Flying Nickel Announces 405,020 oz of M&I Inaugural Platinum and Palladium Mineral Resource; 41.95% Increase of In-Pit M&I Nickel Resource at the Minago Nickel PGM Project
Flying Nickel Announces 405,020 oz of M&I Inaugural Platinum
and Palladium Mineral Resource; 41.95% Increase of In-Pit M&I
Nickel Resource at the Minago Nickel PGM Project
Vancouver, British Columbia, April 11, 2024 Flying Nickel Mining Corp. (“Flying Nickel” or
the “Company”) (TSX-V: FLYN, OTCQB: FLYNF) announces the results of an updated Mineral
Resource Estimate (“MRE”) prepared in accordance with the CIM Definition Standards for Mineral
Resources and Mineral Reserves (“MRMR”) (2014) and CIM MRMR Best Practice Guidelines
(2019) for its 100% owned Minago nickel platinum gr oup metals (“PGM”) project (“Minago
Project”) in Manitoba’s Thompson Nickel Belt in Canada.
The Minago Project MRE, effective date March 18 th 2024, was prepared by Mercator Geological
Services Limited (“Mercator”) and includes a total Measured and Indicated (“M&I”) Mineral
Resource of 125,700 oz of platinum (“Pt”), 279,330 oz of palladium (“Pd”), and 689.53 million
pounds of nickel (“Ni”) (43.44 million tonnes grading 0.20 grams per tonne (“g/t”) Pd, 0.09 g/t Pt,
0.72% Ni). Table 1 presents the updated Minago Project MRE.
Table 1: Minago Project Mineral Resource Estimate – Effective Date: March 18, 2024
Type Ni % Cut-off Category Tonnes
(millions ) Ni % NiS % Pd g/t Pt g/t
In-Pit 0.29
Measured 11.53 0.74 0.53 0.21 0.09
Indicated 24.44 0.63 0.43 0.16 0.07
Measured and
Indicated 35.97 0.67 0.46 0.18 0.08
Inferred 3.14 0.66 0.35 0.14 0.06
Underground 0.75
Measured 0.39 0.97 0.75 0.28 0.12
Indicated 7.08 0.97 0.75 0.29 0.12
Measured and
Indicated 7.47 0.97 0.75 0.29 0.12
Inferred 6.05 0.97 0.75 0.18 0.08
Combined 0.29/0.75
Measured 11.92 0.75 0.54 0.22 0.09
Indicated 31.52 0.71 0.5 0.19 0.08
Measured and
Indicated 43.44 0.72 0.51 0.2 0.09
Inferred 9.2 0.86 0.61 0.16 0.07
Mineral Resource Estimate Notes:
1.Mineral resources were prepared in accordance with the CIM Definition Standards for Mineral Resources
and Mineral Reserves (“MRMR”) (2014) and CIM MRMR Best Practice Guidelines (2019).
2. In-Pit Mineral Resources are defined within an optimized pit shell with pit slope angles ranging between
40⁰ and 51⁰ and an overall 14.8:1 strip ratio (waste: mineralized material).
3. An exchange rate of 1.35 CAN$/US$ was applied. All prices are in US$ currency.
4. Pit optimization parameters include: metal pricing at $9.20 per pound Ni, $1,035 per ounce of Pt, $1,380
per ounce of Pd; costs for mining at $1.35 per tonn e of waste and $1.54 per tonne processed and an
incremental mining cost of $0.03 per 12 meters (“m”) below 244 meters above sea level (“masl"), processing
at $11.64 per tonne processed, general and administ rative (“G&A") at $3.38 per tonne processed;
recoveries to concentrate of 72.9% sulphide Ni (“Ni S”) (average recovery above the cut-off grade rangi ng
from 45.6% to 91.1%), 44% Pt, and 61% Pd; and a 60% concentrate payable for Pt and Pd. An average Ni
recovery of 50% can be calculated using the average NiS recovery and the average ratio of NiS to Ni (68%)
reported above the cut-off grade. A potential frac- sand overburden unit was assigned a value of $20 pe r
tonne, a recovery factor of 68.8%, mining cost of $1.54 per tonne plus $0.03 per 12m below 244 masl, and
processing cost of $6.30 per tonne processed.
