VANCOUVER, Jan. 6, 2022 /CNW/ - FPX Nickel Corp. (TSXV:
FPX) (OTCQB: FPOCF) ("FPX" or the "Company") is
pleased to announce the final drill results confirming the
continued near-surface 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-005,
21VAN-006 and 21VAN-007 complement the first four discovery holes
previously reported by the Company, with the first seven Van holes
now defining a zone of strong awaruite nickel mineralization
approximately 400 to 750 metres wide and up to 750 metres long, to
downhole depths of up to 350 metres.
Highlights
- The mineralized footprint defined by the Company's 2021 Van
program remains wide open for expansion to the south and west, and
potentially at depth within and beyond the initial 2.5
km2 target area, confirming the potential for this
target to host a large-scale, standalone nickel deposit which could
rival the deposit already delineated at the Baptiste Deposit
- Final set of Van holes (including 21VAN-005, 21VAN-006 and
21VAN-007) extend mineralization by approximately 350 m west from the first two holes (21VAN-001
and 21VAN-002), with the first seven holes returning strong nickel
mineralization over broad intervals
- Hole 21VAN-005 intersected 132
m grading 0.140% DTR nickel (0.210% total
nickel), starting from bedrock at 9 m
downhole, which is one of the 10 highest-grading, near-surface
intervals encountered at Decar (see Table 1 regarding vertical
depth)
- The highest values in all holes start from the bedrock surface,
with the three southernmost holes, returning long intervals of
strong nickel mineralization as follows:
- 21VAN-002: 260 m 0.134% DTR Ni
from below a fault zone to the end of hole;
- 21VAN-003:143 m of 0.143% DTR Ni
from bedrock surface; and
- 21VAN-005: 342 m of 0.128% DTR Ni
from bedrock surface to the end of hole
- Nickel mineralization at Van occurs as disseminated awaruite
(nickel-iron alloy) and in the same ophiolite host rocks as at
Baptiste
- The results of the first-ever Van drilling program compare
favourably with early 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 final batch of drill results from
the maiden drilling program at Van, with the first seven holes all
returning broad intervals of strong awaruite nickel
mineralization," commented Martin
Turenne, the Company's President and CEO. "The three
southernmost of the Van holes (21VAN-002, 21VAN-003 and 21VAN-005)
returned among the 10 highest-grading, near-surface intervals
in the history of Decar, suggesting that Van has strong potential
to host a higher-grade, near-surface resource than that found at
Baptiste, where the majority of higher-grade mineralization occurs
at depth."
FPX's Chairman Peter Bradshaw
added: "The results of the first seven holes at Van, drilled in the
central and eastern portion of the large 2.5 km2 target
area, have exceeded our expectations and confirmed Van as a major
new discovery for the nickel industry. Having confirmed that
the strong mineralization in previously reported outcrop samples
continues to depth, we now look forward to additional drilling in
2022 to expand the mineralization to the south and the west of the
2021 holes, with a view of generating an initial mineral resource
estimate for the deposit."
Link to view drill results within interactive 3D VRIFY model
(for best results, view in full screen):
https://vrify.com/decks/FPX-Nickel-Van
Van Target Drilling Overview
Starting in June, the Company executed 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
outcrop, 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.
The results from holes 21VAN-005, 21VAN-006 and 21VAN-007
complement the first four discovery holes previously reported by
the Company, with the first seven Van holes now defining a zone of
strong awaruite nickel mineralization measuring approximately 400
to 750 metres wide by up to 750 metres long, to downhole depths of
350 metres in the southernmost holes. The approximately
mineralized footprint defined by this program remains wide open for
expansion to the south, to the west, and at depth to the south,
confirming the potential for this target to host a large-scale,
standalone nickel deposit to rival the deposit already delineated
at Baptiste, but with the possibility of higher grades in early
years of a mine plan.
Table 1 – Van Target Drill Hole Results
Hole
|
Intersections1
|
DTR Nickel
(%)2
|
Total Nickel
(%)2
|
From
|
To
|
Intersected
Width
|
21VAN-005
|
9
|
351
|
342
|
0.128
|
0.210
|
including
|
9
|
141
|
132
|
0.140
|
0.210
|
and
|
141
|
351
|
210
|
0.121
|
0.210
|
|
21VAN-006
|
0
|
351
|
351
|
0.088
|
0.220
|
including
|
0
|
107
|
107
|
0.123
|
0.204
|
and
|
107
|
216
|
109
|
0.110
|
0.221
|
and
|
216
|
351
|
135
|
0.044
|
0.233
|
|
21VAN-007
|
1
|
351
|
350
|
0.066
|
0.218
|
including
|
1
|
112.23
|
111.23
|
0.110
|
0.227
|
and
|
112.23
|
189.6
|
77.37
|
0.060
|
0.218
|
and
|
189.6
|
351
|
161.4
|
0.040
|
0.212
|
1 The vertical depth (true width) of all quoted
intersections in this news release is interpreted to be
approximately 75% of downhole depth.
