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Fancamp Exploration to Acquire 100% Interest in Alkaline Carbonatite Complex in Canadas Grenville Province

Mining News - Published on Thu, 14 Nov 2019

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Fancamp Exploration Ltd has reported the acquisition of an option to purchase 100% interest in the Gouin East alkaline carbonatite complex, located some 120 km west of St. Felicien in Quebec's Lac St. Jean, Saguenay region. This is a brand new discovery, and has never been explored, rather remarkable, given its size and proximity to infrastructure, 75 km from rail and 25 km from a major power line corridor. In size and aeromagnetic characteristics it is directly comparable to that underlying the operating Niobec Mine, one of three major Niobium producers in the world, located 215 km to the east. It is moreover, in the same geologic environment and represents in an exploration sense, an extremely rare opportunity.

The principal target measures some 4 km x 7 km; about 30% larger than Niobec's magnetic low signature. No outcrop is present in the core of the structure which is covered by a flat sand plain. Current lumbering activities however, have exposed scattered blocks of syenite, carbonatite and carbonate rich alkaline intrusion material, one block of which assayed 0.54% Nb205. Marginal outcrops show the presence of radiating pink syenite dykes from which a maximum value of 0.10% Nb205 was obtained by assay

The acquisition also includes a second, circular intrusive complex of similar scale, some 30km to the southwest with a distinctive, strong magnetic signature, quite different from that of the main target. As with the main target, no previous work has been reported. This target was noticed early in the company's due diligence process, was included in the option package and is here referred to as the Gouin West target.

This option enlarges further on a Company focus on strategic metals so critical to the development of 21st century technologies. For example, ongoing work on its Baude Lake REE property is showing interesting recovery results, to be reported on, and geological reconnaissance on this property indicates potential for expansion. The alkaline carbonatite acquisition is very much a part of this framework.

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Posted By : Rabi Wangkhem on Thu, 14 Nov 2019
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