VANCOUVER, BC, Nov. 15, 2021 /CNW/ - FPX Nickel Corp. (TSXV:
FPX) (OTCQB: FPOCF) ("FPX" or the
"Company") is pleased to announce additional drill results
confirming the lateral extension of the significant new nickel
discovery at the Van Target ("Van") in the Company's Decar
Nickel District ("Decar" or the "District") in
central British Columbia. The results from holes 21VAN-003
and 21VAN-004 complement the first two discovery holes reported by
the Company on October
19th, with the first four Van holes now defining
a zone of strong awaruite nickel mineralization measuring
approximately 350 metres wide by 400 to 550 metres long, to
downhole depths of 350 metres. Assays from the remaining five holes
from this year's maiden drill program are expected to be reported
in the coming weeks.
Highlights
- Second set of Van holes (21VAN-003 and 21VAN-004) extend
mineralization by approximately 350 m
east-northeast from the first two holes (21VAN-001 and 21VAN-002),
with all four holes drilled to-date returning strong nickel
mineralization over broad intervals
-
- Hole 21VAN-003 intersected 143
m grading 0.143% DTR nickel (0.196% total
nickel), starting at an approximate vertical depth of 48 m below surface, which is one of the 10
highest-grading, near-surface intervals in the history of Decar
(see Table 1 regarding vertical depth)
- Nickel mineralization at Van occurs as disseminated awaruite
(nickel-iron alloy) and in the same ophiolite host rocks as at
Baptiste
-
- The result of 21VAN-003 compares favourably with previous
drilling results at Baptiste, which contains 1.996 billion tonnes
of indicated resources at an average grade of 0.122% DTR
nickel, and 593 million tonnes of inferred resources with an
average grade of 0.114% DTR nickel, both reported at a
cut-off grade of 0.06% DTR nickel. Mineral resources are not
mineral reserves and do not have demonstrated economic viability.
See the resource estimate set out in FPX's NI 43-101 Technical
Report – "Preliminary Economic Assessment – Baptiste Nickel
Project, British Columbia,
Canada," with an effective date of September 9, 2020, filed under the Company's
SEDAR profile on March 17, 2021
"We are very pleased with this second batch of drill results
from the maiden drilling program at Van, which are consistent with
the positive results from the discovery holes 21VAN-001 and
21VAN-002, materially expanding the nickel mineralization at Van,"
commented Martin Turenne, the
Company's President and CEO. "While the Van Target is defined by
the sporadic presence of mineralized outcrop over a 2.5
km2 area, 21VAN-003 and 21VAN-004 were both drilled in
areas with extensive overburden cover; the positive results of
these holes support the view that strong nickel mineralization can
occur in areas that extend beyond mineralized outcrop, thus
expanding the scale of the conceptual target at Van. We look
forward to reporting additional assays from this year's maiden
nine-hole Van program in the coming weeks."
Link to view drill results within interactive 3D VRIFY model
(for best results, view in full screen):
https://vrify.com/embed/decks/FPX-Nickel-Van-Target-Press-Release-Nov-15
Van Target Drilling
The results of 21VAN-003 and 21VAN-004 are from a maiden
nine-hole, 2,688 m drill program at
the Van Target, which is located 6 km north of Baptiste at a
similar elevation, and accessible via active logging roads (see
Figure 1). Maiden drilling at Van tested the sub-surface
potential for mineralization below and adjacent to prospective
mineralized outcroppings, which had defined a target area of
approximately 2.5 km2. The size of the Van Target
as defined by this outcrop sampling is comparable to the Baptiste
deposit, which measures 3 km along strike with widths of up to 1
km. All nine holes at Van were drilled to the north-northeast
at an inclination of minus 50 degrees to a target depth of
350 m.
Table 1 – Van Target Drill Hole Results
Hole
|
Intersections1
|
DTR Nickel
(%)2
|
Total Nickel
(%)2
|
Notes
|
From
|
To
|
Length
|
21VAN-003
|
64
|
351
|
287
|
0.119
|
0.210
|
|
including
|
68
|
211
|
143
|
0.143
|
0.196
|
|
and
|
211
|
351
|
140
|
0.096
|
0.225
|
|
|
|
21VAN-004
|
93
|
363
|
270
|
0.082
|
0.197
|
Excludes 13.2 m dike
from
337.7 to 350.9 m
|
including
|
93
|
157
|
64
|
0.067
|
0.208
|
|
and
|
157
|
332
|
175
|
0.095
|
0.198
|
|
1 The vertical depth (true width) of all quoted
intersections in this news release is interpreted to be
approximately 75% of downhole depth.
2 All mineralized core samples are
assayed for "total nickel" and "Davis Tube Recoverable
("DTR") nickel." "DTR nickel" analyses measure only
the magnetically recoverable nickel hosted in awaruite (nickel-iron
alloy), whereas the "total nickel" analyses measure both
recoverable and refractory nickel, the latter hosted in silicate
phases like olivine and, to a lesser extent,
serpentine. The Davis Tube method is in effect a
mini-scale metallurgical test procedure used to provide a more
accurate measure of recoverable nickel and is the global
industry-standard geometallurgical test for magnetic recovery
operations and exploration projects. See "Sampling and
Analytical Method", below.
