14:31:36 EDT Thu 28 Mar 2024
Enter Symbol
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USA
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Fancamp Exploration Ltd
Symbol FNC
Shares Issued 138,909,236
Close 2014-11-18 C$ 0.045
Market Cap C$ 6,250,916
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Fancamp options North West, Oxford Brook in N.B.

2014-11-19 14:10 ET - News Release

Mr. Peter Smith reports

FANCAMP ACQUIRES OPTIONS ON BONANZA GRADE GOLD QUARTZ VEIN PROPERTY IN THE ST. QUENTIN AREA OF NW NEW BRUNSWICK, TOGETHER WITH A BRAND NEW BASE METAL DISCOVERY PROPERTY IN THE SAME DISTRICT

Fancamp Exploration Ltd. has optioned two grassroots properties in northwest New Brunswick, extending and building on its present reserve of gold and base metal properties in these underexplored sectors of the Quebec and New Brunswick Appalachians. Discovery still provides the greatest leverage in the exploration business and the company considers these two properties important additions to that value-adding process.

The first of these, known as the North West gold property, covers approximately 16,865 acres, and is characterized by a series of very high-grade gold-bearing quartz veins extending over a strike length of approximately five kilometres. The veins can range up to several metres in width, and bonanza grades have been reported in grab samples collected and published by the vendors, in particular, along an 800-metre strike length zone exhibiting marked amounts of visible gold within the five-kilometre-long vein area. A trench crossing this 800-metre zone yielded five grabs ranging from 262 grams per tonne to 493 grams per tonne gold. Further prospecting, trenching and bulk sampling are planned. The option agreement is spaced over three years with $25,000 payable up front with the obligation to spend $150,000 before the March 14, 2016. A further $60,000 is payable in two tranches before March 14, 2017, with total exploration expenditures of $525,000 required before March 14, 2018. A final payment of $420,000 within 30 days of this last date will secure a 100-per-cent interest in the property for the company, accompanied by a 2-per-cent net smelter royalty with a buyback on 1 per cent for $1-million.

The second property, known as Oxford Brook, is a base metal discovery, brand new, in an overburden-covered area never before examined and devoid of reported mineralized zones. The vendors, Tim Lavoie and Pierre-Luc Guitard, discovered the bedrock mineralization in a newly bulldozed lumber road located in a little known belt of volcanics and intrusives extending for approximately 30 kilometres in a northeast direction. No previous mineralization has been reported from this belt, which given this discovery, is obviously highly prospective. The property covers approximately 11,500 acres along the 30-kilometre strike length. This discovery so impressed the New Brunswick Prospectors and Developers Association that the vendors were designated "prospectors of the year" at the recent 2014 Annual Exploration, Mining and Petroleum Conference in Fredericton. The exposed mineralized zone forms a gossanous, blocky exposure approximately 100 feet along the road. Grab samples, reported and published by the vendors, run up to 60 grams per tonne silver, 9 per cent zinc and 3.4 per cent lead. Gold values up to three grams per tonne were also reported. No ground geophysics or drilling has ever been carried out in this area, and the last airborne surveys date back to the early 1980s. These latter survey results, will of course be re-evaluated. Further trenching is planned, together with geophysics, to get a handle on its potential size. The option agreement is spaced over three years with $5,000 payable up front and the obligation to spend $50,000 before March 14, 2016. A further $15,000 is payable in two tranches before March 14, 2017, with total exploration expenditures of $175,000 required before March 18, 2018. A final payment of $100,000 within 30 days of this last date will secure a 100-per-cent interest in the property for the company, accompanied by a 2-per-cent net smelter royalty with a buyback on 1 per cent for $1-million.

The company intends to apply to New Brunswick's generous exploration grant system to finance preliminary work on both these properties. Reconnaissance work will begin immediately, weather permitting.

We seek Safe Harbor.

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