April 24, 2012 (Source: CNW) — Fieldex Exploration Inc. (TSXV: FLX) (Frankfurt: F7E) is pleased to announce the results of its recently-completed seven diamond drill-hole campaign on its Lac Sairs project in Kipawa. The 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 1,334 m drilling program, which began on January 25, 2012 and was completed on February 21, 2012, intersected altered Rare Earth Element (REE) zones, 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. From west (LS-10-19) to the east (LS-10-22), along 1.1 kilometres, an REE zone, south of the magnetic anomaly, shows a progressive enrichment of the REE values. These REE values appear to be included along a parastratigraphic altered zone which cuts granitic gneiss, quartz monzonite and/or quartz syenite. The east-west magnetic anomaly, east of hole LS-12-22, crosses the entire Lac Sairs property along 2.2 kilometres. 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 all located inQuebec, Canada, representing over 600 km². Quadra FNX Mining Company owns 6,500,000 shares of Fieldex. Fieldex has 68,109,018 shares outstanding.
FORWARD LOOKING STATEMENTS
This release contains “forward-looking statements” within the meaning of applicable Canadian securities legislation, including predictions, projections and forecasts. Forward-looking statements include, but are not limited to, statements that address activities, events or developments that Fieldex expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion, growth of Fieldex’s businesses, operations, plans and with respect to exploration results, the timing and success of exploration activities generally, permitting time lines, government regulation of exploration and mining operations, environmental risks, title disputes or claims, limitations on insurance coverage, timing and possible outcome of any pending litigation and timing and results of future resource estimates or future economic studies.
Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “planning”, “planned”, “expects” or “looking forward”, “does not expect”, “continues”, “scheduled”, “estimates”, “forecasts”, “intends”, “potential”, “anticipates”, “does not anticipate” or “belief” or describes a “goal” or variation of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
Forward-looking statements are based on a number of material factors and assumptions, including, the result of drilling and exploration activities, that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen break downs, that no labour shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted. Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of base and strategic group metal, including rare earth elements; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in Fieldex’s publicly filed documents. Although Fieldex has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. 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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