Fancamp Acquires Additional Gold and Base Metal Properties in Swayze, Ontario and Bathurst, New Brunswick Camps
VANCOUVER, British Columbia, Feb. 20, 2018 (GLOBE NEWSWIRE) -- Fancamp Exploration Ltd. (“Fancamp” or the “Company”) (TSX VENTURE:FNC) wishes to announce the acquisition of two new exploration properties.
In the Swayze Greenstone Belt, the Company has finalized the purchase of a two-claim unit of 30.11 hectares (74.4 acres) known as the Woman River occurrence. Consideration for this outright purchase is the issuance of 250,000 fully paid common shares of Fancamp, subject to regulatory approval, together with a 1.5% NSR, of which 1% may be purchased for $1M. This property adjoins the northwest corner of the Mallard Gold Project, (See Fancamp news release of January 17th, 2018).
In the Bathurst Camp of New Brunswick, the Company has signed a three-year option agreement with prospector David O’Neil, and geologist Art Hamilton, on a 969.4 hectare (2,395.4 acres) known as the Brunswick North Property. Consideration for this purchase option to a 100% interest is in exchange for aggregate cash payments of $35,000.00 and the issuance of up to 500,000 common shares of Fancamp Exploration Ltd., over a period of three years, subject to regulatory approval. The claims are subject to a 2% NSR, of which 1% may be bought back for $1,000,000.00.
The Woman River Zone was first discovered in 1933 and was drill-tested to a maximum depth of only 70m by Noranda in 1985 with a 2,025m BQ drilling program on two separate targets within the property. The Woman River Zone tested a northwest trending shear zone, an extension of the 8km long Mallard shear of the Mallard Gold Project itself. Noranda drillhole BE-85-1, drilled at – 450 across this shear, intersected 3.7m grading 5.04 gpt Au, including 0.61m grading 19.47 gpt at a vertical depth below surface of about 30m. Drillhole BE 85-3, drilled on the same section as BE-85-1, and 60m to the northeast, at – 480, intersected the mineralized zone down dip at a vertical depth of about 70m. This intersection gave 6.68 gpt Au over 1.83m. Drillhole BE-85-5 drilled along strike, 90m to the northwest, intersected 3.5 gpt Au over 2.8m. All mineralized zones were associated with the contact of a weakly foliated quartz porphyry and sheared, altered mafic to intermediate volcanic rocks. The zone typically contained strong quartz-carbonate veining, and silicification with peripheral sericitization. Disseminated pyrite was evident, but no greater than 1-2%. The second target, referred to as the Camp Zone was also tested by Noranda during the 1985 drill program. This zone is approximately 400m northeast of the Woman River Zone where one of four drillholes intersected mineralization at the sheared contact of a quartz-feldspar porphyry and mafic volcanic rocks. Highest gold values were reported in a brecciated felsic rock with a silicified, white quartz matrix. Disseminated pyrite was evident up to 1-2%. This intersection was encountered in drillhole BE-85-6, which reported 5.31 gpt Au over 3.8m.
The Brunswick North Property is located 20 km southwest of Bathurst in northern New Brunswick and includes claim nos. 7727, 7744, 8598, and 7957 that covers a total of 969.4 hectares on Crown Land. The Property is situated approximately 3 km southwest from the Middle River Gold deposit and 6 km northwest from the Brunswick No. 12 volcanogenic massive sulphide (VMS) deposit. Recent discoveries on the Brunswick North property indicate potential for gold as well as VMS mineralization with assays from float samples on the Property ranging up to 7.69 g/t Au and high grade massive sulphide boulders grading up to 3.8 g/t Au, 158 g/t Ag, 17.3% Pb and 8.5% Zn. During fifty years of mining, the nearby Brunswick No. 12 Mine produced 134 million tonnes grading 7.82% Zn, 3.05% Pb, 0.45% Cu, 91.5 g/t Ag and 0.67 g/t Au. Diamond drilling at the nearby Middle River Gold deposit in 2004 has identified gold mineralization over a strike length of 490 metres, where the best intersection ran 3.41 g/t Au over 17.6 metres and included an upper higher-grade zone of 4.7 metres grading 7.49 g/t Au and a lower higher-grade zone of 1.7 metres grading 6.51 g/t Au. No drilling has been reported on this property and trenching has apparently only been carried out near the northern margin of the area exhibiting anomalous gold soil values.
A VTEM Time Domain EM and Magnetic survey over strategic parts of the Mallard Gold Project including the Woman River Zone, will soon be completed by Geotech. In addition, the Company wishes to report completion of an airborne MAG-TDEM survey over its Becaguimec magmatic sulphide-VMS property in central New Brunswick.
This release was written by Mr. Mike Flanagan, M.Sc.A, P.Geo, V.P. Exploration, the Company’s qualified person under NI 43-101 regulations.
About Fancamp Exploration Ltd (www.fancampexplorationltd.ca)
Fancamp’s focus is on grassroots mineral exploration; adding value through prospecting, geophysics and drilling, and managing risk through sales and property option agreements. The Company has an exceptional inventory of resource properties in Québec, Ontario and New Brunswick; commodities of interest include gold, base metals, chromium, titanium, iron and silica. The company also continues to evolve into a holder of shares in partner companies together with royalties. The Company is a reporting issuer in British Columbia, Ontario and Québec and its common shares are listed for trading on the TSX Venture Exchange under the symbol FNC.
For further information, please contact
Peter H. Smith PhD., P.Eng. – President 1-514-481-3172
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