5. In-Pit Mineral Resources are reported at a cut-off grade of 0.20% NiS within the optimized pit shell. The
0.20% NiS cut-off grade approximates a 0.29% Ni grade when applying the average ratio of NiS to total Ni
for the In-Pit Mineral Resource. The cut-off grade reflects the marginal cut-off grade to define reaso nable
prospects for eventual economic extraction by open pit mining methods.
6. Underground Mineral Resources are reported at a cut-off grade of 0.58% NiS. The 0.58% NiS cut-off
grade approximates a 0.75% Ni grade when applying t he average ratio of NiS to Ni (77%) for the
Underground Mineral Resource. The cut-off grade ref lects total operating costs of $59.46 per tonne
processed and an average sulphide NiS recovery abov e the cut-off grade of 87% (ranging from 81% to
91%) to define reasonable prospects for eventual economic extraction by underground mining methods.
7. Deposit grades were estimated from 2 m downhole assay composites using Ordinary Kriging for Ni %
and Inverse Distance Squared for Pd g/t and Pt g/t. No grade capping was applied. NiS % block values
were calculated from Ni % block values using a regr ession curve based on Ni and NiS drilling database
assay values. The model block size is 6 m (x) by 6 m (y) by 6 m (z).
8. Bulk density was applied on a lithological model basis and reflects averaging of bulk density
determinations for each lithology.
9. Estimates of Mineral Resources may be materially affected by environmental, permitting, legal, titl e,
taxation, sociopolitical, marketing, or other relev ant issues. See the Company’s latest annual and int erim
management’s discussion and analysis for further details.
10. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
11. Mineral Resource tonnages are rounded to the nearest 10,000 tonnes.
John Lee, CEO of Flying Nickel states: “This is an outstanding MRE update with an inaugural
PGM resource and a 42% increase in the M&I nickel In-Pit Mineral Resource estimate. Those two
factors will be studied further in Minago’s on-going feasibility study. In a short time under Flying
Nickel’s watch, the Minago Project is now known for both its nickel and PGM endowment.
Platinum is a key ingredient in hydrogen engines in the next generation electric vehicles planned
by GM and Toyota. Hydrogen engines require up to 5 times more platinum compared to amounts
required by today’s catalytic converters. Our Minago Project potentially plays an important role in
supplying key battery ingredients for the current a nd future generations of electric vehicles,
catering to the North American market.”
The updated MRE results in a 41.95% increase in the M&I In-Pit Mineral Resource to 531.31
million pounds of nickel over the previous MRE publ ished in the Company’s July 6, 2021 news
release (35.97 million tonnes grading 0.67% Ni, 0.08 g/t Pt, 0.18 g/t Pd). The M&I In-Pit resource
increase is attributed to the Company’s 2022 drill program.
The PGM addition to the MRE is based on PGM assays before 2022, additional PGM assays
from the Company’s 2022 drill program, and the Company’s 2023 PGM assay program on historic
drill cores (refer to Company news releases dated S eptember 7, 2022, October 11, 2022,
November 14, 2022, January 16, 2023, March 30, 2023 , April 19, 2023, May 4, 2023, May 29,
2023, July 12, 2023 and September 28, 2023). In total, 4,041 meters from 47 holes (drilled prior
to 2021) were assayed for PGM in 2023. This expanded on the existing PGM sample dataset that
includes 6 holes and 1,320 meters of PGM sampling completed by Flying Nickel in 2022 and 70
holes and 9,622 meters of PGM sampling completed by previous operators prior to 2021. A
comparison between the 2024 and 2021 Minago Project Mineral Resources is presented in Table
