Minfocus Exploration Announces Option to Acquire 100% Interest in British Columbia Mississippi Valley Type Lead-Zinc Property, the Peregrine Project
Toronto, ON (FSCwire) - Minfocus Exploration Corp. (TSX-V: MFX)("Minfocus") is pleased to announce that it has recently entered an option earn-in agreement on a Mississippi Valley Type (“MVT”) Lead-Zinc property, the Peregrine Project, in southeastern British Columbia. Minfocus can earn a 100% interest over a period of two years by making optional staged payments totaling $10,000 cash and issuing 1,000,000 shares plus the grant of a 2% NSR. Minfocus has the option to repurchase up to 1% of the NSR for $1.0 million after commercial production. The agreement is still subject to TSXV approval.
Peregrine Lead-Zinc Project Exploration History and Access
The initial discovery of lead-zinc mineralization on the Peregrine property dates back to the 1970’s with the most recent work being historic work from 1986 by Cominco. Regional lead-zinc exploration throughout British Columbia mostly ceased around this time due to poor metal prices.
Historical chip sampling of the Showing No. 1 by Cominco, in 1986, using 1-metre intervals, channeled obliquely across breccia zones in the Cambrian-Jubilee Formation assayed 17m of 11.1% Zn including an interval 14.3% Zn over 11m with assays ranging from 2.90% to 25.2% Zn. Showing No. 2 assayed 11.7% Zn over 1.7m. A third trench stratigraphically higher in breccia of the Devonian-Beaverfoot Formation assayed 2.92% Zn and 15.4% Ba. Cominco reported that surface mineralization at the two main showings investigated is of “significant extent and grade.” Historical geochemical surveys indicate widespread very high zinc values in soils. Anomalous soils analyses ranged from 5,000 to 30,000 ppm Zn and from 100 to 1,500 ppm Pb. All assays and analyses were performed at Cominco’s exploration laboratory in Vancouver, B.C.