Fancamp Reports Positive Gravity Geophysical Survey Results Extending Current Mineralized Lenses and Defining Multiple New Cu-Zn Massive Sulphide Targets at the Clinton Project
VANCOUVER, British Columbia, Feb. 27, 2025 (GLOBE NEWSWIRE) -- Fancamp Exploration Ltd. (“Fancamp” or the “Corporation”) (TSX Venture Exchange: FNC) is pleased to report positive results from a Gravity Survey conducted in December 2024 at its 100%-owned Clinton volcanogenic massive sulfide (“VMS”) project, situated in the past-producing area of the Appalachian region of Southern Québec, one of the top jurisdictions globally in terms of attractiveness for exploration investments (Annual Survey of Mining Companies 2023, Fraser Institute). The recent work conducted at Clinton was successful at identifying multiple, new, high-density targets at depth and delineated the potential VMS deposit root system, fundamental elements to allow for the extension of current mineralization, to demonstrate a significant VMS deposit at Clinton and provide for new copper discovery.
The results of the work conducted at Clinton are highly encouraging, proving out that new targets exist at depth, conceivably larger than on surface, with the potential to extend the already defined mineralized lenses and uncover new meaningful copper-zinc bearing massive sulphides lenses.
The Gravity Survey consisted of the acquisition of 2,000 gravity stations, on line spaced every 100 meters with reading stations every 25 meters, in the northern sector of the Clinton property. The survey investigated the potential of identifying deep seated VMS lenses under the known mineralized occurrences of the Clinton Project, which hosts historic production that occurred during the 1970’s and multiple copper-bearing mineralized lenses. Particular attention was provided to the favorable horizon capping the “AB”, “C”, “D”, “E” and “O” lenses.
Highlights
- Twenty-three (23) anomalies indicative of sources in positive density contrast with the host rocks have been identified. These gravity sources are essentially regrouped within the confines of three (3) NNE/SSW oriented, slightly broader, anomalous corridors that seem to feature prospective bands of rocks within, or in the vicinity of which are observed, known mineral lenses.
- The Gravity Survey effectively delineated the geologically favorable horizon hosting the known "AB, " "C, " "D, " and "E " lenses. The known lenses, which exhibit a significant density contrast with the surrounding host rocks, correspond to distinct gravity anomalies, confirming the survey 's effectiveness. Critically, the survey also identified new, high-density targets at depth, both below and between the known lenses, which represent compelling drill targets for Cu-Zn massive sulfide mineralization (refer to Figure 3).
- A second, stratigraphically lower corridor, which correlates with the known "V Zone, " may represent the root system of a volcanogenic massive sulfide (VMS) deposit (refer to Figure 2).The property 's highest-grade intersection to date, 2.78% Cu, 16.9 g/t Ag over 24.7 meters (refer to press release dated October 14, 2014) was drilled along this corridor. The Gravity Survey identified a new, high-density target along this trend, located below the known "C " lens. This target constitutes another high-priority drill target on the Clinton Project.
Exploration Targets and Follow-up Work:
Some of the gravity anomalies can be prioritized for the follow-up work, both located to the north of the grid and in the vicinity of known mineralized lenses. They are indicative of sources in positive density contrast with the host rocks which show interesting continuities, laterally and/or at depth.
These developments position Fancamp’s Clinton Project, in a past-producing area, as a prime target for further development, or optioning out, joint venture or other means of monetization, a reflection of Fancamp’s strategy to create accretive value. Fancamp intends to pursue and evaluate potential strategic partners in order to jointly advance and expand on the new success at Clinton, as the Company’s highly prospective copper asset.
The Gravity Survey at Clinton targeted the favorable geological horizon which hosts the past producing Clinton “O” mine and the known massive sulphide lenses containing historical non-compliant NI 43-101 resources of 1.52 Mt at 2.02% Cu and 1.54% Zn (MRNFQ Fiche de Gite 21E07-0007) an area where known copper mineralization had been identified across past exploration work and recent drill programs completed during Spring 2022 (refer to Figure 2). A qualified person has not completed sufficient work to classify this historical estimate as current mineral resources or mineral reserves and accordingly should not be relied upon.
Figure 1: Clinton Project Location Map and Past Copper Producers of the Québec Appalachian.
Figure 2: Clinton Project Gravity Survey Anomalies Localisation
Figure 3: Gravity anomalies over Clinton Favourable Horizon
About the Gravity Method
Gravity Survey is a geophysical method that measures variations in the Earth 's gravitational field. The method allows the determination of density contrasts within the subsurface. Greater density, such as that caused by massive sulphide deposits, will typically generate a stronger gravitational pull than the surrounding host rock. Gravity Surveys are thus a great tool to locate buried deposits in geological environments such as those found in VMS districts, and are thus a great tool to locate buried deposits in geological environment such as that of the Clinton and Stoke projects.
