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Fancamp Provides Previously Undisclosed Results of Past Exploration Programs

Fancamp Exploration Ltd. (“Fancamp” or the “Corporation”) (TSX Venture Exchange: FNC) is pleased to provide updates on its exploration projects.

As discussed on the January 19, 2021 and March 4, 2021 investor calls, the new management team of the Corporation recently completed a strategic review of its properties to reprioritize the project pipeline and develop its resource base through a systematic and efficient approach to exploration, in a clear contrast to the unfocused approach by former president and CEO, Mr. Peter H. Smith. The strategic review process faced delays and difficulties as Mr. Smith withheld technical information belonging to the Corporation.

While conducting the strategic review, the new management team discovered that Mr. Smith failed to keep the Board of Directors and the market informed of the results of the Corporation’s previous exploration programs, raising further questions about his business judgment, adherence to his fiduciary duty, and his commitment to act in the best interest of Fancamp’s shareholders.

Mr. Smith is a disgruntled director, who recently had his consulting agreement terminated for cause, and has initiated an unnecessary, costly and time-consuming challenge to the Corporation’s proposed acquisition of ScoZinc Mining Ltd. at a time when Fancamp’s future is bright and the Corporation is finally set to deliver significant value to shareholders.

In line with industry best practices, the Corporation is pleased to share the following information:

Harvey Hill

The best intercepts from the 66-hole Harvey Hill 2019 program were 1.77% Cu over 9 meters (drill hole HH19-26) and 0.66% over 11 meters (drill hole HH19-05). The best intercept from the 15-hole 2020 program was 0.97% over 2 meters (drill hole HH20-01). A summary of key intercepts is found in Table 1, and drill hole location information is provided in Table 2 (see appendix).

The Corporation’s Harvey Hill project is a past producing, precious metal bearing copper project in the Appalachian region of eastern Quebec. In 2019 and 2020, the Corporation completed 81 drill holes in two campaigns, targeting three near surface mineralized lenses. The mineralized lenses are interpreted as vertically stacked, flat to shallow-dipping zones, extending over more than 425 meters of strike in an east-northeast direction. The zones are interpreted to average two to three meters in thicknesses. Further description of the Harvey Hill project and its past production can be found on the Corporation’s at Harvey Hills Project (fancamp.ca). More detailed interpretation of this data is planned for later in 2021.

Table 1.
Previously unreported drill results for the Harvey Hill project, composite intervals greater than 0.3% Cu.

2019 Drill Program

Drill Hole

From
(m)

To (m)

Drilled
Length
(m)

%Cu

HH19-02

9

11

2

0.36

HH19-03

2

5

3

0.51

HH19-04

7

13

6

0.72

HH19-05

3.5

14.5

11

0.66

HH19-08

36

39

3

0.83

HH19-10

5.8

6.1

0.3

0.83

HH19-10

22

23

1

0.66

HH19-10

51

53

2

1.09

HH19-11

24.5

26.5

2

0.44

HH19-11

34

40

6

0.41

HH19-14

25

27

2

0.32

HH19-15

48

49

1

0.60

HH19-17

27

30

3

1.06

HH19-18

40

42

2

0.34

HH19-19

10

12

2

0.96

HH19-21

13

18

5

0.63

HH19-22

4

7

3

0.74

HH19-22

14

17

3

0.45

HH19-25

13.7

14.7

1

0.43

HH19-26

13

14

1

0.33

HH19-26

87

92

5

0.50

HH19-26

111

120

9

1.77

Incl.

113

114

1

10.70

Incl.

118

120

2

2.11

HH19-27

28

29

1

0.43

HH19-30

13

16

3

0.89

HH19-31

8

10

2

0.89

RI-19-04 (TEST)

9

10

1

0.31

HH19-32

15

17

2

0.88

HH19-34

10

17

7

0.60

HH19-37

3

4

1

0.55

HH19-44

12

18

6

0.34

HH19-47

60

62

2

0.43

HH19-49

5

7

2

1.51

HH19-55

9

11

2

1.86

HH19-58

14

15

1

0.75

HH19-63

20

23

3

2.16

HH19-64

6

10

4

0.59

2020 Drill Program

Hole

From
(m)

To (m)

Drilled
Length
(m)

%Cu

HH20-01

59

61

2

0.97

HH20-04

60.5

61.5

1

1.46

HH20-08

33

35

2

0.82

HH20-15

18

19

1

0.95

Boisbuisson

Fancamp’s 2020 field sampling reconnaissance field sampling returned up to 7.54 gpt Au (Table 3) confirming high grades of previous workers.

