Results from 2019 drill program at Harvey Hill
show up to 1.77% Cu over nine meters
Fancamp Exploration Ltd. (“Fancamp” or the “Corporation”) (TSX
Venture Exchange: FNC) is pleased to provide updates on its
exploration projects.
As discussed on the January 19, 2021 and March 4, 2021 investor
calls, the new management team of the Corporation recently
completed a strategic review of its properties to reprioritize the
project pipeline and develop its resource base through a systematic
and efficient approach to exploration, in a clear contrast to the
unfocused approach by former president and CEO, Mr. Peter H. Smith.
The strategic review process faced delays and difficulties as Mr.
Smith withheld technical information belonging to the
Corporation.
While conducting the strategic review, the new management team
discovered that Mr. Smith failed to keep the Board of Directors and
the market informed of the results of the Corporation’s previous
exploration programs, raising further questions about his business
judgment, adherence to his fiduciary duty, and his commitment to
act in the best interest of Fancamp’s shareholders.
Mr. Smith is a disgruntled director, who recently had his
consulting agreement terminated for
cause, and has initiated an unnecessary, costly and
time-consuming challenge to the Corporation’s proposed acquisition
of ScoZinc Mining Ltd. at a time when Fancamp’s future is bright
and the Corporation is finally set to deliver significant value to
shareholders.
In line with industry best practices, the Corporation is pleased
to share the following information:
Harvey Hill
The best intercepts from the 66-hole Harvey Hill 2019 program
were 1.77% Cu over 9 meters (drill hole HH19-26) and 0.66% over 11
meters (drill hole HH19-05). The best intercept from the 15-hole
2020 program was 0.97% over 2 meters (drill hole HH20-01). A
summary of key intercepts is found in Table 1, and drill hole
location information is provided in Table 2 (see appendix).
The Corporation’s Harvey Hill project is a past producing,
precious metal bearing copper project in the Appalachian region of
eastern Quebec. In 2019 and 2020, the Corporation completed 81
drill holes in two campaigns, targeting three near surface
mineralized lenses. The mineralized lenses are interpreted as
vertically stacked, flat to shallow-dipping zones, extending over
more than 425 meters of strike in an east-northeast direction. The
zones are interpreted to average two to three meters in
thicknesses. Further description of the Harvey Hill project and its
past production can be found on the Corporation’s at Harvey Hills
Project (fancamp.ca). More detailed interpretation of this data is
planned for later in 2021.
Table 1. Previously unreported drill results for the Harvey Hill
project, composite intervals greater than 0.3% Cu.
2019 Drill Program
Drill Hole
From (m)
To (m)
Drilled Length (m)
%Cu
HH19-02
9
11
2
0.36
HH19-03
2
5
3
0.51
HH19-04
7
13
6
0.72
HH19-05
3.5
14.5
11
0.66
HH19-08
36
39
3
0.83
HH19-10
5.8
6.1
0.3
0.83
HH19-10
22
23
1
0.66
HH19-10
51
53
2
1.09
HH19-11
24.5
26.5
2
0.44
HH19-11
34
40
6
0.41
HH19-14
25
27
2
0.32
HH19-15
48
49
1
0.60
HH19-17
27
30
3
1.06
HH19-18
40
42
2
0.34
HH19-19
10
12
2
0.96
HH19-21
13
18
5
0.63
HH19-22
4
7
3
0.74
HH19-22
14
17
3
0.45
HH19-25
13.7
14.7
1
0.43
HH19-26
13
14
1
0.33
HH19-26
87
92
5
0.50
HH19-26
111
120
9
1.77
Incl.
113
114
1
10.70
Incl.
118
120
2
2.11
HH19-27
28
29
1
0.43
HH19-30
13
16
3
0.89
HH19-31
8
10
2
0.89
RI-19-04 (TEST)
9
10
1
0.31
HH19-32
15
17
2
0.88
HH19-34
10
17
7
0.60
HH19-37
3
4
1
0.55
HH19-44
12
18
6
0.34
HH19-47
60
62
2
0.43
HH19-49
5
7
2
1.51
HH19-55
9
11
2
1.86
HH19-58
14
15
1
0.75
HH19-63
20
23
3
2.16
HH19-64
6
10
4
0.59
2020 Drill Program
Hole
From (m)
To (m)
Drilled Length (m)
%Cu
HH20-01
59
61
2
0.97
HH20-04
60.5
61.5
1
1.46
HH20-08
33
35
2
0.82
HH20-15
18
19
1
0.95
Boisbuisson
Fancamp’s 2020 field sampling reconnaissance field sampling
returned up to 7.54 gpt Au (Table 3) confirming high grades of
previous workers.
