VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 13, 2011) - Fancamp Exploration Ltd. (TSX VENTURE:FNC) is pleased to announce that, Champion Minerals Inc. (the "Operator") has released assay results for three additional drill holes completed on the company's 17.5% owned Oil Can project, located northeast of, and contiguous with, the company's 17.5% owned flagship Fire Lake North project in the Fermont iron ore district, Quebec.
The four drill holes completed on the South zone at Oil Can were drilled on sections spaced approximately 400 metres apart, along the estimated 1,300-metre strike length of a crescent-shaped magnetic anomaly. To help determine the true width of the targeted iron formation, hole OC11-08 was drilled toward the bearing of holes OC11-02 and OC11-05.
In the central and widest part of the anomaly, drill hole OC11-08 intersected 545.7 metres of magnetite-hematite-rich iron formation grading 33.7 per cent total iron that includes an interval of 442.3 metres grading 36.4 per cent total iron. Drill hole OC11-05 intersected 303.4 metres grading 34.7 per cent total iron that includes 130.8 metres grading 36.5 per cent total iron whereas drill hole OC11-02, located at the eastern end of the anomaly, intersected 401.5 metres grading 30.7 per cent total iron that includes a 213.5-metre interval grading 33.1 per cent total iron (see Champion press release dated Oct. 20, 2011). Drill hole OC11-07, located at the western end of the anomaly, intersected 197.2 metres grading 26.8 per cent total iron.
The table provides specifications for drill holes OC11-04 to OC11-08, inclusive, with selected composite assay results included for the three South zone holes.
| SELECTED(i) COMPOSITE ASSAY RESULTS | ||||
| (HOLES OC11-04 to OC11-08) | ||||
| Interval | Grade | |||
| Hole ID | From | To | (ii) | (iii) |
| metres | metres | metres | Total Fe% | |
| South zone | ||||
| OC11-05 | 241.56 | 545.00 | 303.44 | 34.7 |
| including | 407.24 | 538.00 | 130.76 | 36.5 |
| OC11-07 | 83.82 | 281.00 | 197.18 | 26.8 |
| including | 83.82 | 229.36 | 145.54 | 28.1 |
| OC11-08 | 67.00 | 612.73 | 545.73 | 33.7 |
| including | 67.00 | 509.34 | 442.34 | 36.4 |
| North zone | ||||
| OC11-04 | assay results pending | |||
| OC11-06 | assay results pending | |||
| (i) Selected composite assay results are stated only for results recently received. The selected composites are not necessarily representative of the average grade or thickness of the mineral zones or potential resource. |
| (ii) Intervals are downhole lengths and not true widths of the mineral zones. |
| (iii) Grades are calculated from total iron percentage sample assays completed by ALS Chemex Laboratories using the high-grade/ores method and XRF analysis. |
The four drill holes that evaluated the South zone's underlying magnetic anomaly have delineated a magnetite-hematite-rich iron formation over approximately 1.3 kilometres of strike length, with an indicated true width up to 250 metres and similar or greater depth.
There are four strong magnetic-response anomalies at Oil Can; the North, Central, South and East anomalies or zones, respectively. Assay results for drill holes OC11-01 (East zone), OC11-02 (South zone) and OC11-03 (Central zone) were previously announced (Champion press release dated Oct. 20, 2011). Assay results for the first two holes completed on the North zone (OC11-04 and OC11-06), are pending.
The Operator is nearing completion of its 2011 drill program at Oil Can with two drill rigs drilling the final holes. Once completed, these two fly drill rigs will be converted to land-based rigs and mobilized onto Fire Lake North to facilitate the feasibility-study-level resource definition and geotechnical drilling, currently under way. With completion of the Oil Can drilling program and the receipt of assay results, the Operator expects to deliver an initial National Instrument 43-101 mineral resource estimate for the Oil Can project in the first quarter of 2012.
The Fermont iron holdings
The Fermont holdings (17.5% Fancamp / 82.5% Champion) comprise 17 properties, three of which, Fire Lake North, Bellechasse and Harvey-Tuttle, host combined National Instrument 43-101-compliant measured and indicated mineral resources estimated at 400 million tonnes grading 30.6 per cent total iron and inferred mineral resources estimated at 1.82 billion tonnes grading 25.4 per cent total iron, at a 15-per-cent-total-iron cut-off.
The technical information in this news release was reviewed and approved by Bruce Mitton, PGeo, vice-president, exploration, of Champion Minerals Inc., and a qualified person under National Instrument 43-101 standards.
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.
Contact Information:
Peter H. Smith, PhD., P.Eng.
President
514-481-3172
www.fancampexplorationltd.ca
Bay Street Connect Investor Relations
Michael D'Amico
647-500-6023
michael@baystreetconnect.com