Goldhills Holding Ltd. press release
Joint venture Fieldex - Lake Shore Gold
TSXV - TSX Venture Exchange · Copper · Molybdenum · Silver · Gold · Zinc · Canada
ROUYN-NORANDA, QC, Oct. 26 /CNW Telbec/ - Fieldex Exploration Inc. (FLX :TSXV and F7E : Frankfurt) is pleased to announce an amendment to its agreement signed March 31, 2004 with Lake Shore Gold Corp. ("Lake Shore") for exploration of Lake Shore's Noranda North volcanogenic massive sulphide (VMS) and gold project in western QuDebec. Under the terms of the amended agreement, Fieldex can earn a 50% interest in the Project by spending $500,000 before March 31st, 2007, which must include 1,000 metres of drilling. Lake Shore will be the operator of the Project, which covers 3,600 hectares. The Noranda North Project consists of 89 claims (approximately 3,600 hectares) located about 40 kilometres north of Rouyn-Noranda, QuDebec. The area was staked in 2003 based on a review of potential targets for volcanogenic massive sulphide (VMS) base metal gold-silver deposits in the vicinity of Rouyn-Noranda. This assessment highlighted the area's highly prospective geology, and its lack of drilling along key stratigraphic horizons. About four kilometres west of the Noranda North Project lies the Lyndhurst Mine (VMS copper-silver). Discovered in the early 1950's, it produced 141,520 tonnes grading 1.93% copper and 12.72 grams per tonne silver (1956-1957). During the 2003 field season Lake Shore initiated a program of reconnaissance scale geological mapping, lithogeochemical sampling, and soil sampling. In October 2003 Geotech Ltd. was contracted to fly a helicopter-borne Time-Domain EM and magnetic survey over the entire property (a 40 square kilometre area) at 75 metre spaced north- south lines for a total of 585 line kilometres. Results of this work have led to the identification of several VMS-style and gold targets. Target areas have been further advanced in summer 2006 leading towards a drill program.
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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