The Boisbuisson project is located in the Humber Zone, of the northern Gaspe Peninsula. Numerous structure-hosted, base metal bearing precious metal quartz veins occurrences are recorded on the south and central parts of the property. Fancamp has held the Boisbuisson project since 2015 but has completed very little work on the concessions. A description of the Boisbuisson project can be found on the Corporation’s website at Boisbuisson Project (fancamp.ca).

Table 3.

Bedrock grab sample results from the 2020 Boisbuisson reconnaissance program.

Sample #

Location

Easting (m)

Northing (m)

Description

Au (gpt)

787941

Trench 3

292798

5439750

Fault gouge, grey, 10%
sulphides in 5-meter-wide
quartz bearing zone N110°/-
20°NW

3.42

787947

Trench 5

291288

5438907

Quartz vein, sub-horizontal, 10
cm wide

1.21

787948

Trench 5

291281

5438792

Semi to massive galena-pyrite
bands, 25-30cm wide N020°/
Sub vertical

7.54

Note: Coordinate system, NAD 83 zone 20.

Ste. Marguerite (Gaspe)

Reconnaissance sampling by the Corporation during its 2015 and 2016 field programs returned up to 8.9 gpt Au over 1 meter from a chip channel sample (sample P134040), and up to 54.9 gpt Au and 10.1 gpt Au from grab sampling (samples 62816 and 62815, respectively) of altered, structure hosted quartz veining in the Sainte-Florence faults zone. Sampling results by the Corporation are provided in Table 4. Silver was not analyzed in these programs. These results confirm high gold grades identified by previous workers on the property.

The Ste. Marguerite (Gaspe) property hosts a linear trend of gold bearing vein occurrences, more than 10 km long. The mineral occurrences are largely hosted by a band of mafic to intermediate volcanic rocks in close proximity to the Sainte-Florence fault, within the Gaspe Belt. Fancamp has held the property since 2015 and has completed minor reconnaissance activities. A description of the Ste. Marguerite (Gaspe) project can be found on the Corporation’s website at St. Margarite (Gaspe) Project (fancamp.ca).

Table 4.

Bedrock and subcrop grab sample results from the 2015 and 2016 Ste. Marguerite (Gaspe)
reconnaissance sampling program
.

Sample #

Location

Easting (m)

Northing (m)

Description

Au
(gpt)

63537

46W

638875

5351331

Quartz vein + sulphides

7.04

63538

46W

638876

5351336

Quartz vein + sulphides

0.72

63539

46W

638864

5351349

Quartz vein + sulphides

2.45

63540

46W

63888

5351295

Quartz vein + sulphides

1.69

63544

46W

638887

5351297

Quartz vein + sulphides

4.43

62814

46W

638856

5351330

Fractured quartz (fine visible
gold grains)

6.83

62815

46W

638856

5351330

Kaolinite patches coarse gold

10.1

62816

46W

638856

5351331

Black oxides with several gold
grains

54.9

62817

46W

638856

5351331

Rusty quartz with several gold
grains

3.98

62818

46W

638856

5351332

Contact between
sedimentary rocks and basalt

2.15

63236

46W

638862

5351333

Subcropping quartz vein with
sporadic arsenopyrite.

1.89

63240

46W

638887

5351303

Subcrop from trench T-2A ,
red, with more than 80% rusty
quartz fragments.

2.32

63545

42W

639290

5351377

Quartz vein, atleast 3 meters
wide.

0.27

62537

FRASER

644416

5354068

Quartz vein with arsenopyrite

0.22

62540

FRASER

644381

5354006

Quartz vein with sulphides

0.163

63529

FRASER

644301

5353948

Quartz vein with sulphides

1.6

63231

FRASER

644595

5354120

Sulphides veinlets with 20%
pyrite and 1% arsenopyrite

0.45

63232

FRASER

644600

5354112

70% quartz with patches of
massive sulphides

3.49

63233

FRASER

644603

5354108

Oxidized zone, stockwork
quartz veins

0.24

P134054

LEPAGE 1

647611

5354915

Gossan zone, heavily rusted.

1.085

P134055

LEPAGE 1

647611

5354915

Gossan zone, heavily rusted.

2.03

P134075

LEPAGE 1

647611

5354915

Gossan zone, heavily rusted.