2. Ounces, pounds, and tonnes in the table may not sum due to rounding.
Table 2: Comparison of the 2024 and 2021 Minago Project Mineral Resource Estimates
Tonnes (millions ) Ni (‘000,000 lbs)
2024 MRE
(‘000 oz)
Type Category 2024
MRE
% Difference
from 2021 MRE
2024
MRE
% Difference
from 2021 MRE Pd Pt
In-Pit
Measured 11.53 0.35% 188.1 1.72% 77.85 33.36
Indicated 24.44 96.31% 339.45 79.24% 125.72 55
Measured
and Indicated 35.97 50.25% 531.31 41.95% 208.16 92.52
Inferred 3.14 51.69% 45.69 75.64% 14.13 6.06
Underground
Measured 0.39 -36.07% 8.34 -23.44% 3.51 1.5
Indicated 7.08 -64.02% 151.4 -54.68% 66.01 27.32
Measured
and Indicated 7.47 -63.18% 159.74 -53.62% 69.65 28.82
Inferred 6.05 -65.39% 129.38 -55.83% 35.01 15.56
Combined
Measured 11.92 -1.49% 197.09 1.21% 84.31 34.49
Indicated 31.52 -1.90% 493.38 -5.88% 192.54 81.07
Measured
and Indicated 43.44 -1.79% 689.53 -4.44% 279.33 125.7
Inferred 9.2 -52.94% 174.43 -45.31% 47.33 20.71
The Minago Project has been the subject of over $50 million in exploration, a historical feasibility
study and environmental permitting expenditures by various previous interests since 1980’, the
most recent of these being by Victory Nickel Inc. and Flying Nickel since the Company acquired
the project in 2021. On July, 21, 2022, Flying Nickel submitted the Notice of Alteration (“NOA”) to
Environment Act Licence No. 2981 for the Minago Pro ject. Flying Nickel expects to receive the
final decision on the NOA in the fall of 2024.
A technical report prepared pursuant to National Instrument 43-101 Standards of Disclosure for
Mineral Projects (“NI 43-101”), which documents the MRE will be filed under the Com pany’s
profile on SEDAR+ within 45 days of the date of this news release.
Qualified Person
Matthew Harrington, P. Geo., of Mercator is respons ible for technical disclosure regarding the
Minago Project MRE contained in this press release. Mr. Harrington is an external consultant to
and “independent” of the Company as this term is defined under NI 43-101.
The disclosure of scientific and technical information in this news release has been approved by
Robert Smith, P. Geo., who is an external consultant of the Company, as well as “independent”
of the Company and a “Qualified Person” as such terms are defined under NI 43-101.
Further information on the Company can be found at www.flynickel.com .
FLYING NICKEL MINING CORP.
ON BEHALF OF THE BOARD
John Lee
Chief Executive Officer
For more information about the Company, please contact:
Phone: Phone: 1.877.664.2535 / 1.877.6NICKEL
Email: [email protected]
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release, including statements which may contain words
such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, or similar expressions,
and statements related to matters which are not historical facts, are forward-looking information
within the meaning of applicable securities laws. Such forward-looking statements, which reflect
management’s expectations regarding Flying Nickel’s future growth, results of operations,
performance, business prospects and opportunities, are based on certain factors and
assumptions and involve known and unknown risks and uncertainties which may cause the actual
results, performance, or achievements to be materially different from future results, performance,
or achievements expressed or implied by such forwar d-looking statements. Forward-looking
information in this news release includes the estimated grade and quantity of Mineral Resources
for the Minago Project, and anticipated uses of any future production from the project.
Forward-looking statements involve significant risks and uncertainties, and should not be read as
guarantees of future performance, events or results, and may not be indicative of whether such
events or results will actually be achieved. A number of risks and other factors could cause actual
results to differ materially from expected results discussed in the forward-looking statements,
including but not limited to: inconsistencies of mineralization and grades; differing recovery rates;
changes to project parameters as studies and plans continue to be refined; changes in business
plans; ability to secure sufficient financing to advance the Company’s project; maintaining cordial
business relations with strategic partners and contractual counterparties; risks inherent to mineral
resource estimation, including uncertainty as to wh ether mineral resources will be further
developed into mineral reserves; the risk that mineral resources that are not mineral reserves do
not have demonstrated economic viability; receiving and maintaining required permits and
regulatory approvals to advance the project; mainta ining the support of local communities and
First Nations for the project; commodity pricing, demand and supply; and general market, industry
and economic conditions. Additional risk factors are set out in the Company’s latest annual and
interim management’s discussion and analysis, available on SEDAR+ at www.sedarplus.ca.
Forward-looking statements in this news release are made as of the date of this news release
and are based on reasonable assumptions by manageme nt as of such date. There can be no
assurance that actual results will be consistent wi th any forward-looking statements included
herein. The Company undertakes no obligation to upd ate or revise any forward-looking
statements included herein to reflect circumstances or events that occur after the date of this
news release, except as required by applicable securities laws.