FIELDEX DRILLS 1.51% ZrO2 OVER 61.7 METERS AND OPTIONS 12,927 HECTARES OF LAND FOR RARE EARTH ELEMENTS IN KIPAWA
ROUYN-NORANDA, QC, Oct. 25 /CNW Telbec/ - Fieldex Exploration Inc. (FLX :TSXV and F7E : Frankfurt)is pleased to announce the results of its recently-completed4,225-meter drilling campaign on Fieldex's Lac Sairs project in Kipawaand an option agreement for a 12,927-hectare land package for rare earthelements (REE) in the Kipawa area. The Lac Sairs project is located inthe Kipawa alcalin complex, 1.7 km from the Matamec Explorations Inc.Kipawa REE—Yttrium-Zirconium deposit, 100 kilometres northeast of NorthBay, Ontario, within northwestern Quebec, near the Quebec-Ontario border.
The results of the drilling program on the Lac Sairs project - Kipawa are as follows:
Note: The Yttrium oxide is the major's REO present in the TREO
| Hole No |
From (m) |
To (m) |
Width (m) |
ZrO2 (%) |
TREO (%) |
HREO+Y2O3/TREO (%) |
| LS-10-19 |
9.00 |
70.74 |
61.74 |
1.51 |
0.08 |
62.30 |
| 183.15 |
184.57 |
1.42 |
2.23 |
0.92 |
20.10 |
| LS-10-20 |
42.43 |
48.75 |
6.45 |
0.23 |
0.23 |
30.30 |
| 110.15 |
120.60 |
10.45 |
0.15 |
0.37 |
28.90 |
| LS-10-24 |
38.35 |
39.28 |
0.93 |
0.19 |
1.10 |
7.10 |
| 49.82 |
54.58 |
4.76 |
0.42 |
0.29 |
35.30 |
| 61.66 |
73.56 |
11.90 |
0.23 |
0.05 |
38.60 |
| LS-10-25 |
18.00 |
34.50 |
16.50 |
0.62 |
0.10 |
47.10 |
| 40.50 |
46.12 |
5.62 |
0.37 |
0.29 |
42.50 |
| 48.60 |
83.55 |
34.95 |
0.18 |
0.13 |
46.00 |
| 93.00 |
117.00 |
24.00 |
0.22 |
0.05 |
40.60 |
| 124.45 |
163.50 |
39.05 |
0.16 |
0.05 |
38.80 |
| LS-10-26 |
81.17 |
83.45 |
2.28 |
1.04 |
0.24 |
30.40 |
| 88.66 |
141.00 |
52.34 |
0.19 |
0.11 |
35.70 |
| 145.50 |
195.00 |
49.50 |
0.15 |
0.07 |
33.90 |
| 204.00 |
216.00 |
12.00 |
0.13 |
0.07 |
36.50 |
| LS-10-27 |
53.71 |
198.00 |
144.29 |
0.17 |
0.05 |
40.60 |
| LS-10-28 |
70.33 |
117.00 |
46.67 |
0.63 |
0.04 |
51.00 |
| LS-10-29 |
115.09 |
148.50 |
33.41 |
0.59 |
0.04 |
47.30 |
"Fieldexis very pleased by these results. The results confirm that the KipawaLac Sairs project hosts significant zirconium mineralization andenriched TREO zones. In addition, Matamec Exploration Inc. reported inits press release dated October 18, 2010 that they successfully leached89.2 % recoveries from a sample collected from the eudialyte zone of itsKipawa deposit. This is very encouraging news because of the closeproxymity of Fieldex's Kipawa Lac Sairs project to Matamec's Kipawadeposit" said Martin Dallaire Fieldex's President and Chief ExecutiveOfficer. (see diamond drill hole's location map: https://www.fieldexexploration.com/images/property/1_LacSairsCompMapOct_2010.pdf)
Kipawa Land Option Agreement
FieldexExploration has entered into an option agreement with Lunik Explorer toacquire a 100% interest in a land package comprising of 12,927 hectares(129 sq. km) in the Kipawa region (see claims map: https://www.fieldexexploration.com/images/property/1_TemisClaimsAcquisitionOct2010_B.pdf).Martin Dallaire, President and Chief Executive Officer of Fieldex,stated: "Fieldex's geological team is extremely happy with this optionagreement. In our view, the Kipawa area contains considerable potentialfor rare earth elements and other strategic metals. Moreover, the areais easily accessible by road, near infrastructure and close to awell-trained work force."
Pursuant to the termsof the agreement, Fieldex has an option to earn an undivided 100%interest in the property by making cash and share payments, andincurring exploration expenditures over a 36-month period from theproposed closing date. In order to earn a 100% interest, Fieldex must:
- On the closing date, make a cash payment of $100,000 to Lunik Explorer.
- On or before the first anniversary of the closing date, make a cash payment of $100,000 and issue 500,000 common shares to Lunik Explorer, and incur $150,000 in exploration expenditures on the property.
- On or before the second anniversary of the closing date, make a cash payment of $100,000 and issue 500,000 common shares to Lunik Explorer, and incur $150,000 in additional exploration expenditures on the property.
- On or before the third anniversary of the closing date, make a cash payment of $150,000 and issue 500,000 common shares to Lunik Explorer, and incur $150,000 in additional exploration expenditures on the property.
In total, in order to earn a 100% interest, Fieldex must pay $450,000 and issue 1.5 million shares to Lunik Explorer, and incur $450,000 in exploration expenditures on the property. Fieldex has already made the first cash payment of $100,000. Fieldex has the option of making the remaining $350,000 cash payment to Lunik Explorer through the issuance of shares.
Theproperty is subject to a 2% royalty in favour of Lunik Explorer.Fieldex can acquire half the royalty (1%) from Lunik Explorer for a cashpayment of $500,000. The option agreement is subject to regulatory approval, including that of the TSX Venture Exchange.
Quality Assurance / Quality Control
FieldexExploration has implemented and adheres to a strict QualityAssurance/Quality Control program which includes REE mineralizedstandards, duplicata and blanks for each batch of samples. Assaysamples are taken from drill core sawed in half with one half sent to acommercial laboratory and the other half retained for future reference.Analyses are performed by ALS Chemex, Val-d'Or, an accreditedlaboratory.
Qualified Person
Thedrilling program was carried out under the supervision of RobertSansfaçon, geologist and qualified person as per National Instrument43-101.
About Fieldex:
Fieldex is a mineral resource company actively exploring in Quebec for base and strategic group metal deposits located throughout Canada,representing over 600 km². Quadra FNX Mining Company owns 6,500,000shares of Fieldex Exploration Inc. Fieldex has 60,122,018 sharesoutstanding, a cash position of $1.4M and an investment of 800,000 shares in Visible Gold Mines Inc.
NeitherTSX Venture Exchange nor its Regulation Services Provider (as that termis defined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of the release.
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