Fancamp Reports on Shining Tree Gold Property Exploration Program Joint Venture with Platinex

Fancamp Reports on Joint Venture with Platinex on Shining Tree Gold Property Exploration Program

VANCOUVER, British Columbia, May 18, 2023 (GLOBE NEWSWIRE) — Fancamp Exploration Ltd. (“

fan camp

” or the ”

group

) (TSX Venture Exchange:

FNC

) is pleased to announce the latest program updates and announcements from Platinex Inc. (CSE: PTX) (“Platinex”) relating to the Shining Tree Gold Property, in which the Company holds a 25% interest through South Timmins Mining Inc . (“Goldco”), a joint venture with Platinex Inc. (see news release dated March 14, 2023). GoldCo’s Shining Tree Gold Property is strategically located in the southwestern region of the Abitibi Greenstone Belt, the world’s largest 2.7 billion year old geological mineral-rich greenstone belt host to numerous large gold and base metal deposits as well as predominantly gold producers (See Figure 1) .

Fancamp is encouraged by the timely initiation of the exploration program on the Shining Tree Gold Property, which follows Platinex’s geochemical reconnaissance and prospecting programs in 2022 (see Platinex Inc. press release dated December 7, 2022) and the recently announced joint venture between the parties follows in connection with GoldCo’s advancement of properties in the Abitibi Greenstone Belt.

Part of Fancamp’s mission is to invest in promising projects and near-term producing assets to make money and generate meaningful returns for shareholders. The Shining Tree gold property is of significant interest to Fancamp due to the geological and regional aspects of its location and Platinex’s previous work which has delineated areas of interest that could lead to high-grade mineralization potential.

Platinex, operator of the Shining Tree Gold Property, is now focused on identifying new gold targets in highly prospective but underexplored regions of the 225 km² land package. Initial work is scheduled to begin in the highly prospective Areas 2 and 3. According to previous work programs conducted by Platinex, these targets indicated multiple anomalous soil samples with gold values ​​consistent with the likelihood of Au mineralization (see Figure 2 and Platinex Inc. news release dated May 17, 2023).

Please see Platinex Inc.’s news release dated May 17, 2023 for additional information on Platinex’s completed and managed exploration program on the Shining Tree Gold Property, as well as references to previous work completed on top of the property.

Fancamp is a growing Canadian mineral exploration company committed to its value-added strategy of advancing priority mineral properties through exploration and innovative development. The Company is focused on an advanced asset project focused on growth and selective monetization with a portfolio of mineral claims covering over 158,000 hectares in Ontario, Quebec and New Brunswick, Canada. including copper, gold, zinc, titanium, chromium, strategic rare earth metals and others. The Company continues to identify near-term cash flow generation opportunities while seeking to advance its investments in strategic mineral properties. Fancamp is investing in an existing iron ore operation in the Quebec-Labrador Trough, a rare earths company, NeoTerrex Corporation, and a zinc mine to be restarted in Nova Scotia. The Company has future monetization opportunities through its Koper Lake transaction in Northern Ontario’s coveted Ring of Fire. Fancamp develops energy saving and titanium waste recycling technology with its advanced titanium extraction strategy. The Company is led by a focused leadership team with decades of mining, exploration and ancillary technology experience.

For more information about the company, visit: www.fancamp.ca

This press release contains certain “forward-looking statements” or “forward-looking information” (collectively referred to herein as “forward-looking statements”) within the meaning of applicable securities laws. These forward-looking statements include, but are not limited to, the completion of the Offering, receipt of regulatory approval, completion of the Agreement, projections, estimates, expectations and objectives for future operations, which are subject to a number of assumptions, risks and uncertainties. Many of these are beyond the company’s control. Forward-looking statements are statements of fact that are not historical facts or events or conditions that may occur or be achieved.

Although Fancamp believes that the material factors, expectations and assumptions underlying such forward-looking statements are reasonable based on the information available to it at the time such statements are made, it cannot make any representations as to the future results of such statements are given.

Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual events to differ materially from those anticipated in such forward-looking statements.

Readers are cautioned that the foregoing list of factors is not exhaustive. Statements, including forward-looking statements, are made as of the date they are made and Fancamp disclaims any intention or obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

For more information

Tara Asfour,

Investor Relations Director

+1 (604) 434 8829

tasfour@fancamp.ca

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/24589b01-6261-4864-9b7d-16dc13c68eb6

https://www.globenewswire.com/NewsRoom/AttachmentNg/ccb3070b-bfaa-4b2c-8eb2-d9ddd82e5fc4

www.investorsobserver.com

https://www.investorsobserver.com/news/qm-pr/5988611617662135