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Fancamp Acquires Additional Gold and Base Metal Properties in Swayze, Ontario and Bathurst, New Brunswick Camps
VANCOUVER, British Columbia, Feb. 20, 2018 (GLOBE NEWSWIRE) -- Fancamp Exploration Ltd. (“Fancamp” or the “Company”) (TSX VENTURE:FNC) wishes to announce the ac
About this update from Fancamp Exploration Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia, Feb. 20, 2018 (GLOBE NEWSWIRE) -- Fancamp Exploration Ltd. (“Fancamp” or the “Company”) (TSX VENTURE:FNC) wishes to announce the acquisition of 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% NSR, of which 1% may be purchased for $1M. This property adjoins the northwest corner of the Mallard Gold Project, (See Fancamp news release of January 17th, 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) known as the Brunswick North Property. Consideration for this purchase option to a 100% interest is in exchange for aggregate cash payments of $35,000.00 and the issuance of up to 500,000 common shares of Fancamp Exploration Ltd., over a period of three years, subject to regulatory approval. The claims are subject to a 2% NSR, of which 1% may be bought back for $1,000,000.00. The Woman River Zone was first discovered in 1933 and was drill-tested to a maximum depth of only 70m by Noranda in 1985 with a 2,025m BQ drilling program on two separate targets within the property. The Woman River Zone tested a northwest trending shear zone, an extension of the 8km long Mallard shear of the Mallard Gold Project itself. Noranda drillhole BE-85-1, drilled at – 450 across this shear, intersected 3.7m grading 5.04 gpt Au, including 0.61m grading 19.47 gpt at a vertical depth below surface of about 30m. Drillhole BE 85-3, drilled on the same section as BE-85-1, and 60m to the northeast, at – 480, intersected the mineralized zone down dip at a vertical depth of about 70m. This intersection gave 6.68 gpt Au over 1.83m. Drillhole BE-85-5 drilled along strike, 90m to the northwest, intersected 3.5 gpt Au over 2.8m. 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 silicificat...