EGAN GOLD PROJECT

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Fancamp has signed an option agreement with Harfang Exploration Inc. (“Harfang”), whereby Fancamp, subject to the approval of the TSX Venture Exchange (“TSX-V”), has the option to acquire up to 80% interest in the Egan property (the “Agreement”). Egan is comprised of 449 claims totalling ~12,000 hectares, which hosts a syenite gold system featuring high-grade bulk tonnage and discovery potential, situated in the gold-rich Abitibi greenstone belt of Ontario, a region with a long history of prominent gold discoveries and active operations. With this Agreement, Fancamp benefits from exposure to a promising gold asset in one of Canada’s most productive and proven gold districts, strengthening the Corporation’s gold portfolio.

 

EGAN OPTION AGREEMENT 

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Under the First Option, Fancamp shall acquire an initial 40% interest in the Egan property for a total consideration of $100,000 in cash and shares, under the following terms:

• An initial payment of $50,000, on the day of the TSX-V approval of the Agreement; and

• A payment of $50,000, on the 1st anniversary date of the Agreement.

To exercise the First Option, the Corporation shall also fund an aggregate amount of $1,500,000 in exploration expenditures prior to the 2nd anniversary date of the Agreement.

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Following the initial earn-in and at Harfang’s election, upon confirmation by Fancamp of its intention to elect its Second Option, Harfang will have the option (“Harfang Option”) to convert the Second Option into a 51% / 49% joint venture in favour of Fancamp. Should this occur, the Companies will proportionally fund $2,500,000 in exploration expenditures, after which all additional exploration and development costs will be shared on a pro rata basis.

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If Harfang does not exercise the Harfang Option, Fancamp, shall acquire a further 40% interest in the Egan property for a total consideration of $100,000 in cash and shares, under the following terms:

• An initial payment of $50,000, within five (5) business days of Fancamp notifying its interest in exercising the Second Option; and

• A payment of $50,000, on the 3rd anniversary date of the Agreement.

To exercise the Second Option, Fancamp shall also fund an aggregate amount of $2,500,000 in exploration expenditures prior to the 4th anniversary date of the Agreement.

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Fancamp will serve as the operator under the terms of the Agreement.

 

EGAN PROPERTY 

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The Egan property combines favorable geology, proven gold-bearing structures and high-grade showings within an underexplored segment of the Abitibi Belt, offering clear discovery potential in one of the world’s best-endowed gold districts, responsible for over 200 million ounces of historical gold production. Egan is strategically located between the Kirkland Lake and Timmins mining camps in Ontario, which both host multiple multi-million-ounce deposits (Figure 1), this regional context provides a stable and attractive surrounding that significantly enhances Egan’s discovery potential. The property is underlain by Archean volcanic and intrusive rocks situated between two major and productive deformation zones, Destor Porcupine Fault and Cadillac Larder Lake Fault. These structures are the host of multiple high-grade gold mines, such as those in the Kirkland Lake and Timmins camps. Gold mineralization at Egan is believed to be associated with multiple gold-bearing structural and lithologic targets linked to the syenite intrusions and volcanic contacts. Surface sampling and drilling at Egan have already defined three key gold occurrences, returning notable high-grade gold values particularly from the E1 Zone where historical results include grab samples up to 105.0 g/t Au, and the E3 Zone which recorded grab samples up to 44.7 g/t Au and 19.0 g/t Au, demonstrating the presence of robust gold-bearing structures near surface (Figure 2, refer to Harfang Exploration website). Despite the historical high-grade results and earmarks of a compelling syenite gold system, Egan remains largely under-explored with significant untested ground.​​​

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Qualified Person

The technical information contained in this press release was reviewed and approved by Mr François Auclair, PGeo, M.Sc. Vice President Exploration of Fancamp, designated as a Qualified Person under National Instrument 43-101.

Figure 1. Location map of Egan property, surrounding deposits and nearby Gold Camp.

Figure 2. Select exploration highlights at Egan including the E1, E1S, E2, and E3 targets, Source: Harfang Exploration Website.

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