The Boisbuisson project is located in the Humber Zone, of the
northern Gaspe Peninsula. Numerous structure-hosted, base metal
bearing precious metal quartz veins occurrences are recorded on the
south and central parts of the property. Fancamp has held the
Boisbuisson project since 2015 but has completed very little work
on the concessions. A description of the Boisbuisson project can be
found on the Corporation’s website at Boisbuisson Project
(fancamp.ca).
Table 3.
Bedrock grab sample results from the 2020
Boisbuisson reconnaissance program.
Sample #
Location
Easting (m)
Northing (m)
Description
Au (gpt)
787941
Trench 3
292798
5439750
Fault gouge, grey, 10% sulphides in
5-meter-wide quartz bearing zone N110°/- 20°NW
3.42
787947
Trench 5
291288
5438907
Quartz vein, sub-horizontal, 10 cm
wide
1.21
787948
Trench 5
291281
5438792
Semi to massive galena-pyrite bands,
25-30cm wide N020°/ Sub vertical
7.54
Note: Coordinate system, NAD 83 zone 20.
Ste. Marguerite (Gaspe)
Reconnaissance sampling by the Corporation during its 2015 and
2016 field programs returned up to 8.9 gpt Au over 1 meter from a
chip channel sample (sample P134040), and up to 54.9 gpt Au and
10.1 gpt Au from grab sampling (samples 62816 and 62815,
respectively) of altered, structure hosted quartz veining in the
Sainte-Florence faults zone. Sampling results by the Corporation
are provided in Table 4. Silver was not analyzed in these programs.
These results confirm high gold grades identified by previous
workers on the property.
The Ste. Marguerite (Gaspe) property hosts a linear trend of
gold bearing vein occurrences, more than 10 km long. The mineral
occurrences are largely hosted by a band of mafic to intermediate
volcanic rocks in close proximity to the Sainte-Florence fault,
within the Gaspe Belt. Fancamp has held the property since 2015 and
has completed minor reconnaissance activities. A description of the
Ste. Marguerite (Gaspe) project can be found on the Corporation’s
website at St. Margarite (Gaspe) Project (fancamp.ca).
Table 4.
Bedrock and subcrop grab sample results
from the 2015 and 2016 Ste. Marguerite (Gaspe) reconnaissance
sampling program.
Sample #
Location
Easting (m)
Northing (m)
Description
Au (gpt)
63537
46W
638875
5351331
Quartz vein + sulphides
7.04
63538
46W
638876
5351336
Quartz vein + sulphides
0.72
63539
46W
638864
5351349
Quartz vein + sulphides
2.45
63540
46W
63888
5351295
Quartz vein + sulphides
1.69
63544
46W
638887
5351297
Quartz vein + sulphides
4.43
62814
46W
638856
5351330
Fractured quartz (fine visible
gold grains)
6.83
62815
46W
638856
5351330
Kaolinite patches coarse gold
10.1
62816
46W
638856
5351331
Black oxides with several gold
grains
54.9
62817
46W
638856
5351331
Rusty quartz with several gold
grains
3.98
62818
46W
638856
5351332
Contact between sedimentary rocks
and basalt
2.15
63236
46W
638862
5351333
Subcropping quartz vein with
sporadic arsenopyrite.
1.89
63240
46W
638887
5351303
Subcrop from trench T-2A , red,
with more than 80% rusty quartz fragments.
2.32
63545
42W
639290
5351377
Quartz vein, atleast 3 meters
wide.
0.27
62537
FRASER
644416
5354068
Quartz vein with arsenopyrite
0.22
62540
FRASER
644381
5354006
Quartz vein with sulphides
0.163
63529
FRASER
644301
5353948
Quartz vein with sulphides
1.6
63231
FRASER
644595
5354120
Sulphides veinlets with 20%
pyrite and 1% arsenopyrite
0.45
63232
FRASER
644600
5354112
70% quartz with patches of
massive sulphides
3.49
63233
FRASER
644603
5354108
Oxidized zone, stockwork quartz
veins
0.24
P134054
LEPAGE 1
647611
5354915
Gossan zone, heavily rusted.
