Mr. Michael Dehn reports
FAIRMONT SIGNS OPTION AGREEMENT FOR TWO QUARTZITE PROPERTIES ON THE NORTH SHORE OF THE ST LAWRENCE RIVER
Fairmont Resources Inc. has signed an option agreement with three prospectors to acquire a 100-per-cent interest in the Forestville and Baie-Comeau quartzite properties. The Forestville quartzite property is located 20 kilometres north-northwest of the town of Forestville, Que. The Baie-Comeau quartzite property is eight kilometres northwest of Baie-Comeau, Que., and partially crosses Highway 389. The properties have been optioned for the purpose of testing the chemical and physical properties of the quartzite as potential raw material source of high-purity glass, fibre optics, ferrosilicon and silica metal.
Quartz properties option agreement
To acquire 100 per cent of the property, Fairmont will: issue to the optionor 500,000 shares on the date of acceptance of the TSX Venture Exchange; pay $6,000 on the exchange approval date; issue $100,000 in shares on or before Jan. 21, 2016; issue $50,000 in shares on or before July 21, 2016; and incur $60,000 of exploration expenditures on the Forestville quartzite property on or before Dec. 31, 2015. The optionee shall be responsible for keeping the property in good standing including the filing of required assessment work and completing regulatory work expenditures or making cash payments in lieu of work 120 days before required under the rules of the jurisdiction. The property shall be subject to a 3.5-kilometre area of interest (AOI), with the exception of existing claims held by the optionor or optionee, other than the property, in AOI at the time of signing. The property will be subject to a 2-per-cent production royalty per tonne. The optionee may repurchase the royalty at a price equal to 25 cents per tonne of product on each tonne of calculated measured and indicated mineral resource on the property.
The property option agreement and the transactions contemplated therein are subject to the approval of the TSX Venture Exchange.
Historical assay information has been provided by the Quebec government through Sigeom (systeme d'information geominiere du Quebec). From the Sigeom database a total of 162 surface samples (see table) were found on the Forestville quartzite property. These samples were dominantly collected in a north to south transect along the western portion of the claims covering more than four kilometres. The highest-grade silicon dioxide sample listed in the Sigeom database of the Forestville claims is sample 1989027907, which assayed 99.91 per cent SiO2. From the Sigeom database a total of three samples (see table) were found on the Baie-Comeau quartzite property. These samples occur within 300 metres of each other. The highest-grade SiO2 sample listed in the Sigeom database of the Baie-Comeau claims is sample 1906012870, which assayed 99.09 per cent SiO2. It should be noted that Fairmont has not yet ground verified any of the values or locations shown in the tables. This ground verification will be part of planned future exploration.
FORESTVILLE SIO2 RESULTS
Sample SiO2
(%)
1990036026 99.69
1989027907 99.91
1903111678 90.42
1903111691 92.71
1903111703 99.20
1903111859 98.65
1903111865 99.32
1903111867 99.18
1903111880 98.74
1903111698 99.27
1903111699 98.66
1903111701 99.53
1903111702 99.44
1903111704 99.35
1903111705 99.38
1903111706 99.37
1903111707 99.30
1903111708 98.39
1903111709 91.08
1903111854 94.33
1903111858 98.69
1903111860 98.78
1903111861 99.18
1903111862 99.46
1903111863 98.90
1903111864 98.24
1903111866 97.84
1903111666 95.03
1903111667 94.17
1903111670 96.23
1903111677 98.12
1903111679 98.54
1903111680 91.29
1903111681 94.21
1903111682 97.87
1903111683 98.17
1903111685 98.61
1903111686 96.32
1903111687 93.76
1903111689 93.84
1903111690 94.06
1903111694 91.68
1903111696 99.30
1903111697 99.27
1903111868 98.72
1903111869 99.26
1903111870 98.54
1903111871 98.99
1903111873 99.15
1903111874 98.88
1903111876 97.55
1903111877 99.09
1903111878 98.69
1903111879 99.34
1906011395 98.70
1906011396 99.20
1906011397 99.00
1906011398 98.50
1906011399 98.10
1906011401 98.20
1906011402 98.60
1906011403 97.60
1906011404 99.40
1906011405 99.20
1906011406 98.30
1906011409 99.20
1906011412 98.60
1906011417 99.00
1906011422 99.40
1906011427 99.20
1906011432 99.40
1906011437 99.60
1906011441 99.40
1906011448 99.47
1906011453 99.50
1906011458 99.40
1906011463 99.06
1906011467 99.70
1906011467 99.70
1906011472 99.40
1906011478 99.30
1906011482 99.10
1906011487 99.40
1906011492 99.50
1906011497 99.60
1906011503 99.40
1906011407 97.90
1906011408 98.70
1906011410 98.50
1906011445 99.70
1906011446 99.70
1906011447 99.60
1906011449 99.50
1906011451 99.60
1906011452 99.50
1906011454 99.60
1906011455 99.70
1906011456 99.80
1906011457 99.90
1906011459 99.90
1906011460 99.70
1906011461 99.80
1906011462 99.60
1906011464 99.90
1906011465 99.80
1906011411 99.10
1906011413 98.50
1906011414 99.00
1906011415 99.40
1906011416 99.00
1906011418 99.50
1906011419 99.30
1906011420 99.20
1906011421 99.50
1906011423 99.60
1906011424 99.40
1906011426 99.40
1906011428 99.40
1906011429 99.20
1906011430 99.40
1906011431 99.30
1906011433 99.40
1906011434 99.50
1906011435 99.50
1906011436 99.60
1906011438 99.50
1906011439 99.70
1906011440 99.40
1906011442 99.40
1906011443 99.60
1906011444 99.50
1906011466 99.70
1906011468 99.40
1906011469 99.40
1906011470 99.70
1906011471 99.30
1906011473 99.70
1906011474 99.50
1906011476 99.40
1906011477 99.70
1906011479 99.70
1906011480 99.70
1906011481 99.30
1906011483 99.30
1906011484 98.80
1906011485 99.50
1906011486 99.50
1906011488 99.50
1906011489 99.50
1906011490 99.30
1906011491 99.70
1906011493 99.70
1906011494 99.40
1906011495 99.60
1906011496 98.90
1906011498 99.40
1906011499 99.50
1906011501 99.60
1906011502 99.20
1906011504 99.70
BAIE-COMEAU SIO2 RESULTS
Sample SiO2
(%)
1906012870 99.09
1906012869 97.71
1906012871 97.83
The technical information in this news release was approved by Jonathan Lalancette, Eng, a qualified person under National Instrument 43-101.
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