VANCOUVER, BC, Dec. 12,
2022 /CNW/ - FPX Nickel Corp. (TSXV: FPX) (OTCQB:
FPOCF) ("FPX" or the "Company") is pleased to
announce the first step-out drillhole results confirming continued
near-surface lateral extension of strong nickel mineralization at
the Van Target ("Van") in the Company's Decar Nickel
District ("Decar" or the "District") in central
British Columbia. The first three widely-spaced holes drilled
this year at Van, which is located 6 km north of the Baptiste
Deposit ("Baptiste"), returned some of the strongest results
in the District's history, highlighted by the results of 22VAN-012,
which intersected the highest-grading broad interval of
near-surface nickel mineralization drilled to-date at Van.
Highlights
- Van step-out drillholes show that the strong mineralization in
previously reported outcrop samples continues to depth southwest of
the zone first drilled in 2021
-
- Hole 22VAN-010 intersected 346.3 m grading 0.133% DTR Nickel from the
start of bedrock at 51.3 m downhole
to the end of hole, including 136.0
m of 0.143% DTR Nickel from 91.0 m downhole
- Hole 22VAN-012 intersected 334.5 m grading 0.120% DTR Nickel from
6.0 m downhole, including
176.0 m of 0.142% DTR Ni from
6.0 m downhole, and further
including 100.0 m of 0.150%
DTR Ni from 70.0 m downhole
- Nickel mineralization at Van is the same as Baptiste, occurring
as disseminated awaruite (nickel-iron alloy) and in ophiolite host
rocks
-
- The results at Van compare favourably with previous drilling
results at Baptiste, which contains 1.815 billion tonnes of
indicated resources at an average grade of 0.129% DTR
nickel, plus 339 million tonnes of inferred resources with an
average grade of 0.131% 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 summary of the Baptiste mineral resource estimate set out
in FPX's November 14, 2022 news
release
"We are very pleased with these first step-out drill results
from Van, confirming the potential for this target to host a
large-scale, standalone nickel deposit to rival the deposit already
delineated at Baptiste," commented Martin
Turenne, the Company's President and CEO. "Based on the
drill results reported to-date from the 2021 and 2022 programs, we
have delineated consistently strong near-surface nickel
mineralization in drilling over an area measuring approximately 1
km long by 1 km wide, to downhole depths over 300 m. The remaining drillholes completed
in this year's ten-drillhole program stepped out to the west of
this mineralized zone; we look forward to reporting assays from
those remaining holes in January."
Link to view drill results within interactive 3D VRIFY model
(for best results, view in full screen):
https://vrify.com/decks/12221?auth=9bf57cc7-fec5-457f-9a4a-6b96e3653f4b
Van Target Drilling
The results of 22VAN-010, 22VAN-011 and 22VAN-012 are the first
from a step-out drill program consisting of 10 holes and totaling
2,504 meters at the Van Target, which is located 6 km north of
Baptiste at similar elevations (see Figure 1). This year's step-out
program was designed to expand the large mineralized zone
identified during 2021's successful inaugural drill program.
Table 1 – Van Target Drillhole Results
Hole
|
Intersections1
|
DTR
Nickel
(%)2
|
Total
Nickel
(%)2
|
From
(m)
|
To
(m)
|
Intersected
Width (m)
|
22VAN-010
|
51.3
|
397.6
|
346.3
|
0.133
|
0.181
|
including
|
91.0
|
227.0
|
136.0
|
0.143
|
0.193
|
|
22VAN-011
|
31.3
|
91.5
|
60.2
|
0.071
|
0.220
|
22VAN-011 terminated due to poor ground conditions
|
|
22VAN-012
|
6.0
|
340.5
|
334.5
|
0.120
|
0.205
|
including
|
6.0
|
182.0
|
176.0
|
0.142
|
0.195
|
including
|
70.0
|
170.0
|
100.0
|
0.150
|
0.193
|
and
|
182.0
|
340.5
|
158.5
|
0.095
|
0.216
|
1 The vertical depth (true width) of all quoted
intersections in this news release is interpreted to be
approximately 70% of downhole length.
