Fancamp Exploration Ltd.

Fancamp Exploration Ltd.

October 14, 2014 11:21 ET

Fancamp Reports Assay Results of 5 Intercepts From 3 Holes Recently Drilled on the V Zone of the Clinton Copper-Zinc Project, Eastern Townships (Quebec)

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 14, 2014) - Fancamp Exploration Ltd. ("Fancamp" or the "Company") (TSX VENTURE:FNC) wishes to report recent assay results from the V Zone of the acquired Namex Property ("Namex") in the Clinton volcano-sedimentary belt located in the Eastern Townships of southern Quebec near the Maine border (refer to the Fancamp news release dated July 16, 2012).

With the revised resource estimate of the V Zone, Fancamp now holds a total of 1.88 million tonnes grading 1.73% Copper and 1.01% Zinc (not NI 43-101 compliant because of the use of historic data) in six distinct zones located in the northern sector of the Clinton volcano-sedimentary belt extending on the Company's property for some 17 kilometres from Lac Megantic Quebec, south to the border with the State of Maine. The Company plans a "Scoping Study" on this zone and the others, to establish whether these resources can generate an economic return.

Three holes were drilled on the V Zone and intercepted five mineralized zones. The results are shown in the following table.

Hole Zone From
CL-2014-03 V3 111.6 113.8 2.2 3.33 0.74 40.7 0.16
CL-2014-04 V1 60.6 67.5 6.9 0.77 0.01 5.5 0.01
CL-2014-04 V3 146.5 157.5 11 1.27 1.14 11 0.05
CL-2014-05 V1 85.5 110.2 24.7 2.78 0.01 16.9 0.01
CL-2014-05 V3 169.8 174 4.2 0.85 0.50 4.7 0.02

The immediate purpose of this drilling is to provide material for metallurgical tests on the V mineralization.

The "V Zone", was discovered by Namex and OT Mining Corp. in 1996, during which a total of 17 holes totaling 4608 m were drilled. Fancamp drilled a further 3134 m in 11 holes in 2012 and 3 additional holes in 2014 totalling 417 m which are here reported. A preliminary resource estimate for this Zone is 880,000 tonnes grading 1.32% Copper and 0.42% Zinc (again, not 43-101 compliant because of the use of historic data).

Total historic mineral resources on the Clinton property are as follows;
Zone A : 305,000 tonnes at 2.33% Cu, 2.22% Zn
Zone C : 330,000 tonnes at 1.77% Cu, 0.64% Zn
Zone E : 15,000 tonnes at 1.70% Cu, 1.09% Zn
Zone F : 270,000 tonnes at 2.03% Cu, 2.14% Zn (South lenses)
Zone F : 80,000 tonnes at 2.67% Cu, 0.52% Zn (North lenses)
Zone V: 880,000 tonnes at 1.32% Cu, 0.42% Zn
Zone O : 110,000 tonnes at 2.65% Cu, 2.43% Zn (Mined out in 1973 to 1975 by The Sullivan Mines Ltd.).

These historic resource estimates were generated prior to the implementation of National Instrument ("NI") 43-101 standards. Given the quality of the work prepared by the MRNFQ and the Groupe Minier Sullivan, the company believes the resource estimates to be both relevant and reliable. However, a qualified person has not completed sufficient work to classify the historic mineral resources as current mineral resources, and is not treating the historic resources as current. Hence, they should not be relied upon.

As is common in VMS areas, the mineralized zones at Clinton are clearly associated with a specific layer of the volcanic sequence. Most of the mineralized zones of the Clinton Formation are stratigraphically located at the top of a non-magnetic mafic volcanic unit with minor felsic volcanics, both pillowed and tuffaceous. This unit in turn is overlain by a magnetic mafic volcanic unit with very characteristic magnetic iron beds at the top. Most of the mineralized zones of the Clinton Formation are at the contact between the non-magnetic and magnetic rocks, facilitating exploration and followup. Fancamp believes there remain other undiscovered zones along this favourable contact and the recent drilling along it has also indicated favourable felsic host rocks containing low grade copper and zinc mineralization.

The technical information in this news release was compiled, reviewed and approved by Yvan Bussieres, Eng, a Qualified Person under NI 43-101 Rules.

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

Quality Assurance / Quality Control Protocols

Drill core boxes from the 2010, 2011, 2012 and 2014 diamond drilling campaigns arrived at the Fancamp core logging facility located in Thetford Mines (Quebec). Boxes are opened and depth tags are verified for errors. Each box is labeled with embossed aluminum tape stapled to box end. Numbers indicated hole and box numbers as well as "from" and "to" footages. Sampling is continuous through mineralized intervals and intermittent in other lithologies or lithological contacts. Within mineralized intervals, samples taken are between 0.5 to 1.5 meters in length of half-split core, or up to lithological or structural boundaries.

According the nature of the mineralization, whether Gold, Copper and/or Zinc, one to three standards per hole are included within the sampling of mineralized zones (ME-7, CDN-ME-14, P4A). One blank sample is inserted at every 17 to 19 samples. One duplicate sample is produced at every 17 to 19 samples.

Other parameters described in the drill logs included structure, alteration and mineralization. Mineralization is described as a visual percentage of sulphides. Sample bags are wrapped with cable tie. Samples are placed in large rice bags for shipping, all secured with a cable tie. Samples are transported from the core shack to the Thetford Mines bus station. They are shipped by commercial transport to the ALS Laboratory Group facilities in Val-d'Or (Quebec) (the "ALS Laboratory"). Shipping waybills and sample submittal form are scanned and sent to the lab by internet. They are also kept for tracking shipments as required.

Samples arriving at the ALS Laboratory are individually weighed, dried at high temperature, crushed 70% to <2 millimeters, riffle split and pulverized 85% to <75 µm. Samples were analyzed by the Au-ICP 21 and ME-MS41 methods. If values returned greater than 100 g/t Silver, 10,000 ppm Copper and 10,000ppm Zinc for the ME-MS41 assay method, then a second assay is done using the either Ag-OG46, Cu-OG46 and/or Zn-OG46 method.

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