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ROUYN-NORANDA, QC, April 24, 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 61 mineral
claims representing 3,156 hectares (31.56 sq.km). The 113 North
Project is located about 41 kilometres north of the Senneterre municipality in Abitibi.
The project is located in the southeast part of the Abitibi
Greenstone belt, within a 6-12 kilometres wide band composed of
volcano-sedimentary rocks oriented towards the north – northwest
and situated between the granodioritic-tonalitic batholiths of
Josselin and Montgay. Volcanic rocks of this band, which is named
Formation of Desboues, exhibited felsic, intermediate and mafic
compositions and are cross-cut by dunite, gabbro and
diorite dykes. Iron formations (sulphide and oxide) and clastic
sedimentary rocks, such as greywackes and shales, are also
present. Some gold showings, with and without the presence of
chalcopyrite, are recognized in the project environment. Fieldex
plans to begin a work program on this project as soon as the
situation returns to normal and the regulations will allow field
work to resume.
Under the terms of the Acquisition Agreement, Fieldex will
acquire a 100% mineral interest in the claim block from three (3)
prospectors. In consideration for the property, the Vendors will
receive $6,000 and 3,600,000 Fieldex
shares subject to approval of the TSX Venture Exchange. Fieldex is
also obliged to spend a minimum of $200,000 over a 24 months period. The property is
subject to a 3% Net Smelter Return Royalty.
Qualified person
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.
About Fieldex
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.
www.fieldexexploration.com
SOURCE Fieldex Exploration Inc.