Fokus Mining uncovers rich gold-copper zones in Quebec’s Galloway Project—Phase II drilling on the horizon

How is Fokus Mining advancing gold-copper exploration at Galloway?

Fokus Mining Corporation has reported encouraging assay results from its Phase I exploration program at the Galloway Project in Abitibi, Quebec, revealing promising gold-equivalent grades across both the RB and Hurd targets. The company has confirmed intersecting mineralized zones that support open-pit and bulk-tonnage underground mining potential, while a completed TITAN geophysical survey lays the foundation for an expanded Phase II program.

The Galloway Project, strategically located along the Cadillac-Larder Lake Fault between the prolific Rouyn-Noranda and Kerr-Addison mining camps, has already defined a significant inferred gold resource. As per the March 2023 NI 43-101 technical report, Fokus outlined 1.42 million ounces of gold at a grade of 1.07 g/t (41.2 Mt) using a US$1,750/oz price, and 1.79 million ounces at 0.97 g/t (57.5 Mt) based on a US$1,960/oz scenario. This latest update, dated April 10, 2025, reinforces the long-term development prospects of the site through fresh drill data and strategic planning.

What do the latest drill results from Galloway reveal?

Fokus Mining’s most recent drilling campaign included extensions and new targets in both the RB and Hurd zones. Among the standout intersections, drill hole GA-25-93 at the Hurd target returned 0.90 grams per tonne (g/t) gold equivalent (AuEq) over 33.0 metres, including a higher-grade zone of 1.67 g/t AuEq over 10.1 metres. These results, bolstered by copper content of up to 0.38%, underscore the polymetallic nature of the Galloway system.

Hole GA-25-94 further demonstrated the continuity of the Hurd mineralization, reporting 0.81 g/t AuEq over 30 metres, with several higher-grade cores up to 1.60 g/t AuEq over 1.5 metres. Hole GA-25-95 intersected multiple zones, including 2.26 g/t AuEq over 1.5 metres and 2.70 g/t AuEq over another 1.5-metre segment, supporting the view that mineralization remains robust across depth and strike extensions.

The RB target also continued to deliver meaningful assays. Hole GA-24-91 (extension) cut through 0.64 g/t AuEq over 12.0 metres, including a richer 1.87 g/t AuEq over 1.5 metres. Additional intervals included 0.61 g/t AuEq over 18.0 metres and several smaller cores grading above 1.5 g/t AuEq. These values, although moderate compared to high-grade underground mines, support the development of a low-cost, high-tonnage operation.

Why is the Hurd zone significant for Fokus Mining’s broader strategy?

The Hurd zone, located about 300 metres northeast of the RB deposit, is emerging as a key component of Fokus Mining’s expansion strategy at Galloway. The continuity of wide mineralized intervals, combined with elevated copper content, suggests the area could support both gold and base metal recovery. With grades consistently exceeding 0.8 g/t AuEq across significant widths, the Hurd target enhances the scale and economic flexibility of the project.

Company leadership emphasized that the Hurd drilling validates the broader gold-copper mineralized system spanning across Galloway. Philippe MacKay, President and CEO of Fokus Mining, stated that the consistent geological continuity and expanding footprint bolster confidence in the potential for a large-scale open-pit and underground hybrid development.

This integrated exploration model—highlighted by the dual emphasis on gold and copper—is particularly timely as demand for both metals continues to rise. Gold remains a global hedge against inflation and geopolitical volatility, while copper is central to the green energy transition, powering everything from EVs to renewable infrastructure.

How does the new geophysical data influence Phase II planning?

Fokus Mining has completed a TITAN Deep-Penetrating Direct Current Induced Polarization (DCIP) geophysical survey covering the western portion of the Galloway property. This survey is designed to identify new conductive and chargeable targets at depth, offering a critical tool for refining existing zones and discovering new high-potential structures.

Interpretation of the TITAN survey data is underway, and results are expected to guide the planning and execution of Phase II drilling. The company has indicated that Phase II will focus on testing new targets identified through the TITAN data while continuing to infill and extend known deposits. This next phase is expected to be pivotal in supporting an updated resource estimate and informing preliminary development scenarios.

The ability to integrate geophysical, geological, and assay data across multiple zones is becoming increasingly important for junior mining companies seeking to attract capital and strategic partners. Fokus’s methodical approach to de-risking the asset through exploration, geophysics, and resource modeling positions it well in a competitive exploration landscape.

How is the market reacting to Fokus Mining’s exploration progress?

Investor sentiment toward Fokus Mining Corporation (TSXV: FKM, OTCQB: FKMCF) remains cautiously optimistic. The stock has appreciated significantly year-over-year, gaining approximately 76.9% on the TSX Venture Exchange and over 200% on the OTCQB in the past 12 months. However, the share price has experienced a moderate pullback in recent months, with a 23.3% decline on the TSXV year-to-date as of April 2025, currently trading around CAD 0.12.

Technical indicators suggest a neutral to bearish short-term trend, with price movements likely reflecting broader junior mining sector volatility. Despite the recent correction, the underlying fundamentals of Fokus Mining—namely, its expanding resource base, favourable drill results, and stable jurisdiction—continue to support a constructive long-term outlook.

Given the absence of revenue and a net loss of approximately CAD 1.24 million in 2023, investors are closely watching the pace of exploration success to validate the company’s valuation. The company’s limited liabilities and total assets of CAD 9.25 million reflect prudent fiscal management, but future capital raises remain likely to fund continued development.

From an investment perspective:

Buy: Investors seeking speculative upside in the junior gold exploration space may view Fokus Mining favourably due to its strong project fundamentals and the dual gold-copper exposure.

Hold: Current shareholders could benefit from holding through Phase II exploration, especially if additional high-grade zones are identified that support a revaluation of the asset.

Sell: Those looking to reduce exposure to early-stage, non-revenue-generating stocks might consider exiting positions, particularly if concerned about short-term volatility or dilution risk.

What development scenarios are emerging for the Galloway Project?

The ongoing exploration results support multiple development pathways at the Galloway Project. At the Hendrick zone, deeper drilling has outlined a higher-grade core that could be viable for underground mining, especially under a bulk-tonnage model. Meanwhile, the near-surface GP and RB zones have demonstrated lateral extensions that reinforce the feasibility of an open-pit operation.

The combined gold-copper resource across these zones aligns with development trends seen elsewhere in Quebec and the broader Abitibi Greenstone Belt, where polymetallic deposits are gaining traction among investors due to their scale and cost-efficiency. Furthermore, the continuity and scale observed at Hurd open the door to resource integration with RB and GP, potentially forming a centralized mining hub with multiple feeding zones.

Importantly, mineralization across the Galloway trend remains open in multiple directions—both laterally and at depth—suggesting that resource expansion is far from complete. Should Phase II drilling confirm new zones or extend high-grade intervals, Fokus could be well-positioned to reassess its resource base in the near future.