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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.
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.
SOURCE Fieldex Exploration Inc.