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ROUYN-NORANDA, QC, March 30, 2020 /CNW Telbec/ - Fieldex Exploration Inc. (TSXV: FLX) (FRANKFURT: F7E1) ("Fieldex") is very pleased to announce today that it has entered into an agreement to purchase a 100% interest in 12 mineral claims representing 636 hectares (6.3 sq.km) located 200 kilometres east of Eastmain, James Bay.
The Seb project is located in the southeastern part of the Auclair Formation in the La Grande Subprovince. The Auclair Formation consists of a sedimentary pile essentially made up of paragneiss alternating with iron formations varying from a few meters to forty meters thick. South of Lac Beryl, there is an intrusion corresponding to a foliated and homogeneous tonalite as well as a band of volcanic rocks belonging to the Natel Formation. The Natel Formation represents the basis of the Eastmain Group. South of the Natel Formation, metasedimentary rocks are described as belonging to the Laguiche Complex. The region has structural complexity linked to the presence of folds, shear zones and faults.
Under the terms of the Acquisition Agreement, Fieldex will acquire a 100% mineral interest in the claim block from a prospector. In consideration for the property, the Vendor will receive $2,000 and 1,250,000 Fieldex shares subject to approval of the TSX Venture Exchange. Fieldex is also obliged to spend a minimum of $100,000 over a 24 months period. The property is subject to a 1% Net Smelter Return Royalty, of which one half (0.5%) may be repurchased by Fieldex for $1 million.
In other news, Fieldex announces that it has appointed Pascal Germain to the company's board of directors. Mr. Germain is President and General Manager of Digital Empire Inc. from 2013 to 2016, he was general manager et co-owner of Skeye Aviation Systems, a business specialized in software development for the aviation industry and from 2008 à 2012, Mr. Germain was co-owner of Arkys Web Software Inc. from 2003 to 2008, he was an IT Specialist for Norbord Technology Centre.
Robert Sansfacon, PGeo. is the qualified person for Fieldex' properties under National Instrument 43-101, 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 the province of Québec.
Neither the 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 the release.
SOURCE Fieldex Exploration Inc.
For further information: Martin Dallaire, eng, President & Chief Executive Officer, Tel.: (819) 762-0609, Fax: (819) 762-0097, [email protected], www.fieldexexploration.com