Fancamp Exploration Ltd. (“Fancamp” or the “Corporation”) (TSX
Venture Exchange: FNC) is pleased to announce that the drilling
program at the Clinton project is scheduled to start in
mid-February.
Based on the 3D
modelling by Mira Geosciences and Fancamp, the Clinton drilling
program aims to test a VTEM plate anomaly situated some 100 m NE of
a copper bearing mineralized lens (Figure 1, Figure 2). The VTEM
anomaly also coincides with exhalate marker horizons identified
through historical data compilation and modelling. The “favorable
horizon” will be tested by 3 fences along a strike extension of
about 500 meters of a minimum of 2 holes to visualize the potential
extension of the mineralized horizon.
The targeted plate is
interpreted to follow a “favorable” horizon identified in the
compilation as a chemical exhalative unit, often associated to
volcanism produced during deposition of Volcanogenic Massive
Sulphide deposits.
Previous historical
drilling as well as mining records have reported significant copper
intersections along this unit and the Fancamp exploration program
aims to identify further potential mineralization along this
trend.
The drilling contract
has been awarded to “Forage FTE Drilling” (“FTE”) of Sherbrooke
Québec. FTE is a large, multinational drilling company with
operations in Canada, Burkina Faso, Ivory Coast, Sénégal, Surinam,
French Guiana, and Namibia.
About the
Clinton ProjectThe 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. 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
PersonThe scientific and 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.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/9113a0c8-3af7-4fa4-b090-eac5687da998
https://www.globenewswire.com/NewsRoom/AttachmentNg/8f2ae683-7232-48e4-bd67-c2491c0dcbac
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