VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 19, 2014) - Fancamp Exploration Ltd. (TSX VENTURE:FNC) ("Fancamp" or the "Company") is pleased to report the optioning of two grassroots properties in northwest New Brunswick, extending and building on its present reserve of gold and base metal properties in these underexplored sectors of the Quebec and New Brunswick Appalachians. Discovery still provides the greatest leverage in the exploration business and the Company considers these two properties important additions to that value adding process.
The first of these, known as the North West Gold Property, covers some 16,865 acres and is characterized by a series of very high grade gold bearing quartz veins extending over a strike length of some 5 km. The veins can range up to several metres in width and bonanza grades have been reported in grab samples collected and published by the vendors, in particular, along an 800 m strike length zone exhibiting marked amounts of visible gold within the 5 km long vein area. A trench crossing this 800m zone yielded five grabs ranging from 262 to 493 g/t Au. Further prospecting, trenching and bulk sampling are planned. The option agreement is spaced over three years with $25,000 payable up front with the obligation to spend $150,000 before the 14th of March 2016. A further $60,000 is payable in two tranches before March 14th 2017, with total exploration expenditures of $525,000 required before March 14th 2018. A final payment of $420,000 within 30 days of this last date will secure a 100% interest in the property for the Company, accompanied by a 2% NSR with a buyback on 1% for 1 million dollars.
The second property, known as Oxford Brook, is a base metal discovery, brand new, in an overburden covered area never before examined and devoid of reported mineralized zones. The vendors, Messrs. Tim Lavoie and Pierre-Luc Guitard, discovered the bedrock mineralization in a newly bulldozed lumber road located in a little known belt of volcanics and intrusives extending for some 30 km in a NE direction. No previous mineralization has been reported from this belt, which given this discovery, is obviously highly prospective. The property covers some 11,500 acres along the 30 km strike length. This discovery so impressed the New Brunswick Prospectors and Developers Association that the vendors were designated "Prospectors of the Year" at the recent 2014 Annual Exploration, Mining and Petroleum Conference in Fredericton. The exposed mineralized zone forms a gossanous, blocky exposure some 100 feet along the road. Grab samples, reported and published by the vendors, run up to 60 g/t Ag, 9% Zn and 3.4% Pb. Gold values up to 3 g/t were also reported. No ground geophysics or drilling has ever been carried out in this area, and the last airborne surveys date back to the early 80's. These latter survey results, will of course be re-evaluated. Further trenching is planned together with geophysics to get a handle on its potential size. The option agreement is spaced over three years with $5,000 payable up front and the obligation to spend $50,000 before March 14th 2016. A further $15,000 is payable in two tranches before March 14th 2017 with total exploration expenditures of $175,000 required before March 18th 2018. A final payment of $100,000 within 30 days of this last date will secure a 100% interest in the property for the Company accompanied by a 2% NSR with a buyback on 1% for 1 million dollars.
The Company intends to apply to New Brunswick's generous exploration grant system to finance preliminary work on both these properties. Reconnaissance work will begin immediately, weather permitting.
About Fancamp Exploration Ltd (www.fancampexplorationltd.ca)
Fancamp Exploration Ltd. is a Canadian junior mineral exploration company that continues to evolve into a holder of shares in partner companies and royalties on near-term producing mines. These assets are designed to generate free cash flow without further shareholder dilution. Fancamp has an exceptional inventory of resource projects at various stages of development covering more than 1,710 km2 in three provinces. The commodities include hematite-magnetite iron formations, titaniferous magnetite, hematite, nickel/copper/PGM, chromite, Volcanogenic Massive Sulphides and gold.
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