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Funcamp releases Clinton Project final analysis results of up to 0.72% Cu at 3.0 meters from winter drill program, Canadian Business Journal

VANCOUVER, British Columbia, August 17, 2022 (GLOBE NEWSWIRE) — Fancamp Exploration Ltd. (“fan camp” or “entity”) (TSX Venture Exchange: FNCMore) is the Clinton Project (Figure 1) is located in the Eastern Townships of Quebec, Canada and is one of the top jurisdictions globally in terms of investment attractiveness for exploration (2021 Annual Survey of Mining Companies, Fraser Institute).

As previously reported, Fancamp will drill 1,294 meters in six holes north of the facility in February-March 2022 to expose massive sulphide, one of the five massive sulphide lenses at the facility. We evaluated Lens A (see press release dated June 14, 2022). ). This program successfully extended the mineralization of Lens A. Here, the Cu and Ag grades and mineralized widths were consistent with the historical intercepts of lens A. This work further suggests that the mineralized lenses A and B may be continuous. Fancamp will follow up on these excellent results by conducting a ‘downhole’ pulsed EM survey with TMC Geophysics. The survey is designed to identify potential zones of conductive massive sulfide mineralization beyond previously drilled areas in the A/B lens region. This study will allow Fancamp to define deposits more precisely, reducing the overall cost of exploration.

highlight

  • Hole CLDD-22-01: 3.0 meters @ 0.72% Cu, 2.87 g/t Ag and 0.02 g/t Au (table 1, Figure 2).

Outlook

After reviewing the 3D modeling (see press releases dated January 25, 2022 and June 14, 2022), Fancamp conducted a 1,294-meter, six-hole drill program, starting with a VTEM plate located approximately 100 meters northeast. was tested for anomalies. Mineralized lenses containing copper, and then possibly extending lenses along the strike (Figure 2). Fancamp was able to establish potential connectivity between the A and B lenses, thus extending the scanning distance of these two lenses by about 100 meters (Figure 3). The drill campaign indicates that these two lenses A and B are probably considered as continuous mineralized zones, which may coalesce at depth to form one he lens. Findings such as these further suggest favorable drilling coverage for extending Lenses A and B further to the southwest.

Mineralization is typical for VMS (Volcanogenic Massive Sulphide) type sediments and occurs at contacts between thick sedimentary sequences and felsic volcanic units. Exhalatory layers, consisting of finely layered iron-rich mudstones and sometimes jasperoid-shaped beds, can be traced along the entire length of the mineralization. This unit is an easily identifiable marker both geophysically and geologically, helping to reveal the extent of mineralized lenses. Once the results of the downhole pulsed EM survey are available, Fancamp will update the geological model and prepare for a new drilling program aimed at expanding the Clinton copper mineralization.

“Analytical results demonstrate the complete success of the winter drill program, confirming that the Clinton Project is host to significant copper sulfide mineralization in the shadow of previous producing mines. The mine is currently spreading along a strike with a possible merger of two copper mineral lenses.Most encouraging is that the AB lens remains open to the north and the depths plunge to the southwest. and the fact that the strike length of both lenses has been extended by 100 meters, where we find hole results that return the same grade and width as in the past intercept. It suggests ample room for further expansion and growth of geological models and drilling strategies.” – François Auclair, VP of Exploration at Fancamp.

About the Clinton Project

The Clinton Project is underpinned by a bimodal volcanic sequence of folded faults that hosts a series of Cu–Zn precious metal volcanic mass sulfide mineralization lenses extending over the 5 km NE horizon. The project is located approximately 20 km southwest of the town of Megantic and just north of the Maine state line. It covers approximately 20 km of favorable stratigraphy in the Clinton River volcanic sedimentary belt, indicating that the Clinton Project is host to significant copper sulfide mineralization in the shadow of past production mines extending along the strike. Confirming.

Since exploration began in the early 20th century, the property has been the subject of multiple exploration programs. Since 1953, approximately 62,354 meters of excavation have been carried out in 297 holes.

