here's some news from fancampVSE SYMBOL: FNM
FEBRUARY 24, 1997
Fancamp Resources Ltd./Kennecott Canada Exploration Inc.
- Option Agreement
BURNABY, BRITISH COLUMBIA--The Company is pleased to announce the
acquisition, by staking, a total of 550 claims in a block
measuring approximately 13.5 miles by 4 miles, south of the recent
Quebec Government's nickel-copper-cobalt discovery near Sept-Iles
on Quebec's North Shore. This new claim block lies in territory
opened for staking on January 9, 1997, and includes geology very
similar to that surrounding the Government's discovery. The block
itself is highly prospective, including as it does numerous large
untested gossans, airborne magnetic conductors, and several
significant lake sediment nickel-copper-cobalt anomalies.
The Company entered into an option agreement with Kennecott Canada
Exploration Inc., a subsidiary of RTZ-CRA, in the course of its
staking, whereby all claims staked within this block by either
party be included in the agreement. Kennecott, in addition, flew
a Dighem airborne geophysical survey during the staking to ensure
that any major conductive targets were not missed.
Kennecott may earn a 50 percent interest in the claims by spending
$2,500,000 in exploration over three years, together with cash
payments totaling $275,000. Kennecott has the right at the end of
the third year to increase its interest to 60 percent by spending
an additional $5,000,000 over three years. An exploration program
is being planned by Kennecott.
The Company also holds 500 claims in seven groups along major
crustal fracture zones in the Sept-Iles discovery region which are
believed by management to be prospective for nickel-copper-cobalt
deposits. Geophysical exploration is presently underway.
ON BEHALF OF THE BOARD
"PETER SMITH"
Peter Smith |
