Fancamp completes compilation and interpretation of Stoke Project
March 22 2022 - 8:30AM
Fancamp Exploration Ltd. (“Fancamp” or the “Corporation”) (TSX
Venture Exchange: FNC) is pleased announce completion of the
compilation and integrated interpretation work for the Stoke
Project, situated in the Eastern Townships of Quebec (Figure 1).
This work led to the determination of drill targets for testing of
the exhalative horizon associated with interpreted syn volcanic
growth faults.
Fancamp and Mira Geoscience Ltd. (Mira) have
completed the construction of a 3D model for the Stoke project. The
data compilation of the available public and private company
information were used to develop a geological model for the Stoke
property. The compilation indicates that the property geology is
comprised of a main stratigraphic sequence consisting of a
volcano-sedimentary succession of bi-modal volcanic units overlain
by sedimentary packages. An exhalative unit, identified in several
historical drill holes, has been used as a marker related to the
base metal mineralization on the project. The overall geological
package has been folded and forms two subvertical antiform and
synform structures with axial planes striking to the NE. Lastly,
the faults mainly consist of steeply to moderately dipping thrust
faults striking to the NE and dipping to the SE (Figure 2).
Mira and Fancamp built a 3D model which
indicates potential variations in thickness of the various
stratigraphical units. This synopsis was then used to identify
abrupt changes in thickness which could be associated to
synvolcanic faults and/or graben in which hydrothermal fluids could
be concentrated under the exhalative horizon.
One of the breakthroughs of the interpretation
through the 3D modeling was the development of paleo reconstruction
of the stratigraphical units. This approach led to the discovery of
a series of either potential synvolcanic faults and/or graben type
depression at the paleo surface defined by the exhalative horizon
situated at the mafic – felsic contact. These depressions are often
the focus of metals deposition and syn-volcanic growth faults are
often the first- order control on the flow of metal- bearing
hydrothermal fluids. Historical drilling highlights from the
property include 7.29% Cu over 6.40 metres in the depth extension
of Phelps Dodge’s “Copper Zone ", (drillhole 2011- 06) and 6.21 gpt
Au in the “Grand Prix” gold zone. This included a 1.0 metre
interval with 22.4 gpt Au, 7.73% Zn, 1.73% Cu, and 2.62% Pb,
(drillhole ST-2010-06) (Figure 3)
Fancamp intends to test drill the paleosurface
to uncover potential metals concentration.
Qualified PersonThe scientific and technical
information contained in this press release was reviewed and
approved by François Auclair, PGeo, M.Sc. Vice President
Exploration of Fancamp, designated as a Qualified Person under
National Instrument 43-101.
Quality ControlAssays 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 StatementsThis 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 accompanying this announcement are available
at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/d72c6bcc-9b10-4c25-9b6b-ae658f2e5dc4
https://www.globenewswire.com/NewsRoom/AttachmentNg/50f33221-8006-456c-bf0b-d2fadc6a7710
https://www.globenewswire.com/NewsRoom/AttachmentNg/0a228863-a9dc-466d-bafa-4f285885dd27
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