ROUYN-NORANDA, QC, Sept. 7, 2016 /CNW Telbec/ - Fieldex Exploration Inc. (FLX : TSXV and F7E : Frankfurt) is pleased to announce that it has entered into an option agreement to purchase a 100% interest in seven (7) mining claims covering an area of approximately 290 hectares (2.9 km2), the "Demi-Lune Project".
The Demi-Lune Project, located 5.5 kilometres south-west from downtown Chibougamau City, in the province of Québec, contains the contact between a granophyre and an anorthositic gabbro which is included within the superior part of the Lac Doré complex. The eastern part of the project contains an undrilled gold showing where a quartz – chlorite – siderite – sulphide (pyrite and chalcopyrite) schist cuts an altered quartz – feldspar granophyric felsic rock. According to the Government of Québec (Bernier, 2015), the content of this showing, which was discovered by a prospector in the 1970's, was unknown to the public until 2015. In 2015, the Government of Québec carried out a channeling sampling program on behalf of Bouchard and McCormick which consisted of one meter samples grading up to 7.6 g/t Au and 9.0 g/t Ag respectively. According to Bernier (2015), the mineralisation of the Demi-Lune showing exhibits many characteristics analogous to the former Obalski (Cu-Au-Ag-Zn) mine, located 2.5 kilometres to the east, which commenced production in 1946 and ceasing operations in the 1970's.
Fieldex visited this showing in the summer of 2016. A verification grab sample stemming from the mineralised schist returned values of 37.7 g/t Au, 73.9 g/t Ag, and 2.5% Cu. There remains several undrilled electromagnetic VLF conductors which were detected between 1950 and 1970 on the Demi-Lune Project. Fieldex intends to investigate these conductors using current geophysical technologies to determine the possibility of sulphides that could contain economic metals.
The reader must be aware that the above information has been primarily obtained from civil servants of the Natural Resources Ministry of Québec and historical data. Much of this information is believed to be reliable, but is not compliant with the requirements of National Instrument 43‑101 Standards of Disclosure for Mineral Projects and has not been independently verified by Fieldex staff. Therefore, it should be viewed as uncertain until further exploration has been carried out.
Pursuant to the option agreement, Fieldex may acquire a 100% ownership interest in seven (7) mining claims held jointly by Huguette Bouchard and Glenn McCormick (collectively, the "Vendors"). In consideration for the acquisition of the mining claims, Fieldex must: (i) pay $14,000 and issue 500,000 common shares of Fieldex on the signature date of the option agreement; and (ii) at the first anniversary of the option agreement, pay $20,000 and issue 500,000 common shares of Fieldex; and (iii) at the second anniversary of the option agreement, pay $50,000 and issue 500,000 common shares of Fieldex. All the mining claims to be acquired by Fieldex will be subject to a 2% Net Smelter Return Royalty in favor of the Vendors. Fieldex may, at any time, purchase 1% of the Net Smelter Return Royalty from the Vendors for $1,000,000.
The transactions with the Vendors are subject to all regulatory approvals, including that of the TSX Venture Exchange and to the completion by Fieldex.
Mr. Robert Sansfaçon, PGeo (OGQ), MSc, a consultant to Fieldex, is the qualified person on the Demi-Lune Project under National Instrument 43‑101 Standards of Disclosure for Mineral Projects responsible for the technical contents of this news release, and has approved the disclosure of the technical information contained herein.
Fieldex is a mineral resource company actively exploring in Québec for base metal, strategic groups of metals and industrial minerals deposits located in the province of Québec. As of the date hereof, Fieldex has 102,786,798 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: please contact: Martin Dallaire, eng., President and Chief Executive Officer, Tel.: (819) 762-0609, Fax: (819) 762-0097