VANCOUVER, BC, Oct. 20, 2021 /CNW/ -- Nickel Rock
Resources Inc. (the "Company" and "Nickel
Rock") (TSX-V: NICL) (OTCQB: NICKLF) (FSE: NMK2) is
pleased to announce the confirmation of a significant new nickel
discovery from the maiden drilling program at the Van Target at
nearby FPX Nickel Corp. (TSX-V: FPX) Baptiste Deposit in the Decar
Nickel District as announced by FPX Nickel Corp. on October 19, 2021 (News Release).
As reported on July 8, 2021,
Nickel Rock has optioned out an 80% interest on certain mineral
claims within the Hard Nickel 4 and Nickel 100 exploration project,
to Surge Battery Metals (TSXV: NILI) in order to concentrate on its
exploration efforts on the Nickel Group Claims directly adjacent to
the FPX Nickel Corp. (TSXV: FPX) Baptiste Nickel Deposit. The
option transaction remains subject to TSX Venture Exchange
approval.
On September 3, 2021, the Company
announced (News Release) that it has completed the second phase of
the its initial exploration program has been completed on its
Nickel exploration claims located in northern British Columbia, Canada. The BC Nickel
Exploration Project (the "Project") consists of four non-contiguous
mineral claims groups held by Nickel Rock Resources Inc. through
three separate agreements. The exploration stage project is in the
Trembleur Lake area of central British
Columbia, partially adjacent to FPX Nickel Corp.'s Decar
Nickel Project, which is an advanced project targeting awaruite, a
nickel-iron alloy mineral, hosted by serpentinized ultramafic
intrusive rocks of the Trembleur Ultramafic Unit.
About the Nickel Project
The subject claims are partially underlain by rocks like those
hosting the Decar project of FPX Nickel where mineralization
includes nickel, cobalt, and chromium. Previous exploration
suggests that at least some of the nickel mineralization occurs as
awaruite which is a naturally occurring nickel-iron alloy important
in the manufacture of environmentally efficient batteries for the
electric vehicle markets globally. The mineral awaruite is both
highly magnetic and very dense and is therefore amenable to
concentration by mechanical processes including magnetic and
gravity separation. This style of deposit is unique and presents
considerable metallurgical and processing cost saving
advantages.
Significantly, the awaruite found is found in a serpentinized
ultramafic rock. In 2018, G. Dipple at the University of British Columbia began the Geoscience
BC funded research project "Carbon Mineralization Potential
Assessment for BC" scheduled for completion in early 2021. In late
2020 a preliminary assessment report was published. One of the key
items from the report was "The use of reactive serpentinite
tailings from nickel mining as a carbon sink has the potential to
make nickel mining carbon neutral or a net carbon sink." The
presence of serpentinized ultramafic rocks has been repeatedly
documented in the areas covered by the claims of the Nickel Rock
Projects, as well as at FPX Nickel Corp.'s Decar Project (Dipple,
G. et.al., Geoscience BC Report 2020-15).
The Company has seen the commodity spot price for nickel to be
in a steady uptrend while world stockpiles have been on the decline
and EV manufacturers are calling for more supply of nickel because
nickel quantities are increasing in batteries as they increase the
amount of charge a battery can hold, thus allowing the EV's to
travel greater distances. One such company is Tesla Inc., the
world's leading EV manufacturer. Tesla's Founder, Elon Musk, stated that a large contract would be
signed if a company could produce nickel with a lowered carbon
footprint by using more environmentally friendly ways of mining
(Reuters: September 11,
2020). Robert
Setter, Company President and CEO comments "Elon Musk's comments made waves in the nickel
space and several juniors have benefited from his comments and
surged 2 to 3 times their value."
Robert Setter, Company President
and CEO continues "We are very pleased with the results from our
initial exploration program on the Hard Nickel and Nickel 100 claim
group and specifically with the work completed during phase 2 of
this initial exploration program. So far, we have
recorded some relatively high Ni readings measured via portable XRF
on the Nickel S block, as mentioned in our news from June 28, 2021, and our geological team suspects
these ultramafic rocks have potential to host awaruite
mineralization. This second phase of exploration includes
both soil and rock sampling, technical report writing, mapping and
assay work, with the remaining work to be done on trenching,
geological, geochemical and geophysical surveying."
Recap of the Company's 2021 Work Program
The Company currently has sufficient funds in its treasury to
fully fund its 2021 proposed work program and its remaining working
capital needs for 2021 and 2022.
