Fancamp Exploration Ltd.
TSX VENTURE : FNC

Fancamp Exploration Ltd.

November 30, 2011 14:43 ET

Fancamp Exploration Ltd.: Fermont-Intersection of 124 m Hematite-Rich Iron Formation Grading 34.1% Total Iron at the O'Keefe-Purdy Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 30, 2011) - Fancamp Exploration Ltd. (TSX VENTURE:FNC) is pleased to announce that Champion Minerals Inc. (the "Operator") has provided assay results from fifteen of twenty-three drill holes completed on the Company's 17.5% owned O'Keefe-Purdy Project, located approximately 20 km northwest of the Fire Lake North Project in the Fermont Iron Ore District, Quebec.

Drill hole OP11-06, located at the historic Nord-ouest Occurrence intersected 124 metres of specular hematite-rich iron formation grading 34.1% Total Iron ("FeT") and includes a 109 m interval grading 37% FeT. Drill Hole OP11-08, located 200m along-strike of hole OP11-06, intersected 155.6 m grading 29.7% FeT including an 87.4 m interval grading 37.1% FeT.

Table 1 provides a list of selected composite assay results received to-date.

TABLE 1 - SELECTED* COMPOSITE ASSAY RESULTS HOLES OP11-01-TO OP11-17
AZIMUTH DIP DEPTH FROM TO INTERVAL** GRADE***
HOLE ID degrees degrees metres metres metres metres Total Fe%
Nord-ouest
Occurrence
OP11-02 180 -45 291 No Significant Results
OP11-03 180 -45 282 158.60 243.32 84.72 33.04
OP11-05 180 -45 351 Assay Results Pending
OP11-06 180 -85 216 24.00 148.00 124.00 34.13
including 39.00 148.00 109.00 37.04
OP11-08 180 -50 360 125.24 280.8 155.56 29.65
including 125.24 159.69 34.45 31.84
and 193.40 280.8 87.40 37.12
OP11-09 180 -50 183 43.00 92.00 49.00 28.78
OP11-11 130 -50 306 Assay Results Pending
OP11-12 230 -55 125 48.00 84.00 36.00 29.71
OP11-12A 230 -60 106.5 49.87 87.14 37.27 32.03
OP11-13 160 -50 223 No Significant Results
OP11-14 90 -60 165 No Significant Results
Nord-est Occurrence
OP11-01 45 -45 255 64.94 180.24 115.30 31.73
OP11-04 20 -45 306 202.45 292.22 89.77 33.03
OP11-07 360 -50 249 Assay Results Pending
OP11-10 45 -50 468 No Significant Results
OP11-17 225 -55 273 No Significant Results
Central Area
OP11-15 225 -50 243 93.80 156.00 62.20 23.95
including 93.80 116.71 22.91 32.71
and 131.88 156.00 24.12 27.13
OP11-16 225 -75 282 No Significant Results

* Selected Composite Assay Resultsare stated only for results received to date. The Selected Composites are not necessarily representative of the average grade or thickness of the mineral zones or potential resource.
** Intervals are down-hole lengths and not true widths of the mineral zones.
*** Grades are calculated from Total Fe% sample assays completed by ALS Chemex Laboratories using the "High Grade/Ores Method" and XRF analysis.

The O'Keefe-Purdy Project comprises 182 mineral claims (95.3 km2) and covers three historic iron occurrences, including the Lac O'Keefe Nord-ouest Iron Occurrence (MRNFQ Deposit File 23B12-0003), discovered in 1957. The claims cover approximately 19 kilometres cumulative strike length of magnetic anomaly, interpreted to define tightly folded specularite, specular hematite, and magnetite iron formation.

Twenty-three drill holes totalling 5,901 m were completed on the O'Keefe-Purdy Project during 2011 from the original 10,000 m proposed program with assay results pending for eight of the holes. With the Operator's focus of advancing the flagship Fire Lake North Project to feasibility, the remaining 4,100 m of drilling originally proposed for O'Keefe-Purdy was deferred.

The twenty three completed drill holes focused primarily on validating and expanding historic resources. Eight of the twelve holes collared on the Lac O'Keefe Nord-ouest Occurrence confirmed this historic resource plus extended it down-dip, where it remains open at depth. The five holes completed in the Lac O'Keefe Nord-est Occurrence tested less than half of its underlying magnetic response. Drill holes OP11-01, OP11-04 and OP11-07 confirm the Nord-est Occurrence is greater than 1000 m in length. The six holes completed in the central area of the property tested less than an estimated 20% of the favourable magnetic response underlying the central and eastern portions of the property. An estimated 65% of the O'Keefe-Purdy Project's favourable magnetic responses remain to be drilled. The Operator will defer a Mineral Resource Estimate until additional drilling is completed to allow for better estimates of total potential resources for the O'Keefe-Purdy Project.

1 All historical Mineral Resource estimates outlined in this disclosure are non-compliant to NI 43-101 Mineral Resources and Mineral Reserves standards, and should therefore not be relied upon. A Qualified Person has not done sufficient work to upgrade or classify these Historical Mineral Resources as current NI 43-101 compliant Mineral resources.

2 The current Mineral Resource estimates were calculated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council December 11, 2005.

The technical information in this news release was reviewed and approved by Chrystal Kennedy, P.Geo. Exploration Manager of Champion Minerals Inc. and a Qualified Person under NI 43-101 standards.

Statements made in this news release that are "forward-looking statements" are not historical facts. Readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results may vary materially from those stated herein.

ON BEHALF OF THE BOARD

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

S.E.C. Exemption: 12(g)3-2(b)

Contact Information

  • Fancamp Exploration Ltd.
    Peter H. Smith, PhD., P.Eng.
    President
    514-481-3172

    Bay Street Connect Investor Relations
    Michael D'Amico
    647-500-6023
    www.fancampexplorationltd.ca