Focus Ventures (FCV.V) which is currently busy to drill the Bayovar 12 phosphate project in Peru has now confirmed phosphate has been found over a surface area of 6.4 square kilometers. As expected, the phosphate intersections are extremely predictable as the average grade was almost the same everywhere the company drilled.
This bodes very well for the maiden resource estimate which is currently being calculated by Golder, and we are expecting this first resource to confirm the exploration target of 100-150Mt at 12-18% P2O5.
Additionally, the company has announced it raised C$971,000 from warrant exercises and these funds will be used to pay the next option payment of C$750,000 to the project vendors. As the warrant overhang has now been cleared, it will be interesting to see what the share price will do over the next few weeks, in anticipation of a maiden resource estimate.
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Disclosure: The author holds a long position in Focus Ventures. Please see our disclaimer for current positions.
