Click here to close now.




















Welcome!

News Feed Item

Fancamp's JV Partners Bold Ventures and KWG Resources Initiate $2M Exploration Program at the Koper Lake Project

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/14/14 -- Fancamp Exploration Ltd. ("Fancamp" or the "Company") (TSX VENTURE: FNC) is pleased to report that based on an announcement made KWG Resources Inc. ("KWG") and Bold Ventures Inc. ("Bold"), the joint venture partners that optioned Fancamp's Koper Lake Polymetallic Project ("Koper Lake"), will resume drilling at the Black Horse Chromite Occurrence ("Black Horse") (refer to the January 6, 2014 news releases by KWG and Bold).

Mr. Jean Lafleur, Fancamp's President and CEO, stated "This is encouraging for Fancamp as it indicates the strong interest that Bold and KWG have in advancing the Koper Lake Project and moves the joint venturers closer to the significant cash payments which would be due to Fancamp should the participants move to the next phase of the Joint Venture agreement."

KWG is financing a further $2 million program under its agreement to earn from Bold Ventures Inc. an 80% interest in any chromite discovered within the claims optioned by Bold from Fancamp hosting Black Horse. As was recommended in the National Instrument 43-101 report commissioned by KWG following the winter 2013 drilling program, the possible down-dip extension of the resource will be tested with a series of deep holes utilizing up to three drills. Mobilization is under way and drilling is anticipated to commence shortly. On-going metallurgical testwork has produced encouraging results to indicate that the Black Horse chromite appears to be amenable to reduction into metalized chrome and iron using natural gas.

About the Bold Ventures Inc. - KWG Resources Inc. Option Agreements

Under the original earn-in option agreement announced May 7, 2012, Bold could earn its initial 50% interest in Koper Lake from Fancamp by making option payments totaling $1.5 million and expending $8 million on exploration over 3 years after which a 50/50 joint venture would be formed between Bold and Fancamp. Bold has already made the first C$300,000 option payment in 2013. Bold could then earn a further 10% interest by making a further C$700,000 option payment and delivering a positive feasibility study. The remaining option payments may be made in cash or common shares of Bold at Bold's option.

Upon completion of the conditions of the original option agreement, as stated in a news release dated January 7, 2013, an "additional option" can be initiated whereby Bold could earn a further 20% interest in Koper Lake by paying Fancamp C$15 million payable in equal instalments over 3 years with half of the amount payable in cash and the balance payable, at Bold's option, through the issuance of common shares of Bold at the market price at the time the shares are issued. At that point, Fancamp would retain a 20% carried interest in Koper Lake. Bold would then have a further option to acquire from Fancamp the remaining 20% carried interest in exchange for a Gross Metal Royalty ("GMR") payable to Fancamp. Bold would then hold a 100% interest in Koper Lake. The GMR would entitle Fancamp to be paid 2% of the total revenue from the sale of all metals and mineral products from the property from the commencement of commercial production. Once all of the capital costs to bring the project to the production stage have been recovered, the GMR may be scaled up to a maximum of 4% of the total revenue from the sale of all metals and mineral products from the property contingent upon the prices of products sold from the property.

On March 4, 2013, Bold signed an option and joint venture agreement with KWG to option its interests in Koper Lake. Under the terms of the option agreement, Bold would act as operator of the exploration programs which are to be financed by KWG. KWG would also make the option payments due under the agreement with Fancamp. KWG could acquire an 80% interest in chromite produced from Koper Lake by financing 100% of the costs to a feasibility study leaving Bold and its co-venturer with a 20% carried interest, pro rata. For nickel and other non-chromite minerals identified during the exploration programs, the parties have agreed to form a joint venture in which KWG would have a 20% participating interest and Bold and its co-venturer would have an 80% participating interest, pro rata. KWG would have a right of first refusal to purchase all ores or concentrates produced by such joint venture whenever its interest in the joint venture exceeds 50%.

The Koper Lake Project

Koper Lake is situated in the emerging Ring of Fire multi-mineral district, approximately 530 km northeast of Thunder Bay in the James Bay Lowlands, Northern Ontario. The project lies along the ultramafic Ring of Fire complex between the Eagle's Nest nickel-copper-platinum-group-elements and the Blackbird chromite deposits belonging to Noront Resources to the west and southwest, respectively, and the Big Daddy and Black Thor chromite deposits belonging to Cliffs Resources and KWG to the northeast. The project offers a set of targets for magmatic Ni-Cu-PGE, chromite and hydrothermal gold-copper (Au-Cu) mineralization. KWG published mineral resources estimates from the Black Horse chromite deposit of 46.5 million tonnes at a grade of 38.8% Cr2O3 in the Inferred category using the CIM definition standards for classification of Mineral Resources with the mineralization open to depth and along strike to the east.

The technical information in the news release was reviewed and approved by Jean Lafleur, M.Sc., P.Geo., Fancamp's President and CEO, a Qualified Person under NI 43-101.

