Fancamp files NI 43-101 technical report for the Lac Lamelee South Iron Project
August 03, 2017 at 17:04 PM EDT
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 3, 2017) - Fancamp Exploration Ltd. (Fancamp) (TSX VENTURE:FNC) has filed an NI 43-101 technical report from independent consulting firm, Met-Chem which follows the review of the British Columbia Securities Commission.
The report outlines an Indicated Resource of 74.7 million tonnes grading 31.6% T-Fe (total iron) and an Inferred Resource of 229.3 million tonnes grading 30.4% T-Fe, using a conservative cut-off grade of 15%T-Fe.
The resource model focused on the typical banded iron formation containing magnetite, hematite with bands of quartzite but does not include a substantial number of core samples containing magnetite with pyroxene bands. To quote the report, "magnetic susceptibility readings of this unit reveal significant quantities of magnetite in some areas." This distinct lithological unit "contains magnetite but is not considered as mineral resource in this estimate since more characterization work is required. If some of the magnetite in this unit can be economically recovered, this would constitute a potential for the project." Future work will focus on characterization of this lithology in order to quantify this portion of the deposit which management feels will add substantial tonnage to the resource estimate.
This news release was prepared, reviewed and approved by Mr. Mike Flanagan, M.Sc.A, P. Geo., the Lamelee South Project Manager, a Qualified Person under NI 43-101 standards.
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S.E.C. Exemption: 12(g)3-2(b)
Fancamp Exploration Ltd.
Peter H. Smith