ROUYN-NORANDA, QC, March 10 /CNW Telbec/ - Fieldex Exploration Inc. (FLX: TSXV and F7E: Frankfurt) is pleased to announce that it has entered into an option agreement with Mantis Mineral Corp. (MYN: CNSX) pursuant to which Fieldex as an exclusive and irrevocable option to acquire up to a 60% interest in five mining claims covering 480 hectares comprising the Case Pegmatite Project, a lithium-tantalum-rich pegmatite, located in the Steele township 75 kilometres East of Cochrane in the Province of Ontario.
Pursuant to the option agreement, Fieldex may earn a 50% undivided interest in the Case Pegmatite Project by making an initial payment of $50,000 cash and issuing 200,000 common shares within 10 days of the signature of the option agreement, by making aggregate mining expenditures of $1,450,000 over a period of three years and issuing an aggregate of 700,000 common shares of Fieldex over a period of two years. Upon completing all the payments mentioned above, Fieldex will have an option to acquire an addition 10% undivided interest in the Case Pegmatite Project by issuing an additional 750,000 common shares to Mantis Mineral Corp. on or before March 1, 2013. Two of the claims comprising the Case Pegmatite Project are subject to a 2% net smelter return royalty in favor of previous vendors.
The table below summarizes the significant multi-rare elements.
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ZONE Li20 Ta205 Be Ga Rb
NORTH % % gpt gpt gpt gpt
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Grades 1.076 0.037 370 100 39 1600
Avg width meters 5.0 4.3 8.0 7.3 4.0
Highest values 2.41/lm 2760/1.1m 0.055/lm 57/lm 2878/1m
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ZONE Li20 Ta205 Be Ga Rb
MAIN % % gpt gpt gpt gpt
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Grades 1.419 0.023 230 67 39 2878
Avg width meters 8.0 6.6 6.0 13.6 9.0
Highest value 2.71/2m 1110/0.95m 0.028/2m 57/lm 5010/3m
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Ref : Assessment Report filed with Ministry of Northern Development and
Mines titled 'Geological Report on the Case Pegmatite Property' for
Platinova A/S by P.C. LeCouteur, Ph.D, P.Eng, dated February 1,
2002.
Grades were determined from a weighted average of drill core from
seven drill holes totaling 508 meters and six channel cuts
representing 113-meters of cutting from which 116-samples were
analyzed for multi-element associations.
The above grades are comparable to most rare-metal pegmatites with the exception of tantalum which exceeds grades currently being evaluated in Canada; including First Gold's Pivert-Rose property in northwestern Québec, MDN Inc's Anita project in the Lac St. Jean region of Québec, Canada Lithium's Québec project in Lacorne township. Importantly, the tantalum grades equal those at the Tanco mine in Manitoba, and the Greenbushes mine in Australia.
Results of re-sampling the recently retrieved 508 meters of drill core by Mantis Mineral Corp will be released as soon as available.
Quality Assurance/Quality Control
Fieldex Exploration has implemented and adheres to a strict Quality Assurance/Quality Control program for gold which includes mineralized standards and blanks 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.
Qualified person
This news release has been viewed and approved by Walter Hanych, Senior Geologist and Project Manager for Mantis Mineral Corp., who is a Qualified Person as defined by National Instrument 43-101 and is responsible for program design and quality control of exploration undertaken by Mantis Mineral Corp. While these assays do not conform to National Instrument 43-101 they are generally considered reliable according to local industry standards.
About Fieldex:
Fieldex is a mineral resource company actively exploring in Canada for base and strategic metal deposits. FNX Mining Company owns 6,500,000 shares of Fieldex Exploration Inc. Fieldex has 57,922,018 shares outstanding, a cash position of $3.1M and an investment of 800,000 shares in Visible Gold Mines Inc.
Forward-looking Statements
This news release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond the ability of Fieldex to control or predict, which could cause actual events or results to differ materially from those anticipated in such forward-looking statements, including risks disclosed in filings with the Canadian securities regulators made by Fieldex. Accordingly, readers should not place undue reliance on forward-looking statements.
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.
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