Fancamp Reports on Shining Tree Gold Property Exploration Program Joint Venture with Platinex
May 18 2023 - 5:45AM
Fancamp Exploration Ltd. (“
Fancamp” or the
“
Corporation”) (TSX Venture Exchange:
FNC) is pleased to share the recent program
updates and announcement made by Platinex Inc. (CSE:PTX)
(“Platinex”) with regards to the Shining Tree Gold Property, in
which the Corporation holds a 25% interest through South Timmins
Mining Inc. ("Goldco"), a joint venture with Platinex Inc. (refer
to news release dated March 14, 2023). GoldCo’s Shining Tree Gold
Property is strategically located in the South-West region of the
Abitibi Greenstone Belt, the world's largest 2.7-billion-year-old
mineral-rich greenstone geological belt, which hosts
numerous major gold and base metal deposits, and
predominant gold producers (refer to Figure 1).
Fancamp is encouraged by the timely commencement
of the exploration program at the Shining Tree Gold Property which
follows on Platinex’s 2022 reconnaissance geochemical and
prospecting programs (refer to Platinex Inc. release dated December
7, 2022) and the recently announced joint venture between the
Parties in relation to the advancement of properties in the Abitibi
Greenstone Belt through GoldCo.
Part of Fancamp’s mission is to invest in highly
prospective projects and near-term producing assets in order to
monetize and generate meaningful returns for shareholders. The
Shining Tree Gold Property is of great significance to Fancamp
given the geological and regional aspects of its location and the
previous work conducted by Platinex which delineated areas of
interest which could result in high-grade mineralization
potential.
Platinex, operator of the Shining Tree Gold
Property, is now focused identifying new gold targets in highly
prospective but underexplored regions of the 225 km2 land package,
with initial work to commence in highly prospective Areas 2 and 3.
From previous work programs conducted by Platinex, these targets
indicated several anomalous soil samples with gold values that
coincide with the probability that Au-mineralization may be present
(refer to Figure 2 and Platinex Inc. press release dated May 17,
2023).
For further information on the exploration
program operated and led by Platinex at the Shining Tree Gold
Property, and reference to previous work conducted on the property
as referenced above, refer to press release by Platinex Inc. dated
May 17, 2023.
About Fancamp Exploration Ltd. (TSX-V: FNC)
Fancamp is a growing Canadian mineral
exploration corporation dedicated to its value-added strategy of
progressing priority mineral properties through exploration and
innovative development. The Corporation is focused on an advanced
asset play poised for growth and selective monetization with a
portfolio of mineral claims encompassing over 158,000 hectares
across Ontario, Quebec and New Brunswick, Canada; including copper,
gold, zinc, titanium, chromium, strategic rare-earth metals and
others. The Corporation continues to identify near term cash-flow
generating opportunities and in parallel aims to advance its
investments in strategic mineral properties. Fancamp has
investments in an existing iron ore operation in the
Quebec-Labrador Trough, a rare-earth elements company, NeoTerrex
Corporation, in addition to an investment in a zinc mine planned to
be restarted in Nova Scotia. The Corporation has future
monetization opportunities from its Koper Lake transaction in the
highly sought-after Ring of Fire in Northern Ontario. Fancamp is
developing an energy reduction and titanium waste recycling
technology with its advanced titanium extraction strategy. The
Corporation is managed by a focused leadership team with decades of
mining, exploration and complementary technology experience.
Further information of the Corporation can be
found at: www.fancamp.ca
Forward-looking Statements
This news release contains certain
“forward-looking statements” or “forward-looking information”
(collectively referred to herein as “forward-looking statements”)
within the meaning of applicable securities legislation. Such
forward-looking statements include, without limitation, the closing
of the Offering, the receipt of regulatory approval, completion of
the Agreement, forecasts, estimates, expectations and objectives
for future operations that are subject to a number of assumptions,
risks and uncertainties, many of which are beyond the control of
the Corporation. Forward-looking statements are statements of fact
that are not historical facts or are events or conditions that may
occur or be achieved.
Although Fancamp believes that the material
factors, expectations and assumptions informing such
forward-looking statements are reasonable based on information
available to it on the date such statements were made, no
assurances can be given as to future results of such
statements.
Such forward-looking statements involve known
and unknown risks, uncertainties and other factors that may cause
actual events to differ materially from those anticipated in such
forward-looking statements.
Readers are cautioned that the foregoing list of
factors is not exhaustive. Statements including forward-looking
statements are made as of the date they are given and, except as
required by applicable securities laws, Fancamp disclaims any
intention or obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. The forward-looking statements
contained in this news release are expressly qualified by this
cautionary statement.
For Further Information
Rajesh Sharma, President
& Chief Executive Officer+1 (604) 434
8829info@fancamp.ca |
Debra Chapman, Chief Financial
Officer+1 (604) 434 8829info@fancamp.ca |
Tara Asfour, Director of Investor
Relations
+1 (604) 434 8829
tasfour@fancamp.ca
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.
Photos accompanying this announcement are available
at
https://www.globenewswire.com/NewsRoom/AttachmentNg/24589b01-6261-4864-9b7d-16dc13c68eb6
https://www.globenewswire.com/NewsRoom/AttachmentNg/ccb3070b-bfaa-4b2c-8eb2-d9ddd82e5fc4
Fancamp Exploration (TSXV:FNC)
Historical Stock Chart
From Apr 2024 to May 2024
Fancamp Exploration (TSXV:FNC)
Historical Stock Chart
From May 2023 to May 2024