FANCAMP TO FOCUS ON DEEPLY BURIED TARGETS IN JAMES BAY LOWLANDS

Fancamp Exploration Ltd. is planning an impending Quantec Spartan ground magnetotelluric survey on its 50-per-cent-owned (50 per cent Sheridan Platinum), 19,200-acre Desolation Lake property located 60 kilometres northwest of Attawapiskat in the James Bay Lowlands of Northern Ontario. This survey is a follow-up to an airborne versatile time domain electromagnetic survey carried out in the spring of 2010 which confirmed the presence of major magnetic anomalies and zones of significant electromagnetic conductivity. Located approximately 215 kilometres northeast of the Ring of Fire, the magnetic and EM conductivity may be indicative of nickel-sulphide-bearing targets.

The property covers the intersection of two major regional structures and hosts perhaps what is the strongest magnetic anomaly in the James Bay Lowlands. This area first attracted attention in the 1950s following the early federal airborne surveys. In 1957 Stadacona Rouyn Mines Ltd. conducted a drill program of 12 holes, all of which terminated in limestone and the deepest of which reached 500 feet. It is now estimated that the area is underlain by thicknesses of up to 300 to 400 metres of Paleozoic limestone, and the crystalline basement below the limestone has not yet been tested.

The purpose of the Quantec MT is to further refine drill target areas, and the survey, to consist of about 130 stations, will take about four weeks to accomplish. The Quantec MT survey is designed to search for conductive zones down to depths of 1.5 kilometres and will be most useful in planning a drill campaign at Desolation Lake later this year.

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