Fairmont Acquires the Hearth Property in the Buttercup-Lac Elan Area
February 20 2014 - 6:00AM
Marketwired
Fairmont Acquires the Hearth Property in the Buttercup-Lac Elan
Area
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 20, 2014) -
Fairmont Resources Inc. (TSX-VENTURE:FMR) ("Fairmont") is pleased
to announce that it now has acquired 96 claims, the Hearth
Property, in the Buttercup-Lac Elan area, consolidating trends that
may be extensions of known mineralization. Fairmont now controls
117.2 km2 of prospective mineral claims in the Saguenay -
Lac-Saint-Jean Region of Quebec, including the Buttercup Mining
Lease (See Map 1 and Map 2).
Map 1 Fairmont
Resources Claims in the Saguenay - Lac-Saint-Jean region of Quebec
http://www.fairmontresources.ca/pdf/20140220MAP1.pdf
Map 2 Fairmont
Resources Claims in the Saguenay - Lac-Saint-Jean region of Quebec
http://www.fairmontresources.ca/pdf/20140220MAP2.pdf
Fairmont's claims cover numerous high-grade titaniferous
magnetite + vanadium occurrences (Map 3). Where these occurrences
have been tested they have display exceptional uniformity with
respect to grade. These occurrences are of considerable interest
due to their proximity to tide water, with the Grand Anse Sea
Terminal at the Port of Saguenay located within 100km of all of
Fairmont's properties.
The Buttercup property, announced in the January 30, 2014 press
release (http://fairmontresources.ca/uploads/234.pdf) is located
thirty kilometres north of Chicoutimi Quebec and twelve kilometres
south of the Lac Elan claims, and is now nearly contiguous through
the addition of the Hearth Property. Previously reported, there is
a historical "drilled indicated tonnage" on lens "A" and lens "B"
located within the Buttercup Property (Table 1.). Both lenses where
drill tested were shallower than 30m below surface. This historical
resource is located on the Buttercup Mining Lease.
Table 1. Historic "drilled indicated tonnage" on the Buttercup
Mining Lease
Lense |
Tons |
Fe (%) |
TiO2 (%) |
V2O5 (%) |
Number of Holes |
A |
2,779,285 |
48.40 |
18.90 |
0.67 |
8 |
B |
758,828 |
49.39 |
19.07 |
0.64 |
12 |
Source: P. J. Goldsmith 1964 Report on: The Bersimis Mining
Company, Report on Diamond Drilling Program Lake Kanekatshonanuts
Tintaniferous Magnetitte Deposits
The historical "drilled indicated tonnage" cited above is
mentioned for historical purposes only and uses terminology not
compliant with current NI 43-101 reporting standards. The
reliability of these historical estimates is unknown but considered
relevant by Fairmont as it represents significant targets for
future exploration. The qualified person has not reviewed all
pertinent original documents nor done sufficient work to classify
the historical estimate as a current mineral resource and Fairmont
is not treating this historical estimate as a current mineral
resource. Historical "drilled indicated tonnage" is not equivalent
to mineral reserves or resources as it is not supported by at least
a preliminary feasibility study. In order to verify this as a
current estimate, Fairmont will need to conduct additional
exploration work in the form of diamond drilling to verify the
historic data.
The Lac Elan Property option was previously announced in the
Fairmont Resources News Release dated November 26, 2013
(http://fairmontresources.ca/uploads/233.pdf). Surface sampling,
trenching and prospecting have produced consistent iron, titanium
and vanadium values over a considerable strike length with values
up to 56.88% Fe2O3, 16.93% TiO2, and 0.42% V2O5 over 18.5 meters in
trench sampling, as previously reported.
Map 3 Fairmont
Resources Claims in the Saguenay - Lac-Saint-Jean region of Quebec
http://www.fairmontresources.ca/pdf/20140220MAP3.pdf
Fairmont would also like to announce the termination of the
Marmion South Option, and plans to continue with the Clay-Powell
and Houghton Creek Options.
About Fairmont
Fairmont is a mineral exploration company focused on exploration
and development in Canada. Fairmont properties are detailed in
Table 2. below.
Table 2. Fairmont Resources Property Holdings
Quebec - Fe-Ti-V |
Ontario - Gold |
Buttercup - 100% |
Houghton Creek - Option to earn 100% |
Lac Elan - Option to earn 40% |
Clay-Powell - Option to earn 70% |
Hearth - 100% |
|
Neil Pettigrew, M.Sc., P.Geo., Director of Fairmont Resources
Inc. and the Company's Qualified Person as defined by NI 43-101,
has reviewed and approved the technical information in this press
release.
Forward-Looking Statements
Information set forth in this news release contains
forward-looking statements that are based on assumptions as of the
date of this news release. These statements reflect management's
current estimates, beliefs, intentions and expectations. They are
not guarantees of future performance. Fairmont cautions that all
forward looking statements are inherently uncertain and that actual
performance may be affected by a number of material factors, many
of which are beyond Fairmont's control. Such factors include, among
other things: risks and uncertainties relating to Fairmont's
exploration program of its mineral properties, Fairmont's ability
to finalize the definitive agreement, implement its exploration
program on the Lac Elan Property and Fairmont's limited operating
history. Accordingly, actual and future events, conditions and
results may differ materially from the estimates, beliefs,
intentions and expectations expressed or implied in the forward
looking information. Except as required under applicable securities
legislation, Fairmont undertakes no obligation to publicly update
or revise forward-looking information. Except as required under
applicable securities legislation, Fairmont undertakes no
obligation to publicly update or revise forward-looking
information.
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 THIS RELEASE.
Fairmont Resources Inc.Michael A. DehnPresident and
CEO647-477-2382michael@avantimac.comwww.fairmontresources.ca
Fairmont Resources Inc. (TSXV:FMR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Fairmont Resources Inc. (TSXV:FMR)
Historical Stock Chart
From Apr 2023 to Apr 2024