Fancamp Exploration has signed a formal agreement to acquire entire interest in the Mallard Gold and Heenan VMS/Gold projects located in the Swayze greenstone belt of Ontario, Canada.
Located nearly 110km south-west of Timmins, the projects cover an area of nearly 10,000 acres.
Under the agreement, Fancamp Exploration will provide one million shares, a 2% NSR with a buyback of 1% for $1m, along with five annual advance royalty payments totalling $150,000 as a consideration.
The two projects will feature several gold occurrences associated with north-west trending major structural corridors, and provide an opportunity to Fancamp for the exploration of base metals.
The Swayze greenstone belt is considered to be an under-explored region. Along with the western extension of the Abitibi greenstone, not much significant activity has been found below 100m within Mallard and Heenan townships.
Previously recorded assessment files with the Ontario Ministry of Northern Development and Mines have indicated four important gold occurrences around the Mallard project.
These occurrences generally feature shear zone-hosted, quartz-carbonate vein systems at the contact of sericite-chlorite altered, volcanic rocks and felsic porphyrys.
A recent geophysical survey included parts of the Heenan/Mallard package, and also identified multiple untested targets.
The 2,370ha Mallard Gold project comprises 265 claim units, while the Heenan project 6km along the same deformation corridor includes an area of 387ha on the hinge zone of the Women River anticline.
The acquisition is subject to acceptance by the TSX Venture Exchange.