FPX Nickel Confirms Continuation of Strong Nickel Mineralization in Step-Out Drilling at Van Target, Returning the Highest-Grade Near-Surface Nickel Interval To-Date
Suite 320 – 1155 West Pender Street
Vancouver, BC Canada V6E 2P4
Tel: 604.681.8600
e-mail: [email protected]
FPX Nickel Confirms Continuation of Strong Nickel Mineralization
in Step-Out Drilling at Van Target, Returning the Highest-Grade
Near-Surface Nickel Interval To-Date
Vancouver, December 12, 2022 – FPX Nickel Corp. (TSX-V: FPX, OTCQB: FPOCF) (“FPX” or the
“Company”) is pleased to announce the first step-out drillhole results confirming continued near-surface
lateral ex tension of strong nickel mineralization at the Van Target (“Van”) in the Company’s Decar
Nickel District (“Decar” or the “District”) in central British Columbia . The first three widely-spaced
holes drilled this year at Van, which is located 6 k m north of the Baptiste Deposit (“Baptiste”), returned
some of the strongest results in the District’s history, highlighted by the results of 22VAN-012, which
intersected the highest-grading broad interval of near-surface nickel mineralization drilled to-date at Van.
Highlights
• Van step-out drillholes show that the strong mineralization in previously reported outcrop
samples continues to depth southwest of the zone first drilled in 2021
o Hole 22VAN-010 intersected 346.3 m grading 0.133% DTR Nickel from the start of
bedrock at 51.3 m downhole to the end of hole , including 136.0 m of 0.143% DTR
Nickel from 91.0 m downhole
o Hole 22VAN-012 intersected 334.5 m grading 0.120% DTR Nickel from 6.0 m
downhole, including 176.0 m of 0.14 2% DTR Ni from 6.0 m downhole , and further
including 100.0 m of 0.150% DTR Ni from 70.0 m downhole
• Nickel mineralization at Van is the same as Baptiste, occurring as disseminated awaruite (nickel-
iron alloy) and in ophiolite host rocks
o The results at Van compare favourably with previous drilling results at Baptis te, which
contains 1.815 billion tonnes of indicated resources at an average grade of 0.129% DTR
nickel, plus 339 million tonnes of inferred resources with an average grade of 0.131%
DTR nickel (both reported at a cut -off grade of 0.06% DTR nickel). Mineral resources
are not m ineral reserves and do not have demonstrated economic viability. See the
summary of the Baptiste mineral resource estimate set out in FPX’s November 14, 2022
news release
“We are very pleased with these first step-out drill results from Van, confirming the potential for this
target to host a large -scale, standalone nickel deposit to rival the deposit already delineated at Baptiste ,”
commented Martin Turenne, the Company’s President and CEO. “Based on the drill results reported to-
date from the 2021 and 20 22 pr ograms, we have delineated consistent ly strong near-surface nickel
mineralization in drilling over an area measuring approximately 1 km long by 1 km wide , to downhole
depths over 300 m . The remaining drillholes completed in this year’s ten-drillhole program stepped out
to the west of this mineralized zone; we look forward to reporting assays from those remaining holes in
January.”
Link to view drill results within interactive 3D VRIFY model (for best results, view in full screen):
https://vrify.com/decks/12221?auth=9bf57cc7-fec5-457f-9a4a-6b96e3653f4b
Figure 1: Decar Nickel District
Van Target Drilling
The results of 22VAN-010, 22VAN-011 and 22VAN-012 are the first from a step-out dri ll program
consisting of 10 holes and totaling 2,504 meters at the Van Target, which is located 6 km north of
Baptiste at similar elevations (see Figure 1). This year’s step-out program was designed to expand the
large mineralized zone identified during 2021’s successful inaugural drill program.
Table 1 – Van Target Drillhole Results
Hole
Intersections1 DTR Nickel
(%)2
Total Nickel
(%)2 From (m) To (m) Intersected
Width (m)
22VAN-010 51.3 397.6 346.3 0.133 0.181
including 91.0 227.0 136.0 0.143 0.193
22VAN-011 31.3 91.5 60.2 0.071 0.220
22VAN-011 terminated due to poor ground conditions
22VAN-012 6.0 340.5 334.5 0.120 0.205
including 6.0 182.0 176.0 0.142 0.195
including 70.0 170.0 100.0 0.150 0.193
and 182.0 340.5 158.5 0.095 0.216
1 The vertical dep th (true width) of all quoted interse ctions in this news release is interpreted to be
approximately 70% of downhole length.
