Fancamp Exploration Ltd. ("Fancamp" or the "Company") is pleased to announce the optioning of two early-stage exploration properties, the Phoenix and MTK Properties, in the Chapais segment of the Chibougamau-Chapais Copper-Gold Camps (Quebec).
The 31-claim Phoenix Property ("Phoenix") sits immediately south of and adjoining the town of Chapais and its four former precious and base metal producers, the Perry, Robitaille, Cooke and Springer Mines, with a combined past production of >1 billion tonnes of Copper, 530,000 ounces of Gold and 8 million ounces of Silver from 24.17 million tonnes grading 2.05% Copper and 0.68 g/t Gold (F. Leclerc, P. Houle and R. Rogers, MRNFQ, 2010).
The Phoenix also covers geology that recent MRNFQ work (P. Houle, MRNFQ, 2011) consider highly prospective for Volcanogenic Massive Sulphides or VMS-type mineralization. Of immediate interest on Phoenix was the discovery, some 4 years ago, of a group of boulders assaying up to 17.6% Copper and 85.7 g/t Gold (MRNFQ GM 64732). Previous attempts by others at identifying the sources were unsuccessful (it is notable that the nature of this mineralization is not typical of the mines in the area) but large areas of Phoenix remain unexplored and untouched by modern exploration.
The Company has agreed to pay $25,000 and issue 100,000 common shares of Fancamp. The balance $255,000 cash, 1.3 million shares and $2.1 million in exploration expenditures before December 12, 2016, to earn a 100% interest is optional and is results dependent. A 1.5% NSR Royalty underlies the Property of which 0.75% may be bought back for $1 million.
The early-stage MTK Property ("MTK") consists of 48 claims and is located in a previously unexplored area, about 30 km northwest of Chapais. The point of interest here is the recent discovery from prospecting by one of the vendors, on a newly cut lumber road, of a silicified and sulphide-rich zone of unknown dimensions in outcrop with grab samples yielding up to 8.8 g/t Gold (G. Lamothe, personal communication, 2012).
The Company is obliged to pay $20,000 on signing and issue 100,000 common shares. The balance $60,000 cash and 450,000 common shares to 100% by December 15, 2015, is optional, also results dependent. A 1.5% NSR Royalty is attached to MTK, 1% of which may be bought back for $1 million.
The option on both properties was entered into among arm's length parties and is subject to the approval of the TSX Venture Exchange.
Source: http://www.fancampexplorationltd.ca/