VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 16, 2012) - Fancamp Exploration Ltd. (TSX VENTURE:FNC) ("Fancamp" or the "Company") is pleased to report significant drill hole assay results based on a compilation-synthesis of historic unpublished information from the recently acquired Namex property ("Namex") (refer to the Fancamp news release dated July 16, 2012) in the Clinton volcano-sedimentary belt located in southern Quebec near the Maine border.
The results of 10 historic drill holes located on the "V Zone" and drilled in 1997 as a follow-up of the discovery of the zone in 1996 have reported wide intersections of higher grade copper and zinc mineralization. Significant results such as 1.26% Copper and 1.37% Zinc over 32.2 meters (drill hole V-97-11) and 1.31% Copper over 26.9 meters (drill hole V-96-08) are reported (Clinton Property Exploration Program, Eastern Townships Area, Quebec, by Namex Explorations Inc., GeoConseil Marcel Vallée Inc.,(Marcel Vallée, Eng., P.Geo), June 13, 2001). According to geological sections accompanying the report, true thickness represents approximately 80% to 85% of the downhole length intersections.
The mineralization was tested over a strike length of 250 meters and a depth of 200 meters to 250 meters by 17 drill holes. The zone appears wide open at depth and on-strike. Historically, the "V Zone" was the most recent discovery made in the Clinton Belt. It had no reported historical resources and only the first 7 drill holes were previously reported and filed at the Ministère des ressources naturelles et de la faune Québec. This new information brings a new insight into the potential of the zone.
A cutting edge deep IP survey is planned, to be followed by drilling within the month.
The Namex Property
With the acquisition of the Namex ground, Fancamp consolidates its position in the Clinton volcano-sedimentary belt, now covering a 17-kilometre continuous strike length from the United States border to the northern tip of the belt near Lac-Megantic (Quebec). It also adds the last historical mineralized zone Fancamp did not own in the belt, the Clinton "C Zone", hosting historic resources of 361,000 tons at 1.77% Copper and 0.64% Zinc. With this latest acquisition, Fancamp now holds a total historic resource estimated at 1.52 million tons grading 2.08% Copper and 1.54% Zinc in five zones: A, C, E, F and O (Quebec government Fiche de Gite 21E07-0007).
In 1973, 122,251 tons of material grading 2.65% Copper, 2.43% Zinc, 0.46% Lead, 30.03 g/t Silver and 0.45 g/t Goldwere mined from the "O Zone" (Groupe Minier Sullivan, 1973 Annual Report). Fancamp has also acquired an extensive data package from Namex, which includes unfiled and unstudied drill hole information and geophysics on the Clinton "V Zone", a mineralized zone discovered by Namex and OT Mining Corp. in 1996 (separate from the Clinton "C Zone").
The historic resource estimates were completed prior to the implementation of National Instrument ("NI") 43-101 standards. Given the quality of the work prepared by the government of Quebec and the Groupe Minier Sullivan, the company believes the resource estimates to be both relevant and reliable. However, a qualified person has not completed sufficient work to classify the historic mineral resources as current mineral resources, and is not treating the historic resources as current. Hence, they should not be relied upon.
The Lamêlée Iron Property Diamond Drilling Program
The Company also wishes to provide an update on the current Lac Lamêlée drill program designed to produce a NI 43-101 compliant mineral resources together with a preliminary economic assessment of this strategically located 2.5 km long folded iron formation. The total drill program is estimated at a minimum 8,000 meters. Bedrock samples for metallurgical testing purposes are also in the process of being collected.
To date, approximately 4,300 meters of NQ drilling in 13 holes have been completed. Results have been encouraging as the Company continues to intersect significant widths of magnetite and hematite iron formation over true thicknesses in the order of 125 metres for the southern limb and 75 metres for the northern limb. The two sequences are separated by a narrow layer of magnetite bearing silicate iron formation. As yet, no assays have been received.
The technical information in this news release was reviewed and approved by Jean Lafleur, M.Sc., P. Geo., a Company Director and a Qualified Person under NI 43-101 Rules.
ON BEHALF OF THE BOARD
Peter H. Smith, PhD, P. Eng., President
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.
S.E.C. Exemption: 12(g)3-2(b)
No stock exchange or securities regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of this release.