FOKUS MINING CORPORATION TO PURCHASE A NSR ROYALTY FROM GOLDEN SHARE RESOURCES ON 16 MINING CLAIMS COMPRISING ITS GALLOWAY PROJECT
TSX.V: FKM
OTCQB: FKMCF
Frankfurt: F7E1
ROUYN-NORANDA, QC, May 26, 2022 /CNW Telbec/ - Fokus Mining Corporation ("Fokus" or the "Company") (TSXV: FKM) (OTCQB: FKMCF) (FSE: F7E1) is pleased to announce that it has entered into an agreement to purchase a 1% net smelter return royalty on 16 mining claims comprising the Lake Fortune West portion of its Galloway project (the "NSR") from Golden Share Resources (TSXV: GSH) ("Golden Share" or the "Vendor"). The Company will be acquiring the NSR for a total consideration consisting of a cash payment of $25,000 and the issuance of 50,000 common shares of the Company to the Vendor. The acquisition of the NSR is subject to regulatory approval, including that of the TSX Venture Exchange.
Fokus Mining Corporation is a mineral resource company actively acquiring and exploring precious metal deposits located in the province of Québec, Canada. In implementing this major undertaking within the Canadian mining industry, we are determined to unlock the secret of the Galloway gold project.
The Galloway project covers an area of 2865.54 hectares and is located just north of the Cadillac-Larder Lake deformation which extends laterally for more than 100 km. Numerous gold deposits are related to that structure and its subsidiaries. The current work focuses on a small western portion of the mineral claims where several mineral occurrences have been identified. For more information, visit our website: fokusmining.com.
Golden Share is a natural resource company exploring in Ontario, Canada. Golden Share plans to commence drilling the best primary targets of the Ogoki Project for diamonds, and the Kagiami Project for base metals, mainly copper and nickel, key materials for clean energy development. The carefully developed drilling program, which could potentially lead to exciting discoveries, provides the possibly best rewards for exploration dollars in a short term.
The TSX Venture Exchange and its Regulation Services Provider (as that term is defined in the TSX Venture Exchange Policies) do not accept any responsibility for the truth or accuracy of its content.
Related Links
http://fokusmining.com/
This news release contains statements that may constitute "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, among others, statements regarding the future plans, costs, objectives or performance of Fokus, or the assumptions underlying any of the foregoing. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, including the closing of and the timing for the acquisition of the NSR from the Vendor; obtaining the regulatory approvals, including that of the TSX Venture Exchange, for the acquisition of the NSR; that no exploration work will be conducted on the mining claims subject to the NSR in the next year; and the development of the Lake Fortune West portion of the Galloway Project. Forward-looking information is based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond Fokus's control. These risks, uncertainties and assumptions include, but are not limited to, those described under "Financial Risk Management Objectives and Policies" and "Risks and Uncertainties" in Fokus's Annual Report for the fiscal year ended December 31, 2021, a copy of which is available on SEDAR at www.sedar.com, and could cause actual events or results to differ materially from those projected in any forward-looking statements. Fokus does not intend, nor does Fokus undertake any obligation, to update or revise any forward-looking information contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.
SOURCE Fokus Mining Corporation
View original content: http://www.newswire.ca/en/releases/archive/May2022/26/c2536.html