The 113 North Project is located approximately 41km north of the Senneterre municipality in Abitibi, western Québec, Canada
Fieldex Exploration, a Canada-based exploration company, has agreed to purchase a 100% interest in 61 mineral claims representing 3,156 hectares (31.56km2) in the 113 North Project.
The 113 North Project is located approximately 41km north of the Senneterre municipality in Abitibi, western Québec, Canada.
In addition, the project is located in the southeast part of the Abitibi Greenstone belt, within a 6 to 12kms wide band composed of volcano-sedimentary rocks oriented towards the north – northwest and situated between the granodioritic-tonalitic batholiths of Josselin and Montgay.
The volcanic rocks in the band are called Formation of Desboues, and showed felsic, intermediate and mafic compositions. The rocks are cross-cut by dunite, gabbro and diorite dykes.
Iron sulphide and oxide formations, along with clastic sedimentary rocks, including greywackes and shales, are also present at the project.
Fieldex will start a work program immediately after the situation returns to normal
The company said that some gold showings, with and without the presence of chalcopyrite, have been recognised in the project environment.
In addition, Fieldex intends to start a work program on the project immediately after the situation returns to normal and the regulations will allow field work to resume.
Under the terms of the transaction agreement, Fieldex would acquire a 100% mineral interest in the claim block from three prospectors.
In exchange for the property, the vendors will receive $6,000 and 3,600,000 Fieldex shares subject to approval of the TSX Venture Exchange.
In addition, Fieldex will spend a minimum of $200,000 over a 24 months period, and the property is subject to a 3% net smelter return royalty.