Flying Nickel Reports Multiple Platinum and Palladium Intersections of Upto 9.4g/t From Historic Minago Drill Holes. Further PGM Assays Pending from 97 Drill Holes (7,061 meters of sections)
Flying Nickel Reports Multiple Platinum and Palladium
Intersections of Upto 9.4g/t From Historic Minago Drill
Holes. Further PGM Assays Pending from 97 Drill Holes
(7,061 meters of sections)
Vancouver, British Columbia, January 1 6, 202 3 – Flying Nickel Mining Corp. (“Flying
Nickel” or the “Company”) (TSX -V:FLYN, OTCQB:FLYNF) announces it has engaged SGS
Canada and started assaying platinum, palladium, and gold from 97 past drill holes (totaling 7,061
meters in drilling) from the Company’s 100% owned Minago Nickel Platinum-Group-Metals project
(the “Minago Project”) . Rolling assay results will start becoming available in early March. This
platinum-group-metals (“PGM”) assay program is scheduled to complete in June 2023, potentially
leading to a maiden Minago PGM resource.
The Minago Project is located in Canada’s Thompson Nickel Belt and currently has a NI 43-101
compliant open-pit optimized and underground, Measured and Indicated resource of 44.2 million
tonnes grading 0.74% Ni (722 million lbs contained nickel) and Inferred resource of 19.6 million
tonnes grading 0.74% Ni (319 million lbs contained nickel). The resource split is approximately
78% Nose deposit and 22% North Limb deposit at Minago. This technical report, completed by
Mercator and AGP, has an effective date of February 28, 2022 , and is available under the
Company’s profile on SEDAR.
There has been cumulative 90,783 meters of drilling at the Minago Project by 6 operators since
1966. Additionally, Flying Nickel drilled 2,718 meters in 2022 since acquiring the Minago Project
in February 2021. Upon detailed review of Minago Project data set, the Company noted:
1. 118 of 150 boreholes (79%) that intersect ed the proposed Nose deposit pit shell are
missing PGM assays. Prior operators may have only been interested in nickel due to the
low value of PGM at the time. Across the entire Minago Project, only 52 boreholes contain
PGM analysis.
2. There is a close correlation between PGM grades and total nickel grades with R-squared
(Pd) = 0.8296, and R-squared (Pt) = 0.7422 . Notable PGM results from repres entative
Minago Project’s Nose and North Limb deposit sections are tabulated below:
PGM Assays From Drill Holes By Flying Nickel in 2022
Hole ID From To Width
(m) Ni % Cu % Au g/t Pt g/t Pd g/t Au+Pt+Pd
g/t NiEq Location
FN-22-001 296 365.6 69.60 1.10 0.05 0.026 0.192 0.383 0.601 1.222 Nose - East
incl… 322.36 329.93 7.57 1.69 0.13 0.055 0.330 0.679 1.064 1.922
…and 337.57 343.57 6.00 1.70 0.05 0.027 0.305 0.608 0.940 1.887
380.95 383.5 2.55 1.10 0.02 0.027 0.100 0.208 0.335 1.168
428.63 433.08 4.45 1.16 0.05 0.006 0.193 0.396 0.595 1.281
FN-22-002 169.1 277.17 108.07 0.81 0.05 0.015 0.105 0.210 0.331 0.885 Nose - West
incl… 216.45 225.32 8.87 1.68 0.11 0.048 0.292 0.592 0.932 1.884
…and 271.61 274.69 3.08 1.40 0.07 0.010 0.255 0.491 0.756 1.555
FN-22-003 323.46 332 8.54 0.84 0.03 0.015 0.094 0.239 0.347 0.913 North Limb –
South 339.1 408.64 69.54 0.47 0.02 0.005 0.038 0.104 0.146 0.506
incl… 403.14 408.64 5.50 0.86 0.05 0.008 0.122 0.319 0.450 0.961
FN-22-005 149.73 180.57 30.84 0.84 0.04 0.022 0.164 0.319 0.505 0.945 North Limb –
