- Fancamp Exploration (TSXV:FNC) is retrenching and retesting its Dileo Lake VMS property in Quebec
- the company had a right to explore the property under a legacy option agreement, signed in the early 1990’s between the Noranda Mining and Fancamp
- Grab samples from Dileo conducted by Noranda in the early 90’s returned results as high as 16.6 grams per tonne of gold, 4.94 per cent copper and 38.7 grams per tonne silver
- While agreement was initially signed with Noranda, it has since passed on to mining giant Glencore
- Fancamp Exploration (FNC) is up 8.3 per cent and is trading at C$0.065 per share
Fancamp Exploration (TSXV:FNC) is retrenching and retesting its Dileo Lake VMS property in Quebec
The work is being completed under a legacy agreement the company held with the Noranda Mining company, a Quebec based diversified miner.
Noranda merged with Falconbridge Mining in 2005, which was then itself purchased less than a year later by Swiss miner Xstrata. Xstrata was then bought out in 2013 by mining giant Glencore.
Glencore is now undergoing reprocessing, digitising and modelling the extensive Noranda Mines database, which includes the Dileo Lake property.
At the time of the initial signing, Noranda did conduct some exploration work, which returned three notable grab sample results.
The first returned 16.6 grams per tonne of gold, 4.94 per cent copper and 38.7 grams per tonne silver.
Another returned 13.1 grams per tonne gold, 0.71 per cent copper and 9.3 grams per tonne silver, while the final grab sample contained gold traces, 2.5 per cent copper and 19.3 grams per tonne silver.
Also notable, Dileo is located 20 kilometres south west of the prolific Troilus copper gold mine, and sits within the same structural trend.
The surrounding geology contains narrow quartz vein up to four metres wide in parts and has been identified as stretching at least 25 metres in length.
Fancamp has stated that the site has sat virtually unexplored since this initial work occurred and hopes the upcoming retrenching and retesting work will build on these previous results.
Fancamp Exploration (FNC) is up 8.3 per cent and is trading at C$0.065 per share