Fairmont Resources Inc.
TSX VENTURE : FMR

Fairmont Resources Inc.

January 23, 2015 09:30 ET

Fairmont Signs Option Agreement for Two Quartzite Properties on the North Shore of the St Lawrence River

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 23, 2015) - Fairmont Resources Inc. (TSX VENTURE:FMR) ("Fairmont") is pleased to announce that it has signed an option agreement with three prospectors (the "Optionor") to acquire a 100% interest in the Forestville and Baie-Comeau Quartzite properties (the "Properties"). The Forestville Quartzite property is located 20 kilometres north-northwest of the town of Forestville, Quebec. The Baie-Comeau Quartzite property is 8 kilometres northwest of Baie-Comeau, Quebec, 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% of the Property, Fairmont (the "Optionee") will: i) issue to the Optionor 500,000 shares on the date of acceptance of the TSX Venture Exchange (the "Exchange Approval Date"); (ii) pay $6000 on the Exchange Approval Date; (iii) issue $100,000 in shares on or before January 21, 2016; (iv) issue $50,000 in shares on or before July 21, 2016; and (v) incur $60,000 of exploration expenditures on the Forestville Quartzite Property on or before December 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 (the "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% Production Royalty per tonne. The Optionee may repurchase the royalty at a price equal to $0.25 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 provided by the Quebec government through Sigeom (Système d'information géominière du Québec). From the Sigeom database a total of 162 surface samples (see table 1) 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 4 kilometres. The highest grade SiO2 sample listed in the Sigeom database of the Forestville claims is sample 1989027907 which assayed 99.91% SiO2. From the Sigeom database a total of 3 samples (see table 2) were found on the Baie-Comeau Quartzite Property. These samples occur within 300m 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% SiO2. It should be noted that Fairmont has not yet ground verified any of the values or locations shown in tables below. This ground verification will be part of planned future exploration.

