VANCOUVER, BC, June 19,
2023 /CNW/ - FPX Nickel Corp. (TSX-V: FPX) (OTCQB:
FPOCF) ("FPX" or the "Company") is pleased to
announce the appointment of Keith
Patterson, P.Geo., as the Company's Vice President of
Generative Exploration. Mr. Patterson, formerly Director of
Project Generation and Greenfield Strategy with Eldorado Gold, has
worked as an exploration professional for over twenty-five years
throughout North America,
South America, Europe, and Asia. He will lead FPX's
newly formed global generative exploration alliance (the
"Generative Alliance") with Japan Organization for Metals
and Security ("JOGMEC") which aims to build on the successes
of the Baptiste Nickel Project ("Baptiste") by identifying
new large-scale awaruite nickel deposits worldwide.
"We are very excited to welcome Keith, who will play a pivotal
role in leading our new joint venture with JOGMEC," commented
Andrew Osterloh, FPX Nickel's
Vice-President, Projects. "Keith brings to the team a robust
skillset in grassroots target delineation and early exploration
execution on multiple continents. Our Generative Alliance
with JOGMEC represents a significant endorsement of the technical
and economic viability of awaruite nickel deposits, which we
believe represent a disruptive new source of nickel supply for the
electric vehicle battery supply chain. The Generative
Alliance has the potential to expose FPX's shareholders to numerous
exploration discoveries on a global scale."
Mr. Patterson has over twenty-five years of mining industry
experience spanning a diverse range of roles. In his previous
role as Director of Project Generation with Eldorado Gold, he
managed global exploration and project generation. Prior to
Eldorado Gold, Keith was Vice President of Exploration for
Jinshan Gold Mines where he was
responsible for the execution of exploration programs and project
evaluations in China. Earlier in his career, Keith spent time
with the Geological Survey of Canada. Mr. Patterson is a registered
Professional Geoscientist with the Engineers and Geoscientists of
British Columbia and holds a
Masters of Geological Sciences and a Bachelor of Geological
Engineering, both from the University of
British Columbia.
The Generative Alliance with JOGMEC will build on the successes
at Baptiste to target awaruite nickel deposits worldwide.
JOGMEC will solely fund the work over the next two years, with the
work overseen by a jointly staffed Management Committee. FPX
will be the initial operator of the Generative Alliance and will
earn an operator fee for providing such management services.
The Generative Alliance will benefit from the extensive global
database developed by FPX during the 2010-15 period, when the
Company performed reconnaissance exploration activities for
awaruite nickel targets in over a dozen countries across four
continents.
Stock Option Grants -
Clarification
On May 26, 2023, the Company
announced that at its Annual General and Special Meeting held on
May 25, the Shareholders approved the
Company's Share Compensation Plan. This new plan (the
"Omnibus Plan") is a "rolling" share-based compensation plan
pursuant to which up to an aggregate of 10% of the Company's Common
Shares outstanding may be reserved for issuance under the Omnibus
Plan and any other security-based compensation plans of the
Company, including with respect to the issuance of stock options
("Options"), restricted share units ("RSUs") and
deferred share units ("DSUs"). The Omnibus Plan was
approved and adopted by the Board on April
26, 2023 and is subject to final acceptance by the TSX
Venture Exchange (the "TSX-V").
The Omnibus Plan will replace the Company's existing stock
option plans (the "Former Plans"). An aggregate of
13,840,000 stock options previously granted under the Former Plans
will continue to be governed by those plans until they are
exercised or expire and no further stock options will be granted
under the Former Plans.
On June 9, 2023, the Company
announced that a total of 4,005,000 Options had been granted to the
Company's directors, officers and employees, exercisable at a price
of $0.60 per share expiring on
June 8, 2028 (not June 9, as previously disclosed) and with a hold
period expiring October 9,
2023. These Options were conditionally granted under the
Omnibus Plan, pending acceptance by the TSX-V.
Today, the Company is announcing that Mr. Patterson has been
granted 300,000 Options, exercisable at a price of $0.60 per share, expiring on June 19, 2028. and with a hold period expiring
October 20, 2023. These Options
are also conditionally granted under the Omnibus Plan, pending
acceptance by the TSX-V.
Including the 13,840,000 options outstanding under the Former
Plans, together with the 4,005,000 Options and the 300,000 Options
conditionally granted under the Omnibus Plan on June 8, 2023 and today, respectively, there is an
aggregate of 18,145,000 options that are currently reserved for
issuance, representing in the aggregate 6.63% of the Common Shares
outstanding.
Pursuant to the policies of the TSX-V, "rolling" share-based
compensation plans such as the Omnibus Plan must receive
shareholder approval annually.
About the Decar Nickel
District
The Company's Decar Nickel District represents a large-scale
greenfield discovery of nickel mineralization in the form of a
naturally occurring nickel-iron alloy called awaruite
(Ni3Fe) hosted in an ultramafic/ophiolite complex.
FPX's mineral claims cover an area of 245 km2 west of
the Middle River and north of Trembleur Lake, in central British
Columbia. Awaruite mineralization has been identified in
several target areas within the ophiolite complex including the
Baptiste Deposit and the Van Target, as confirmed by drilling,
petrographic examination, electron probe analyses and outcrop
sampling. 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 has been the focus of increasing resource definition (a
total of 99 holes and 33,700 m of
drilling completed), as well as environmental and engineering
studies to evaluate its potential as a bulk-tonnage open pit mining
project. The Baptiste Deposit is located within the Baptiste
Creek watershed, on the traditional and unceded territory of
Tl'azt'en Nation and Binche Whut'en First Nation, and within
several Tl'azt'enne and Binche Whut'enne keyohs. FPX has conducted
mineral exploration activities to date subject to the conditions of
our agreements with the Nations and keyoh holders.
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.