Fancamp Exploration Ltd.

Fancamp Exploration Ltd.

February 04, 2010 17:07 ET

Fancamp Exploration Ltd.: Beauce Property Drilling Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 4, 2010) - Fancamp Exploration Ltd. (TSX VENTURE:FNC): The Company wishes to announce the results of the recent reconnaissance drill programme carried out on its 100% owned Beauce Gold Property, located in Quebec's Appalachian Mountain trend, 100km south of Quebec City. The property consists of about 400 claims totalling 15,000 ha or 39,000 acres, and includes most of the historic Gilbert River placer district, site of Canada's first major placer gold rush in the mid nineteenth century (see attached map).

Two main target types are believed to be present on the property, small, high grade lode deposits to account for the placers themselves, and large tonnage, low grade gold deposits related to regional scale silicification and mineralization, found in the strongly deformed siltstones, shales and tuffaceous rocks characteristic of this part of the Appalachians. Two target areas, based on these models were selected.

The Timrod area was the first, near the upstream end of the historic placer on the Riviere Giroux, or the West Branch of the Gilbert, where, in 2003, a NE trending deformed gold bearing quartz vein was discovered by trenching near an old shaft dug in overburden. A total of thirteen holes were drilled along a strike length of about 400 metres and averaging about 50 metres in depth. Results indicated a strong continuity of a quartz stockwork system accompanied by strong silicification, local chloritization and weakly disseminated pyrite, pyrrhotite and arsenopyrite with occasional chalcopyrite and sphalerite. No visible gold was seen and assay values were uniformly low, the maximum reaching 0.5 grams per tonne over 1.5 metres. The degree of alteration and evidence of multiple quartz veining episodes however, indicate this area remains highly prospective, and numerous geophysical and geochemical anomalies remain to be tested. The huge gold geochemical signature that the placers themselves represent merely confirms the above conclusion.

The Rapides du Diable target area represents the large tonnage low grade deposit model. Nine holes were drilled for a total of 819 metres. Again, extensive silicification, local chloritization and variable amounts of disseminated pyrite, pyrrhotite and arsenopyrite with occasional chalcopyrite and sphalerite were noted and no visible gold was seen. Two of these holes returned significant intersections, grading 0.46 grams per tonne over 29 metres (Hole RD-09-02) and 0.57 grams per tonne over 23.3 metres (RD-09-07). These numbers confirm the results from the historic hole, ddh M-98-11 located on the north side of the river at Rapides du Diable where an intersection measuring 0.33 grams per tonne over 62.5 metres to the bottom of the hole which ended in mineralization was outlined (GM-57120, non 43-101 compliant – see caution below). These three intersections suggest the existence of a NE trending corridor at least 250 metres long and open along strike and to depth. Higher grade intervals over narrow widths (0.5 - 3.5 metres) on the order of two to three grams per tonne are present in these intersections in the three holes, suggesting the possibility of higher grades elsewhere in the system. As can be seen from the attached map, the Rapides target area forms a kind of choke point or buttress which interferes with the course of the Chaudiere River itself and suggests the possible existence of a major unique regional structure. Exploration of the, to date, untested extensions of this zone are certainly warranted. The balance of the nine holes at Rapides du Diable were drilled marginal to this corridor and returned only geochemically anomalous gold values.

Most of the holes were sampled in their entirely, at intervals determined by rock and mineralization type. A total of 834 samples were collected and assayed, 341 on Timrod and 493 at Rapides du Diable. All core was of NQ dimension.

Assays were carried out by ALS CHEMEX of Val D'Or Quebec and were tested using Au ICP-21, Au 30g FA finish ICP-AES. Drill core samples submitted for gold assay included assay standards blanks and lab replicate assays.

The historical information referred to was prepared by previous operators and is non 43-101 compliant. A qualified person has not done sufficient work to review the quoted numbers and they should not be relied upon.

This report was prepared by the Company's QP, Peter H. Smith, PhD. P.Eng.


Peter H. Smith, PhD., P.Eng., President

S.E.C. Exemption: 12(g)3-2(b)

To view the map accompanying this release please click on the following link:

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