|By Marketwired .||
|May 14, 2014 01:25 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/14/14 -- Fancamp Exploration Ltd. (TSX VENTURE: FNC) -
The Company wishes to announce the optioning of the early stage Kalko Property, located in the Labrador Trough, 75km NE of the town of Schefferville, Quebec. This 3,824 hectare property lies within the gabbroic portion of the Retty Lake mafic-ultramafic Complex, which elsewhere in the Trough is currently the focus of PGE exploration, most notably by South Africa's Impala Platinum and Japan's JOCMEG.
The Kalko claims themselves are centered on a striking cluster of palladium lake bottom sediment anomalies defined by the re-analysis in 2009, of 21,984 samples by the Quebec government (MRN) taken over some 550 km of strike length in the Labrador Trough. Of these lake bottom sediment samples, only 12 are above 35 ppb palladium, and 8 of these 12 samples are clustered on the Kalko Property including the 3 best palladium values of the entire survey (42, 48 and 50 ppb). These palladium numbers are also accompanied by highly anomalous Nickel, Copper and Chromium values. No follow up work on this remarkable cluster has been recorded (and for comparative purposes, geochemical lake bottom sediments taken in the immediate vicinity of the current North American Palladium Mine in NW Ontario reached maximum values of 14.1 ppb palladium).
The Company has agreed to pay $20,000 on signing and is obliged to spend a minimum of $30,000 in the first year. The balance $290,000 cash and $570,000 in required exploration expenditures before May 2018, to earn a 100% interest, are optional and conditional on results.
A 2% NSR Royalty payable to the vendors underlies the Property, of which 1% may be bought back for $0.5 million before May 2018 or $1.5 million afterward.
In the near term, Fancamp plans a 2 week ground truthing campaign to locate possible sources of the anomalies in the current field season.
This activity is consistent with the Company's policy that the best return on exploration investment always comes from new discoveries.
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.
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