TMC Geophysics of Rouyn, Quebec, conducted the gravity geophysical survey under the supervision of Joël Simard, P. Geol./Geoph., of St-Donat, Quebec. Mr. Simard also performed the detailed analysis and interpretation of the resulting data.
About the Clinton Project
The wholly-owned Clinton Project is located in the Appalachian region of Southern Québec, an area with a proven mining history which hosts highly prospective targets due to geological potential and occurrences of high-grade base metals validated by 5 past-producing copper zinc mines across a 130-km trend. The Clinton Project is comprised of 127 map designated claims cells, covering 7,471 hectares (74.71 km2). The Clinton Project is underlain by a folded and faulted bimodal volcanic sequence. It hosts a series of Cu–Zn precious metals volcanogenic massive sulphide mineralization lenses extending over a 5-kilometre NE horizon. The project is situated approximately 20 kilometres southwest of the town of Megantic, north of the Maine border. The Clinton Project covers approximately 20 kilometres of favorable stratigraphy of the Clinton River volcano-sedimentary Belt. The Clinton Project is a past producing mine, characterized by five copper bearing mineralized lenses, with historical drilling having occurred across multiple exploration programs since 1953. Historic production at the Clinton Project reported from 1973-75 includes 122,251 tons mined at an average grade of 2.08% Cu (DV 85-08: Gîtes minéraux à tonnage évalué et production minérale du Québec – Claire Lavergne, 1985).
The project area hosts a non-43-101 compliant 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]. A qualified person has not done sufficient work to classify the historical estimate as current mineral resource. The Company is not treating the historical estimate as current mineral resources.
Qualified Person
The technical information contained in this press release was reviewed and approved by François Auclair, P.Geo, M.Sc. Vice President Exploration of Fancamp, designated as a Qualified Person under National Instrument 43-101. Mr Auclair, the Company’s Qualified Person, has reviewed and approved the technical disclosure contained in this news release.
About Fancamp Exploration Ltd. (TSX-V: FNC)
Fancamp is a Canadian mineral exploration company focused on creating value through medium term growth and monetization opportunities with strategic interests in high potential mineral projects, royalty portfolio and exploration properties. The Company is focused on an advanced asset play poised for growth and selective monetization with a portfolio of mineral claims across Ontario, Québec and New Brunswick, Canada; including copper, gold, zinc, titanium, chromium, strategic rare-earth metals and others. The Company has future monetization opportunities from its Koper Lake transaction in the highly sought-after Ring of Fire in Northern Ontario. Fancamp holds 96% interests in Magpie Mines Inc., which owns the Magpie property, one of the world’s largest undeveloped hard rock titanium (+V) deposits, per USGS data. Fancamp has investments in an existing iron ore operation in the Quebec-Labrador Trough, a rare earth elements company, NeoTerrex Minerals Inc., a copper–gold exploration company, Platinex Inc., an opportunity to develop an emerging gold-copper exploration play with Lode Gold Resources Inc. in addition to an investment in a near term cash flow generating zinc mine, EDM Resources Inc. in Nova Scotia. Fancamp is developing an energy reduction and titanium waste recycling technology with its advanced titanium extraction strategy. The Company is managed by a focused leadership team with decades of mining, exploration and complementary technology experience.
Further information on the Company can be found at: www.fancamp.ca
Forward-looking Statements
This news release includes certain forward-looking statements which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe both companies’ future plans, objectives or goals, including words to the effect that both companies or their respective management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Fancamp, Fancamp provides no assurance that actual results will meet the management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Corporation’s annual general meeting, objectives, goals or future plans, statements, potential mineralization, exploration and development results, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations, estimates of market conditions, future financial results or financing opportunities. There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Fancamp’s expectations include, among others, political, economic, environmental and permitting risks, mining operational and development risks, litigation risks, regulatory restrictions, environmental and permitting restrictions and liabilities, the inability of both companies to satisfy the conditions precedent to complete the Transaction, the inability to obtain the necessary regulatory and third-party approvals for the Transaction, the inability to start production at the Scotia Mine, the inability of Fancamp to realize the anticipated financial gains from the Transaction, including generating, in the near-term, cash-flows from the Scotia Mine, the inability of Fancamp to raise capital or secure necessary financing in the future, as well as factors discussed in the section entitled “Risks and Uncertainties” in Fancamp’s management’s discussion and analysis of Fancamp’s financial statements for the period ended October 31, 2020. Although Fancamp has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. In addition, the Corporation provides no assurance regarding the outcome of the BCSC’s decision. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
For Further Information
| Rajesh Sharma, President & Chief Executive Officer +1 (604) 434 8829 info@fancamp.ca | Tara Asfour, Director of Investor Relations +1 (604) 434 8829 tasfour@fancamp.ca |
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