SYS-CON MEDIA Authors: Pat Romanski, Jnan Dash, Elizabeth White, Yeshim Deniz, Nikita Ivanov

News Feed Item

Fancamp's JV Partners Bold Ventures and KWG Resources Initiate $2M Exploration Program at the Koper Lake Project

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/14/14 -- Fancamp Exploration Ltd. ("Fancamp" or the "Company") (TSX VENTURE: FNC) is pleased to report that based on an announcement made KWG Resources Inc. ("KWG") and Bold Ventures Inc. ("Bold"), the joint venture partners that optioned Fancamp's Koper Lake Polymetallic Project ("Koper Lake"), will resume drilling at the Black Horse Chromite Occurrence ("Black Horse") (refer to the January 6, 2014 news releases by KWG and Bold).

Mr. Jean Lafleur, Fancamp's President and CEO, stated "This is encouraging for Fancamp as it indicates the strong interest that Bold and KWG have in advancing the Koper Lake Project and moves the joint venturers closer to the significant cash payments which would be due to Fancamp should the participants move to the next phase of the Joint Venture agreement."

KWG is financing a further $2 million program under its agreement to earn from Bold Ventures Inc. an 80% interest in any chromite discovered within the claims optioned by Bold from Fancamp hosting Black Horse. As was recommended in the National Instrument 43-101 report commissioned by KWG following the winter 2013 drilling program, the possible down-dip extension of the resource will be tested with a series of deep holes utilizing up to three drills. Mobilization is under way and drilling is anticipated to commence shortly. On-going metallurgical testwork has produced encouraging results to indicate that the Black Horse chromite appears to be amenable to reduction into metalized chrome and iron using natural gas.

About the Bold Ventures Inc. - KWG Resources Inc. Option Agreements

Under the original earn-in option agreement announced May 7, 2012, Bold could earn its initial 50% interest in Koper Lake from Fancamp by making option payments totaling $1.5 million and expending $8 million on exploration over 3 years after which a 50/50 joint venture would be formed between Bold and Fancamp. Bold has already made the first C$300,000 option payment in 2013. Bold could then earn a further 10% interest by making a further C$700,000 option payment and delivering a positive feasibility study. The remaining option payments may be made in cash or common shares of Bold at Bold's option.

Upon completion of the conditions of the original option agreement, as stated in a news release dated January 7, 2013, an "additional option" can be initiated whereby Bold could earn a further 20% interest in Koper Lake by paying Fancamp C$15 million payable in equal instalments over 3 years with half of the amount payable in cash and the balance payable, at Bold's option, through the issuance of common shares of Bold at the market price at the time the shares are issued. At that point, Fancamp would retain a 20% carried interest in Koper Lake. Bold would then have a further option to acquire from Fancamp the remaining 20% carried interest in exchange for a Gross Metal Royalty ("GMR") payable to Fancamp. Bold would then hold a 100% interest in Koper Lake. The GMR would entitle Fancamp to be paid 2% of the total revenue from the sale of all metals and mineral products from the property from the commencement of commercial production. Once all of the capital costs to bring the project to the production stage have been recovered, the GMR may be scaled up to a maximum of 4% of the total revenue from the sale of all metals and mineral products from the property contingent upon the prices of products sold from the property.

On March 4, 2013, Bold signed an option and joint venture agreement with KWG to option its interests in Koper Lake. Under the terms of the option agreement, Bold would act as operator of the exploration programs which are to be financed by KWG. KWG would also make the option payments due under the agreement with Fancamp. KWG could acquire an 80% interest in chromite produced from Koper Lake by financing 100% of the costs to a feasibility study leaving Bold and its co-venturer with a 20% carried interest, pro rata. For nickel and other non-chromite minerals identified during the exploration programs, the parties have agreed to form a joint venture in which KWG would have a 20% participating interest and Bold and its co-venturer would have an 80% participating interest, pro rata. KWG would have a right of first refusal to purchase all ores or concentrates produced by such joint venture whenever its interest in the joint venture exceeds 50%.

The Koper Lake Project

Koper Lake is situated in the emerging Ring of Fire multi-mineral district, approximately 530 km northeast of Thunder Bay in the James Bay Lowlands, Northern Ontario. The project lies along the ultramafic Ring of Fire complex between the Eagle's Nest nickel-copper-platinum-group-elements and the Blackbird chromite deposits belonging to Noront Resources to the west and southwest, respectively, and the Big Daddy and Black Thor chromite deposits belonging to Cliffs Resources and KWG to the northeast. The project offers a set of targets for magmatic Ni-Cu-PGE, chromite and hydrothermal gold-copper (Au-Cu) mineralization. KWG published mineral resources estimates from the Black Horse chromite deposit of 46.5 million tonnes at a grade of 38.8% Cr2O3 in the Inferred category using the CIM definition standards for classification of Mineral Resources with the mineralization open to depth and along strike to the east.

The technical information in the news release was reviewed and approved by Jean Lafleur, M.Sc., P.Geo., Fancamp's President and CEO, a Qualified Person under NI 43-101.

About Fancamp Exploration Ltd (www.fancampexplorationltd.ca)

Fancamp Exploration Ltd. is a Canadian junior mineral exploration company that continues to evolve into a holder of shares in partner companies and royalties on near-term producing mines. These assets are designed to generate free cash flow without further shareholder dilution. Fancamp has an exceptional inventory of resource projects at various stages of development covering more than 1,710 km2 in three provinces. The commodities include hematite-magnetite iron formations, titaniferous magnetite, hematite, nickel/copper/PGM, chromite, Volcanogenic Massive Sulphides and gold.

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.

S.E.C. Exemption: 12(g)3-2(b)

Contacts:
Fancamp Exploration Ltd.
Jean Lafleur, M. Sc., P. Geo.
President and CEO, Director
+1 514 975 3633
[email protected]

Fancamp Exploration Ltd.
Michael D'Amico
Investor Relations
+1 647 500 6023
[email protected]

Aberdeen Gould Advisory Services Ltd.
Roger Rosmus
Business Development
+1 416 488 2887 x222
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
There's Big Data, then there's really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at Big Data Expo®, Hannah Smalltree, Director at Treasure Data, discussed how IoT, Big D...
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the ...
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete...
The 4th International DevOps Summit, co-located with16th International Cloud Expo – being held June 9-11, 2015, at the Javits Center in New York City, NY – announces that its Call for Papers is now open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's large...
The Internet of Things promises to transform businesses (and lives), but navigating the business and technical path to success can be difficult to understand. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, demonstrated how to approach creating broadly successful connected customer solutions using real world business transformation studies including New England BioLabs and more.
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Ar...
"SAP had made a big transition into the cloud as we believe it has significant value for our customers, drives innovation and is easy to consume. When you look at the SAP portfolio, SAP HANA is the underlying platform and it powers all of our platforms and all of our analytics," explained Thorsten Leiduck, VP ISVs & Digital Commerce at SAP, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, discussed how SAP and partners provide cloud and hybrid cloud solutions as well as real-time Big Data offerings that help companies of all sizes and industries run better. SAP launched an application challenge to award the most innovative SAP HANA and SAP HANA...
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, examined three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective ...
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using ...
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series dat...
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Fundamentally, SDN is still mostly about network plumbing. While plumbing may be useful to tinker with, what you can do with your plumbing is far more intriguing. A rigid interpretation of SDN confines it to Layers 2 and 3, and that's reasonable. But SDN opens opportunities for novel constructions in Layers 4 to 7 that solve real operational problems in data centers. "Data center," in fact, might become anachronistic - data is everywhere, constantly on the move, seemingly always overflowing. Net...