Fancamp options nickel prospect on Quebec’s North Shore

Fancamp Resources (FNM-V) has acquired an option on 78 claims around a nickel discovery on Quebec’s North Shore, 90 km north of Baie Comeau.

The discovery, tentatively named “B-40,” consists of disseminated sulphides in a gabbro dyke. Grab samples of this material have assayed in the range of 3% nickel, 0.4% copper and 0.1% cobalt, with one sample returning 3.8% nickel.

The showing is part of an open-ended, 500-metre-long, induced-polarization (IP) anomaly. Fancamp says a number of parallel anomalies are also present, providing more exploration targets.

Fancamp can acquire a 100% interest in the property by issuing 100,000 shares to the vendor (a prospector) and paying a total of $175,000 over four years. The vendor will also retain a 2% net smelter return royalty, of which 1% may be bought back for $1 million.

Further geophysical surveys are to begin shortly.