1.085
P134055
LEPAGE 1
647611
5354915
Gossan zone, heavily rusted.
2.03
P134075
LEPAGE 1
647611
5354915
Gossan zone, heavily rusted.
0.369
P134058
LEPAGE 2
648313
5355355
Subcropping gossan comprising 60%
altered basalt and 40% quartz
0.745
P134059
LEPAGE 2
648320
5355358
Subcrop, gossan zone
3.44
P134061
LEPAGE 2
648332
5355344
Gossan, rusty with quartz veins
and massive arsenopyrite in basalt
6.46
P134062
LEPAGE 2
644324
5355348
Subcropping gossan consisting of
quartz veins and veinlets in altered basalt.
1.58
P134040
LEPAGE 2
644307
5355362
1 meter channel sample, oxidized
zone with 10% arsenopyrite, 60% quartz veins, and 30% basalt.
8.9
Note 1: Coordinate system, NAD 83 zone 19. Note 2: All samples
are outcrop, unless otherwise noted in the description.
Qualified Person
Jean Bernard, P.Geo, has reviewed and approved the technical and
scientific content of this news release. Jean Bernard is a
Qualified Person within the description of the Canadian Securities
Administrator’s National Instrument 43-101.
The 2019 and 2020 drill programs at Harvey Hill were directed by
Jean Bernard. P.Geo, and a Qualified Person in the meaning of NI
43-101. The Boisbuisson and Ste. Marguerite (Gaspe) sampling
programs were directed by Jean Bernard. P.Geo, and a Qualified
Person in the meaning of NI 43-101.
Quality Control
Assays for the diamond drill programs were analyzed by
Activations Laboratories Ltd. in Ancaster, Ontario. The Corporation
inserts quality control samples (blanks, standard reference
material, and duplicates) at regular intervals to monitor
laboratory performance. Standard samples are inserted every 15-20
samples, with additional standard material added to mineralized
zones. Reference samples are obtained from OREAS (Ore Research and
Exploration P/L ABN) and comprised OREAS 620 (0.173% Cu), and OREAS
624 (3.10% Cu). Blanks are inserted every 15-20 samples and are
obtained from a deposit of pure quartzite. Field duplicates are
inserted every 20 samples.
Advisors
Lavery, de Billy, L.L.P. is serving as legal advisor to Fancamp.
Kingsdale Advisors is acting as strategic shareholder and
communications advisor to Fancamp.
About Fancamp Exploration Ltd. (TSX-V:
FNC)
Fancamp is a growing Canadian mineral exploration corporation
dedicated to its value-added strategy of advancing mineral
properties through exploration and development. The Corporation
owns numerous mineral resource properties in Quebec, Ontario and
New Brunswick, including gold, rare earth metals, strategic and
base metals, zinc, chromium, titanium and more. Fancamp is also
building on the industrial possibilities inherent in dealing with
some of these materials, notable being the development of its
Titanium technology strategy. It has recently announced the
acquisition of ScoZinc, a Canadian exploration and mining
corporation that has full ownership of the Scotia Mine and related
facilities near Halifax, Nova Scotia, as well as several
prospective exploration licenses in surrounding regions. The
Corporation is managed by a new and focused leadership team with
decades of mining, exploration and complementary technology
experience.
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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this news release.
APPENDIX Table 2. Drill hole collar, orientation and
depth information for Fancamp’s 2019 and 2020 Harvey Hill
programs.
