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Fancamp Exploration acquiring 2 properties in eastern Canada

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Fancamp Exploration acquiring 2 properties in eastern Canada

Fancamp Exploration Ltd. entered two separate deals to acquire exploration projects prospective for gold and base metals in Ontario and New Brunswick.

The company said Feb. 20 that it is purchasing a two-claim unit known as the Woman River occurrence, which covers 30.11 hectares in Ontario's Swayze Greenstone Belt. The property adjoins the northwestern corner of the company's recently acquired Mallard gold project.

Fancamp will issue 250,000 shares and grant the seller a 1.5% net smelter royalty, of which 1% can be repurchased for C$1 million.

The company also secured an option to acquire the 969.4-hectare Brunswick North property in New Brunswick's Bathurst Camp by paying C$35,000 in cash and issuing up to 500,000 shares over three years. The claims are subject to a 2% net smelter royalty, half of which can be repurchased for C$1 million.

Fancamp noted that recent work at Brunswick North indicated the potential for gold mineralization as well as volcanogenic massive sulfide mineralization including silver, lead and zinc.

The company will conduct geophysical surveys over strategic parts of the Mallard project, including the Woman River zone, shortly.