The proposed work program consists of trenching, surface
exploration, diamond drilling, camp construction, and exploration
activities to support drilling and trenching such as soil sampling,
rock sampling, prospecting, and geological mapping. The company
proposes a 12-man camp to be built in a cirque on the north slope
of the un-named mountain west of and adjacent to Mount Sydney
Williams, and will be built next to a sub-alpine lake at the
headwaters of Van Decar Creek. The
location of camp was selected based on past exploration camps at
this location and is suitable for supporting exploration. Camp will
be used to accommodate field personnel and will be accessed with
helicopter. The work program is managed by Jeremy Hansen, P. Geol. and Hardline Exploration
Corp.
The Company estimates that this 2021 work program includes a
total of $600,000 in exploration
expenditures.
Qualified Person
Jacques Houle, P.Eng., a
qualified person as defined by NI 43 – 101, is responsible for the
technical information contained in this release. Readers are
cautioned that the information in this press release regarding the
property of FPX Nickel Corp is not necessarily indicative of the
mineralization on the property of interest.
About Nickel Rock Resources Inc.
www.nickelrockresources.com
The Company is a Canadian-based mineral exploration company
active in the exploration for nickel-iron alloy in British Columbia and lithium in
Nevada. Nickel Rock Resources Inc. is a Canadian based
exploration company whose primary listing is on the TSX Venture
Exchange. The Company's maintains a focus on exploration for
high value battery metals required for the electric vehicle (EV)
market.
About Clayton Valley Nevada Lithium Project
The Company owns a 100% in 77 lithium placer claims covering
over 640 hectares in Clayton Valley. Clayton Valley is a down-dropped closed basin
formed by the Miocene age Great Basin extension and is still active
due to movement along the Walker Lane structural zone. As a
result, the basin has preserved multiple layers of lithium bearing
volcanic ash, resulting from multiple eruptive events over the past
6 million years including eruptions from the 700,000-year-old
Long Valley Caldera system and
related events. These ash layers are thought to contribute to
the lithium brines extracted by Albemarle and are also likely
involved in the formation of the exposed lithium rich clay deposits
on the east side of Clayton Valley.
https://nickelrockresources.com/clayton-valley-lithium/
About the British Columbia, Canada Nickel Projects
The Mount Sidney Williams Group consists of five claim blocks in
four groups with a total area of 6,125.32 hectares in the area
surrounding Mount Sidney Williams, both adjoining and near the
Decar project of FPX Nickel Corp., located 100 kilometres northwest
of Fort St. James, B.C., in the
Omineca mining division. Metallic mineralization includes nickel,
cobalt, and chromium. At least some of the nickel mineralization
occurs as awaruite. The Mitchell Range Group area claim
consist of two contiguous claim blocks covering 3,134.70 hectares
with demonstrated metallic mineralization including nickel, cobalt,
and chromium. Nickel cobalt mineralization has not been well
explored, but the presence of awaruite has been documented. The
Company has optioned out an 80% interest on certain mineral claims
within the Hard Nickel 4 and Nickel 100 exploration project, to
Surge Battery Metals Inc. (TSXV:NILI). The transaction is
subject to Exchange approval.
The Company has entered into an Option Agreement to acquire a
100% interest, subject to a 2% NSR, in 6 mineral claims (Funk
claims) located approximately 15 km west of Mt Sydney Williams near
Fort St James, BC.
The Company also entered into an option agreement whereby the
Company may earn an undivided 100% interest in the Klone Group of
mineral claims (1,400 ha) adjoining the property of FPX Nickel Corp
(TSXV:FPX) located 100km northwest of Fort St. James BC in the Omineca Mining
division.
The Company has also entered an option
On Behalf of the Board of Directors
"Robert Setter"
Robert Setter, President &
CEO
Neither the 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. This news release may contain
forward-looking statements which include, but are not limited to,
comments that involve future events and conditions, which are
subject to various risks and uncertainties. Except for statements
of historical facts, comments that address resource potential,
upcoming work programs, geological interpretations, receipt and
security of mineral property titles, availability of funds, and
others are forward-looking. Forward-looking statements are not
guarantees of future performance and actual results may vary
materially from those statements. General business conditions are
factors that could cause actual results to vary materially from
forward-looking statements.
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Nickel Rock Resources Inc.
1220 – 789 West Pender Street
Vancouver, BC,
Canada V6C 1H2
604- 428-5690
www.nickelrockresources.com
info@nickelrockresources.com
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SOURCE Nickel Rock Resources Inc.
