VANCOUVER, BC, May 26, 2021 /CNW/ - FPX Nickel Corp. (TSXV:
FPX) ("FPX" or the "Company") is pleased to
provide an overview of an expanded exploration program starting in
June at the Company's Decar Nickel District ("Decar") in
central British Columbia. In
addition to the drill programs at the Baptiste Deposit and the Van
Target (see the Company's May 10,
2021 news release), regional exploration will focus on
prospective under- and un-explored areas within this
245 square kilometre ("km2") ophiolite
complex.
Highlights
- FPX to conduct regional mapping and surface sampling within the
Decar land package at the existing Sid and B targets and at five
new prospective areas
- Work at Sid and B designed to potentially expand the footprint
of known mineralization and investigate the ground located between
the two targets, where previous drilling has generated positive
results
- Reconnaissance exploration in five prospective new areas, which
have been identified on the basis of high magnetic response from
previous airborne surveys, limited previous sampling work and/or
improved access to outcrop resulting from recent clear-cut logging
activity
"With plans to conduct infill drilling at Baptiste and a maiden
drill program at the Van Target this summer, we are excited to
conduct additional exploration around the Sid and B targets, plus
regional exploration at five other under-explored areas at Decar,"
commented Martin Turenne, FPX's
President and CEO. "The exploration potential at the Decar
Nickel District remains vast and offers a compelling opportunity to
expand the nickel endowment beyond that already demonstrated at
Baptiste, which is the world's third largest undeveloped nickel
deposit.*"
Figure 1: Decar Nickel District with airborne magnetic survey
results showing the location of the Baptiste Deposit, Van target
and additional exploration areas
Sid and B Targets
Surface exploration will be conducted this summer to further
refine and expand the areas within, surrounding and between the Sid
and B Targets, located approximately 3 and 4.6 km, respectively,
north-northwest of the Baptiste Deposit. 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 nickel grades comparable to
the Baptiste Deposit (see Tables 1 and 2, below).
Table 1 – Results of Previous Drilling at Sid Target
Hole
|
Intersections
|
Ni in Alloy
(%)
|
Comments
|
From
(m)
|
To (m)
|
Length
(m)
|
10SID-09
|
182.8
|
346.0
|
163.2
|
0.126
|
Hole ended in
mineralization
|
10SID-10
|
116.0
|
398.0
|
282.0
|
0.143
|
Hole ended in
mineralization
|
The holes at Sid were drilled to test the depth extent of
mineralized ultramafic rock outcrops located west of the drill hole
locations. Both holes were drilled to the southwest at an
inclination of 60 degrees and were located 325 metres apart on the
inferred northwestern boundary of the Sid target area.
Table 2 – Results of Previous Drilling at B Target
Hole
|
Intersections
|
Davis Tube
Recoverable Ni
(%)
|
Comments
|
From
(m)
|
To (m)
|
Length
(m)
|
11B-01
|
30.0
|
46.0
|
16.0
|
0.074
|
|
and
|
46.0
|
304.5
|
258.5
|
0.138
|
Hole ended in
mineralization
|
New Exploration Areas
The Company has identified five prospective new areas within the
Decar claims group on the basis of high magnetic response from
previous airborne surveys and, in certain areas, from limited
previous sampling. In certain of these areas, recent logging
activity by forestry companies has removed significant ground
cover, and it is anticipated that additional areas of outcrop which
have been previously inaccessible will now be uncovered. The
regional exploration work will involve mapping and rock sampling,
size estimations of awaruite (the nickel-iron alloy) and Davis Tube
Recoverable ("DTR") nickel analysis.
Area 1 is located approximately 1 km north of the Baptiste
Deposit. There is only one previous outcrop sample within this
area, grading 0.08% DTR nickel. The possible trend extension of the
B and Sid target into the northwest part of this area will also be
investigated.
Areas 2 and 4 are located southeast of the Van
target. Sampling of outcrop has not previously been conducted
in these areas, but recent clear-cut logging activity has provided
new access to determine if outcrop zones have been exposed in these
portions of the Decar claim group.
Area 3 is located approximately 3 km northeast of Baptiste.
Previous limited outcrop sampling completed over Area 3 has
returned coarse-grained awaruite with DTR nickel grades ranging
from 0.07% to 0.131%.
Area 5 is along an apparent northwest-southeast trend to the
northwest of the Van Target. No surface sampling has previously
been completed within this area but there is recent logging
activity which may have exposed new outcrops.
*Note: The Baptiste Deposit ranks as the world's third
largest undeveloped nickel deposit, according to Mining
Intelligence (see
https://www.mining.com/featured-article/ranked-worlds-top-10-nickel-projects)
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
metres 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 rock exposure was very poor prior to
more recent logging activity.
As reported in the current NI 43-101 resource estimate, having
an effective date of September 9,
2020, the Baptiste Deposit contains 1.996 billion tonnes of
indicated resources at an average grade of 0.122% DTR nickel,
containing 2.4 million tonnes of nickel, plus 593 million tonnes of
inferred resources with an average grade of 0.114% DTR nickel,
containing 0.7 million tonnes of 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.
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.