Fancamp to continue exploration, research activities

Aug 17, 2017

2017-08-16 12:51 ET – News Release

Mr. Peter Smith reports

FANCAMP MAINTAINS GRASSROOTS EXPLORATION AND RESEARCH ACTIVITIES

Following the July 28 announcement by Fancamp Exploration Ltd. regarding the $3.9-million in financing from Sustainable Development Technology Canada (SDTC) to its subsidiary, The Magpie Mines Inc., 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, 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 show that each represents 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, N.B., are also currently being evaluated. Grab samples recently collected from a historical, overgrown trench on the Moise zinc project contained up to 1.5 per cent zinc in Cambro-Ordovician brecciated and carbonatized calcareous metasedimentary rocks. Based on historical trenching and soil sample results of up to 1,140 parts per million zinc, the zone has a strike length in excess of 1.6 kilometres. The Upper Northeast Lake property was prospected and surveyed with a VLF (very low frequency) 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 kilometres to the south. The Gravel Hill deposit occurs associated with a felsic dome and hosts sulphide concentrations up to 8.3 per cent zinc, 1.66 per cent lead and 0.36 per cent copper. Further soil sampling and trenching are planned for this season. Similarly, the Becaguimec Lake property was also prospected and 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 per cent. 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.

This news release was prepared, reviewed and approved by Mike Flanagan, MScA, PGeo, a qualified person under National Instrument 43-101 standards.

http://www.fancampexplorationltd.ca/item_news