Vancouver junior Fancamp Resources (VSE) has acquired 10 claims near the recent gold discovery made by PGE Resources (ASE) in the St. Croix sedimentary-volcanic terrane, 50 km north of Saint John, N.B.
The claims, known as the Spragg Brook property, were purchased for $1,000 cash and 85,000 Fancamp shares. The company has also negotiated a finder’s fee of 10,000 shares payable to a third party.
The Fancamp claims tie on to the PGE ground about 1.4 km northeast of the gold discovery. The company believes that the strike extension of the PGE mineralized zone extends on to its holdings.
Fancamp reports that no previous work has been done on its property, and the region as a whole has never been extensively explored.
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