Goldhills Holding Ltd. press release
Fieldex starts drilling on Midrim property with Aurora Platinum Corp.
TSXV - TSX Venture Exchange · Copper · Molybdenum · Silver · Gold · Zinc · Canada
ROUYN-NORANDA, QC, July 5 /CNW Telbec/ - Fieldex Exploration Inc. (FLX: TSXV and F7E : Frankfurt ) is pleased to inform shareholders that it is starting a summer drill program with Aurora Platinum Corp. ("Aurora", 100% owned by FNX Mining Company) on their Midrim joint venture property in western QuDebec (30% Fieldex, 70% Aurora). The drill program will test new geological interpretations related to the high-grade nickel-copper-platinum-palladium mineralization intersected by Aurora in 2001. Aurora is the joint venture operator and will manage the two month exploration programme, which will include detailed surface mapping and approximately 1,500 m of drilling. The total cost of the project, to begin July 5, 2006, will be approximately $220,000. In 2001, Aurora earned a 70% interest in the Midrim Property by making cash payments of $200,000, spending $1.2 million on exploration and issuing to Fieldex, over a three-year period, Aurora shares with a value of $200,000 Fieldex retains a 30% participating joint venture interest in the Midrim property. The Midrim Property represents one of a number of mineralized zones within the Fieldex's Midrim-Temiscamingue Project area.
Results from the initial phase of diamond drilling on the Midrim property are summarized below (ref. 43-101 Midrim Property, Richard J. Mazur, April 17, 2002);
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Holes MR00-01 and MR00-05 intersected disseminated and massive sulphides with high-grade copper-nickel and platinum-palladium values.
Intersections in Hole MR00-01 included 19.7 metres (64.6 feet) grading 2.99% copper, 1.85% nickel, 0.07% cobalt, 0.97 grams/tonne platinum, 1.77 grams/tonne palladium and 0.48 grams/tonne gold. High-grade intersections in Hole MR00-05 included 10.35 metres (34 feet) grading 2.88% copper, 3.52% nickel, 0.10% cobalt, 0.59 grams/tonne platinum, 3.36 grams/tonne palladium and 0.23 grams/tonne gold. Another 6.3 metre (20.7 feet) section assayed 4.74% copper, 4.94% nickel, 0.11% cobalt, 1.24 grams/tonne platinum, 4.71 grams/tonne palladium and 0.17 grams/tonne gold.
At Midrim, mineralization typically consists of a number of gabbroic sills with disseminated sulphides in the upper parts of the sills followed by massive sulphide accumulations along the basal part of the sills. The massive sulphides are comprised mainly of chalcopyrite, pyrrhotite, violarite, pentlandite and pyrite. Native gold and platinum/palladium minerals have also been identified in the sulphides. The Midrim Zone represents one of several outcropping nickel-copper-platinum-palladium mineralized areas within the Company's Midrim-Temiscamingue Project Area. Mineralization is hosted by magnetite-rich gabbroic and subordinate ultramafic rocks. However, much of the Midrim-Temisamingue area is covered by overburden and outcrop is scarce. In 2004, the Company completed a detailed airborne magnetic/electromagnetic survey over the total project area (600 sq km), which has shown that the magnetite-rich gabbroic host rocks to the Midrim mineralization are more extensive than depicted on published government maps. Known mineralization is defined by electromagnetic conductors representing good drill targets. Several new and significant buried conductors were delineated in the airborne survey.
About Fieldex:
Fieldex is a mineral resource company actively exploring in QuDebec for nickel-copper-platinum group metal deposits on its own and in joint ventures with Aurora Platinum Corp. (100% owned by FNX Mining Company) and for gold in joint ventures with Lake Shore. Fieldex also owns 100% of numerous prospective properties located through out Northern Quebec, representing over 600 km2.
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