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Fancamp Exploration Ltd. (TSXV:FNC) optioned the Phoenix and MTK Properties, which are two early-stage exploration properties, in the Chapais section of the Chibougamau-Chapais Copper-Gold Camps in Quebec. The Phoneix Property has a combined past production of >1 billion tonnes of Copper, 530,000 ounces of Gold and 8 million ounces of Silver from 24.17 million tonnes grading 2.05% Copper and 0.68 g/t Gold. The MTK Property discovered grab samples yielding up to 8.8 g/t Gold.
As quoted in the press release:
Phoenix PropertyThe Company has agreed to pay $25,000 and issue 100,000 common shares of Fancamp. The balance $255,000 cash, 1.3 million shares and $2.1 million in exploration expenditures before December 12, 2016, to earn a 100% interest is optional and is results dependent. A 1.5% NSR Royalty underlies the Property of which 0.75% may be bought back for $1 million.MTK PropertyÂThe Company is obliged to pay $20,000 on signing and issue 100,000 common shares. The balance $60,000 cash and 450,000 common shares to 100% by December 15, 2015, is optional, also results dependent. A 1.5% NSR Royalty is attached to MTK, 1% of which may be bought back for $1 million.
Click here to read the Fancamp Exploration Ltd. (TSXV:FNC) press release
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