|May 20, 2014|
Focus Receives First Drill Assays from Bayovar 12; Contracts Golder Associates for Initial Resource Calculation
|May 20, 2014; Vancouver, Canada: Focus Ventures Ltd. (TSX-V: FCV) is pleased to provide assay results for the first 5 holes logged and assayed at the Bayovar 12 phosphate project near Piura, northern Peru. Assays have been received for holes JPQ-14-06, 14-01, 14-03, 14-08 and 14-13 drilled on 800m spacings along the northern part of the drill grid. The holes are being logged, split and sampled in a designated order to allow construction of coherent geological cross sections. Similar geology and mineralization was observed in all holes. Highlights of the first 5 holes, spanning a 3.2km section line, are:|
David Cass, the President of Focus said: "These initial results are exactly what we had anticipated, and the fact that the beds are closer to surface in the eastern part of the grid makes this area a high priority for infill drilling and expansion. We've cut the same multiple phosphate beds in each hole with good, consistent P2O5 grades that can be easily correlated between these initial widely spaced holes. The grades are in line with the existing world-class phosphate resources at Vale's Bayovar mine, which is 15km away from our project, and Hochschild's Fospac project. We're confident that this first phase of drilling will lead to maiden resource estimation in Q3 and we've retained Golder Associates to complete the resource work once we have the full set of drill results."
For comparison, Vale's most recent resource estimation (Source: Vale Annual Report, 2013) for its Bayovar Mine quotes Proven and Probable reserves of 415.9 million dry metric tonnes at 15.5% P2O5.
Each hole was drilled vertically to around 100m depth targeting horizontal phosphate beds within the Diana Formation, a sequence of phosphoric diatomites and sandstones approximately 40 metres thick. The depth from surface to the first phosphate seam varies from 55.1m in JPQ-14-06 in the west to 27.7m in JPQ-14-13 in the east due to the lower elevation. The phosphate beds comprise up to 40% apatite pellets, ooliths and fossil debris consisting of mainly fish teeth, bones and scales. The flat dip of the beds, continuous widths and consistent grades make this style of sedimentary phosphate deposit amenable to precision mechanized strip mining using surface miners.
Summary Table showing Assays of Main Phosphate Beds (refer also to cross section below)
Focus' drilling has also identified disseminated phosphate in the diatomite interbeds that, when combined with the high grade beds, show significant intervals of low grade phosphate in each of the 5 holes. Intervals measuring between 28.2m and 36.7m grading 4.3% to 5.8% P2O5 were drilled. For example, Hole JPQ-14-13 returned a weighted average grade of 4.9% P2O5 over a total width of 34.5m starting at 37.9m downhole. These results are tabulated below.
The potential economic significance of these broad lower grade P2O5 beds will be investigated as part of Focus' ongoing exploration.
Additional drill results will be released upon receipt of further sections. A resource definition drill program will be prepared by the Company, with Golder's input, to commence by third quarter this year.
Sampling Quality Analysis and Quality Control
Logging and sampling is undertaken at site in Bayovar under a QA/QC protocol developed by Focus. 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 pentoxide (P2O5) and silica are determined by gravimetric methods. Major oxides are determined by ICP-OES. Certimin is a certified ISO 9001 laboratory and use 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' 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.
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
Director & Vice-President, Corporate Development
Contact: Ralph Rushton
Tel: (604) 630-5544; Fax: (604) 682-1514
Some of the statements in this news release contains 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.
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