The project area hosts a non-compliant 43-101 historical resource contained within five small sulfide lenses A, C, E, F, and O totaling 1.52 Mt at 2.02% Cu and 1.54% Zn. [MRNFQ Fiche de Gite 21E07-0007]Qualified personnel have not done enough work to classify historical estimates as current Mineral Resources. We do not treat historical estimates as current mineral resources.

Investor Relations Engagement

Fancamp further announces that it has engaged Tara Asfour to perform services including investor relations for the company, as defined in accordance with TSXV policies and applicable securities laws. Pursuant to the agreement she signed with Asfour on July 19, 2022, Asfour will receive a cash fee of $5,000 per month for the duration of her 12-month contract and will continue on a monthly basis thereafter. To the Company’s knowledge, Mr. Asfour currently owns none of his 0 shares of the Company’s common stock.

qualified person

The scientific and technical information contained in this press release has been reviewed and approved by François Auclair, P Geo, M.Sc., Fancamp’s, Vice President Exploration and has been designated as qualified under National Instrument 43-101. I’m here.

quality management

Analysis of the diamond drill program was analyzed by Activation Laboratories Ltd. The company regularly inserts quality control samples (blanks, standard reference materials, and duplicates) to monitor lab performance. Standards are inserted every 40 samples. The reference sample was obtained from OREAS (Ore Research and Exploration P/L ABN) and consisted of OREAS 524 (2.53% Cu). Blanks were inserted every 40 samples and are Coarse Silica Blank Material obtained from OREAS. Field duplicates are inserted every 40 samples.

About Fancamp Exploration Ltd. (TSX-V: FNC)

Fancamp is a growing Canadian mineral exploration company dedicated to a value-added strategy of improving the properties of priority minerals through exploration and innovative development. The company owns numerous mineral resources in Quebec, Ontario and New Brunswick, including chromium, strategic rare earth metals, gold, zinc and titanium. Located in the highly sought-after Ring of Fire in Northern Ontario, Funcamp’s Chrome property is strategically located. The properties of rare earth elements in Quebec are a special focus. Fancamp invests in an existing iron ore operation in the Quebec Labrador Trough, in addition to investing in a slated zinc mine in Nova Scotia. Fancamp develops energy saving technologies using advanced titanium extraction strategies. The company is managed by a focused leadership team with decades of mining, exploration and complementary technology experience.

Forward-Looking Statements

This news release contains, within the meaning of applicable securities laws, certain “forward-looking statements” or “forward-looking information” (collectively referred to herein as “forward-looking statements”). ) is included. Although such forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which involve projections, estimates, expectations and objectives of future business that are beyond our control. , but not limited to: Forward-looking statements are not historical facts and are generally, but not always, “expects,” “plans,” “predicts,” “believes,” “intends,” “estimates,” ”, a description identified by the word “project”. , “potentially” and similar expressions or “will”, “would”, “might”, “could” or “should” be or be an event or condition to be achieved.

Although Fancamp believes that the material factors, expectations and assumptions that inform such forward-looking statements are reasonable based on information available as of the date such statements are made. , we cannot guarantee future results from 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. included.

Readers are cautioned that the list of factors mentioned above 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 makes no representations as to whether or not they are the result of new information. Regardless, we disclaim any intention or obligation to publicly update or revise any forward-looking statements. future events or otherwise. Any forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

For more information

Neither the TSX Venture Exchange nor its regulated service provider (that term is The TSX Venture Exchange) is not responsible for the adequacy or accuracy of this news release.

The figures accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/de1b2c7a-7d8e-477d-b601-e5625983e71c

https://www.globenewswire.com/NewsRoom/AttachmentNg/108efe46-c06e-451e-bede-6939844452c7

https://www.globenewswire.com/NewsRoom/AttachmentNg/b560ede1-b73f-4bdc-8f97-9dceef3720ea

https://www.globenewswire.com/NewsRoom/AttachmentNg/0939e64b-ad84-43b6-b4cb-c2919a79bf69


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Funcamp releases Clinton Project final analysis results of up to 0.72% Cu at 3.0 meters from winter drill program, Canadian Business Journal

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