The nickel mineralization intersected within 21VAN-003 and
21VAN-004 is characterized by disseminated, coarse-grained awaruite
(nickel-iron alloy) mineralization hosted in serpentinized
ophiolitic rocks and is very analogous to the mineralization and
geological setting at the Baptiste Deposit.
21VAN-003 was collared 350 m
southeast from 21VAN-001 and was drilled to the north-northeast at
an angle of minus 50 degrees. The hole encountered bedrock at
64 m downhole (approximately
48 m vertical depth) and thereafter
intersected 287 m of strong awaruite
mineralization, to a downhole depth of 351
m. The strongest mineralization at 21VAN-003 was
encountered near the top of hole, including a 143 m interval of 0.143% DTR nickel starting at
downhole depth of 68 m (approximately
51 m vertical depth). Nickel
mineralization in this hole remains open at depth.
21VAN-004 was collared 210 m
north-northeast along section from 21VAN-003 and was also drilled
to the north-northeast at minus 50 degrees. The hole
encountered bedrock at 93 m downhole
(approximately 70 m vertical depth)
and thereafter intersected 270 m of
awaruite mineralization, grading 0.082% DTR nickel to a downhole
depth of 363 m (excluding an
unmineralized 13.2 m dike from 337.7
to 350.9 m). The strongest
mineralization encountered at 21VAN-004 was over a 175 m interval of 0.095% DTR nickel starting at
downhole depth of 157 m. This
hole ended in diking and altered peridotite.
Collar locations for the nine holes drilled at the Van Target
are provided in Figure 2. Holes were spaced on section lines
approximately 350 m apart and tested
the Van Target over an area of approximately 1 km2 to a
maximum downhole depth of 350
m. Assay results from holes 21VAN-001 and 21VAN-002
were reported in the Company's October 19,
2021 news release. Assays are pending for holes
21VAN-005 to 21VAN-009.
Sampling and Analytical Method
For a description of
the Company's sampling and analytical method, including a
description of QA/QC procedures, see the news release dated
October 19, 2021.
Dr. Peter Bradshaw, P. Eng., FPX
Nickel's Qualified Person under NI 43-101, has reviewed and
approved the technical content of this news release.
About the Decar Nickel District
The Company's Decar Nickel District claims cover 245
km2 of the Mount Sidney Williams ultramafic/ophiolite
complex, 90 km northwest of Fort St.
James in central British
Columbia. The District is a two-hour drive from Fort St. James on a high-speed logging
road.
Decar hosts a greenfield discovery of nickel mineralization in
the form of a naturally occurring nickel-iron alloy called awaruite
(Ni3Fe), which is amenable to bulk-tonnage, open-pit
mining. Awaruite mineralization has been identified in four target
areas within this ophiolite complex, being the Baptiste Deposit,
and the B, Sid and Van targets, as confirmed by drilling in the
first three plus petrographic examination, electron probe analyses
and outcrop sampling on all four. Since 2010, approximately
US $24 million has been spent on the
exploration and development of Decar.
Of the four targets in the Decar Nickel District, the Baptiste
Deposit, which was initially the most accessible and had the
biggest known surface footprint, has been the focus of diamond
drilling since 2010, with a total of 82 holes and over 31,000 m of drilling completed. The Sid
target was tested with two holes in 2010 and the B target had a
single hole drilled in 2011; all three holes intersected
nickel-iron alloy mineralization over wide intervals with DTR
nickel grades comparable to the Baptiste Deposit. The Van
target was not drill-tested at that time as bedrock exposures in
the area were very poor prior to more recent logging
activity. In 2021, the Company executed a maiden drilling
program at Van, initial results of which are reported here and in
the Company's October 19, 2021 news
release, which has returned promising results comparable with the
strongest results at Baptiste.
About FPX Nickel Corp.
FPX Nickel Corp. is focused on the exploration and development
of the Decar Nickel District, located in central British Columbia, and other occurrences of the
same unique style of naturally occurring nickel-iron alloy
mineralization known as awaruite. For more information, please view
the Company's website at www.fpxnickel.com or contact
Martin Turenne, President and CEO,
at (604) 681-8600 or ceo@fpxnickel.com.
On behalf of FPX Nickel Corp.
"Martin Turenne"
Martin Turenne, President, CEO and
Director
Forward-Looking Statements
Certain of the
statements made and information contained herein is considered
"forward-looking information" within the meaning of applicable
Canadian securities laws. These statements address future events
and conditions and so involve inherent risks and uncertainties, as
disclosed in the Company's periodic filings with Canadian
securities regulators. Actual results could differ from those
currently projected. The Company does not assume the obligation to
update any forward-looking statement.
Neither the TSX Venture Exchange nor its Regulation Services
Provider accepts responsibility for the adequacy or accuracy of
this release.
SOURCE FPX Nickel Corp.