2 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.
Nickel mineralization intersected within 21VAN-005, 21VAN-006
and 21VAN-007 is characterized by disseminated, coarse-grained
awaruite (nickel-iron alloy) mineralization hosted in serpentinized
peridotite and is very analogous to the mineralization and
geological setting at the Baptiste Deposit.
21VAN-005 was collared 400 m west
of 21VAN-002 and was drilled to the north-northeast at an angle of
minus 50 degrees. The hole encountered bedrock at
9 m downhole (approximately
7 m vertical depth) and thereafter
intersected 342 m of strong awaruite
mineralization to the end of the hole. The strongest
mineralization was encountered near the top of hole, including a
141 m interval of 0.140% DTR nickel
starting from bedrock at a downhole depth of 9 m. Nickel mineralization in this hole
remains open at depth and to the south.
21VAN-006 was collared 300 m
north-northeast along section from 21VAN-005 and was also drilled
to the north-northeast at minus 50 degrees. The hole was
collared into bedrock and intersected 351
m of awaruite mineralization, grading 0.088% DTR nickel to
the end of the hole. The strongest mineralization at
21VAN-006 was encountered near the top of hole, including a
107 m interval of 0.123% DTR nickel
starting from surface. This hole ended in weakly-mineralized
semi-massive peridotite.
21VAN-007 was collared 280 m
northwest from 21VAN-001 and was drilled to the north-northeast at
an angle of minus 50 degrees. The hole encountered bedrock at
1 m downhole and then intersected
350 m of awaruite mineralization, to
a downhole depth of 351 m. The
strongest mineralization at 21VAN-005 was encountered near the top
of hole, including a 111.23 m
interval of 0.110% DTR nickel starting from bedrock surface at
downhole depth of 1 m. This
hole ended in weakly-mineralized semi-massive peridotite.
21VAN-008 and 21VAN-009 were collared on a section 350 m east-southeast of 21VAN-003 to test the
potential for nickel mineralization several hundred meters to the
south and to the east of previously reported outcrop samples.
21VAN-008 encountered bedrock at 8.84
m downhole and thereafter encountered dyking and
intercelated iron carbonate altered peridotite to a downhole depth
of 28.25 m where the hole was
abandoned due to drilling complications.
21VAN-009 was collared 350 m
south-southwest along section from 21VAN-008 and was drilled to the
north-northeast at an angle of minus 50 degrees. The hole
encountered bedrock at 6 m downhole
consisting of dyking, intercalated iron carbonate altered
peridotite and metasediments to a downhole depth of 189 m, at which point drilling was terminated due
to unfavourable geology.
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 0.6 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, and from holes 21VAN-003 and 21VAN-004 in
the Company's November 15, 2021 news
release.
Regional Exploration Program
As disclosed in its May 26, 2021
news release, the Company conducted a regional exploration program
over the summer months on five prospective under- and un-explored
areas within the 245 square kilometre Decar ophiolite
complex. These new areas were identified on the basis of
magnetic response from a previous airborne survey, very limited
previous sampling, and/or improved access resulting from more
recent clear-cut logging activity, providing possibility of
exposure of new outcrops which are by far the best method of
indicating new targets
The regional exploration program was constrained however by the
general lack of outcrop, even in logged areas, due to a blanket of
glacial till covered by thick vegetation and deadfall. In two
of those areas (located to the northwest and to the east of the Van
Target), no outcrop was identified, and in a third area (located to
the southeast of Van), outcrop samples of listwanite and
iron-carbonate altered peridotite suggest very limited potential
for significant nickel mineralization.
The remaining two prospective areas (located to the north and to
the northeast of Baptiste) contained some limited samples of
prospective outcrop comprising massive to semi-massive peridotite
and cataclastic peridotite which returned nickel grades ranging
from 0.060 to 0.075% DTR nickel. While further exploration
work is warranted in these two areas, the Company expects to focus
its 2022 exploration efforts on further drilling and surface
sampling work at the Van Target. Efficient and low-impact methods
of collecting the first 20 to 40 cm of bedrock under overburden are
being investigated, particularly for extensions of the
Van target where it goes undercover.
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 $28 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.
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.