Fancamp Exploration Ltd. (“Fancamp” or the “Corporation”) (TSX
Venture Exchange:
FNC) is pleased to announce high
grade copper assay results and extension of previously recognized
Copper and Gold mineralization from its 2022 winter drilling
program at its Clinton project (
Figure 1) in the
Eastern Townships of Québec, Canada which is among the top
jurisdictions globally in terms of attractiveness of exploration
investments (Annual Survey of Mining Companies 2021, Fraser
Institute).
A total of 1,294 meters in 6 holes were drilled
in February and March 2022. Historical drilling of over 60,000
meters has been reported in SIGEOM (Quebec Ministry of Mines
Database). The drilling program was a success, with Clinton
Historical Lens “A” being extended to a minimum of 100 meters along
strike, at shallow depth.
Fancamp is very encouraged by these results and
plans to follow up with further drilling to better assess the size,
grade and continuity of the copper bearing lenses. This is in line
with the Corporation’s strategy to unlock shareholder value from
its extensive concessions portfolio with focus on creating a
project pipeline of gold rich base metal projects.
Highlights
-
Hole CLDD-22-02: 3.15 m @ 3.30% Cu and 12.64 g/t Ag, effectively
extending historical lens “A”, mineralization an additional
100 meters along strike, across depths to 50 meters below the
surface (Photo1) (Figure 2).
Photo 1
-
Hole CLDD-22-03: 2.00 m @ 0.54% Cu, a down dip extension from the
intersection in hole CLDD-22-02 (Figure 2).
Please refer to Table 1 for
further details regarding the Assay Results. Further assays are
pending and will be reported when received.
Outlook
Fancamp, after review of the 3D modelling
(Fancamp press release January 25, 2022), initiated a drill program
to both test a VTEM plate anomaly situated some 100 m NE of a
copper bearing mineralized lens to expand the lens along strike
(Figure 2).
Positive results were achieved, with Clinton
Historical Lens “A” being extended to a minimum of 100 metres along
strike, at vertical depth of less than 50 meters below surface.
Historically, 5 copper bearing mineralized lenses have been
identified, at the contact of the volcanics and the sediments.
Fancamp’s recent drill campaign has resulted in two of these
lenses, A and B, being considered as a contiguous mineralized zone.
These lenses are aligned along a N30 strike at a regular interval.
The 3D modeling and the 2022 drilling program suggest that the
lenses could be connected, thus potentially forming a larger
mineralized volume (Figure 3).
The mineralization is typical of a VMS
(Volcanogenic Massive Sulphide) type deposit. The mineralization
occurs at the contact between a thick sedimentary sequence and a
felsic volcanic unit. An exhalative horizon, consisting of finely
laminated iron rich mudstone with – occasionally – a jasperoid type
bed, can be traced over the full strike length of the mineralized
horizon. This unit is an easily identified marker – both
geophysically and geologically – and will help uncover the extent
of the mineralized lens.
About the Clinton ProjectThe
Clinton Project is underlain by a folded and faulted bimodal
volcanic sequence. It hosts a series of Cu – Zn precious metals
volcanogenic massive sulphide mineralization lenses extending over
a 5 km NE horizon. The project 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 62,354 meters of drilling in
297 holes was performed.
The project area hosts a non-43-101 compliant
historical resource, contained within five small sulfide lenses A,
C, E, F, and O totaling 1.52 Mt at 2.02% Cu and 1.54% Zn [MRNFQ
Fiche de Gite 21E07-0007]. A qualified person has not done
sufficient work to classify the historical estimate as current
mineral resource. The Company is not treating the historical
estimate as current mineral resources.
Qualified Person
The 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 Activation Laboratories Ltd. The Corporation inserts
quality control samples (blanks, standard reference material, and
duplicates) at regular intervals to monitor laboratory performance.
Standard are inserted every 40 samples. Reference samples are
obtained from OREAS (Ore Research and Exploration P/L ABN) and are
comprised of OREAS 524 (2.53% Cu). Blanks are inserted every 40
samples and are Coarse Silica Blank Material obtained from OREAS.
Field duplicates are inserted every 40 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.
Assay Results:
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/e17e0907-0a65-4d60-8dc4-ab47b8bdf0d7
https://www.globenewswire.com/NewsRoom/AttachmentNg/1e8100fc-a156-42aa-b9a1-417bad902c5a
https://www.globenewswire.com/NewsRoom/AttachmentNg/b24363b7-f9e1-4211-a962-aef98fda8f3f
https://www.globenewswire.com/NewsRoom/AttachmentNg/8bdd772d-36d8-4d70-9971-c5316b36f04d
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