VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/16/13 -- Fancamp Exploration Ltd. ("Fancamp" or the "Company") (TSX VENTURE: FNC) wishes to report important drill hole assay results based on the just completed compilation-synthesis of historic unpublished information from the recently acquired Namex Property ("Namex") in the Clinton volcano-sedimentary belt located in the Eastern Townships of southern Quebec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 acquisition of the Namex ground, Fancamp consolidates its position in the Clinton volcano-sedimentary belt, now covering a 17-kilometre continuous strike length under the Clinton Copper-Zinc Project (the "Project") from the United States border to the northern tip of the belt near Lac-Megantic (Quebec). It also adds the last historical mineralized zone Fancamp did not own in the belt, the Clinton "C Zone", hosting historic resources of 361,000 tons at 1.77% Copper and 0.64% Zinc. With this latest acquisition, Fancamp now holds a total historic mineral resources estimated at 1.52 million tons grading 2.08% Copper and 1.54% Zinc in five zones: A, C, E, F and O (MRNFQ Fiche de Gite 21E07-0007). In 1973, 122,251 tons of material grading 2.65% Copper, 2.43% Zinc, 0.46% Lead, 30.03 g/t Silver and 0.45 g/t Gold were mined from the "O Zone" (Groupe Minier Sullivan, 1973 Annual Report).
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.
Fancamp has also acquired an extensive data package from Namex, which includes unfiled and unstudied drill hole information and geophysics on the Clinton "V Zone", a mineralized zone discovered by Namex and OT Mining Corp. in 1996 (separate from the Clinton "C Zone"). In addition, results from 10 historic drill holes located on the "V Zone" and drilled in 1997 as a follow-up of the discovery of the zone in 1996 have reported wide intersections of higher grade copper and zinc mineralization. The most significant results stated in the report "Clinton Property Exploration Program, Eastern Townships Area, Quebec, by Namex Explorations Inc., GeoConseil Marcel Vallee Inc., June 2001", were:
-- 1.26% Copper and 1.37% Zinc over 32.2 meters (drill hole V-97-11)-- 1.31% Copper over 26.9 meters (drill hole V-96-08)
According to geological sections accompanying the report, true thickness represents approximately 80% to 85% of the down-hole length intersections.
The mineralization was tested over a strike length of 250 meters and a depth of 200 meters to 250 meters by 17 drill holes. The zone appears wide open at depth and on-strike. The "V Zone" had no reported historical resources with only the first 7 drill holes were previously reported and filed at the MRNFQ. This new information brings a new insight into the potential of the zone.