04:28:26 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Fancamp Exploration Ltd
Symbol FNC
Shares Issued 138,909,236
Close 2015-01-23 C$ 0.04
Market Cap C$ 5,556,369
Recent Sedar Documents

Fancamp finds EM targets for Oxford from old survey

2015-01-26 12:01 ET - News Release

Mr. Peter Smith reports

FANCAMP'S OPTIONED OXFORD BROOK, NEW BRUNSWICK PROPERTY; VMS DISCOVERY CONFIRMED BY HISTORICAL AIRBORNE GEOPHYSICAL SURVEY

Recent compilation work by Joel Dube of Dynamic Discovery Geoscience for Fancamp Exploration Ltd. has shown that the reported volcanogenic massive sulphide-style mineralization on the Oxford Brook property (grab samples of up to 60 grams per tonne silver, 9 per cent zinc, 3.4 per cent lead and three grams per tonne gold; see news release of Nov. 19, 2014) is reflected in the results of a historic airborne magnetics, electromagnetic and radiometric geophysical survey conducted over this area by the Geological Survey of Canada in 1997.

Across the 23-kilometre-long Oxford Brook property, 18 significant untested targets have been identified from the survey, five of which (including the discovery outcrop) can be considered as very high-priority electromagnetic targets associated with magnetic anomalies.

The property is centred on a narrow band of volcanic rocks, traditionally thought to be basaltic to andesitic tuffs and flows. Recently however, visits by J. Walker, mineral deposits geologist of the New Brunswick Geological Surveys branch, confirmed the presence of felsic volcanic rocks and associated subvolcanic intrusives. It is important to note that the volcanic rocks on this project are of similar age to those hosting the productive Bathurst camp VMS deposits 70 kilometres to the east.

The area is readily accessible by road and ground testing of these targets will begin shortly.

On another matter, the company wishes to report the termination of its normal course issuer bid previously announced on July 4, 2014. Pursuant to the bid, Fancamp purchased and cancelled a total of 1,795,000 common shares of its capital. The purchases have been made on the open market by Fancamp through the facilities of the TSX Venture Exchange in accordance with the exchange requirements. MacDougall, MacDougall & MacTier Inc. conducted the bid on behalf of Fancamp.

This release was prepared by Mike Flanagan, PGeo, qualified person under National Instrument 43-101 rules. Mr. Flanagan, vice-president of exploration of the company, is the non-independent qualified person who has approved the scientific and technical information contained in this news release.

© 2024 Canjex Publishing Ltd. All rights reserved.