Flying Nickel’s Minago Drill Core PGM Assay Program Returns 11.07 meters Grading 0.629g/t PGM+Au, Adding to 1.51% Nickel (Previously Reported) in Manitoba’s Thompson Nickel Belt.
Flying Nickel’s Minago Drill Core PGM Assay Program
Returns 11.07 meters Grading 0.629g/t PGM+Au, Adding to
1.51% Nickel (Previously Reported) in Manitoba’s
Thompson Nickel Belt.
Vancouver, British Columbia, May 29, 2023 – Flying Nickel Mining Corp. (“Flying Nickel”
or the “Company”) (TSX-V: FLYN, OTCQB: FLYNF) is pleased to announce additional PGM
assay results from the Company’s 100% owned Minago Nickel PGM project (the “Minago
Project”) in the Thompson Nickel Belt, Manitoba.
New assay results covering 927 samples totalling 1,150 meters from 19 drill holes are inline with
management expectation. Those results further confirmed significant platinum and palladium
intersections throughout the Minago’s Nose Deposit.
Highlights from this latest assay data set include:
B-08-89 grading 1.21% Ni, 0.09% Cu, 0.178 g/t Pt, 0.464 g/t Pd and 0.010 g/t Au (0.653 g/t
PGM+Au) over a 7.63 meter interval from 241.39 meters downhole.
N-07-03 grading 0.80 % Ni, 0.06% Cu, 0.302 g/t Pt, 0.634 g/t Pd and 0.008 g/t Au (0.945 g/t
PGM+Au) over a 3.96 meter interval from 171.14 meters downhole.
V-08-03 grading 1.51% Ni, 0.01% Cu, 0.194 g/t Pt, 0.399 g/t Pd and 0.037 g/t Au (0.629 g/t
PGM+Au) over an 11.07 meter interval from 527.49 meters downhole.
V-08-04B grading 1.30% Ni, 0.10% Cu, 0.176 g/t Pt, 0.458 g/t Pd and 0.061 g/t Au (0.694 g/t
PGM+Au) over a 5.33 meter interval from 285.80 meters downhole.
V-08-05 grading 1.11% Ni, 0.07% Cu, 0.134 g/t Pt, 0.353 g/t Pd and 0.048 g/t Au (0.534 g/t
PGM+Au) over an 14.60 meter interval from 613.50 meters downhole.
Assay results from all 19 holes are tabulated below:
Hole ID From To Length Ni % Cu % Au g/t Pt g/t Pd g/t
Au+Pt+Pd
g/t
NiEq
%
B-08-89 241.39 249.02 7.63 1.21 0.09 0.010 0.178 0.464 0.653 1.355
B-08-89 255.11 261.20 6.09 1.00 0.08 0.031 0.125 0.312 0.468 1.113
B-08-89 307.02 324.70 17.68 1.19 0.05 0.054 0.200 0.396 0.650 1.323
B-11A-89 243.22 249.33 6.11 0.44 0.02 0.003 0.044 0.081 0.127 0.470
N-07-03 93.00 98.84 5.84 0.60 0.00 0.014 0.104 0.310 0.428 0.684
N-07-03 171.14 175.10 3.96 0.80 0.06 0.008 0.302 0.634 0.945 0.982
N-07-04 96.80 99.59 2.79 0.76 0.01 0.003 0.068 0.217 0.288 0.820
N-07-06 93.47 96.32 2.85 0.48 0.01 0.003 0.005 0.023 0.030 0.485
N-07-19 501.88 507.98 6.10 1.03 0.04 0.013 0.149 0.310 0.472 1.128
N-07-21 119.38 138.67 19.29 0.17 0.00 0.003 0.006 0.003 0.011 0.177
N-07-26 401.78 409.87 8.09 0.25 0.00 0.003 0.005 0.003 0.010 0.254
N-07-31 367.85 376.00 8.15 0.67 0.04 0.005 0.080 0.249 0.334 0.744
N-07-38 184.47 186.47 2.00 0.52 0.02 0.009 0.054 0.132 0.194 0.558
V-08-03 527.49 538.56 11.07 1.51 0.08 0.037 0.194 0.399 0.629 1.651
V-08-04B 232.47 238.17 5.70 1.23 0.10 0.024 0.157 0.419 0.600 1.370
V-08-04B 285.80 291.13 5.33 1.30 0.10 0.061 0.176 0.458 0.694 1.461
V-08-05 613.50 628.10 14.60 1.11 0.07 0.048 0.134 0.353 0.534 1.227
V-08-05 671.22 675.60 4.38 0.65 0.01 0.003 0.332 0.450 0.785 0.785
V-08-07 481.19 483.65 2.46 3.39 0.06 0.016 0.596 1.141 1.753 3.717
V-08-07 516.47 522.06 5.59 0.78 0.02 0.008 0.078 0.197 0.283 0.843
V-10-01 166.18 178.92 12.74 0.93 0.04 0.005 0.128 0.334 0.468 1.025
V-10-01 219.08 227.80 8.72 0.83 0.05 0.006 0.061 0.176 0.242 0.890
V-10-01 244.41 248.51 4.10 1.03 0.29 0.016 0.094 0.569 0.680 1.255
V-10-03 245.92 253.71 7.79 1.24 0.04 0.005 0.130 0.339 0.474 1.338
V-10-03 270.96 284.74 13.78 0.85 0.04 0.006 0.096 0.244 0.346 0.924
V-10-04 202.99 213.75 10.76 0.75 0.00 0.019 0.091 0.244 0.354 0.821
V-10-05 133.91 140.91 7.00 0.86 0.03 0.017 0.164 0.315 0.497 0.955
V-10-05 223.89 229.53 5.64 1.09 0.07 0.009 0.139 0.382 0.530 1.210
V-10-05 253.00 264.00 11.00 1.29 0.08 0.013 0.178 0.463 0.653 1.436
V-10-06 236.70 243.90 7.20 1.04 0.00 0.032 0.180 0.327 0.539 1.140
* 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. True widths are approximately half the width observed in core.
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.
Flying Nickel has received and released assay results of 3,009 samples totalling 3,582 meters
from 47 holes since the start of program in January 2023. Flying Nickel is on schedule to
receive and publish the remaining assay results of approximately 444 meters from 8 holes in
June 2023.
The objective of the core assay program is to develop a maiden PGM resource at the Minago
Project.
About Minago Project
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.
Total length of PGM assay sections and number of boreholes is estimated. Maps and charts are
available at www.flynickel.com
QA/QC
The sampling process incorporated blanks, standards (certified reference material) and
duplicates. The blank samples were comprised of crushed limestone; two standard types were
used which alternated from a high Ni concentration to a low Ni concentration; and duplicates
were created from half the material of the previous sample. QAQC samples were inserted at
intervals of 20.
Qualified Person
The technical contents of this news release have been prepared under the supervision of Adrian
Lupascu P.Geo. Mr. Lupascu is not independent of the Company in that he is employed by it.
Mr. Lupascu is a Qualified Person as defined by the guidelines in 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
Interim 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 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 reflect events or circumstances after the date of this news or to reflect the occurrence of
unanticipated events, except as expressly required by law