TABLE 1 - Forestville Quartzite Property SiO2 Results

Sample Easting
(m)
Northing
(m)
SiO2
(%)
Sample Easting
(m)
Northing
(m)
SiO2
(%)
1990036026 482496 5415575 99.69 1906011478 482449 5414418 99.30
1989027907 485046 5415123 99.91 1906011482 482351 5414212 99.10
1903111678 483134 5414480 90.42 1906011487 482258 5414267 99.40
1903111691 483159 5414455 92.71 1906011492 482376 5414333 99.50
1903111703 483405 5414294 99.20 1906011497 482336 5414144 99.60
1903111859 483393 5414282 98.65 1906011503 482456 5414541 99.40
1903111865 483383 5414272 99.32 1906011407 482422 5414857 97.90
1903111867 483379 5414269 99.18 1906011408 482543 5415451 98.70
1903111880 483361 5414250 98.74 1906011410 482577 5415278 98.50
1903111698 483411 5414300 99.27 1906011445 482273 5414239 99.70
1903111699 483409 5414298 98.66 1906011446 482390 5415780 99.70
1903111701 483408 5414297 99.53 1906011447 482413 5415757 99.60
1903111702 483407 5414296 99.44 1906011449 482367 5415757 99.50
1903111704 483404 5414293 99.35 1906011451 482390 5415720 99.60
1903111705 483402 5414291 99.38 1906011452 482400 5415680 99.50
1903111706 483400 5414289 99.37 1906011454 482337 5415936 99.60
1903111707 483398 5414287 99.30 1906011455 482309 5416121 99.70
1903111708 483397 5414286 98.39 1906011456 482022 5416439 99.80
1903111709 483395 5414284 91.08 1906011457 481940 5416552 99.90
1903111854 483175 5415500 94.33 1906011459 481896 5416788 99.90
1903111858 483394 5414283 98.69 1906011460 481862 5416821 99.70
1903111860 483391 5414280 98.78 1906011461 481842 5416840 99.80
1903111861 483389 5414278 99.18 1906011462 482370 5415713 99.60
1903111862 483388 5414277 99.46 1906011464 482410 5415720 99.90
1903111863 483386 5414275 98.90 1906011465 482383 5415758 99.80
1903111864 483384 5414273 98.24 1906011411 482523 5415316 99.10
1903111866 483381 5414270 97.84 1906011413 482424 5415495 98.50
1903111666 483173 5415495 95.03 1906011414 482423 5415563 99.00
1903111667 483173 5415497 94.17 1906011415 482405 5415649 99.40
1903111670 483181 5415514 96.23 1906011416 482377 5415789 99.00
1903111677 483133 5414481 98.12 1906011418 482103 5414310 99.50
1903111679 483136 5414478 98.54 1906011419 482095 5414242 99.30
1903111680 483137 5414477 91.29 1906011420 482084 5414177 99.20
1903111681 483139 5414475 94.21 1906011421 482075 5414103 99.50
1903111682 483140 5414474 97.87 1906011423 482060 5413969 99.60
1903111683 483142 5414472 98.17 1906011424 482056 5413904 99.40
1903111685 483144 5414470 98.61 1906011426 482058 5413835 99.40
1903111686 483145 5414469 96.32 1906011428 482061 5413696 99.40
1903111687 483151 5414463 93.76 1906011429 482058 5413626 99.20
1903111689 483155 5414459 93.84 1906011430 482036 5413562 99.40
1903111690 483157 5414457 94.06 1906011431 482007 5413499 99.30
1903111694 483173 5414441 91.68 1906011433 481922 5413390 99.40
1903111696 483414 5414303 99.30 1906011434 482048 5414227 99.50
1903111697 483412 5414301 99.27 1906011435 482137 5414251 99.50
1903111868 483378 5414267 98.72 1906011436 482151 5414271 99.60
1903111869 483376 5414265 99.26 1906011438 482175 5414298 99.50
1903111870 483374 5414263 98.54 1906011439 482190 5414309 99.70
1903111871 483373 5414262 98.99 1906011440 482208 5414312 99.40
1903111873 483371 5414260 99.15 1906011442 481922 5413390 99.40
1903111874 483369 5414258 98.88 1906011443 482247 5414312 99.60
1903111876 483368 5414257 97.55 1906011444 482267 5414303 99.50
1903111877 483366 5414255 99.09 1906011466 482354 5415755 99.70
1903111878 483365 5414254 98.69 1906011468 482390 5415640 99.40
1903111879 483363 5414252 99.34 1906011469 481933 5416642 99.40
1906011395 482441 5415658 98.70 1906011470 482437 5414522 99.70
1906011396 482448 5415608 99.20 1906011471 482447 5414493 99.30
1906011397 482453 5415577 99.00 1906011473 482456 5414437 99.70
1906011398 482322 5414440 98.50 1906011474 482398 5414506 99.50
1906011399 482293 5414421 98.10 1906011476 482408 5414465 99.40
1906011401 482270 5414390 98.20 1906011477 482418 5414426 99.70
1906011402 482272 5414335 98.60 1906011479 482409 5414364 99.70
1906011403 482265 5414288 97.60 1906011480 482371 5414304 99.70
1906011404 482229 5414284 99.40 1906011481 482354 5414255 99.30
1906011405 482093 5414273 99.20 1906011483 482362 5414170 99.30
1906011406 482402 5414772 98.30 1906011484 482280 5414313 98.80
1906011409 482540 5415380 99.20 1906011485 482271 5414299 99.50
1906011412 482499 5415376 98.60 1906011486 482262 5414284 99.50
1906011417 482434 5415757 99.00 1906011488 482254 5414250 99.50
1906011422 482069 5414038 99.40 1906011489 482254 5414232 99.50
1906011427 482058 5413765 99.20 1906011490 482316 5414330 99.30
1906011432 481965 5413444 99.40 1906011491 482341 5414331 99.70
1906011437 482160 5414286 99.60 1906011493 482262 5414209 99.70
1906011441 482228 5414317 99.40 1906011494 482276 5414199 99.40
1906011448 482397 5415758 99.47 1906011495 482297 5414183 99.60
1906011453 482390 5415640 99.50 1906011496 482317 5414150 98.90
1906011458 481933 5416642 99.40 1906011498 482347 5414152 99.40
1906011463 482389 5415677 99.06 1906011499 482466 5414452 99.50
1906011467 482432 5415639 99.70 1906011501 482506 5414508 99.60
1906011467 482432 5415639 99.70 1906011502 482522 5414529 99.20
1906011472 482451 5414467 99.40 1906011504 482508 5414538 99.70
UTM Zone 19, NAD 83

TABLE 2 - Baie-Comeau Quartzite Property SiO2 Results

Sample Easting
(m)
Northing
(m)
SiO2(%)
1906012870 554744 5460113 99.09
1906012869 554529 5460058 97.71
1906012871 554496 5460109 97.83
UTM Zone 19, NAD 83

The technical information in this news release was approved by Mr. Jonathan Lalancette, Eng, a Qualified Person under NI 43-101 regulations.

About Fairmont

Fairmont's Quebec properties cover numerous occurrences of high-grade titaniferous magnetite with vanadium. 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 Quebec properties. Fairmont also has high purity quartz and quartzite properties along Quebec's North Shore from Lac-Saint-Jean to Baie-Comeau.

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 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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