Fancamp acquires grassroots projects in the right neighbourhood
VANCOUVER, British Columbia, July 11, 2018 (GLOBE NEWSWIRE) -- Fancamp Exploration Ltd. (“Fancamp” or the “Company”) (TSX VENTURE:FNC) wishes to announce the acquisition of two grassroots gold/VMS properties in the Dryden area of northwestern Ontario.
The Dorothy property is some 2800 acres, consists of 70 claim units, and covers a series of highly anomalous gold, silver and copper lake bottom geochemical anomalies. The gold anomaly is the second highest in a very large (over 2,000 samples) survey and the silver was in the top 99th percentile. A concentration of porphyry intrusives occur in the area cutting mafic volcanics. The area is also the focal point of 2 large fault controlled granite intrusives, making the area very interesting from a structural point of view. Teck has the claims to the east on Thunder Cloud Lake. New logging roads have now given easy access to the area. The Company has acquired 100% interest in the property on the following terms; $12,500 on signing plus four payments of the same amount over four years plus 250,000 paid up common shares of the Company on regulatory approval. A 2% NSR royalty underlies the property of which 1% can be purchased for $1M.
The second property, known as the Cunningham, covers some 800 acres and 20 claim units. The area is in a Cu/Zn environment where there are numerous showings associated with acid volcanics. The Company has acquired a 100% interest on the following terms; $5,000 on signing plus four annual payments of the same plus 100,000 paid up common shares of the Company on regulatory approval. A 2% NSR royalty underlies the property of which 1% can be purchased for $1M.
These two properties together with the Heenan, Mallard, Woman River properties recently acquired in the Swayze area southwest of Timmins (see company news releases dated January 17 and February 20th, 2018) are currently the subject of option negotiations with third parties. Exploration programs are being developed for the current season.
This news release was prepared by Peter H. Smith PhD, P.Eng., the Company’s qualified person.
About Fancamp Exploration Ltd (www.fancampexplorationltd.ca)
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.
For further information, please contact
Peter H. Smith PhD., P.Eng. – President 1-514-481-3172
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.