08/16/17 Fancamp maintains grassroots exploration and research activities
Following the July 28th announcement by Fancamp Exploration Ltd. ("Fancamp") (TSX VENTURE: FNC) regarding the $3.9 million in funding from Sustainable Development Technology Canada (SDTC), to its subsidiary, The Magpie Mines Inc. (Magpie), a series of planning and budgeting meetings for the development and operation of the demonstration plant are scheduled during the month of August with consortium members SDTC, Impact Global Solutions (IGS) and COREM. Management expects to be able to report the details of these meetings, including project budget and schedule, in the fall.
Fancamp will continue to explore its exploration properties, all of which have demonstrated a healthy mix of commodities, in three eastern Canadian provincial jurisdictions; Quebec, New Brunswick and Ontario. Quartzite/silica exploration projects represent the current focus of activities, but gold, base metals and iron ore projects remain in the queue for future exploration. Lac Portage (news release of May 16th), Lac Rigo, Amqui, Ste-Marguerite and Risborough, are all Appalachian quartzite/silica projects under current evaluation and consideration by potential end users. Results of these projects are forthcoming but preliminary data shows that each represent deposits suitable for industrial utilization. The Moise Zinc project in the Rimouski area of Quebec and the Upper Northeast Lake and Becaguimec Lake base metal projects northeast of Woodstock, New Brunswick, are also currently being evaluated. Grab samples recently collected from an historical, overgrown trench on the Moise Zinc project contained up to 1.5% Zn in Cambro-Ordovician brecciated and carbonatized calcareous metasedimentary rocks. Based on historic trenching and soil sample results up to 1140 ppm Zn, the zone has a strike length in excess of 1.6 km. The Upper Northeast Lake property was prospected, surveyed with a VLF geophysical instrument and soil sampled last season and a significant, previously unexplored buried geophysical anomaly was defined over a distance of 600 metres. The anomaly occurs in Lower Devonian volcanic rocks and intercalated sedimentary rocks similar to rocks of the Gravel Hill deposit about 10 km to the south. The Gravel Hill deposit occurs associated with a felsic dome and hosts sulphide concentrations up to 8.3% Zn, 1.66%Pb and 0.36% Cu. Further soil sampling and trenching is planned for this season. Similarly, The Becaguimec Lake property was also prospected, surveyed with a VLF geophysical instrument and soil sampled last season. This work defined a coincident geophysical and soil anomaly which appears to occur at the margins of a buried gabbroic intrusion. A rock exposure in a stream valley along strike from the buried anomaly gave several high values in copper, up to 2.2%Cu. Trenching work is proposed for this season.
About Fancamp Exploration Ltd. 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.
This news release was prepared, reviewed and approved by Mr. Mike Flanagan, M.Sc.A, P. Geo., and a Qualified Person under NI 43-101 standards.
For further information, please contact: Peter H. Smith – President, CEO and Chairman +1 514 481 3172
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