VANCOUVER, British Columbia, June 17, 2020 (GLOBE NEWSWIRE) — Fancamp Exploration Ltd. (“Fancamp” or the “Company”) (TSXV: FNC) wishes to report that its 100% owned, 815 hectare “Dileo Lake VMS Property”, located 20 km southwest of the past producing Troilus copper gold mine within the same structural and lithological trend, is scheduled to be reexamined and retested by trenching and prospecting together with the reprocessing, digitization and modelling of the extensive Noranda Mines database, developed during the years 1992 to 1996, under an option agreement at the time with Fancamp. This work included geophysical and geological surveys, surface trenching and sampling and 3,335 meters of drilling in nine holes.
The Company is looking forward to testing widely recognized artificial intelligence software to possibly identify features previously overlooked and yet critical in the discovery process.
In the present context, Noranda’s most significant discovery was a copper gold occurrence found in the Summer 1994. It was not considered significant at the time, given its size, but the grades speak for themselves. Initially three grabs returned 16.6 gpt Au, 4.94% Cu, and 38.7 gpt Ag; 13.1 gpt Au, 0.71% Cu and 9.3 gpt Ag; trace Au, 2.585 Cu and 19.3 gpt Ag. Subsequent limited mechanical trenching resulted in two channels, 12.63 gpt Au over 0.4 m and 578 ppb Au over 0.4m (GM53927). The narrow quartz vein occurs in a strong northeast trending shear zone up to 4 m wide and in the trench about 25m in length, in a tectonized gabbro basalt unit. A parallel northeast trending shear was noted on the edge of the north part of the trench zone but evidently was not sampled. The zone occurs in an essentially unexamined, marked airborne magnetic low, traceable for some 3.5 km on the property.
The Noranda work itself was largely based on a VMS type base metal deposit model. The original discovery was made back in 1962 through prospecting. These showings were trenched, mapped and drilled by Noranda. The main showing consists of three zinc rich massive sulphide lenses within a strongly sheared and tectonized 2-4 meter horizon of felsic tufs. Selected surface grab samples returned up to 5.42% Cu, 14.2% Zn and 63.7 gpt Ag. Noranda drill hole LD-95-06 intersected 3.7% Cu and 4.2% Zn over 0.35 m. 1.9 km further NE, drill hole LD-95-05 intersected 3.7% Cu, 6.2%Zn and 64 gpt Ag over 0.5 m.
The on site program is being performed by Mark Fekete,P.Geo of Breakaway Exploration Management Inc., of Val D’Or, scheduled to begin this week.
This news release was written by the Company’s QP, Jean Bernard,P.Geo
About Fancamp Exploration Limited (TSXV: FNC)
Fancamp is a public company using a value added strategy based on the acquisition of potentially valuable assets, adding value through the selection process itself and subsequent development work, self-financed or otherwise, followed by disposition, proceeds from which, are used to finance the same process multiple times. The Company has an exceptional inventory of resource properties in Québec, Ontario and New Brunswick; commodities of interest include gold, rare earth elements, strategic metals, base metals, chromium, titanium, iron and silica. In addition, the Company has begun to build on the industrial possibilities inherent in dealing with some of these materials. The Company is a reporting issuer in British Columbia, Alberta, 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.(Ont) – President 1-514-481-3172
Certain statements in this release are forward-looking statements which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect.
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.
