Fairmont Acquires the Hearth Property in the Buttercup-Lac Elan Area
February 20, 2014 (Source: Marketwired) — 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
Map 2 Fairmont Resources Claims in the Saguenay – Lac-Saint-Jean region of Quebec
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|
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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
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.
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.
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.
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