ROUYN-NORANDA, QC, March 19, 2015 /CNW Telbec/ - Fieldex Exploration Inc. (TSXV: FLX) (Frankfurt: F7E) is pleased to announce that it has entered into an Acquisition and Option Agreement with a prospector named Mr. Larry Desgagné pursuant to which Fieldex will acquire a 50% undivided ownership interest in 18 mining claims comprising a part of the Copper Point Property and will be granted an irrevocable option to acquire an additional 50% undivided ownership interest in the 18 mining claims and in 41 additional mining claims comprising the remaining part of the Copper Point Property. Fieldex already owns a 50% interest in the 41 mining claims. The Copper Point Property is located in the Chibougamau region of Québec and covers approximately 3,319 hectares (33.19 km2).
Pursuant to the Acquisition and Option Agreement, Fieldex will acquire a 50% interest in the 18 mining claims by making a cash payment of $12,000 and issuing 350,000 common shares to Mr. Desgagné. Fieldex will also have to initiate a drilling program of at least 200 metres on a ground geophysics IP anomaly located on the Copper Point Property within six months of the acquisition of the 50% undivided interest in the 18 mining claims.
Upon completing all payments and the drilling program mentioned above, Fieldex will have an irrevocable option to acquire an additional 50% undivided interest in 18 mining claims, and in 41 mining claims in which Fieldex already owns a 50% interest, by making the following cash payments and share issuances over a 36-month period from the date of signature of the Acquisition and Option Agreement:
- on or before the first anniversary of the Acquisition and Option Agreement, a cash payment of $100,000 and the issuance of 500,000 common shares;
- on or before the second anniversary of the Acquisition and Option Agreement, a cash payment of $150,000 and the issuance of 500,000 common shares; and
- on or before the third anniversary of the Acquisition and Option Agreement, a cash payment of $200,000 and the issuance of 500,000 common shares.
In order for Fieldex to acquire a 100% undivided interest in all the mining claims comprising the Copper Point Property, Fieldex will be required to pay Mr. Desgagné an aggregate amount of $462,000, issue an aggregate of 1,850,000 common shares and initiate a drilling program of at least 200 metres on the Copper Point Property. The Acquisition and Option Agreement also provides that Fieldex will be the operator for the Copper Point Property.
The Acquisition and Option Agreement further provides that after Fieldex has acquired a 100% undivided ownership interest in the mining claims comprising the Copper Point Property, the claims will become subject to a 1% net smelter return royalty in favour of Mr. Desgagné. Fieldex may, at any time, purchase the net smelter return royalty from Mr. Desgagné for $1,000,000.
The Acquisition and Option Agreement is subject to regulatory approval, including that of the TSX Venture Exchange.
Geological setting of the property
The Copper Point Property is located in the northeast part of the Boisvert intrusion. This particular intrusion is located 30 kilometres southeast of the Chibougamau volcanic segment which is included within the northeastern part of the Abitibi volcano-plutonic of Northwestern Québec in the Archean Superior Province. The property is composed of 59 mining claims representing approximately 3,319 hectares or 33.19 km2. In 2014 and 2015, an IP survey was carried out on the Copper Point Property following the discovery of outcrops with some quartz veinlets and disseminated pyrite and chalcopyrite within sub–vertical dipping metasedimentary rocks. One grab sample notably recovered 2.5% Cu, 14.0 g/t Ag and 0.5g/t Au. Each north-east line of the cut–lines grid was only 600 metres in length and did not cover the property entirely. However, the IP survey exhibits a strong chargeability anomaly over a length of 1.4 kilometres and a width varying between 40 to 75 metres. The orientation N117° anomaly, sub–parallel to the direction of sedimentary units, matches with the regional tectonic orientations observed to the west, within the volcanic segment of Chibougamau. Graphite has not yet been observed. The anomaly is considered as a potential structural fabric of disseminated sulphides which could contain economic metals. The fabric may be included within a hydrothermal system which is sometimes found in volcanic and sedimentary rocks in the vicinity of tonalitic and granodioritic intrusions.
Mr. Robert Sansfaçon, Geologist, is the qualified person on the Copper Point Property under National Instrument 43‑101 Standards of Disclosure for Mineral Projects and was responsible for the technical contents of this press release and has approved the disclosure of the technical information contained herein.
Fieldex is a mineral resource company actively exploring in Quebec for base and strategic group metal deposits located in the province of Quebec. Fieldex has 84,336,798 shares 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