Fancamp Exploration will commence the drilling program at the Magpie Mines’ titaniferous magnetite deposit in July, 2011.
The company is moving two drill rigs to the property and providing accommodation to the crews in the recently built camp of Magpie, adjacent to the airstrip. It will drill and sample around 6,000 m totaling 25 holes that will enclose the strike length of 1.6 km of the second deposit.
Fancamp will drill the holes on about 10 of the 500 ft spacing originally at the Stratmat sections, which was built in 1961 succeeding the structural and mapping analysis, based on which the significant resource was determined. The goal of the drilling program is to expand the available NI 43-101 resource estimate for preparing the IPO of Magpie, which is planned for this year end. The company will be simultaneously performing the metallurgical testing at the previously available samples along with the latest sample material received from the program.
The company is also proposing for a drilling program of 3,000 m at the Lac Lamelee iron property in Quebec’s Fermont district and planning to start the drilling before July end intended for adding up value to this formerly undrilled deposit.
Source: http://www.fancampexplorationltd.ca/