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 medium- to coarse-grained awaruite
(nickel-iron alloy), whereas the "total nickel" analyses measures
both magnetically and non-magnetically recoverable nickel, the
latter hosted in fine-grained awaruite or nickel sulphide
minerals. The Davis Tube method is a bench-scale metallurgical
test procedure which provides an estimation of magnetically
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 22VAN-010,
22VAN-011 and 22VAN-012 is characterized by disseminated, medium to
coarse-grained awaruite (nickel-iron alloy) mineralization hosted
in serpentinized ophiolitic rocks and is analogous to the
mineralization and geological setting at the Baptiste Deposit.
22VAN-010 was collared proximal to 21VAN-03 and drilled to the
southwest at minus 55 degrees. The drillhole encountered
bedrock at 51.3 m downhole and
thereafter intersected 346.3 m of
strong awaruite mineralization, grading 0.133% DTR nickel to a
downhole depth of 397.6 m.
22VAN-010 is notable for a broad intercept of strong nickel
mineralization at relatively shallow depths, including 0.143% DTR
Ni over 136 m starting at a downhole
depth of 91.0 m. Mineralization
in this drillhole remains open at depth.
22VAN-011 was collared 400 m
southwest from 22VAN-010 and proximal to 21VAN-002 and was drilled
to the southwest at an angle of minus 55 degrees. The drillhole
encountered bedrock at 31.3 m
downhole and thereafter intersected 60.2
m of low-grade awaruite mineralization, to a downhole depth
of 91.5 m. The strongest
mineralization at 22VAN-011 was encountered at the bottom of the
drillhole; however the drillhole was terminated in medium-grade
awaruite mineralization due to poor ground conditions.
22VAN-012 was collared 400 m
southwest from 22VAN-011 proximal to 21VAN-005 and was drilled to
the southwest at an angle of minus 55 degrees. The drillhole
encountered bedrock at 6.0 m downhole
and thereafter intersected 334.5 m of
strong awaruite mineralization, grading 0.120% DTR nickel to a
downhole depth of 340.5 m.
22VAN-012 is notable for a broad intercept of strong nickel
mineralization at the top of the drillhole, including 0.143% DTR Ni
over 176 m starting at a downhole
depth of 6.0 m. Mineralization
in this drillhole remains open at depth.
Collar locations for the ten drillholes drilled at the Van
Target in 2022 are provided in Figure 2. Drillholes were
spaced approximately 350 to 400 m
apart and tested the Van Target over an area of approximately 2
km2 to a maximum downhole depth of 439 m. Assays are pending for holes
22VAN-013 to 22VAN-019.
Sampling and Analytical Method
HQ & NQ size drill
core were quartered and halved, respectively, on-site using a
diamond blade core cutting saw. Drill core was sampled
continuously downhole at nominal 4 m
intervals with the exception of post mineralization dikes and
non-mineralized rock types as they historically have had zero
grade. Samples were bagged and sealed with tamper proof tags
and shipped to Activation Laboratories in Kamloops, British Columbia, for sample
preparation. Sample preparation involved crushing the entire sample
to 90% passing 2 mm, riffle splitting 250 g, and pulverizing the
split to 95% passing 74 microns. Analytical work was completed at
Activation Laboratories in Ancaster,
Ontario and included lithium metaborate/tetraborate fusion
ICP and DTR Ni analysis. DTR Ni analysis involved processing
a 30 g split of the pulp through a Davis tube magnetic separator as
a slurry using a constant flow rate of 400 millilitres per minute,
a magnetic field strength of 3,500 Gauss, and a tube angle of 45
degrees to produce magnetic and non-magnetic fractions. The
magnetic and non-magnetic fractions were dried, weighed and the
magnetic fraction was analyzed by fusion X-Ray Fluorescence
("XRF") for multiple elements, including nickel, cobalt,
iron and chromium. The DTR nickel grade was then calculated
by multiplying the XRF fusion nickel value by the weight of the
magnetic fraction, and dividing by the total recorded feed
weight.
QA/QC procedures involved the analysis of field and prepared
duplicates, DTR replicates, insertion of certified reference
materials, and non-certified blanks to assess the accuracy and
precision of the Davis tube magnetic separation and XRF analysis
that are used to determine the DTR nickel content. The Davis
Tube method is a bench-scale metallurgical test procedure which
provides an estimation of magnetically recoverable nickel and is
the global industry-standard geometallurgical test for magnetic
recovery for operations and exploration projects.
Erin Wilson, P. Geo., 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,
petrographic examination, electron probe analyses and outcrop
sampling on all four targets. 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 99 drillholes and 33,700 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. In 2021,
the Company executed an inaugural drilling program at Van which
returned 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.