Recent uranium results from its Delbreuil property have Fieldex Exploration (FLX-V) turning its attention to the hot metal.
The company says recent results warrant a drilling program to evaluate the full economic potential of the property, and plans to start drilling in the second quarter of this year.
Delbreuil is located 90 km south-southeast and southwest of the Rouyn-Noranda and Val d’Or mining camps in northwestern Quebec.
The property consists of 94 unpatented mining claims and is easily accessible by highways and all-weather paved and gravel roads, the company says.
Individual showings there have reported historical U3O8 values of 15.2 lbs per ton, 8.42 lbs per ton, and 4.46 lbs per ton.
While the company says it is still focused on its copper, nickel and platinum group metal deposits in Quebec, the potential for what it sees as a possible large tonnage, low-grade uranium deposit has it retooling.
With the spot price of uranium at US$90 a pound we have no choice but to have a closer look at the Delbreuil property and eventually bring in a senior partner who has expertise in granite-hosted uranium mineralization, says company president and chief executive Martin Dallaire.
The company expects a technical report on the property to be ready by the end of March 2007.
The company describes the geological setting as similar to the Michelin deposit in Labrador and the Rossing Uranium Mine in Namibia.
The common similarity, it says, is that all are hosted within granitic rocks intruding the country rocks of higher metamorphic grades. The country rocks are generally meta-sediments and granitic gneisses. In the majority of these deposits, the granitic host is either pegmatite granite and monzogranite or alaskite.
Similar granitic rocks are widely distributed on the Delbreuil property and, in many instances, they contain anomalous uranium.
Fieldex shares were up nearly 7% or 4 to 63 on 49,000 shares in Toronto on March 14.
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