Fancamp company update; encouraging assay results
VANCOUVER, British Columbia, Oct. 24, 2018 (GLOBE NEWSWIRE) -- Fancamp Exploration Ltd. (“Fancamp” or the “Company”) (TSX VENTURE: FNC) wishes to report that it has completed a series of prospecting and sampling programs on its 100% owned grassroots properties in northwestern Ontario, in particular the Heenan and Mallard properties, located in the Swayze area southwest of Timmins and the Dorothy property located further west near Dryden. The Mallard property is located 15km northwest of the Coté Lake gold deposit that is undergoing a feasibility study by IAMGOLD. Prospecting on the Mallard property was focused on magnetic and conductive zones picked up in the January 2018 VTEM airborne survey together with IP anomalies from a 5 year old IP survey that were never previously sampled. To date, assay results from 22 grab samples have been reported (19 yet to come), of which 21 are significantly anomalous in gold, a remarkable result in the context of greenfield prospecting. Values reported ranged up to 1400 ppb Au. Nearly all these values are found in lean siliceous banded iron formations with low sulphide content, with prospective strike lengths on the property of some 8.7 km (5.4 mi). Follow up trenching and channel sampling is underway.
The Company’s large Beauce area gold property, here referred to as the Baie Verte Brompton (BVB property) covers some 35 km (22 miles) of strike length of the Baie Verte Brompton Line, a major geological fault zone in the core of the Appalachians extending from Vermont to Newfoundland and closely associated with ultrabasic rocks, a situation similar in many ways to California’s Mother Lode structures. This zone was an important hydrothermal plumbing system and gold occurrences along its extent are ubiquitous. It is also greatly underexplored. What makes the Fancamp BVB property so interesting is its proximity to the famous Gilbert River Placers and their historic gold production. These placers can be considered in effect, one of the larger gold geochemical anomalies in North America and it is probable that much of this placer gold originated in the Baie Verte Brompton Line faults themselves and associated splays. Trenching carried out by the Company last month produced grab samples from outcrop in the southwest sector of the property, ranging up to 13.7 g/t Au in pyritic schists of the St. Daniel Formation located near the main fault lines. Reconnaissance IP will begin shortly to further identify targets in this previously undrilled sector.
The Company’s Brunswick North option, located in the Bathurst Camp and recently prospected has returned assays on clusters of angular float of sheared, pyritic and fuschitic basalt, returning up to 10.7g Au/t; final IP results are pending.
The Company also wishes to report progress on its TiO2 feedstock “Industrial Synergy Route” announced last month, in the form of discussions with major users and the establishment of new contacts and potential strategic partners at a recent TiO2 conference held in Boston, Massachusetts. The concept of building an upgraded TiO2 facility at existing industrial locations has met with a very positive response. The idea of a stand-alone facility using these technologies and associated intellectual property is promising.
The government supported research on the development of a Magpie Process demonstration plant in Quebec City has been the subject of a number of delays, which are presently being addressed.
This release was written by the Company’s qualified Persons, Peter H. Smith, PhD, P.Eng and Jean Bernard, P.Geo.
About Fancamp
Fancamp Exploration Ltd. is a Canadian junior mineral exploration company. It continues to evolve into a holder of shares in partner companies together with royalties. The Company has an exceptional inventory of resource properties in three provinces; Quebec, Ontario and New Brunswick. The commodities include gold, base metals, chromium, titanium and iron. The Company is a reporting issuer in British Columbia, Alberta, Ontario and Quebec 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.(Ont) – President 1-514-481-3172
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