Focus Ventures (FCV.V) has announced it’s raising $1.25M atC$0.22/share to further fund its exploration efforts at the Bayovar 12 phosphate project, close to the operating Bayovar phosphate mine. Drilling started a few weeks ago and is aimed to test the potential for phosphate mineralization. The first reports from the field is already encouraging, as the drill bit seems to have intersected phosphate beds which are relatively horizontal and continuous.
Focus aims to release a maiden NI43-compliant resource estimate at Bayovar 12 once this drill program will be over. The company has an exploration target of 100-150Mt at an average grade of 12-16% P2O5 which is high-grade and consistent with the other phosphate projects in the nearby region.
Focus Ventures has the option to acquire a 70% ownership in Bayovar 12 by 2017.
> Click here to read the press release
Disclosure: The author currently has no position in Focus Ventures, but might initiate a long position in the near future. Please see our disclaimer for current positions.
