Fancamp Initiates IP Survey on its Clinton and Stoke
VANCOUVER, British Columbia, Jan. 30, 2023 (GLOBE NEWSWIRE) — Fancamp Exploration Ltd. (“Fancamp” or the “Company”) (TSX Venture Exchange: FNC) is pleased to announce the commencement of a 45 line kilometer ground-induced polarization (“IP”) geophysical survey project at its Clinton and Stoke projects in the Eastern Townships from Quebec (Figure 1). Both the Clinton and Stoke projects have been the subject of recent drilling campaigns; During the first quarter of 2022, a total of 1,294 meters was drilled in 6 holes on the northern portion of the Clinton property, successfully confirming the extension of the historic “A” lens to at least 100 meters along strike and at shallow depth and 1,119 meters in diameter. During the quarter of 2022, 3 holes were drilled on the Stoke property and successfully intersected a mineralized trend to a vertical depth of approximately 250 metres.
Figure 1: Areas of past copper mineralization at the Stoke and Clinton projects
The proposed IP surveys will be conducted in areas where known copper mineralization has been identified by previous exploration work including and following recent drilling programs completed in Spring 2022 on both respective properties (Figure 1). See news releases dated June 14, 2022, August 17, 2022 and September 8, 2022 for previous exploration program results.
In particular, drilling over the historic copper-rich AB lens at the Clinton Project had delineated the extension of mineralization along strike, while drilling at the Stoke Project identified a large VMS-type hydrothermal system that may be associated with historic copper-rich trends that defined during previous drilling (See news releases dated June 14, 2022 and August 17, 2022).
The Clinton IP survey will target the southern extension of a favorable geologic horizon that hosts the past-producing Clinton “O” mine and the known massive sulphide lenses that host historical non-NI 43-101 resources of 1.52 Mt by 2 .02% Cu and 1.54% Zn (MRNFQ Fiche de Gite 21E07-0007) (Figure 2).
Figure 2: Scope of the Clinton Project IP survey
The Stoke IP survey will target the northeast extension of the known mineralization observed in the Copper Zone (7.29% Cu over 6.40 meters in ST-2011-06 – GM66485) (Figure 3).
The IP results are integrated into 3D models for Clinton and Stoke, respectively. This work will pave the way for Fancamp to produce a more comprehensive interpretation of geological data and a comprehensive work plan of the unique VMS-rich VMS sedimentary sequences from Stoke-Weedon and Clinton volcanoes.
Figure 3: Scope of the Stoke Project IP survey
Qualified Person
The scientific and technical information contained in this press release was prepared by François Auclair, PGeo, M.Sc. Vice President Exploration of Fancamp, designated as a Qualified Person as defined by National Instrument 43-101.
About the method of induced polarization
The IP survey is a geophysical method in which electric current is injected into the ground through electrodes and the voltage response is measured by electrodes. The method enables the chargeability and resistivity of the examined rock to be measured. A larger content of metallic sulfides such. B. volcanic massive sulphides, typically produces a stronger reaction than the host rock. IP surveys are therefore a great tool to locate buried deposits in geological settings such as Clinton and Stoke.
Geosig Inc. of Quebec City, Quebec is conducting the IP geophysical survey using a pole-dipole array along 200 meter spaced lines with samples every 37.5 meters (n=1 to 16 or 20).
About Fancamp Exploration Ltd. (TSX-V: FNC)
Fancamp is a growing Canadian mineral exploration company committed to its value-added strategy of advancing priority mineral properties through exploration and innovative development. The Company is focused on an advanced asset play focused on growth and selective monetization with a portfolio of mineral claims encompassing over 158,000 hectares in Ontario, Quebec and New Brunswick, Canada; including copper, gold, zinc, titanium, chromium, strategic rare earth metals and others. The Company continues to seek near-term cash flow generating opportunities while seeking to advance its investments in strategic mineral properties. Fancamp has investments in an existing iron ore operation in Quebec-Labrador Trough, a rare earth element company, NeoTerrex Corporation, in addition to an investment in a zinc mine to be restarted in Nova Scotia. The Company has future monetization opportunities from its Koper Lake transaction in the highly desirable Ring of Fire in Northern Ontario. Fancamp develops energy saving and titanium waste recycling technology with its advanced titanium extraction strategy. The Company is led by a focused leadership team with decades of experience in mining, exploration and ancillary technologies.
For more information about the company, visit: www.fancamp.ca
Forward-Looking Statements
This press release contains certain “forward-looking statements” or “forward-looking information” (collectively referred to herein as “forward-looking statements”) within the meaning of applicable securities laws. Such forward-looking statements include, without limitation, projections, estimates, expectations and goals for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the Company’s control. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “project”. . , “potential” and similar expressions or are events or conditions that “will”, “would”, “may”, “could” or “should” occur or be achieved.
Although Fancamp believes that the material factors, expectations and assumptions underlying such forward-looking statements are reasonable based on the information available to it at the time such statements are made, no assurances can be given as to the future results of such statements.
Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events to differ materially from those anticipated in such forward-looking statements.
Readers are cautioned that the foregoing list of factors is not exhaustive. Statements, including forward-looking statements, are made as of the date they are made and, except as required by applicable securities laws, Fancamp disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
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