Fancamp finishes McFauld drill program

2008-12-19 15:44 ET - News Release

Dr. Peter Smith reports

FANCAMP COMPLETES CURRENT DRILL PROGRAMME AT MCFAULD'S LAKE

Fancamp Exploration Ltd. has completed its current drill program on its McFauld's Lake property.

Holes F-08-11 and F-08-12 were drilled to test the high mag feature located on the northeast sector of the C-5 target. Both were drilled from the same setup, hole 11 at 50 degrees northwest and hole 12 at 70 degrees northwest, to 150 metres and 165 metres depth, respectively. Both holes intersected a 25-metre-wide zone of banded chert magnetite iron formation, lying on top of what is interpreted to be the pre-McFauld's granite basement, dipping at approximately 60 degrees to the southeast. Minor sulphide replacement of the magnetite was noted and assay results of this material indicate geochemically anomalous copper and gold values. Volcanics and volcanogenic sediments overlie the iron formations in the drill holes, and a large gravity high just southeast of C-5 suggests the presence of chromite-rich zones higher in this stratigraphic section.

An immediate focus for Fancamp in 2009 is the northeast sector of the C-1 target along its eastern granite contact from the Noront boundary for approximately 300 metres to the southeast. JVX-MLEM (moving loop EM) has indicated a zone of very low resistivity along this part of the contact at a vertical depth of 400 to 500 metres. The occurrence of high-grade nickel-bearing sulphides in holes 2 and 10 adjacent to this contact attests to its prospectivity.

This release was prepared by Dr. Peter H. Smith, PhD, PEng, the company's qualified person on the McFauld's project.