ROUYN-NORANDA, QC, July 10, 2012 /CNW Telbec/ - Fieldex Exploration Inc. (TSXV: FLX) (Frankfurt: F7E) is pleased to announce that it has filed a request with the Minister of Natural Resources and Wildlife to begin a fourth drilling campaign on its Kipawa Lac Sairs project. The Kipawa Lac Sairs project is located in the Kipawa alcalin complex, 1.7 kilometres from Matamec Explorations Inc.'s Kipawa REE-Yttrium-Zirconium deposit, located 100 kilometres northeast of North Bay, Ontario, in northwestern Québec, near the Québec-Ontario border.
The upcoming drilling program will be composed of 26 diamond drill holes totaling around 4,700 metres. The program will be a continuation of the 7-hole diamond drill campaign completed in February 2012 where Fieldex intersected in hole LS-12-22 1.10% TREO (40% HREO + Y2O3) over 19.55 metres at surface approximately 150 m south of a sub-parallel 3.3 kilometre-long magnetic anomaly, oriented E-W and identified from a magnetic ground survey completed in February 2011. No holes were historically drilled along the south vicinity of this anomaly and a potential extension of the REE zone could be open to the east of Hole LS-12- 22 if the magnetic anomaly is associated with this REE zone.
The Kipawa region has considerable momentum at present. Fieldex's recently-drilled hole LS-12-22 confirms that the Kipawa Lac Sairs project hosts significant and enriched HREO zones and zirconium mineralization at the surface. In addition, Matamec Explorations Inc. reported in its press release dated January 30, 2012 robust economics in its preliminary economic assessment study with a $600M net present value and signed a memorandum of understanding with Toyota Tsusho for its Kipawa HREE project. "This is very encouraging news because of the close proximity of Fieldex's Kipawa Lac Sairs project to Matamec's Kipawa deposit" said Martin Dallaire, Fieldex's President and Chief Executive Officer.
Quality Assurance / Quality Control
Fieldex has implemented and adheres to a strict Quality Assurance/Quality Control program which includes one REE mineralized standard, one duplicate and one blank for each batch of samples. Assay samples are taken from drill core sawed in half with one-half sent to a commercial laboratory and the other half retained for future reference. Analyses are performed by ALS Chemex, Val-d'Or, Québec, an accredited laboratory. Particular attention was paid to the 8.34% TREO+Y2O3 zone in the LS-12-22 Hole. This zone has been analysed separately from the other samples and two REE standards, one Zr standard, one blank and one duplicate have been added to the sample batch.
The drilling program was carried out under the supervision of Robert Sansfaçon, geologist and qualified person as per National Instrument 43-101 Standards of Disclosure for Mineral Projects.
Fieldex is a mineral resource company actively exploring for base and strategic group metal deposits located throughout Québec, Canada, representing over 600 km². Quadra FNX Mining Company owns 6,500,000 shares of Fieldex Exploration Inc. Fieldex has 68,109,018 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 the release.
For further information:
Martin Dallaire, eng
President & Chief Executive Officer
Tel.: (819) 762-0609
Fax: (819) 762-0097