VANCOUVER, British Columbia, Dec. 16, 2019 (GLOBE NEWSWIRE) -- Fancamp Exploration Ltd. (“Fancamp” or the “Corporation”) (TSX VENTURE: FNC) is pleased to announce that a winter drill program will commence in January on its 100% owned Heenan and Mallard Gold Properties located in the Swayze Greenstone Belt, Ontario.
This summer’s and fall geochemical and prospecting programs identified anomalous gold mineralization on both Properties. At Heenan, these gold values coincide with a folded and faulted portion of the Woman River Iron Formation. Gold values at Mallard coincide with the projected Ridout Deformation Zone that crosses the Mallard Gold Property (see news release dated October 28th, 2018).
These recent anomalous gold results were followed up in with a total of 16.0 km of IP (induced polarization) and 20.4 km of magnetometer surveys over both the Heenan and Mallard Gold Properties. Chargeability anomalies have been outlined that coincide with the anomalous gold values compiled from the recently completed field programs.
A total of 1,200 m of diamond drilling is planned with 400 m being allocated for a Phase 1 diamond drill program on the Heenan Property, and 800 m for a Phase 2 diamond drill program on the Mallard Gold Property. Drilling on the Mallard Gold Property will be split between the Ridout Target area, and the River and Camp Zones. Historical drilling on the two zones indicated that gold mineralization is hosted within two northwest orientated shear zones. Historical intercepts include 0.147 oz/t Au over 12.1 ft (ddh BE-85-1), 0.193 oz/t Au over 6.0 ft (ddh BE-85-3), 0.054 oz/t Au over 20.5 ft (ddh BE-85-4), 0.102 oz/t Au over 9.1 ft (ddh BE-85-5), and 0.155 oz/t Au over 12.6 ft (ddh BE-85-6). Drill intercept widths reported above are core lengths, and not true widths. Fancamp has not been able to verify the historical intercepts. Fancamp believes that the historical data can be used to target the mineralization along strike and at depth in the upcoming diamond drilling program.
The Woman River and Camp Zones on the Mallard Gold Property are located over 2.0 km northwest of the Jarvis Area, where historical gold mineralization was confirmed by Fancamp’s Phase 1 diamond drill program. The Jarvis Area mineralization is associated with gold-bearing quartz veins hosted within felsic tuffs. The 2 km strike length between and River and Camp Zones and the Jarvis Area has seen very limited exploration and Fancamp believes that this structural zone represents an excellent grass roots exploration target that will require a multi-phased exploration approach.
The technical content of this news release has been reviewed and approved by Joerg Kleinboeck, P.Geo., a Qualified Person as defined by National Instrument 43-101.
Fancamp is a public Corporation using a value added strategy predicated 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, proceeds from which, are used to finance the same process multiple times. The Corporation has an exceptional inventory of resource properties in Quebec, Ontario and New Brunswick; commodities of interest include gold, 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 British Columbia, Ontario and Québec and its common shares are listed for trading on the TSX Venture Exchange under the symbol FNC.
Peter H. Smith, President.
For further information, please contact
Peter H. Smith PhD., P.Eng.(Ont) – President 1-514-481-3172
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