Fancamp makes discovery

An early-stage gold discovery has Fancamp Resources (FNM-V) hopeful of the potential of its newly acquired Kourouba concession in the Kalana region of southwestern Mali, 90 km south of the capital city of Bamako.

Earlier this summer, the junior acquired rights to explore and develop a 200-sq.-km concession at the northern end of the major, north-southerly trending Kalana greenstone belt. This belt is known to host mesothermal vein-type gold deposits, disseminated sulphide-associated mineralization, and mobilized vein-type mineralization.

Fancamp was attracted to the concession by the results of a previous government geochemical program, which was based on sample points 200 metres apart, taken along lines at 500-metre spacings. The program defined an anomalous area measuring about 3 by 2.5 km, from which were received gold values exceeding 100 parts per billion.

Since acquiring the project, the junior has carried out sampling of the core zone of the gold-in-soil anomaly. This work confirmed the original anomaly and revealed a major north-southerly trend, as well as conjugate and northwesterly trends.

Peter Smith, president of Fancamp, describes the strength of the anomaly (at plus 50 to 400 parts per billion) as “similar to regional anomalies associated with other gold deposits in West Africa — for example, the Morila deposit in Mali and the Koma Bangou deposit in Niger.”

He notes that the anomaly at Kourouba is about twice the size of the original anomaly that led to the discovery of Randgold Resources’ Morila deposit, which is scheduled to enter production in 2001. Morila is reported to host a total resource of 25.7 million tonnes averaging 4.22 grams gold per tonne, including a proven oxide reserve of 1.2 million tonnes averaging 10.23 grams. Cash costs of the open-pit mine are estimated to be US$133 per oz.

Fancamp is now planning a trenching program at Kourouba.

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