VANCOUVER, BC, Oct. 19, 2021 /CNW/ - FPX Nickel Corp. (TSXV:
FPX) ("FPX" or the "Company") is very
pleased to announce the confirmation of a significant new nickel
discovery from the maiden drilling program at the Van Target
("Van") in the Company's Decar Nickel District
("Decar" or the "District") in central British
Columbia. The first two widely-spaced holes 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 the first hole (21VAN-001), which
intersected among the highest-grading broad intervals of
near-surface nickel mineralization ever drilled at Decar.
Highlights
- First two holes at Van show that the strong mineralization in
previously reported outcrop samples continues to depth
-
- Hole 21VAN-001 intersected 101
m grading 0.150% DTR nickel (0.207% total
nickel), starting at an approximate vertical depth of
27 m below surface, among the 8
highest-grading, near-surface intervals in the history of Decar
(see Table 1 regarding vertical depth)
- Hole 21VAN-002, collared 350 m
south-southwest along section from 21VAN-001, intersected
103 m grading 0.144% DTR
nickel (0.215% total nickel), starting at an approximate
vertical depth of 55 m below
surface
- Nickel mineralization at Van occurs as disseminated awaruite
(nickel-iron alloy) and in the same ophiolite host rocks as at
Baptiste
-
- The results of VAN-001 and VAN-002 compare favourably with
previous drilling results at Baptiste, which contains 1.996 billion
tonnes of indicated resources at an average grade of 0.122% DTR
nickel, plus 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, under the Company's SEDAR
profile
"We are extremely pleased with these first 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, which is the world's third largest
undeveloped nickel deposit*," commented Martin Turenne, the Company's President and CEO.
"For context, the results of 21VAN-001 exceed the highest-grading,
near-surface results achieved in any of the first 38 holes drilled
at Baptiste between 2010 and 2012. We look forward to reporting
additional assays from this year's nine-hole Van program in the
coming weeks."
FPX's Chairman Peter Bradshaw
added: "While we are in still in the very early stages of
understanding the potential at Van, the results of the first two
holes, drilled in the central portion of the large 2.5
km2 target area, strengthen our view that the Decar
Nickel District could host other large-scale deposits to support a
district-scale, multi-generational nickel operation."
Link to view drill results within interactive 3D VRIFY model
(for best results, view in full screen):
https://vrify.com/embed/decks/10590-FPX-Nickel-Van-Target-Press-Release
Figure 1: Decar Nickel District
Van Target Drilling
The results of 21VAN-001 and 21VAN-002 are the first from a
maiden nine-hole, 2,688 m drill
program at the Van Target, which is located 6 km north of Baptiste
at similar elevations, and accessible via logging roads (see Figure
1). Maiden drilling at Van was designed to test the
sub-surface potential for mineralization in areas below and
adjacent to prospective samples of outcropping bedrock, which had
defined a target area of approximately 2.5 km2.
The size of the Van Target defined by outcrop sampling is
comparable to the Baptiste deposit, which measures 3 km along
strike with widths of up to 1 km. All nine holes were drilled
to the north-northeast at a declination of minus 50 degrees to a
target depth of 350 m.
Table 1 – Van Target Drill Hole Results
Hole
|
Intersections1
|
DTR Nickel
(%)2
|
Total Nickel
(%)2
|
From
|
To
|
Intersected
Width
|
21VAN-001
|
34.5
|
354
|
319.5
|
0.107
|
0.221
|
including
|
34.5
|
166
|
131.5
|
0.143
|
0.209
|
including
|
43
|
144
|
101
|
0.150
|
0.207
|
and
|
166
|
354
|
188
|
0.081
|
0.223
|
|
21VAN-002
|
16.1
|
351
|
334.9
|
0.121
|
0.213
|
including
|
29
|
91
|
74.9
|
0.075
|
0.205
|
and
|
91
|
194
|
103
|
0.144
|
0.215
|
and
|
194
|
351
|
157
|
0.128
|
0.215
|
including
|
237
|
339
|
102
|
0.136
|
0.212
|
1 The vertical depth (true width) of all quoted
intersections in this news release is interpreted to be
approximately 70% of downhole depth.
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 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.
The nickel mineralization intersected within 21VAN-001 and 21
VAN-002 is characterized by disseminated, 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.
21VAN-001 was collared in the central portion of the 2.5
km2 target area and was drilled to the north-northeast
at an angle of minus 50 degrees. The hole encountered bedrock
at 34.5 m downhole (approximately
26 m vertical depth) and thereafter
intersected 319.5 m of strong
awaruite mineralization, to a downhole depth of 354 m. The strongest mineralization at
21VAN-001 was encountered near the top of hole, including a
101 m interval of 0.150% DTR nickel
starting at downhole depth of 43 m
(approximately 32 m vertical
depth). Mineralization in this hole remains open at
depth.
21VAN-002 was collared 350 m
southwest along section from 21VAN-001 and was also drilled to the
north-northeast at minus 50 degrees. The hole encountered
bedrock at 16.1 m downhole
(approximately 12 m vertical depth)
and thereafter intersected 334.9 m of
strong awaruite mineralization, grading 0.121% DTR nickel to a
downhole depth of 351 m.
21VAN-002 is notable for multiple broad intercepts of strong nickel
mineralization, including 0.144% DTR Ni over 103 m starting at a downhole depth of
91 m (approximately 68 m vertical depth), and 0.136% DTR Ni over
102 m starting at 237 m downhole (approximately 178 m vertical depth). Mineralization in
this hole also remains open at depth.
Collar locations for the nine holes drilled at the Van Target
are provided in Figure 2. Holes were spaced approximately
350 m apart and tested the Van Target
over an area of approximately 1 km2 to a maximum
downhole depth of 350 m. Assays
are pending for holes 21VAN-003 to 21VAN-009.
Figure 2: Van Target Plan Map with Drillhole Collar Locations
and Previously Reported Outcrop Samples
Figure 3 – Van Target Cross Section with Assay Results and
Lithology for 21VAN-001 and 21VAN-002
*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)
Sampling and Analytical Method
HQ & NQ drill core
were quartered and halved respectively, using a diamond blade core
cutting saw and sampled continuously downhole with the exception of
post mineralization dikes and non-mineralized rock types that are
unsampled and known to have zero grade. Drill core samples
were cut on-site, sampled at nominal 4
m intervals, 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% less than 2 mm, riffle splitting 250 g and pulverization of
the split to >95% passing 74 microns. Analytical work was
completed at Activation Laboratories in Ancaster, Ontario that included lithium
metaborate/tetraborate fusion ICP and also DTR Ni analysis.
DTR Ni analysis involves Davis tube magnetic separation from 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 and
magnetic field strength of 3,500 Gauss at a 45 degree angle to
produce a magnetic fraction and non-magnetic fraction. The
magnetic and non-magnetic fractions are dried and weighed.
The magnetic fraction is analyzed by fusion X-Ray Fluorescence
("XRF") that reports multi-element data including nickel,
cobalt and chromium analysis. The DTR nickel grade is
calculated by multiplying the XRF fusion nickel value by the weight
of the magnetic fraction, divided by total recorded weight.
QA/QC procedures involved the analysis of field and prep
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 and is
used to provide a more accurate measure of magnetically recoverable
nickel and is the global, industry standard for geometallurgical
testing for magnetic recovery operations and exploration
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 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 rock exposure was very
poor prior to more recent logging activity. In 2021, the
Company executed a maiden drilling program at Van which has
returned promising results comparable with the strongest results at
Baptiste.
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.
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.