0.369

P134058

LEPAGE 2

648313

5355355

Subcropping gossan
comprising 60% altered basalt
and 40% quartz

0.745

P134059

LEPAGE 2

648320

5355358

Subcrop, gossan zone

3.44

P134061

LEPAGE 2

648332

5355344

Gossan, rusty with quartz veins and massive arsenopyrite in
basalt

6.46

P134062

LEPAGE 2

644324

5355348

Subcropping gossan
consisting of quartz veins
and veinlets in altered basalt.

1.58

P134040

LEPAGE 2

644307

5355362

1 meter channel sample,
oxidized zone with 10%
arsenopyrite, 60% quartz
veins, and 30% basalt.

8.9

Note 1: Coordinate system, NAD 83 zone 19.
Note 2: All samples are outcrop, unless otherwise noted in the description.

Qualified Person

Jean Bernard, P.Geo, has reviewed and approved the technical and scientific content of this news release. Jean Bernard is a Qualified Person within the description of the Canadian Securities Administrator’s National Instrument 43-101.

The 2019 and 2020 drill programs at Harvey Hill were directed by Jean Bernard. P.Geo, and a Qualified Person in the meaning of NI 43-101. The Boisbuisson and Ste. Marguerite (Gaspe) sampling programs were directed by Jean Bernard. P.Geo, and a Qualified Person in the meaning of NI 43-101.

Quality Control

Assays for the diamond drill programs were analyzed by Activations Laboratories Ltd. in Ancaster, Ontario. The Corporation inserts quality control samples (blanks, standard reference material, and duplicates) at regular intervals to monitor laboratory performance. Standard samples are inserted every 15-20 samples, with additional standard material added to mineralized zones. Reference samples are obtained from OREAS (Ore Research and Exploration P/L ABN) and comprised OREAS 620 (0.173% Cu), and OREAS 624 (3.10% Cu). Blanks are inserted every 15-20 samples and are obtained from a deposit of pure quartzite. Field duplicates are inserted every 20 samples.

Advisors

Lavery, de Billy, L.L.P. is serving as legal advisor to Fancamp. Kingsdale Advisors is acting as strategic shareholder and communications advisor to Fancamp.

About Fancamp Exploration Ltd. (TSX-V: FNC)

Fancamp is a growing Canadian mineral exploration corporation dedicated to its value-added strategy of advancing mineral properties through exploration and development. The Corporation owns numerous mineral resource properties in Quebec, Ontario and New Brunswick, including gold, rare earth metals, strategic and base metals, zinc, chromium, titanium and more. Fancamp is also building on the industrial possibilities inherent in dealing with some of these materials, notable being the development of its Titanium technology strategy. It has recently announced the acquisition of ScoZinc, a Canadian exploration and mining corporation that has full ownership of the Scotia Mine and related facilities near Halifax, Nova Scotia, as well as several prospective exploration licenses in surrounding regions. The Corporation is managed by a new and focused leadership team with decades of mining, exploration and complementary technology experience.

Forward-looking Statements

This news release includes certain forward-looking statements which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe both companies’ future plans, objectives or goals, including words to the effect that both companies or their respective management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Fancamp, Fancamp provides no assurance that actual results will meet the management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Corporation’s annual general meeting, objectives, goals or future plans, statements, potential mineralization, exploration and development results, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations, estimates of market conditions, future financial results or financing opportunities. There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Fancamp’s expectations include, among others, political, economic, environmental and permitting risks, mining operational and development risks, litigation risks, regulatory restrictions, environmental and permitting restrictions and liabilities, the inability of both companies to satisfy the conditions precedent to complete the Transaction, the inability to obtain the necessary regulatory and third-party approvals for the Transaction, the inability to start production at the Scotia Mine, the inability of Fancamp to realize the anticipated financial gains from the Transaction, including generating, in the near-term, cash-flows from the Scotia Mine, the inability of Fancamp to raise capital or secure necessary financing in the future, as well as factors discussed in the section entitled “Risks and Uncertainties” in Fancamp’s management’s discussion and analysis of Fancamp’s financial statements for the period ended October 31, 2020. Although Fancamp has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. In addition, the Corporation provides no assurance regarding the outcome of the BCSC’s decision. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

APPENDIX
Table 2.
Drill hole collar, orientation and depth information for Fancamp’s 2019 and 2020 Harvey Hill programs.