South incl… 153.15 153.89 0.74 1.46 0.06 0.023 0.250 0.516 0.789 1.623
…and 155.8 160.91 5.11 1.40 0.06 0.039 0.280 0.585 0.904 1.582
…and 175.5 180.57 5.07 1.37 0.09 0.016 0.276 0.536 0.828 1.548
318.15 323 4.85 0.73 0.00 0.014 0.196 0.357 0.566 0.832
incl… 318.15 319.59 1.44 1.79 0.01 0.040 0.580 1.040 1.660 2.083
PGM Assays From Drill Holes By Prior Minago Project Operators
Hole ID From To Width
(m) Ni % Cu % Au g/t Pt g/t Pd g/t Au+Pt+Pd
g/t NiEq Location
V-08-01 334.51 338.93 4.42 0.90 0.06 0.003 0.080 0.243 0.326 0.980 Nose - East
440.42 527.52 87.10 0.90 0.05 0.002 0.121 0.327 0.449 1.000
incl… 453.41 489.5 36.09 1.55 0.07 0.003 0.202 0.551 0.756 1.713
V-10-11 192.9 221 28.10 0.86 0.06 0.036 0.130 0.295 0.461 0.961 Nose - Central
incl… 194 195 1.00 1.64 0.02 0.025 0.180 0.420 0.625 1.760
…and 200.18 207 6.82 1.42 0.13 0.077 0.197 0.480 0.753 1.605
…and 214.06 217 2.94 1.33 0.12 0.093 0.180 0.450 0.724 1.507
243 273.06 30.06 0.99 0.05 0.004 0.142 0.364 0.511 1.098
incl… 243 251.58 8.58 1.56 0.09 0.006 0.223 0.562 0.791 1.733
…and 256.4 257.58 1.18 1.50 0.06 0.003 0.210 0.520 0.733 1.652
…and 258.96 267.05 8.09 1.16 0.06 0.003 0.168 0.441 0.611 1.291
V-10-13 98.49 103.72 5.23 1.65 0.19 0.009 0.309 0.809 1.128 1.923 North Limb –
North incl… 101.2 103.72 2.52 2.05 0.30 0.011 0.262 0.907 1.180 2.364
221 231 10.00 0.74 0.07 0.005 0.058 0.156 0.218 0.803
276 287.32 11.32 0.91 0.05 0.015 0.094 0.237 0.346 0.989
303.06 306.91 3.85 0.99 0.10 0.012 0.140 0.344 0.496 1.118
V-10-15 143 228 85.00 0.99 0.06 0.015 0.129 0.320 0.465 1.094 Nose - West
incl… 176 183.85 7.85 1.50 0.11 0.041 0.187 0.504 0.733 1.670
…and 187.6 200.74 13.14 1.62 0.10 0.013 0.225 0.541 0.780 1.790
…and 211.56 214.52 2.96 1.32 0.10 0.015 0.192 0.451 0.659 1.468
…and 204.84 214.52 9.68 0.87 0.04 0.008 0.134 0.303 0.445 0.962
…and 218.37 228 9.63 0.93 0.06 0.010 0.098 0.242 0.350 1.015
243.46 245.97 2.51 1.38 0.12 0.003 0.139 0.389 0.530 1.520
V-10-21 88.59 88.72 0.13 13.35 0.01 0.220 2.180 7.050 9.450 15.104 North Limb –
North 190 194.78 4.78 0.83 0.04 0.031 0.059 0.168 0.258 0.893
214.02 221 6.98 1.00 0.03 0.003 0.073 0.219 0.295 1.068
259.56 263.76 4.20 0.87 0.02 0.026 0.045 0.135 0.206 0.916
482.56 486.77 4.21 1.40 0.02 0.018 0.294 0.481 0.794 1.547
V-10-26 160.86 319.32 158.46 0.51 0.02 0.009 0.063 0.130 0.203 0.550 Nose - West
incl… 172.7 180.51 7.81 1.17 0.00 0.009 0.127 0.293 0.429 1.247
…and 187.85 196.09 8.24 1.26 0.00 0.005 0.203 0.414 0.623 1.367
…and 291.39 295.98 4.59 1.32 0.06 0.006 0.160 0.323 0.489 1.423
V-11-04 206 236.5 30.50 1.01 0.00 0.014 0.162 0.325 0.500 1.101 North Limb –
South incl… 209 218.77 9.77 1.56 0.00 0.019 0.248 0.507 0.775 1.700
…and 224 228.25 4.25 1.52 0.00 0.041 0.278 0.564 0.883 1.681
268.69 281 12.31 1.01 0.00 0.013 0.107 0.213 0.333 1.068
V-11-09 102.1 107.15 5.05 1.84 0.00 0.008 0.097 0.359 0.464 1.930 North Limb –
North 266.02 344.44 78.42 0.81 0.00 0.024 0.095 0.260 0.379 0.876
incl… 305.5 337 31.50 1.25 0.00 0.051 0.170 0.456 0.677 1.370
Detection limit is 10 ppm for Ni, 10 ppm for Cu, 10 ppm for Co, 5 ppb Au, 10 ppb Pt and 5 ppb
Pd. When calculating composite grades, half the detection limit value was used when assay
results were less than the detection limit. Composite grades are weighted by sample length. True
widths are approximately half the width observed in core.
