Fancamp Exploration Ltd. (“Fancamp” or the “Corporation”) (TSX
Venture Exchange: FNC) is pleased to provide an update on its data
compilation and target generation for its Clinton VMS (volcanogenic
massive sulphide) exploration project (Figure 1).
The Clinton copper zinc massive sulphide project
was the site of mining at shallow depth between 1973 to 1975 and
has been the site of multiple exploration programs over the past 75
years, including airborne geophysics and drilling (predominantly to
less than 250 meters vertical).
Complex post – mineralization deformation and
the lack of prior data compilation and integration has hindered
exploration on the property. Fancamp has retained the services of
Mira Geoscience Ltd. (“Mira”) to conduct compilation, modelling and
exploration targeting over its Clinton and other properties using
the latest tools including using a combination of domain expertise
modelling and artificial intelligence (“AI”). This newly completed
data compilation and geological modeling exercise has identified
the presence of two potential exhalative units bounding the
Cu-Zn-precious metals mineralized horizon, which also correspond to
several interpreted VTEM plate anomalies. The identification of a
favorable geologic horizon marker, together with an understanding
of the folding and faulting on the property, will greatly aid drill
targeting for this program.
In the northern part of the property, one of the
VTEM conductive plates appears to have not been drill tested,
although significant copper values were recorded in a series of
drill holes situated about 200 meters to the south (Figures 2 and
3). To test this hypothesis, a 2,500 meter drilling program is
scheduled to start in Q1 2022. Fancamp believes the use of Mira’s
technology and innovative AI methodology will help decipher the
large amounts of data available in public filing and company
records. Mira’s technology is being used for other targeted
properties such as Harvey Hill and Stoke in the Eastern Townships
of Québec.
About the Clinton Project
The Clinton Project, underlain by a folded and
faulted bimodal volcanic sequence and hosting lenses of Cu – Zn
precious metals volcanogenic massive sulphide mineralization, is
situated approximately 20 km southwest of the town of Megantic,
immediately north of the Maine border (Figure 1). It covers about
20 km of favorable stratigraphy of the Clinton River
volcano-sedimentary Belt. From inception of exploration in the
early part of the 20th century, the property has been the site of
multiple exploration programs. Since 1953, some 59,694 meters of
drilling in 286 holes was performed. The property was further the
site of a mining operation from 1973-75, and, reportedly, 122,251
tons were mined at an average grade of 2.08% Cu, 1.54% Zn in five
lenses: A, C, E, F, and O [MRNFQ Fiche de Gite 21E07-0007]. A
historical resource, non-43-101 compliant report was completed in
the past and cannot be relied upon. Since its acquisition in 2010,
Fancamp has conducted several drilling programs on the property.
The best drilling intercepts returned (Fancamp program) was 1.79%
Cu over 6.19m within a 14.58m wide zone of 1.09% Cu (Fancamp's
Press Release of July 16, 2012), and 1.27% Cu, 1.14% Zn, and 11 gpt
Ag over 11m (V3 zone, Fancamp's Press Release of Oct. 14, 2014),
and 2.78% Cu and 16.9 gpt Ag over 24.7m (V1 zone, Fancamp's Press
Release of Oct. 14, 2014).
Qualified Person
The technical information contained in this
press release was reviewed and approved by François Auclair, P Geo,
M.Sc., Fancamp’s, Vice President Exploration, and is designated as
a Qualified Person under National Instrument 43-101.
Quality Control
Assays for the diamond drill programs were
analyzed by Activations Laboratories Ltd. in Ancaster, Ontario. The
Corporation inserts quality control samples (blanks, standard
reference material, and duplicates) at regular intervals to monitor
laboratory performance. Standard samples are inserted every 15-20
samples, with additional standard material added to mineralized
zones. Reference samples are obtained from OREAS (Ore Research and
Exploration P/L ABN) and comprised OREAS 620 (0.173% Cu), and OREAS
624 (3.10% Cu). Blanks are inserted every 15-20 samples and are
obtained from a deposit of pure quartzite. Field duplicates are
inserted every 20 samples.
About Fancamp Exploration Ltd. (TSX-V:
FNC)
Fancamp is a growing Canadian mineral
exploration corporation dedicated to its value-added strategy of
advancing its priority mineral properties through exploration and
innovative development. The Corporation owns numerous mineral
resource properties in Quebec, Ontario and New Brunswick, including
chromium, strategic rare-earth metals, gold, zinc, titanium and
more. Fancamp’s chromium properties in the highly sought-after Ring
of Fire in Northern Ontario are strategically located. Its rare
earth element properties in Quebec are a special focus. Fancamp has
investments in an existing iron ore operation in the
Quebec-Labrador Trough, in addition to an investment in a zinc mine
planned to be restarted in Nova Scotia. Fancamp is developing
energy reduction technology with its advanced Titanium extraction
strategy. The Corporation is managed by a focused leadership team
with decades of mining, exploration and complementary technology
experience.
Forward-looking Statements
This news release contains certain
“forward-looking statements” or “forward-looking information”
(collectively referred to herein as “forward-looking statements”)
within the meaning of applicable securities legislation. Such
forward-looking statements include, without limitation, forecasts,
estimates, expectations and objectives for future operations that
are subject to a number of assumptions, risks and uncertainties,
many of which are beyond the control of the Corporation.
Forward-looking statements are statements that are not historical
facts and are generally, but not always, identified by the words
“expects”, “plans”, “anticipates”, “believes”, “intends”,
“estimates”, “projects”, “potential” and similar expressions, or
are events or conditions that “will”, “would”, “may”, “could” or
“should” occur or be achieved.
Although Fancamp believes that the material
factors, expectations and assumptions informing such
forward-looking statements are reasonable based on information
available to it on the date such statements were made, no
assurances can be given as to future results of such
statements.
Such forward-looking statements involve known
and unknown risks, uncertainties and other factors that may cause
actual events to differ materially from those anticipated in such
forward-looking statements.
Readers are cautioned that the foregoing list of
factors is not exhaustive. Statements including forward-looking
statements are made as of the date they are given and, except as
required by applicable securities laws, Fancamp disclaims any
intention or obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. The forward-looking statements
contained in this news release are expressly qualified by this
cautionary statement.
For Further Information
Rajesh Sharma, President & Chief Executive
Officer+1 (604) 434 8829info@fancamp.ca |
Debra Chapman, Chief Financial Officer +1 (604)
434 8829info@fancamp.ca |
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.
Figures 1, 2, and 3 are available
at http://ml.globenewswire.com/Resource/Download/24bb54d2-6ef1-4ef5-a9c0-6c5fcdb3cc17
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