2019 Drill Program

Drill
Hole

Total
Depth
(m)

Azimuth
(degrees)

Dip
(degrees)

Northing
(m)

Easting
(m)

RIS19-01

36

360

-90

5125431

329198

R19-01

9

360

-90

5125416

329181

HH19-01

54

174

-48

5125366

329173

HH19-02

21

112

-60

5125434

329152

HH19-03

21

147

-83

5125423

329180

HH19-04

21

152

-83

5125469

329174

HH19-05

36

181

-85

5125496

329186

HH19-06

72

181

-69

5125815

329620

HH19-07

48

178

-59

5125679

329623

HH19-08

95

178

-59

5125741

329904

HH19-09

102

184

-60

5125678

330315

HH19-10

72

187

-58

5125598

330183

HH19-11

62

191

-69

5125648

330185

HH19-12

39

190

-68

5125667

330239

HH19-13

66

190

-60

5125585

330188

HH19-14

78

194

-59

5125635

330172

HH19-15

72

175

-69

5125667

330160

HH19-16

38

182

-69

5125606

330123

HH19-17

60

190

-69

5125556

330339

HH19-18

63

202

-69

5125590

330329

HH19-19

60

137

-84

5125485

329199

HH19-20

57

360

-90

5125507

329231

HH19-21

42

360

-90

5125526

329195

HH19-22

39

360

-90

5125485

329164

HH19-23

30

360

-90

5125479

329120

HH19-24

123

180

-60

5125864

329936

HH19-25

22

180

-60

5125806

329855

HH19-26

144

174

-74

5125806

329855

HH19-27

108

208

-49

5125784

329805

HH19-28

75

191

-74

5125886

330082

HH19-29

57

144

-74

5125792

329502

HH19-30

39

89

-79

5125533

330417

HH19-31

33

163

-80

5125525

330495

HH19-32

39

360

-90

5125512

329175

HH19-33

42

360

-90

5125536

329177

HH19-34

31

360

-90

5125541

329221

HH19-35

31

360

-90

5125522

329243

HH19-36

27

360

-90

5125488

329247

HH19-37

23

360

-90

5125446

329211

HH19-38

27

360

-90

5125459

329219

HH19-39

24

360

-90

5125445

329238

HH19-40

37.5

360

-90

5125559

329237

HH19-41

31.5

360

-90

5125544

329255

HH19-42

37.5

360

-90

5125575

329248

HH19-43

33

360

-90

5125567

329262

HH19-44

37.5

360

-90

5125550

329217

HH19-45

33

360

-90

5125530

329233

HH19-46

37.5

360

-90

5125568

329231

HH19-47

70.5

180

-70

5125702

329844

HH19-48

54

180

-70

5125643

329854

HH19-49

29.5

180

-70

5125788

329946

HH19-50

15

180

-70

5125790

329933

HH19-51

30

180

-70

5125786

329911

HH19-52

21

180

-70

5125781

329956

HH19-53

21

90

-70

5125772

329930

HH19-54

21

260

-70

5125754

329926

HH19-55

21

240

-70

5125766

329956

HH19-56

21

90

-70

5125759

329964

HH19-57

22

240

-50

5125807

329956

HH19-58

30

360

-90

5125720

329983

HH19-59

30

360

-90

5125701

329960

HH19-60

21

360

-90

5125535

330448

HH19-61

22.5

360

-90

5125547

330373

HH19-62

27

360

-90

5125510

330309

HH19-63

27

360

-90

5125534

330330

HH19-64

19.5

360

-90

5125511

330323

2020 Drill Program

Drill
Hole

Total
Depth
(m)

Azimuth
(degrees)

Dip
(degrees)

Northing
(m)

Easting
(m)

HH20-01

70

119

-50

5125801

329858

HH20-02

70.5

285

-51

5125845

329904

HH20-03

70.5

104

-50

5125864

329938

HH20-04

100.5

95

-50

5125790

329940

HH20-05

70.5

116

-53

5125901

329881

HH20-06

51

108

-52

5125901

330055

HH20-07

70.5

136

-52

5125857

329489

HH20-08

100.5

43

-55

5125412

329483

HH20-09

54

94

-52

5125409

329488

HH20-10

84

218

-51

5125406

329479

HH20-11

15

38

-48

5125509

329508

HH20-12

70.5

0

-50

5125650

329959

HH20-13

70.5

254

-50

5125646

329958

HH20-14

51

122

-53

5125607

329899

HH20-15

49.5

110

-53

5125698

330210

Note: Coordinate system NAD 83, UTM zone 19N.

Contacts:

For Further Information
Rajesh Sharma, Chief Executive Officer

+1 (604) 434 8829
info@fancamp.ca

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