VANCOUVER, British Columbia, Sept. 24, 2019 (GLOBE NEWSWIRE) -- Fancamp Exploration Ltd. (“Fancamp” or the “Corporation”) (TSX VENTURE: FNC) is pleased to report on soil sampling and prospecting programs on its 100% owned Mallard Gold and Heenan Properties, located 15 km west of IAMGOLD’s Coté Lake Deposit, located in the Swayze Greenstone Belt, Ontario. The two properties are located on the Swayze volcanic pile iron formation that is the source of a 27 Km long magnetic anomaly in southeast Heenan and western Mallard. Several gold showings occur in Mallard and Heenan Townships. Fancamp’s exploration program is designed to test the gold potential of this large regional target.
A total of 589 soil samples and 89 grab samples were collected on the Mallard Gold Property, and 106 soil samples and 43 grab samples were collected from the Heenan Property.
On the Mallard Gold Property, the prospecting was completed property wide, while the soil sampling concentrated over the Ridout Deformation Zone that traverses the Property for approximately 5 km, and reaches widths of >500 m. Very limited historical work has been completed along the extent of this structure that is within the Mallard Gold Property. Of the 589 soil samples collected over this target, 17% of the samples exceeded the threshold (defined by Median+2MAD). Gold values ranged from below detection to 52 ppb Au. Grab samples confirmed the presence of elevated gold values within this target area, which ranged from below detection levels to 760 ppb Au. A fall program of line cutting and geophysical surveying will be completed over this target area to define drill targets for a late fall or early winter drilling program.
A mechanized stripping program will also commence in October in the area of diamond drill hole MA19-07 completed last year that intersected 17.00 m grading 0.14 g/t Au, including 0.24 m grading 4.61 g/t Au (see news release dated May 15th, 2019).
On the Heenan Property, a total of 106 soil samples were collected “up-ice” from a highly anomalous soil sample obtained during last year’s field program. Of the 106 soil samples collected over this target, 4% of the samples exceeded the threshold (defined by Median+2MAD). Gold values ranged from below detection to 483 ppb Au. Grab samples, ranging from below detection to 291 ppb Au were collected from the first pass of prospecting. Anomalous grab samples were obtained from a sulphide-facies iron formation located immediately north of anomalous soil samples. Fancamp intends to complete further prospecting, line cutting, and geophysical surveying in advance of a late fall or early winter drilling program. Additional grab samples have been submitted to the laboratory, and results are pending at this time.
Grab samples are selective in nature, and the above reported assay results may not be representative of the mineralization on the Properties.
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 Colombia, 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
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