focus to 3,500
hectares. Focus can earn a 100% interest in the additional optioned
ground, which is a claim application, by making cash payments to the
property owner as follows:
$40,000 6 months after signing (Dec 2012) $60,000 when drill permits are received $100,000 12 months after drill permits are received $100,000 24 months after drill permits are received $100,000 36 months after drill permits are received $300,000 48 months after drill permits are received Total $700,000
Plans, maps and photos are available on the company website: www.focusventuresltd.com.
Sampling Quality Analysis and Quality Control
The drill assays quoted are historic in nature and have not been
independently verified by Focus. The sampling and assaying are however
considered to have been undertaken using standard industry practice and
Focus’s samples were prepared and analyzed at ALS Chemex’s laboratory in
Lima, Peru. Silver was determined by multi-acid digestion and ICP-AES,
with fire assay gravimetric finish. Gold was assayed by Atomic
Adsorption Spectrometry 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. Quality control is further
assured by Focus’s own QA/QC program which involves the insertion by
Focus personnel of blind certified standards and blanks 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.
Mr. David Cass, Focus’s President, is a member of the Association of
Professional Engineers and Geoscientists of British Columbia, and a
“Qualified Person” in accordance with NI 43-101. Mr. Cass has reviewed
and approved the technical information in this release.
The Company also announces that it has cancelled 950,000 outstanding
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.