Fancamp Exploration Ltd. (“
Fancamp” or the
“Corporation”) (TSX Venture Exchange:
FNC) is
pleased to announce final assay results from its 2022 winter
drilling program at its Clinton project (
Figure 1)
located 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).
As previously reported, Fancamp drilled 1,294
metres in 6 holes during February and March 2022 in the northern
part of the property, to evaluate massive sulphide lens A, one of
five massive sulphide lenses on the property (refer to press
release dated June 14, 2022). The program successfully extended
lens A mineralization, where Cu and Ag grades and mineralized
widths were consistent with historical intercepts of lens A. The
work further suggests that mineralized lenses A and B may be
contiguous. Fancamp will be conducting, with TMC Geophysics, a
“Downhole” Pulse EM survey, to follow up on those excellent
results. The survey will be designed to identify possible zones of
electrically conductive massive sulphide mineralization beyond the
areas thus far drilled, in the A/B lens area. The survey will also
enable Fancamp to better define the deposit, thus reducing the
overall cost of exploration.
Highlights
- Hole
CLDD-22-01: 3.0 metres @ 0.72% Cu, 2.87 g/t Ag and 0.02 g/t Au
(Table 1, Figure 2).
Outlook
After review of the 3D modelling (refer to press
releases dated January 25, 2022, and June 14, 2022), Fancamp
conducted a 1,294-meter, 6-hole drill program to firstly, test a
VTEM plate anomaly situated some 100 metres NE of a copper bearing
mineralized lens and secondly, to possibly expand the lens along
strike (Figure 2). Fancamp was able to establish
the potential connectivity of the A and B lenses, and consequently
extended the strike length of these two lenses by approximately 100
metres (Figure 3). The drill campaign indicates
these two lenses, A and B, could conceivably be considered a
contiguous mineralized zone and coalesce at depth, forming,
potentially, one lens. Such findings further imply a favorable
drilling horizon to further expand lenses A and B to the SW.
The mineralization is typical of a VMS
(Volcanogenic Massive Sulphide) type deposit and 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. Once the results of the Down Hole Pulse EM survey are
received, Fancamp will update its geological model and prepare for
a new drilling program aiming at expanding the Clinton copper
mineralization.
"The assay results proved that the winter drill
program has been a complete success in confirming the Clinton
project is host to significant sulphide copper mineralization, in
the shadow of a past-producing mine, which now extends along strike
with the potential merging of two copper bearing mineralized
lenses. Most encouraging is the fact that the A-B lens remains open
to the north and at depth with a plunge to the SW, with extension
of the strike length for both lenses by 100 metres, where we find
hole results that return grades and widths concurrent with
historical intercepts. These results suggest there is ample room
for additional expansion and growth of the Clinton geological model
and drilling strategy." – François Auclair, Vice President
Exploration of Fancamp.
About the Clinton Project
The Clinton Project is underlain by a folded and
faulted bimodal volcanic sequence, which 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
confirming the Clinton project is host to significant sulphide
copper mineralization, in the shadow of a past producing mine,
which extends along strike.
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 metres of drilling
across 297 holes was performed.
The project area hosts a non-compliant 43-101
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.
Investor Relations
Engagement
Fancamp furthermore announces that it has
engaged Tara Asfour to perform services for the Corporation,
including investor relations activities, as defined in accordance
with the policies of the TSXV and applicable securities laws.
Pursuant to an agreement entered into with Ms. Asfour on July 19th,
2022, Ms. Asfour will receive a cash fee of $5,000 per month for a
contract period of 12 months, to continue on a month-to-month basis
thereafter. To the knowledge of the Corporation, Ms. Asfour
currently owns zero Common Shares of the Company.
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 |
Tara Asfour,
Director of Investor Relations+1 (604) 434
8829tasfour@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/de1b2c7a-7d8e-477d-b601-e5625983e71c
https://www.globenewswire.com/NewsRoom/AttachmentNg/108efe46-c06e-451e-bede-6939844452c7
https://www.globenewswire.com/NewsRoom/AttachmentNg/b560ede1-b73f-4bdc-8f97-9dceef3720ea
https://www.globenewswire.com/NewsRoom/AttachmentNg/0939e64b-ad84-43b6-b4cb-c2919a79bf69
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