Fancamp Exploration Ltd. is a growing public Canadian mining exploration company which has over the years demonstrated a remarkable longevity in the hugely high risk rough and tumble world of grassroots mining exploration.
Early days saw an abundance of share issuances and the usual cutbacks. However, it has now been at least six years since the company undertook any public financing and the associated dilution. Instead, the Company has depended on what are in effect dividends from property dispositions to finance its exploration efforts, a record that not many small public companies can point to.
The underlying theme of the company’s activity remains constant, the acquisition of grassroots and occasionally developed properties through staking and in a very restricted number of cases through outright acquisition or option, representing in effect a strong risk management strategy.
Currently, the Company holds a large share position in Champion Iron Mines Ltd. which provides a significant financial backstop, and enables the Company to look at alternate routes to enhance shareholder value.
The Company’s co founder, Peter H. Smith, PhD, P.Eng., is President and CEO, based in Montreal. He is a geologist and a former Director of the PDAC.
A British Columbia company, Fancamp is listed on the TSX.V (FNC) and the Chief Financial Officer, Debra Chapman, is based at the Company’s head office in Burnaby.
One current focus is a series of large 100% owned grassroots gold and base metal prospects in Northern Ontario. The projects are being managed by Messrs. Blaine Webster,P.Geo, the original vendor and Joerg Kleinboeck P.Geo. Mr. Webster is presenting the current exploration status of these properties at the Northeastern Ontario Mines and Minerals Symposium to be held in Timmins, October 1st and 2nd, 2019. The photo gallery below represents prospecting on the Mallard gold property.
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For further detailed information about Fancamp, please click below.Sedar Information
As reported in a news release on June 27th, 2019, Fancamp made the acquisition of an option to acquire a 100% interest in a placer gold discovery west of Fredericton and the potential bedrock source, called the Mactaquac option.
The discovery, in Little Mactaquac Stream, was made in the summer of 2017 when an amateur prospector, Mr. Alex Kramer, through panning discovered numerous nuggets up to the size of watermelon seeds. Geologist Dallas Davis, P.Eng, and his son Adrian, P. Geo., examined and confirmed the discovery later that summer, with the father going into partnership with Mr. Kramer and registering a 990 ha claim in addition to Mr. Kramer’s original 506 ha block. Subsequent compilation and analysis of glacial deposits and stream sediment distribution of anomalous gold (NB Dept of Natural Resources& Energy, Plate 98-45A) indicated a possible source some 4 km up ice, to the northwest where the airborne magnetic data (GSC Map C41523G, 1988) indicates an unroofed intrusive cut by a series of weak north/south structural trends. The only reported historic exploration was carried out by Noranda subsidiary Brunswick Mining & Smelting in 1988 (Report of Work #473638, 1989), when a geochemical soil survey was prompted by a gold-bearing drill intersection at the Consolidated Durham (Lake George) antimony mine 15 km to the southwest along the same trend of Silurian greywacke and argillite sediments bordering Devonian granites. Results of the survey were considered inconclusive by Noranda management and no follow up work was undertaken; one soil sample, however, returned 405 ppb Au. In March 2019, the property was transferred to a private company, Edge Exploration Inc. Regional structural analysis carried out by Edge suggest the existence of a poorly explored north/south structural corridor extending from the Bay of Fundy some 300 km north to the western tip of the Bay of Chaleur. Lying within this corridor from south to north are the Mt. Pleasant REE-tin-tungsten deposit, the Clarence Stream gold prospect, the Lake George (Consolidated Durham) antimony deposit and north of the present property, the Sisson Brook Tungsten-Molybdenum deposit. Fancamp and Edge are of the opinion we could be looking at a type of an IOCG (Iron Oxide Copper Gold) occurrence at Mactaquac, given the MMI results. There is no outcrop in the area of the soil anomaly and immediate plans are to confirm the source of the closely focused MMI response through overburden and bedrock drilling. The Property as it is presently constituted covers some 8600 acres and some 11 km strike length of the north/south structural corridor.
As reported by company geologist Mike Flanagan in 2017; The mineral prospect was discovered in about 1893 during a regional multi-year mapping program by the Geological Survey of Canada. The discovery is attributed to N.J. Giroux of the GSC, who mapped this area between 1891 to 1893. The final report presented in 1898 by R.W. Ells described the showing as follows; “ …near the north end of the lake (Lac Baude) ….there is a cliff about 150 feet high, the base of which consists of a very coarse granite. The rock is reddish and holds much magnetic iron in grains. This tarnishes to a purple. The reddish granite contains also the rather rare mineral allanite, over somewhat large areas, to the extent of thirty-five percent of the mass. The allanite crystals are of unusually large size. The containing granite, which has the aspect of an eruptive mass, is overlain by bands of hornblende-gneiss which are separated by layers of reddish quartz and feldspar rock.”