About Fancamp Exploration Ltd (www.fancampexplorationltd.ca)

Fancamp Exploration Ltd. is a Canadian junior mineral exploration company that continues to evolve into a holder of shares in partner companies and royalties on near-term producing mines. These assets are designed to generate free cash flow without further shareholder dilution. Fancamp has an exceptional inventory of resource projects at various stages of development covering more than 1,710 km2 in three provinces. The commodities include hematite-magnetite iron formations, titaniferous magnetite, hematite, nickel/copper/PGM, chromite, Volcanogenic Massive Sulphides and gold.

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.

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

Contacts:
Fancamp Exploration Ltd.
Jean Lafleur, M. Sc., P. Geo.
President and CEO, Director
+1 514 975 3633
[email protected]

Fancamp Exploration Ltd.
Michael D'Amico
Investor Relations
+1 647 500 6023
[email protected]

Aberdeen Gould Advisory Services Ltd.
Roger Rosmus
Business Development
+1 416 488 2887 x222
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Any Ops team trying to support a company in today’s cloud-connected world knows that a new way of thinking is required – one just as dramatic than the shift from Ops to DevOps. The diversity of modern operations requires teams to focus their impact on breadth vs. depth. In his session at DevOps Summit, Adam Serediuk, Director of Operations at xMatters, Inc., will discuss the strategic requirements of evolving from Ops to DevOps, and why modern Operations has begun leveraging the “NoOps” approa...
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
SYS-CON Events announced today that G2G3 will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based on a collective appreciation for user experience, design, and technology, G2G3 is uniquely qualified and motivated to redefine how organizations and people engage in an increasingly digital world.
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of tech...
This Enterprise Strategy Group lab validation report of the NEC Express5800/R320 server with Intel® Xeon® processor presents the benefits of 99.999% uptime NEC fault-tolerant servers that lower overall virtualized server total cost of ownership. This report also includes survey data on the significant costs associated with system outages impacting enterprise and web applications. Click Here to Download Report Now!
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advance...
SYS-CON Events announced today the Containers & Microservices Bootcamp, being held November 3-4, 2015, in conjunction with 17th Cloud Expo, @ThingsExpo, and @DevOpsSummit at the Santa Clara Convention Center in Santa Clara, CA. This is your chance to get started with the latest technology in the industry. Combined with real-world scenarios and use cases, the Containers and Microservices Bootcamp, led by Janakiram MSV, a Microsoft Regional Director, will include presentations as well as hands-on...
Cloud and datacenter migration innovator AppZero has joined the Microsoft Enterprise Cloud Alliance Program. AppZero is a fast, flexible way to move Windows Server applications from any source machine – physical or virtual – to any destination server, in any cloud or datacenter, using its patented container technology. AppZero’s container is also called a Virtual Application Appliance (VAA). To facilitate Microsoft Azure onboarding, AppZero has two purpose-built offerings: AppZero SP for Azure,...
Organizations from small to large are increasingly adopting cloud solutions to deliver essential business services at a much lower cost. According to cyber security experts, the frequency and severity of cyber-attacks are on the rise, causing alarm to businesses and customers across a variety of industries. To defend against exploits like these, a company must adopt a comprehensive security defense strategy that is designed for their business. In 2015, organizations such as United Airlines, Sony...
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Consumer IoT applications provide data about the user that just doesn’t exist in traditional PC or mobile web applications. This rich data, or “context,” enables the highly personalized consumer experiences that characterize many consumer IoT apps. This same data is also providing brands with unprecedented insight into how their connected products are being used, while, at the same time, powering highly targeted engagement and marketing opportunities. In his session at @ThingsExpo, Nathan Trel...
Red Hat is investing in Tesora, the number one contributor to OpenStack Trove Database as a Service (DBaaS) also ranked among the top 20 companies contributing to OpenStack overall. Tesora, the company bringing OpenStack Trove Database as a Service (DBaaS) to the enterprise, has announced that Red Hat and others have invested in the company as a part of Tesora's latest funding round. The funding agreement expands on the ongoing collaboration between Tesora and Red Hat, which dates back to Febr...
IBM’s Blue Box Cloud, powered by OpenStack, is now available in any of IBM’s globally integrated cloud data centers running SoftLayer infrastructure. Less than 90 days after its acquisition of Blue Box, IBM has integrated its Blue Box Cloud Dedicated private-cloud-as-a-service into its broader portfolio of OpenStack® based solutions. The announcement, made today at the OpenStack Silicon Valley event, further highlights IBM’s continued support to deliver OpenStack solutions across all cloud depl...
Everyone talks about continuous integration and continuous delivery but those are just two ends of the pipeline. In the middle of DevOps is continuous testing (CT), and many organizations are struggling to implement continuous testing effectively. After all, without continuous testing there is no delivery. And Lab-As-A-Service (LaaS) enhances the CT with dynamic on-demand self-serve test topologies. CT together with LAAS make a powerful combination that perfectly serves complex software developm...