ROUYN-NORANDA, QC, March 15 /CNW Telbec/ - Fieldex Exploration Inc.
(FLX-TSXV and F7E:Frankfurt) announced today that recent uranium results from
its Delbreuil property located approximately 90 km south-southeast and
southwest of the Rouyn-Noranda and Val d'Or mining camps, respectively, in
northwestern Quebec warrant a drilling program to evaluate the full economic
potential of the property. The Delbreuil property consists of 94 unpatented
mining claims (5,450 hectares) in the Delbreuil and Guy townships and is
easily accessible by several Ontario and Quebec provincial highways and
numerous all-weather paved and gravel road networks.
Fieldex has consolidated a large land position encompassing ten historic
uranium and niobium showings within the northeastern portion of the Belleterre
Belt. Mineralization occurs within granite pegmatite dykes. Individual
showings have reported historical U3O8 values of 15.2 pounds per ton, 8.42
pounds per ton, 4.46 pounds per ton and 2 pounds per ton.
Martin Dallaire, the President and Chief Executive Officer of the
Company, stated: "Fieldex is still very focused on its Cu-Ni-PGM deposits in
Quebec, but the fact is that the Delbreuil property represents an excellent
project for potentially hosting a large tonnage, low-grade uranium deposit
that could be exploited cheaply by open pit methods. The geological setting of
the mineralization is similar to the Michelin deposit in Labrador and the
Rossing Uranium Mine in Namibia. With thespot price of uranium at 90$US a
pound we have no choice but to have a closer look at the Delbreuil property
and eventually bring in a senior partner who has expertise in granite-hosted
uranium mineralization. A technical report on the Delbreuil property has been
mandated and should be ready by the end of March 2007."
In 2004-05, Fieldex and Aurora Platinum Corp. (100% owned by FNX Mining
Company Inc.) conducted geological mapping/prospecting programs with emphasis
on the komatiite-hosted Ni-Cu-PGM mineralization in the Lac Nodier area on the
eastern portion of the Delbreuil property. The northwestern portion of the
property was prospected for uranium mineralization using a hand-held Geiger
counter. Several radioactive areas with readings of over 1000 gammas per
second were encountered, but only five samples from two sites were analyzed
for uranium and other trace elements. All five samples yielded anomalous
uranium (0.036% to 0.085% U3O8).
Highly anomalous Niobium (0.039%-0.082%) and Zirconium (0.050% to 0.379%)
are also associated with uranium mineralization. In 2004, Aurora Platinum and
Fieldex conducted an airborne magnetic and electromagnetic survey over the
entire Delbreuil property. These surveys were carried out in an effort to find
Cu-Ni targets on the property.
The Delbreuil property, which also displays many similarities to the
geological settings of some intrusive-hosted deposits of Canada and around the
world, has the potential of hosting low-grade, large tonnage uranium deposits
of economic significance. The common similarity among these deposits is that
all are hosted within granitic rocks intruding the country rocks of higher
metamorphic grades. The country rocks are generally metasediments and granitic
gneisses. In the majority of these deposits, the granitic host is either
pegmatite granite/monzogranite (e.g., Faraday Mine) or alaskite (e.g., Rossing
Mine). Similar granitic rocks are widely distributed on the Delbreuil property
and, in many instances, they contain anomalous uranium (e.g. Island occurrence
on Ile du Refuge and Vezina showings near northeastern shore of Lac Simard)
hence, the potential of finding economic mineralization is excellent on the
A drilling program is planned for the second quarter of 2007 and results
will be communicated as soon as available.
Fieldex is a mineral exploration company engaged in the acquisition and
exploration of mineral properties with prospects for hosting base metal
deposits. The Company is currently active in eastern Canada and holds a number
of mineral resource properties in Quebec. Fieldex is a reporting issuer in
British Columbia, Alberta, Manitoba, Ontario and Québec, and trades on the
Toronto Venture Stock Exchange under the symbol FLX.
Statements in this release that are forward-looking statements are
subject to various risks and uncertainties concerning the specific factors
disclosed under the heading "Risk Factors" and elsewhere in the Company's
periodic filings with Canadian securities regulators. Such information
contained herein represents management's best judgment as of the date hereof
based on information currently available. The Company does not assume the
obligation to update any forward-looking statements.
The TSX Venture Exchange has neither approved nor disapproved the
contents of this news release and does not accept responsibility for the
adequacy or accuracy of this release.
For further information:
For further information: Martin Dallaire, President and CEO, (819)
762-0609, Fax: (819) 762-0097, email@example.com,