Fancamp Announces Drilling Assay Results Up to 3.30% Cu

VANCOUVER, British Columbia, June 14, 2022 (GLOBE NEWSWIRE) — Fancamp Exploration Ltd. (“Fancamp” or the “Company”) (TSX Venture Exchange: FNC) is pleased to report high-grade copper assay results and the extension of previously recognized copper and gold mineralization from its 2022 winter drilling program at its Clinton Project (Figure 1) in the Eastern Townships of Quebec, Canada, which is among the best jurisdictions in the world in terms of attractiveness for exploration investment (Annual Survey of Mining Companies 2021, Fraser Institute).

A total of 1,294 meters in 6 holes were drilled in February and March 2022. Historical drilling of over 60,000 meters has been reported in SIGEOM (Quebec Ministry of Mines database). The drill program was successful with the historic Clinton “A” lens extended a minimum of 100 meters along strike at shallow depth.

Fancamp is very encouraged by these results and plans to continue with further drilling to better assess the size, grade and continuity of the copper-bearing lenses. This is consistent with the Company’s strategy to unlock shareholder value from its extensive concession portfolio by focusing on building a project portfolio of gold-rich base metal projects.

Strong points

  • Hole CLDD-22-02: 3.15m @ 3.30% Cu and 12.64 g/t Ag, effectively extending the historic “A” lens, mineralization an additional 100 meters along strike, at depths down to ’50 meters below the surface (Picture1) (Figure 2).

Picture 1

  • Hole CLDD-22-03: 2.00 m at 0.54% Cu, a down-dip extension from the intersection of hole CLDD-22-02 (Figure 2).

Please refer to Table 1 for more details on the test results. Further tests are pending and will be reported as received.

Outlook

Fancamp, after reviewing the 3D modeling (Fancamp press release of January 25, 2022), has initiated a drilling program to both test a VTEM plate anomaly located approximately 100 m NE of a mineralized lens containing copper and expand the lens along the direction (Figure 2).

Positive results were obtained, with the historic Clinton “A” lens extended a minimum of 100 meters along strike, to a vertical depth of less than 50 meters below surface. Historically, 5 copper mineralized lenses have been identified, in contact with volcanics and sediments. Fancamp’s recent drilling campaign resulted in two of these lenses, A and B, being considered a contiguous mineralized zone. These lenses are aligned along an N30 strike at regular intervals. 3D modeling and the 2022 drilling program suggest that the lenses could be connected, potentially forming a larger mineralized volume (picture 3).

The mineralization is typical of a VMS (Massive Volcanogenic Sulphide) type deposit. Mineralization occurs at the contact between a thick sedimentary sequence and a felsic volcanic unit. An exhalative horizon, composed of finely laminated iron-rich mudstone with – occasionally – a jasperoid-like bed, can be traced along the full length of the mineralized horizon. This unit is an easily identifiable marker – both geophysically and geologically – and will help discover the extent of the mineralized lens.

About the Clinton Project

The Clinton Project is based on a folded and faulted bimodal volcanic sequence. It is host to a series of volcanogenic massive sulphide mineralized lenses of precious metal Cu–Zn extending over a 5 km NE horizon. The project is located approximately 20 km southwest of the town of Mégantic, immediately north of the Maine border. It covers approximately 20 km of favorable stratigraphy of the Clinton River volcano-sedimentary belt.

Since exploration began in the early 20th century, the property has been the site of several exploration programs. Since 1953, some 62,354 meters of drilling in 297 holes have been completed.

The project area hosts a historic non-43-101 compliant resource contained in five small sulphide lenses A, C, E, F and O totaling 1.52 Mt at 2.02% Cu and 1.54% Zn [MRNFQ Fiche de Gite 21E07-0007]. A qualified person has not done sufficient work to classify the historical estimate as a current mineral resource. The Company does not treat the historical estimate as current mineral resources.

Qualified person

The scientific and technical information contained in this press release has been reviewed and approved by François Auclair, P Geo, M.Sc., Fancamp’s, Vice President Exploration, and is designated as a Qualified Person under NI 43-101.

Quality control

Diamond drill program assays were analyzed by Activation Laboratories Ltd. The Company inserts quality control samples (blanks, standard reference material and duplicates) at regular intervals to monitor laboratory performance. Standards are inserted every 40 samples. The reference samples come from OREAS (Ore Research and Exploration P/L ABN) and consist of OREAS 524 (2.53% Cu). Blanks are inserted every 40 samples and are Coarse Silica Blank Material obtained from OREAS. Terrain duplicates are inserted every 40 samples.

About Fancamp Exploration Ltd. (TSX-V: FNC)

Fancamp is a growing Canadian mineral exploration company dedicated to its value-added strategy of advancing its priority mineral properties through innovative exploration and development. The Company owns numerous mineral resource properties in Quebec, Ontario and New Brunswick, including chromium, strategic rare earth metals, gold, zinc, titanium and more. Fancamp’s chrome properties in Northern Ontario’s highly sought-after Ring of Fire are strategically located. Its properties of rare earth elements in Quebec are the subject of particular attention. Fancamp has investments in an existing iron ore operation in the Quebec-Labrador Trough, in addition to an investment in a zinc mine slated for restart in Nova Scotia. Fancamp is developing energy reduction technology with its advanced titanium mining strategy. The Company is managed by a focused management team with decades of experience in mining, exploration and complementary technologies.

Forward-looking statements

This press release contains certain “forward-looking statements” or “forward-looking information” (collectively referred to herein as “forward-looking statements”) within the meaning of applicable securities laws. These forward-looking statements include, but are not limited to, forecasts, estimates, expectations and targets for future activities that are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control. of the society. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends to ‘, ‘estimates’, ‘projects’, ‘potential’ and similar expressions, or are events or conditions which ‘will’, ‘would’, ‘could’, ‘could’ or ‘should’ occur or be achieved.

Although Fancamp believes that the material factors, expectations and assumptions underlying these forward-looking statements are reasonable based on information available to it as of the date such statements were made, no assurance can be given as to future results. of these statements.

These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from those anticipated in these forward-looking statements.

Readers are cautioned that the above list of factors is not exhaustive. Statements, including forward-looking statements, are made as of the date on which they are made and, except as required by applicable securities laws, Fancamp disclaims any intention or obligation to publicly update or revise the statements. forward-looking, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

For more information

Rajesh Sharma, President & Chief executive officer

+1 (604) 434 8829

[email protected]

Debra Chapman, Chief Financial Officer

+1 (604) 434 8829

[email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Analysis results :

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/e17e0907-0a65-4d60-8dc4-ab47b8bdf0d7

https://www.globenewswire.com/NewsRoom/AttachmentNg/1e8100fc-a156-42aa-b9a1-417bad902c5a

https://www.globenewswire.com/NewsRoom/AttachmentNg/b24363b7-f9e1-4211-a962-aef98fda8f3f

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