GlobeNewswire – Wed Dec 11, 2:49PM CST
Fancamp Exploration Ltd. (“Fancamp” or the “Corporation”) (TSX VENTURE: FNC) is pleased to report that drilling is to commence in mid-December to test a promising multi-element Mobile Metal Ion (MMI) soil anomaly at the intersection of prominent structures interpreted from LiDAR and an aeromagnetic survey conducted in September by drone at 50m line spacing. The drill target is one of several targets selected following receipt from SGS Canada of MMI results on 395 soil samples taken this field season on the Corporation’s optioned 3,430-ha Mactaquac Property, belonging to Edge Exploration Inc., in southern New Brunswick (27/06/2019 & 12/09/2019 NRs).
The NQ-cored hole (4.8 cm core diameter) will be drilled at -90° to determine the character of mineralization responsible for the vertically migrating ions which lodged on soil particles and resulted in the MMI leachate from a NNE-trending cluster of soil samples being particularly anomalous in copper, antimony, uranium, molybdenum and arsenic, and, moderately anomalous in several other elements, including gold. The soil leachate from the soil sample collected at the drill site contained 6400 parts per billion (ppb) copper or 93 times the average of the 25% quartile results for copper in the 395 soil samples. The 25% quartile average is the standard background for MMI surveys. Antimony content of 263 ppb is 526 times background, uranium at 282 ppb is 56 times, molybdenum at 145 ppb is 136 times, arsenic at 440 ppb is 40 times, bismuth at 12 ppb is 48 times and gold at 0.3 ppb is 6 times background. Trenching was not possible because of swampy conditions.
Both the magnetic vertical gradient map and the LiDAR imagery show a prominent east-west lineament intersecting north and NNE-trending magnetic lows at the drill site. At a distance of 325 m to the NNE is another east-west cross lineament where there is a cluster of anomalous MMI values with one sample yielding a gold value 148 times background and antimony 26 times. Backhoe trenching at this sample site exposed gossanous weathered pyritic argillite and greywacke with multiple vuggy quartz veinlets. Gold and antimony values in grab samples were nominal. It may or may not be significant that the prominent east-west lineaments parallel the productive Hibbard vein at the historic Lake George antimony mine 16 km to the SSW and which closed in 1992 after many years of operation starting in 1885.
The combination of anomalous elements in the MMI results from soil samples centred around the drill site is similar to the combination reported in a 2018 paper entitled “Defining IOCG signatures through compositional data analysis: A case study of lithogeochemical zoning from the Olympic Dam deposit, South Australia” in which the abstract states that “The IOCG signature is composed of two geochemical associations, which exhibit distinct spatial distributions. The first group, Cu-U3O8-Se-S, shows concentric zonation whereas the second group, Au-W-Mo-Sb-As, forms a vertical â?¼1800â?¯m deep corridor in the southeastern lobe of the deposit.” (https://www.sciencedirect.com/science/article/pii/S0169136818308503?via%3Dihub)
The Mactaquac property is within the Fundy-Chaleur structural corridor that encompasses Clarence Stream gold (Galway Metals), the Mt. Pleasant tin and historic tungsten-molybdenum mine (Adex), the historic Lake George antimony mine and the proposed Sisson tungsten-molybdenum mine (Northcliff Resources).
This news release was written by the Company’s QP, Peter H. Smith, PhD, P.Eng.(Ont.), and by Dallas W. Davis, P. Eng., FEC, President of Edge Exploration Inc., and a QP as such term is defined under National Instrument 43-101 – Standards of Disclosure for Mineral Project (“NI 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 Quebec 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
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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