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Fancamp Exploration Ltd
Symbol FNC
Shares Issued 151,851,629
Close 2018-02-20 C$ 0.125
Market Cap C$ 18,981,454
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Fancamp acquires two exploration properties

2018-02-20 12:41 ET - News Release

Dr. Peter Smith reports

FANCAMP ACQUIRES ADDITIONAL GOLD AND BASE METAL PROPERTIES IN SWAYZE, ONTARIO AND BATHURST, NEW BRUNSWICK CAMPS

Fancamp Exploration Ltd. has acquired two new exploration properties.

In the Swayze greenstone belt, the company has finalized the purchase of a two-claim unit of 30.11 hectares (74.4 acres) known as the Woman River occurrence. Consideration for this outright purchase is the issuance of 250,000 fully paid common shares of Fancamp, subject to regulatory approval, together with a 1.5-per-cent net smelter return, of which 1 per cent may be purchased for $1-million. This property adjoins the northwest corner of the Mallard gold project (see Fancamp news release of Jan. 17, 2018).

In the Bathurst camp of New Brunswick, the company has signed a three-year option agreement with prospector David O'Neil and geologist Art Hamilton, on a 969.4-hectare (2,395.4 acres) property known as the Brunswick North property. Consideration for this purchase option to a 100-per-cent interest is in exchange for aggregate cash payments of $35,000 and the issuance of up to 500,000 common shares of Fancamp Exploration over a period of three years, subject to regulatory approval. The claims are subject to a 2-per-cent net smelter return, of which 1 per cent may be bought back for $1-million.

The Woman River zone was first discovered in 1933 and was drill-tested to a maximum depth of only 70 metres by Noranda in 1985 with a 2,025-metre BQ drilling program on two separate targets within the property. The Woman River zone tested a northwest-trending shear zone, an extension of the eight-kilometre-long Mallard shear of the Mallard gold project itself. Noranda drill hole BE-85-1, drilled at negative 45 degrees across this shear, intersected 3.7 metres grading 5.04 grams per tonne gold, including 0.61 m grading 19.47 g/t at a vertical depth below surface of about 30 m. Drill hole BE 85-3, drilled on the same section as BE-85-1, and 60 m to the northeast, at negative 48 degrees, intersected the mineralized zone down dip at a vertical depth of about 70 m. This intersection gave 6.68 g/t Au over 1.83 m. Drill hole BE-85-5 drilled along strike, 90 m to the northwest, intersected 3.5 g/t Au over 2.8 m. All mineralized zones were associated with the contact of a weakly foliated quartz porphyry and sheared, altered mafic to intermediate volcanic rocks. The zone typically contained strong quartz-carbonate veining, and silicification with peripheral sericitization. Disseminated pyrite was evident, but no greater than 1 per cent to 2 per cent. The second target, referred to as the Camp zone, was also tested by Noranda during the 1985 drill program. This zone is approximately 400 m northeast of the Woman River zone where one of four drill holes intersected mineralization at the sheared contact of a quartz-feldspar porphyry and mafic volcanic rocks. Highest gold values were reported in a brecciated felsic rock with a silicified, white quartz matrix. Disseminated pyrite was evident up to 1 per cent to 2 per cent. This intersection was encountered in drill hole BE-85-6, which reported 5.31 g/t Au over 3.8 m.

The Brunswick North property is located 20 km southwest of Bathurst in northern New Brunswick and includes claim No. 7727, No. 7744, No. 8598 and No. 7957 that cover a total of 969.4 hectares on Crown land. The property is situated approximately three km southwest from the Middle River gold deposit and six km northwest from the Brunswick No. 12 volcanogenic massive sulphide (VMS) deposit. Recent discoveries on the Brunswick North property indicate potential for gold as well as VMS mineralization with assays from float samples on the property ranging up to 7.69 g/t Au and high-grade massive sulphide boulders grading up to 3.8 g/t Au, 158 g/t Ag, 17.3 per cent lead and 8.5 per cent zinc. During 50 years of mining, the nearby Brunswick No. 12 mine produced 134 million tonnes grading 7.82 per cent Zn, 3.05 per cent Pb, 0.45 per cent copper, 91.5 g/t Ag and 0.67 g/t Au. Diamond drilling at the nearby Middle River gold deposit in 2004 has identified gold mineralization over a strike length of 490 metres, where the best intersection ran 3.41 g/t Au over 17.6 metres and included an upper higher-grade zone of 4.7 metres grading 7.49 g/t Au and a lower higher-grade zone of 1.7 metres grading 6.51 g/t Au. No drilling has been reported on this property and trenching has apparently only been carried out near the northern margin of the area exhibiting anomalous gold soil values.

A VTEM time domain EM and magnetic survey over strategic parts of the Mallard gold project including the Woman River zone, will soon be completed by Geotech. In addition, the company wishes to report completion of an airborne MAG-TDEM survey over its Becaguimec magmatic sulphide-VMS property in central New Brunswick.

This release was written by Mike Flanagan, MScA, PGeo, vice-president of exploration, the company's qualified person under National Instrument 43-101 regulations.

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. The company has an exceptional inventory of resource properties in Quebec, Ontario and New Brunswick, and commodities of interest include gold, base metals, chromium, titanium, iron and silica. The company also continues to evolve into a holder of shares in partner companies together with royalties. The company is a reporting issuer in British Columbia, Ontario and Quebec, and its common shares are listed for trading on the TSX Venture Exchange under the symbol FNC.

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