Reported results are from historic boreholes, drilled by Victory Nickel, and are intended to
highlight PGM grades and the correlation between nickel and PG M throughout the resource,
including both the Nose and North Limb deposits.
NiEq % (Resource) = ( (Ni% x 22.04 x Ni Price $/lb) + (Cu% x 22.04 x Cu Price $/lb) + (Pt gpt /
31.1035) x Pt $/oz +(Pd gpt / 31.1035) x Pd $/oz + (Au gpt / 31.1035) x Au $/oz)/(22.04 x Ni $/lb).
This calculation assumes 100% recovery rates and does not include Cobalt due to a lack of data.
Calculation is an estimation of resource potential. Metal prices are Ni $12.4/lb, Cu $4.1/lb, Pd
$1,721/oz, Pt $1,068/oz, Au $1,904/oz based on January 13, 2023
A high degree of correlation between PG M and Nickel has been observed in the existing assay
results, the correlation between PGM & Ni plot can be found below:
The tabulated results are distributed across the Nose and North Limb of the deposit a . They
demonstrate the dispersion of PGM throughout the deposit, shown on the map below:
R² = 0.8296
0
500
1000
1500
2000
0 10000 20000 30000 40000
Pd (ppb)
Ni (ppm)
Pd/Ni
R² = 0.7422
0
200
400
600
800
1000
0 10000 20000 30000 40000
Pt (ppb)
Ni (ppm)
Pt/Ni
Total length of PGM assay sections and number of boreholes is estimated. Maps and charts are
available at www.flynickel.com
The Company and its consultants, including Qualified Persons, have identified approximately
7,061 meters of sections in 97 holes to assay for PGM. The Company’s objective is to publish a
maiden PGM resource for the Minago Project.
“The recent drill results by Flying Nickel confirmed significant Platinum Group Metals credits. They
add a new dimension to our already unique Minago nickel project . Other outstanding project
features include an open pit optimized resource, 0.74% high nickel grades, and convenient
infrastructure access such as being 1.5km from a 75kV power line and a paved provinc ial
highway.
Investors can expect PGM assay results throughout first and second quarters of 2023 ”,
commented John Lee, Interim CEO.
PGM Metallurgy and Recovery
The PGM presence was notable in Minago nickel bulk concentrate from prior metallurgical studies
by SGS in 2010 with 0.54% nickel head grade. The concentrate contains 22.3% Ni, 1.4% Cu,
0.46% Co, 2.47 g/t Pt, 6.31 g/t Pd, 0.63 g/t Au, 4.3 g/t Ag, and 0.59 g/t Rh.
SGS has been engaged since November 2022 to conduct tests to optimize PGM recovery which
could enhance the Minago Project economics with initial results anticipated in the 1st half of 2023.
Qualified Person
The technical contents of this news release have been prepared under the supervision of Michael
Hartley, P.Geo. and he approves its content. Mr. Hartley is not independent of the Company in
that he is employed by it. Michael Hartley is a Qualified Person as defined by the guidelines in NI
43-101.
About Flying Nickel
Flying Nickel Mining Corp. is a premier nickel sulphide mining and exploration company. The
company is advancing its 100% owned Minago nickel project in the Thompson ni ckel belt in
Manitoba, Canada.
Further information on the Company can be found at www.flynickel.com.
FLYING NICKEL MINING CORP.
ON BEHALF OF THE BOARD
John Lee
Interim Chief Executive Officer
For more information about the Company, please contact:
Phone: Phone: 1.877.664.2535 / 1.877.6NICKEL
Email: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
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 forward-looking statements.
These factors should be considered carefully, and readers should not place undue reliance on
the Flying Nickel’s forward -looking statements. Flying Nickel believes that the expectations
reflected in the forward -looking statements contained in this news release and the documents
incorporated by reference herein are reasonable, but no assurance can be given that these
expectations will prove to be correct. In addition, although Flying Nickel has attempted to identify
important factors that could cause actual actions, events or results to differ materially from those
described in forward looking statements, there may be other factors that cause actions, events or
results not to be as anticipated, estimated or intended. Flying Nickel undertakes no obligation to
release publicly any future revisions to forward -looking statements to refl ect events or
circumstances after the date of this news or to reflect the occurrence of unanticipated events,
except as expressly required by law.