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, and for about six years, up until year end 2019, the Company has used what are in effect dividends from property dispositions to finance its exploration efforts. This policy is changing to include the sale of shares to fund its multiple greenfield exploration projects and to materially grow the Company's active shareholder base.
The underlying theme of the Company’s activity remains constant, the acquisition of grassroots and occasionally developed properties through staking and in a 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, enabling the Company to look at alternate routes to enhance shareholder value.
The Company’s co founder, Peter H. Smith, PhD, P.Eng., remains a Director of the Company and its principal consultant, 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 optioned grassroots gold and base metal prospects in Northern Ontario. The projects are being managed by Messrs. Blaine Webster P.Geo, of Ottawa, the original vendor and Joerg Kleinboeck P.Geo of North Bay, Ontario.
More recent acquisitions directed toward the Rare Earth and specialty metal sector under the direction of Messrs. Jean Bernard P. Geo of Thetford Mines and Jean Laforest P.Geo of Quebec City are represented in the Baude Lake and Gouin projects.
In early June 2020, the Company set about expanding its small holdings in NW Abitibi, recognizing the remarkable availability of highly prospective open ground in the area north of the Noranda Camp that has been explored over the past 100 years. An additional factor in this decision related to the gold exploration results in Perron Township, north of La Sarre, Quebec, not far from the historic Normetal Mine. This area has been extensively covered by prospecting and drilling efforts beginning in the 1920’s. Extensive airborne geophysical surveys in the 70’s, 80’s and 90’s resulted in much drilling. (reference: Sigeom, Quebec Gov’t website). The Company’s NW Abitibi Group is 100% owned and royalty free covering some 40,000 hectares in six property groups. An additional three blocks were staked northwest of Matagami, Quebec on the eastern end of the Detour Sunday Lake Deformation Zone and total some 27,000 hectares. The largest of these blocks covers a 13 km long, intense and never before tested magnetic trend similar to the Fenelon Grasset Nickel trend some 20 km on strike to the southwest. Maps below.
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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.
A small drill program is currently being carried out (October 2019), together with a bulk sample derived from large talus blocks, followed by crushing and gravimetric concentration to be completed by year end; all this supervised by consulting geologist, Jean Bernard, P.Geo.
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.”