Fancamp Exploration begins review of mineral properties

Nov 23, 2020

2020-11-20 12:05 ET – News Release

Mr. Rajesh Sharma reports

FANCAMP UPDATE AND ANNUAL MEETING

Fancamp Exploration Ltd. has initiated a strategic review of its mineral properties. The strategic review is expected to be completed in January, 2021. This review will enable the corporation to focus its resources more effectively and will position Fancamp to take advantage of new opportunities.

The corporation has made progress on its continuing exploration activity. The Wells cesium-lithium-rubidium showing is located 20 kilometres south of the town of Cadillac and in the township of Lacourciere along the road leading to Rapid 2 in Abitibi. The mineralization is found in a late dike that has invaded a fracture oriented at 310 degrees and plunging steeply to the north. The 2020 work identified three pegmatite dikes, parallel and oriented toward the northwest. The main pegmatite, which is mineralized in cesium/lithium/rubidium is located at the northwest end of the property. The mineralized zone was followed approximately 200 metres in length. The mineralization is disseminated within the pegmatite dike and consists of spodumene, beryl, feldspar, quartz, muscovite and maybe pollucite. Spodumene crystals, which can form up to 5 per cent of the rock, can reach up to 30 centimetres in length. A reassessment of the amount of spodumene in the pegmatite indicates that it is 1 per cent.

In June, 2020, on 12 samples collected along the axis of the main pegmatite, the results returned an average of 0.058 per cent cesium (587 parts per million) and a peak at 0.16 per cent cesium (1,600 parts per million), 0.685 per cent lithium and 0.14 per cent rubidium. In September, 2020, 42 chip samples at one-metre intervals each were taken from four channels intersecting the lithiferous pegmatite. The mineralization appears to be evenly distributed in the pegmatite. The latest sampling will tell us if the mineralization is consistent and homogeneous in the main pegmatite body.

Further, in September to October, 2020, visits were carried out on claim blocks in Abitibi Ouest. Old mineralized showings on the Roquemaure-Palmarolle-Macamic and Languedoc blocks were resampled for gold and base metals. Other samples were collected on Roquemaure-Languedoc blocks. They are mineralized in copper-zinc sulphides. The samples are being analyzed at present.

The drilling reported in the corporation’s news release of Feb. 11, 2020, regarding its Mactaquac option in New Brunswick was completed a few days prior to the COVID-19 lockdown. However, the last analysis of core shipped was only received in October due to delays in the lab attributed to COVID-19 restrictions. The two HQ holes, one vertical to depth of 174 metres and the other at minus 70 degrees to 180 metres, tested for evidence of the cause of a mobile-metal-ion soil anomaly with high values of 6,400 parts per billion copper, 1,850 parts per billion uranium, 145 parts per billion molybdenum, 440 parts per billion arsenic and 0.3 part per billion gold. These values on the margin of a magnetic high and at the intersection of structures interpreted from lidar and magnetics are predicted to reflect iron-oxide-copper-gold (IOCG) mineralization at greater depth than penetrated by the drill holes, which encountered quartz-feldspar-calcite veins and pyrite throughout the interbedded Silurian argillite and greywacke. Anomalous lithium in several core intervals possibly reflects metasomatism from the underlying granite. The corporation is grateful for a $20,000 New Brunswick Junior Mining Assistance Program grant for a basal till sampling drill program scheduled to start in late November. Elsewhere on the 3,430-hectare Mactaquac claim where historic and current soil sampling has yielded values up to 405 parts per billion gold, this area of anomalous gold is one of two that have been identified as potential sources of the 1977 placer gold discovery in Little Mactaquac Stream. Other areas with the presence of minerals associated with gold have been identified from thermal-reflecting satellite imagery interpretation and are being screened by soil sampling.

The three Utopia gold properties, totalling 4,623 hectares bordering the St. George granite batholith, are part of the Corridor project, a 50/50 joint venture with Edge Exploration Inc. Drilling by Galway Metals Inc. at Clarence Stream and the discoveries of others on both north and south margins of the batholith have confirmed it to be the axis of an emerging Canadian gold district. The solidly claimed belt extends 80 kilometres northeasterly from the Maine border. Minerals commonly associated with gold and copper deposits have been identified on the Utopia claims by processing thermal reflectance satellite imagery. Follow-up has been by soil sampling and prospecting during the 2020 field season and a drill program to sample the basal till-bedrock interface on one claim will be completed in December. Edge Exploration and Fancamp are both grateful for a $15,000 New Brunswick Junior Mining Assistance Program grant for the basal till sampling drill program.

In mid-October, 2020, the corporation registered a 5,760-hectare mineral claim straddling Piskahegan Stream north of the former Mount Pleasant tungsten-molybdenum mine in southwest New Brunswick. It encompasses altered tuffaceous and brecciated acidic volcanics along strike from a 1990s gold discovery by prospector Reg Cox. The area has been explored for uranium, but not for gold even though the Cox discovery has characteristics of the range of sulphidation deposits, which are important mined sources of gold. The area within this claim was selected based on favourable geology and a study of satellite imagery that allows separation of thermal signatures characteristic of specific minerals associated with a range of gold deposit types. The relevant technical content of this news release has been reviewed and approved by Jean Bernard, PGeo, a qualified person, and Dallas Davis, PEng, a qualified person as defined by National Instrument 43-101.

The corporation continues to make progress in developing its titanium strategy. After completing the work on agglomeration of fines and upgraded TiO2 (titanium dioxide), Fancamp is now directing all efforts on the test work pertaining to the production of titanium metal powder for the industry. Fancamp is excited by this development as it provides a natural complement to the pigment industry by converting non-prime or non-premium products to valuable titanium metal for 3-D printing. The company is expecting to complete the proof of concept for the pilot plant design in the beginning of 2021 and commence design work thereafter.

An investor conference call and webcast are planned by the corporation on Dec. 17, 2020, to provide a more detailed update. Dial-in details and other information pertaining to the call will be circulated closer to the date.

In respect of its coming annual general meeting of the shareholders and its executive compensation disclosure, due to the health implications and constraints associated with the COVID-19 pandemic, Fancamp has received an extension from the British Columbia Registries and Online Services of the time within which it is required to hold its annual general meeting for the year 2020 by six months from Dec. 31, 2020, to June 30, 2021. The corporation expects to hold its annual general meeting during the first quarter of 2021.

Fancamp is also relying on the exemption provided in British Columbia Instrument 51-516, Temporary Exemptions from Certain Requirements to File or Send Securityholder Materials (and similar exemptions provided by other relevant Canadian securities regulators), to postpone the filing of its executive compensation disclosure required under NI 51-102, Continuous Disclosure Obligations. In accordance with the terms of the exemption provided under British Columbia Instrument 51-516, the corporation will file a document containing the executive compensation disclosure on SEDAR by the end of this year.

About Fancamp Exploration Ltd.

Fancamp is a public corporation 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, the proceeds from which are used to finance the same process multiple times. The corporation has an inventory of resource properties in Quebec, Ontario and New Brunswick; commodities of interest include gold, rare earth elements, strategic metals, base metals, chromium, titanium, iron and silica. In addition, the corporation has begun to build on the industrial possibilities inherent in dealing with some of these materials. The corporation is a reporting issuer in the provinces of British Columbia, Alberta, Ontario and Quebec and its common shares are listed for trading on the TSX Venture Exchange under the symbol FNC.

We seek Safe Harbor.

https://fancampexplorationltd.ca/