Fancamp Announces Award of the Drilling Contract for its Clinton Copper- Zinc- precious metal volcanogenic massive sulphide project

VANCOUVER, British Columbia, Jan. 25, 2022 (GLOBE NEWSWIRE) — Fancamp Exploration Ltd. (“Fancamp” or the “Corporation”) (TSX Venture Exchange: FNC) is pleased to announce that the drilling program at the Clinton project is scheduled to start in mid-February.

Based on the 3D modelling by Mira Geosciences and Fancamp, the Clinton drilling program aims to test a VTEM plate anomaly situated some 100 m NE of a copper bearing mineralized lens (Figure 1, Figure 2). The VTEM anomaly also coincides with exhalate marker horizons identified through historical data compilation and modelling. The “favorable horizon” will be tested by 3 fences along a strike extension of about 500 meters of a minimum of 2 holes to visualize the potential extension of the mineralized horizon.

The targeted plate is interpreted to follow a “favorable” horizon identified in the compilation as a chemical exhalative unit, often associated to volcanism produced during deposition of Volcanogenic Massive Sulphide deposits.

Previous historical drilling as well as mining records have reported significant copper intersections along this unit and the Fancamp exploration program aims to identify further potential mineralization along this trend.

The drilling contract has been awarded to “Forage FTE Drilling” (“FTE”) of Sherbrooke Québec. FTE is a large, multinational drilling company with operations in Canada, Burkina Faso, Ivory Coast, Sénégal, Surinam, French Guiana, and Namibia.

About the Clinton Project

The Clinton Project, underlain by a folded and faulted bimodal volcanic sequence and hosting lenses of Cu – Zn precious metals volcanogenic massive sulphide mineralization, is situated approximately 20 km southwest of the town of Megantic, immediately north of the Maine border. It covers about 20 km of favorable stratigraphy of the Clinton River volcano-sedimentary Belt. From inception of exploration in the early part of the 20th century, the property has been the site of multiple exploration programs. Since 1953, some 59,694 meters of drilling in 286 holes was performed. The property was further the site of a mining operation from 1973-75, and, reportedly, 122,251 tons were mined at an average grade of 2.08% Cu, 1.54% Zn in five lenses: A, C, E, F, and O [MRNFQ Fiche de Gite 21E07-0007]. A historical resource, non-43-101 compliant report was completed in the past and cannot be relied upon. Since its acquisition in 2010, Fancamp has conducted several drilling programs on the property. The best drilling intercepts returned (Fancamp program) was 1.79% Cu over 6.19m within a 14.58m wide zone of 1.09% Cu (Fancamp’s Press Release of July 16, 2012), and 1.27% Cu, 1.14% Zn, and 11 gpt Ag over 11m (V3 zone, Fancamp’s Press Release of Oct. 14, 2014), and 2.78% Cu and 16.9 gpt Ag over 24.7m (V1 zone, Fancamp’s Press Release of Oct. 14, 2014).

Qualified Person

The scientific and technical information contained in this press release was reviewed and approved by François Auclair, P Geo, M.Sc., Fancamp’s, Vice President Exploration, and is designated as a Qualified Person under National Instrument 43-101.

Quality Control

Assays for the diamond drill programs were analyzed by Activations Laboratories Ltd. in Ancaster, Ontario. The Corporation inserts quality control samples (blanks, standard reference material, and duplicates) at regular intervals to monitor laboratory performance. Standard samples are inserted every 15-20 samples, with additional standard material added to mineralized zones. Reference samples are obtained from OREAS (Ore Research and Exploration P/L ABN) and comprised OREAS 620 (0.173% Cu), and OREAS 624 (3.10% Cu). Blanks are inserted every 15-20 samples and are obtained from a deposit of pure quartzite. Field duplicates are inserted every 20 samples.

About Fancamp Exploration Ltd. (TSX-V: FNC)

Fancamp is a growing Canadian mineral exploration corporation dedicated to its value-added strategy of advancing its priority mineral properties through exploration and innovative development. The Corporation owns numerous mineral resource properties in Quebec, Ontario and New Brunswick, including chromium, strategic rare-earth metals, gold, zinc, titanium and more. Fancamp’s chromium properties in the highly sought-after Ring of Fire in Northern Ontario are strategically located. Its rare earth element properties in Quebec are a special focus. Fancamp has investments in an existing iron ore operation in the Quebec-Labrador Trough, in addition to an investment in a zinc mine planned to be restarted in Nova Scotia. Fancamp is developing energy reduction technology with its advanced Titanium extraction strategy. The Corporation is managed by a focused leadership team with decades of mining, exploration and complementary technology experience.

Forward-looking Statements

This news release contains certain “forward-looking statements” or “forward-looking information” (collectively referred to herein as “forward-looking statements”) within the meaning of applicable securities legislation. Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Corporation. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or are events or conditions that “will”, “would”, “may”, “could” or “should” occur or be achieved.

Although Fancamp believes that the material factors, expectations and assumptions informing such forward-looking statements are reasonable based on information available to it on the date such statements were made, no assurances can be given as to future results of such statements.

Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from those anticipated in such forward-looking statements.

Readers are cautioned that the foregoing list of factors is not exhaustive. Statements including forward-looking statements are made as of the date they are given and, except as required by applicable securities laws, Fancamp disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

For Further Information

Rajesh Sharma, President & Chief Executive Officer

+1 (604) 434 8829

Debra Chapman, Chief Financial Officer

+1 (604) 434 8829

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.

Photos accompanying this announcement are available at:

CBJ Newsmakers