VANCOUVER, BC, Oct. 25, 2021 /CNW/ - FPX Nickel Corp. (TSXV:
FPX) (OTXQB: FPOCF) ("FPX" or the
"Company") is pleased to announce that the Company's common
shares commenced trading today on the OTXQB® under the symbol
"FPOCF." The Company's common shares are eligible for
electronic clearing and settlement through the Depository Trust
Company ("DTC") in the United
States. FPX Nickel will continue to trade on the TSX
Venture Exchange under the symbol "FPX."
"We are pleased to begin trading on the OTCQB as a means of
enhancing our visibility to prospective U.S. investors," commented
Martin Turenne, FPX's President and
CEO. "We are confident that this will provide the dual
benefits of greater accessibility to an expanding shareholder base
in the United States, as well as
enabling greater exposure and liquidity as we continue to advance
the flagship Baptiste Project at our Decar Nickel District in
central British Columbia."
The OTCQB, operated by the OTC Markets Group, is the premier
marketplace for early-stage and developing U.S. and international
companies. Participating companies must be current in their
financial reporting and undergo an annual verification and
management certification process, including meeting a minimum bid
price and other financial conditions. Current financial
disclosures and Real-Time Level 2 quotes for the Company are
available at https://www.otcmarkets.com/stock/FPOCF.
DTC is a subsidiary of the Depository Trust & Clearing
Corp., a U.S. Company that manages the electronic clearing and
settlement of publicly traded companies. Securities that are
eligible to be electronically cleared and settled through DTC are
considered to be "DTC eligible." DTC eligibility simplifies
the process of trading and transferring the Company's common shares
between brokerages in the U.S. DTC eligibility is expected to
create a seamless process of trading and enhance liquidity of the
Company's common shares in the U.S. over time.
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.