ROUYN-NORANDA, QC, Nov. 24, 2016 /CNW Telbec/ - Fieldex Exploration Inc. (FLX : TSXV and F7E : Frankfurt) is pleased to announce that it has acquired by map designation two new properties with strong cobalt potential located 40 kilometres north of the village of Grand-Remous in the province of Quebec.
- 100-per-cent-interest in two cobalt/silver/copper showings located in Quebec;
- Strategic acquisition for Fieldex to increase its energy-related offer;
- Pertinent exploration potential around the showings.
"With the global expansion of the electric storage industry, cobalt, rare earths and ceramics (feldspar) have or will become key elements and Fieldex will be very well positioned. Our Kipawa Lac Sairs project contains the heavy rare earths, the Teslo project, the ceramics and hopefully these two showings, Lac Dean and Lac Oscar, will provide us the Cobalt" commented Martin Dallaire, president and chief executive officer.
The area covered by the two new properties has received limited exploration work in the past but cobalt, copper and silver values are reported. Both properties are included within the Proterozoic province of Grenville. The Lac Dean showing has historically returned channel sampling of up to 0,18 % Co, 17,1 g/t Ag, 1,57 % Cu 0,7 g/t Au and 0,18% Ni. These values and sulphide mineralisation are found within a quartz pegmatite cutting pyroxenites. The cobalt value may be within a potential primary cobalt deposit or a by-product of a potential copper deposit. A rock sample from the Oscar showing discovered in 2004 has returned historical value of 0.13 % Co and 1.40 % Cu. The last values are included within veinlets/veins of semi - massive to massive pyrite – chalcopyrite cutting a gabbro. The cobalt value may represent a by-product of a potential copper deposit.
Fieldex technical team will immediately initiate a compilation followed by prospection program to validate all the technical information found in various natural resource reports issued by the governments of Canada and Québec. The two newly acquired properties comprise a total of 8 claims covering a surface area of about 4.7 square kilometres. All claims are currently being processed by the Ministere de l'Energie et des Ressources Naturelles (MERN); they will be registered shortly and will be wholly owned by Fieldex.
Mr. Robert Sansfaçon, PGeo (OGQ), MSc, a consultant to Fieldex, is the qualified person under National Instrument 43‑101 Standards of Disclosure for Mineral Projects responsible for the technical contents of this press release, and has approved the disclosure of the technical information contained herein.
Forward Looking Statement
This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company's control that may cause actual results or performance to differ materially from those currently anticipated in such statements.
Fieldex is a mineral resource company actively exploring in Québec for strategic groups of metals and industrial minerals deposits located in the province of Québec. As of the date hereof, Fieldex has 103,286,798 common shares issued and outstanding.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
SOURCE FIELDEX EXPLORATION INC.
For further information: Martin Dallaire, eng., President and Chief Executive Officer, Tel.: (819) 762-0609, Fax: (819) 762-0097