Fancamp Exploration Ltd.
TSX VENTURE : FNC

Fancamp Exploration Ltd.

April 30, 2012 09:00 ET

Fancamp Receives Assays From Helicopter-Supported Diamond Drilling Program at Desolation Lake (Ontario); Intersects 422 Metres Grading 28.6% Total Iron (FeT) or 40.9% Iron Oxide (Fe2O3)

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 30, 2012) - Fancamp Exploration Ltd. (TSX VENTURE:FNC) is pleased to announce the first set of assay results from this winter's helicopter-supported diamond drilling program at the Company's Desolation Lake Project, located 560 km northwest of Timmins, Ontario.

Fancamp recently completed an 8-hole/3,424 metres diamond drilling program (refer to the following table of drill hole statistics) with the objective of testing a highly magnetic and multi-kilometric long geophysical anomaly situated just below carbonate cover rocks of the projected extension of potential Proterozoic rocks analogous to the Thompson Belt, Circum-Ungava and Labrador Trough Belts of the Canadian Shield.

DDH # TOTAL CORE LENGTH
(m)
AZIMUTH
(°)
DIP ANGLE
(°)
DL-12-01 639.0 120 -70
DL-12-02 477.0 090 -70
DL-12-03 576.0 120 -70
DL-12-04 300.0 100 -70
DL-12-05 325.0 100 -70
DL-12-06 384.0 220 -70
DL-12-07 351.0 180 -65
DL-12-08 372.0 200 -70
TOTAL 3,424.0

Drilling intersected significant widths or bands of magnetite-bearing iron formations in all 8 drill holes covering a 3.75 km strike length of the minimum 17 km long trend, believed by Fancamp to be Algoma-style banded iron formations typically found in Archean Greenstone Belts of Ontario and Quebec. The Desolation Lake iron formations are well folded, may contain up to 20% disseminated, streaked and/or veined iron sulphides or pyrite, and rare quartz veins.

Interval assay results were received from drill hole DL-12-01 which intersected 422.0 metres grading 28.6% Total Iron (FeT) or 40.9% Iron Oxide (Fe2O3), including 102.0 metres of 32.6% FeT or 46.6% Fe2O3 and 26.0 metres of 33.8% FeT or 48.3% Fe2O3 (hole ended still in iron formation). The full 422.0 metres interval represents a composite of 211 samples, each 2.0 metres in length. Core angles suggest at this time that drilling intersected the iron formations close to right angles.

Quality Control/Quality Assurance Protocols

NQ-sized drill core were taken from the drill site by Fancamp personnel and brought to the Desolation Lake core shack on-site. There, qualified company geologists and technicians log the drill core and samples on 2 metre intervals in the iron formations. Drill core is split in half using a hydraulic splitter and individual 2 metre lengths are bagged in sealed plastic bags holding ALS Laboratory sample tags. The plastic bags are inserted in large nylon bags and sealed for shipment from the core shack to Hearst, Ontario by plane; then shipped by commercial transport truck to the ALS Laboratory facility in Val-d'Or (Quebec). At the laboratory, nylon bags are opened and individual plastic sample bags are first inventoried, then samples are dried, weighed, and processed. Processing includes crushing of individual samples to 70% at <2 mm; followed by the riffling of a 250 grams sub-sample, which is then pulverized to 85% at <75 μm. Assaying uses the ME-MS41 and Cu-OG46 (Aqua Regia digestion, 51 elements and copper analysis using ICP-MS) protocols for major and trace elements.

Mr. Jean Lafleur, P. Geo., M. Sc., Director, responsible for the Desolation Lake Project exploration program, has reviewed and approved the content of this news release. By his qualifications, Mr. Lafleur is a Qualified Person under National Instrument ("NI") 43-101 standards.

ON BEHALF OF THE BOARD

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

Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.

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

No stock exchange or securities regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of this release.

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