HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"
NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)
Message: From Fancamp's just released MD&A (partial)
MANAGEMENT DISCUSSION AND ANALYSIS GENERAL The following discussion of performance, financial condition and future prospects should be read in conjunction with the financial statements of the Company and notes thereto for the period ended January 31, 2009. The Company’s financial statements are prepared in accordance with Canadian General Accepted Accounting Principles. The Company’s reporting currency is Canadian dollars. The date of this Management Discussion and Analysis is March 2, 2009. Additional information on the Company is available on SEDAR at
www.sedar.com and the Company’s web site at www.fancampexplorationltd.ca
.
NATURE OF BUSINESS
Fancamp Exploration Ltd. is a development stage company in the business of mineral exploration.
OVERALL PERFORMANCE
The Company raised a total of $3,020,000 from September 19, 2008 to date, providing funds necessary
to further the Company’s exploration programs.
The Company’s exploration activities were primarily focused on its 2,560 hectare McFauld’s Lake
property. A substantial portion of the ultrabasic intrusive complex is located on the Company’s property.
A reconnaissance drill program that begun in August, 2008 on the Company’s C-1, C-5 and C-6 targets
was completed during the quarter. (See McFauld’s Lake Property under Mineral Properties section.)
The Company’s 48.7% owned subsidiary, The Magpie Mines Inc., also began a drill program which was
completed on November 4, 2008. The results demonstrated that the historic zone projections were quite
accurate on at least two of the profiles.
RESULTS OF OPERATIONS
The Company recorded a profit of $617,188 for the three months ended January 31, 2009, compared to a
profit of $15,214 for the three months ended January 31, 2008. The Company earned $62,500 in mineral
- 2 -
property option and royalty revenue. During the Quarter, the Company recorded into income the
estimated future income benefit on the renounciation of Canadian exploration expenditures. The loss in
the third quarter resulted from the recording of $260,724 in stock based compensation. Management
fees remained relatively consistent quarter over quarter. See Note 7 “Related Party Transactions and
Balances” attached to the financial statements.
MINERAL PROPERTIES
100% Owned McFaulds Fancamp Property, Ontario
During the Quarter, the Company completed the current drill programme 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 NE sector of the C -5
target. Both were drilled from the same setup, Hole 11 at 50 degrees NW and Hole 12 at 70 degrees
NW, 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 some 60 degrees to the SE. 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 SE of C-5 suggests the presence of chromite rich zones higher in this stratigraphic section.
The Company completed the first phase of the C-1 Target drilling. The high grade nickel mineralization
seen over a narrow width in Hole No.2, was intersected again in Hole No.10 where massive sulphides
were seen over very narrow widths again within a zone of less than a metre, some eight metres down dip
of the original intersection at a vertical depth of about 40 metres. The local dip appears to be about 40
degrees to the west and, Holes 8 and 9, drilled at 45 degrees and 55 degrees respectively to the west
(east of the No.1,2 collars) on the assumption the zone was near vertical, appear to have undercut it.
This mineralized zone, small though it appears, is open down dip and along strike. The nickel
mineralization occurs close to the eastern granite contact of C-1. Geophysics suggests that this contact
is highly irregular in a vertical sense, with granite “overhangs” and vertical walls at depth. Deep
penetration TDEM suggests the existence of strong conductivity near this contact at depths on the order
of 400-500 metres.
An immediate focus for Fancamp in the new year is the NE sector of the C-1 target along its eastern
granite contact from the Noront boundary for some 300 metres to the SE. JVX-MLEM (moving loop EM)
has indicated a zone of very low resistivity along this part of the contact at a vertical depth of 400-500
metres. The occurrence of high grade nickel bearing sulphides in Holes 2 and 10 adjacent to this contact
attests to its prospectivity
.
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