VANCOUVER, BC, Sept. 20, 2021 /CNW/ - FPX Nickel Corp. (TSXV:
FPX) ("FPX" or the "Company") is pleased
to announce the completion of drilling programs at the Decar Nickel
District in Central British Columbia. The previously
announced programs (see FPX's June 29,
2021 news release) mark the most active campaign at Decar
since 2012, with a focus on resource conversion of the Baptiste
Deposit ("Baptiste") plus a maiden drill campaign at the Van
Target, located 6 kilometres north of Baptiste.
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At the Van Target, a total of 2,689 metres of drilling in nine
widely-spaced diamond drill holes has been completed. 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 2.9 square kilometres. The size of the Van
Target defined by outcrop sampling is comparable to the Baptiste
deposit, which measures 3.2 kilometres along strike with widths of
up to 1,080 metres.
At Baptiste, a 10-ten hole, 2,710-mere infill diamond drilling
program has been completed. Drilling at Baptiste was designed
to convert the deposit's near-surface inferred resources to the
indicated classification to support an eventual Baptiste
preliminary feasibility study. The mine plan in the Baptiste
preliminary economic assessment envisaged the mining of a total of
approximately 1.5 billion tonnes of material for processing over
the Project's 35-year mine life, with approximately 89% of this
mineralization classified in the indicated category and 11% in the
inferred category.
Assays from the Van and Baptiste programs are pending, and first
results are expected to be reported by the Company in October.
Dr. Peter Bradshaw, P. Eng.,
FPX'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.
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.