2019 Drill Program
Drill Hole
Total Depth (m)
Azimuth (degrees)
Dip (degrees)
Northing (m)
Easting (m)
RIS19-01
36
360
-90
5125431
329198
R19-01
9
360
-90
5125416
329181
HH19-01
54
174
-48
5125366
329173
HH19-02
21
112
-60
5125434
329152
HH19-03
21
147
-83
5125423
329180
HH19-04
21
152
-83
5125469
329174
HH19-05
36
181
-85
5125496
329186
HH19-06
72
181
-69
5125815
329620
HH19-07
48
178
-59
5125679
329623
HH19-08
95
178
-59
5125741
329904
HH19-09
102
184
-60
5125678
330315
HH19-10
72
187
-58
5125598
330183
HH19-11
62
191
-69
5125648
330185
HH19-12
39
190
-68
5125667
330239
HH19-13
66
190
-60
5125585
330188
HH19-14
78
194
-59
5125635
330172
HH19-15
72
175
-69
5125667
330160
HH19-16
38
182
-69
5125606
330123
HH19-17
60
190
-69
5125556
330339
HH19-18
63
202
-69
5125590
330329
HH19-19
60
137
-84
5125485
329199
HH19-20
57
360
-90
5125507
329231
HH19-21
42
360
-90
5125526
329195
HH19-22
39
360
-90
5125485
329164
HH19-23
30
360
-90
5125479
329120
HH19-24
123
180
-60
5125864
329936
HH19-25
22
180
-60
5125806
329855
HH19-26
144
174
-74
5125806
329855
HH19-27
108
208
-49
5125784
329805
HH19-28
75
191
-74
5125886
330082
HH19-29
57
144
-74
5125792
329502
HH19-30
39
89
-79
5125533
330417
HH19-31
33
163
-80
5125525
330495
HH19-32
39
360
-90
5125512
329175
HH19-33
42
360
-90
5125536
329177
HH19-34
31
360
-90
5125541
329221
HH19-35
31
360
-90
5125522
329243
HH19-36
27
360
-90
5125488
329247
HH19-37
23
360
-90
5125446
329211
HH19-38
27
360
-90
5125459
329219
HH19-39
24
360
-90
5125445
329238
HH19-40
37.5
360
-90
5125559
329237
HH19-41
31.5
360
-90
5125544
329255
HH19-42
37.5
360
-90
5125575
329248
HH19-43
33
360
-90
5125567
329262
HH19-44
37.5
360
-90
5125550
329217
HH19-45
33
360
-90
5125530
329233
HH19-46
37.5
360
-90
5125568
329231
HH19-47
70.5
180
-70
5125702
329844
HH19-48
54
180
-70
5125643
329854
HH19-49
29.5
180
-70
5125788
329946
HH19-50
15
180
-70
5125790
329933
HH19-51
30
180
-70
5125786
329911
HH19-52
21
180
-70
5125781
329956
HH19-53
21
90
-70
5125772
329930
HH19-54
21
260
-70
5125754
329926
HH19-55
21
240
-70
5125766
329956
HH19-56
21
90
-70
5125759
329964
HH19-57
22
240
-50
5125807
329956
HH19-58
30
360
-90
5125720
329983
HH19-59
30
360
-90
5125701
329960
HH19-60
21
360
-90
5125535
330448
HH19-61
22.5
360
-90
5125547
330373
HH19-62
27
360
-90
5125510
330309
HH19-63
27
360
-90
5125534
330330
HH19-64
19.5
360
-90
5125511
330323
2020 Drill Program
Drill Hole
Total Depth (m)
Azimuth (degrees)
Dip (degrees)
Northing (m)
Easting (m)
HH20-01
70
119
-50
5125801
329858
HH20-02
70.5
285
-51
5125845
329904
HH20-03
70.5
104
-50
5125864
329938
HH20-04
100.5
95
-50
5125790
329940
HH20-05
70.5
116
-53
5125901
329881
HH20-06
51
108
-52
5125901
330055
HH20-07
70.5
136
-52
5125857
329489
HH20-08
100.5
43
-55
5125412
329483
HH20-09
54
94
-52
5125409
329488
HH20-10
84
218
-51
5125406
329479
HH20-11
15
38
-48
5125509
329508
HH20-12
70.5
0
-50
5125650
329959
HH20-13
70.5
254
-50
5125646
329958
HH20-14
51
122
-53
5125607
329899
HH20-15
49.5
110
-53
5125698
330210
Note: Coordinate system NAD 83, UTM zone 19N.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210427005619/en/
For Further Information Rajesh Sharma, Chief Executive
Officer +1 (604) 434 8829 info@fancamp.ca
Debra Chapman, Chief Financial Officer +1 (604) 434 8829
info@fancamp.ca
Media Hyunjoo Kim Director, Communication, Marketing
& Digital Strategy Kingsdale Advisors Phone: 416-867-2357 Cell:
416-899-6463 Email: hkim@kingsdaleadvisors.com
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