2 All mineralized core samples are assayed for “total nickel” and “Davis Tube Recoverable (“ DTR”)
nickel.” “DTR nickel” analyses measure only the magnetically recoverable nickel hosted in medium- to
coarse-grained awaruite (nickel-iron alloy) , whereas the “total nickel ” analyses measure s both
magnetically and non-magnetically recoverable nickel, the latter hosted in fine-grained awaruite or nickel
sulphide minerals. The Davis Tube method is a bench-scale metallurgical test procedure which provides
an estimation of magnetically recoverable nickel and is the global industry-standard geometallurgical test
for magnetic recovery operation s and exploration projects. See “Sam pling and Analytical Method”,
below.
The nickel mineralization intersected within 22VAN-010, 22VAN-011 and 22VAN-012 is characterized
by disseminated , medium to coarse-grained awaruite (nickel-iron alloy) mineralization hosted in
serpentinized ophiolitic rocks and is analogous to the mineralization and geological setting at the Baptiste
Deposit.
22VAN-010 was collared proximal to 21VAN-03 and drilled to the southwest at minus 55 degrees. The
drillhole encountered bedrock at 51.3 m downhole and thereaft er intersected 346.3 m of strong awaruite
mineralization, grading 0.133% DTR nickel to a downhole depth of 397.6 m. 22VAN-010 is notable for
a broad intercept of strong nickel mineralizati on at relatively shallow depth s, including 0.143% DTR Ni
over 1 36 m starting at a downhole depth of 91.0 m. Mineralization in this drillhole remains open at
depth.
22VAN-011 was collared 400 m southwest from 22VAN-010 and proximal to 21VAN-002 and w as
drilled to the southwest at an a ngle of minus 55 degrees . The drillhole encountered bedrock at 31.3 m
downhole and thereafter intersected 60.2 m of low-grade awaruite mineralization, to a downhole depth of
91.5 m. The strongest mineralization at 22VAN-011 was encountered at the bottom of the drillhole;
however the drillhole was terminated in medium -grade awaruite mineralization due to poor ground
conditions.
22VAN-012 was collared 400 m southwest from 22VAN-011 proximal to 21VAN-005 and was drilled to
the southwest at an angle of minus 55 degrees. The drillhole encountered bedrock at 6.0 m downhole and
thereafter intersected 334.5 m of strong awaruite mineralization, grading 0.1 20% DTR nickel to a
downhole depth of 340.5 m. 22VAN-012 is notable for a broad intercept of strong nickel mineralization
at the top of the drillhole, including 0.143% DTR Ni over 1 76 m starting at a downhole depth of 6.0 m.
Mineralization in this drillhole remains open at depth.
Collar locations for the ten drillholes drilled at the Van Target in 2022 are pr ovided in Figure 2.
Drillholes were spaced approximately 350 to 400 m apart and tested the Van Target over an area of
approximately 2 km2 to a maximum downhole depth of 439 m. Assays are pending for holes 22VAN-013
to 22VAN-019.
Figure 2: Van Target Plan Map with Drillhole Collar Locations and Outcrop Mapping
Figure 3 – Van Target Cross Section with Assay Results for 22VAN-010 and 21VAN-003
143.0 m @ 0.143 DTR Ni
287.0 m @ 0.119 DTR Ni
346.3 m @ 0.133 DTR Ni
136.0 m @ 0.143 DTR Ni
22VAN-010 21VAN-003
Figure 4 – Van Target Cross Section with Assay Results for 22VAN-012 and 21VAN-005
Sampling and Analytical Method
HQ & NQ size drill core were quartered and halved , respectively, on-site using a diamond blade core
cutting saw. Drill core was sampled continuously downhole at nominal 4 m intervals with the exception
of post mineralizat ion dikes and non -mineralized rock ty pes as they historically have had zero grade.
Samples were bagged an d sealed with tamper proof tags and shipped to Activation Laboratories in
Kamloops, Britis h Columbia , for sample preparation. Sample preparation invol ved crushing the entire
sample to 90% passing 2 mm, riffle splitting 250 g, and pulverizing the split to 95% passing 74 microns.
Analytical work was completed at Activation Laboratories in Ancaste r, Ontario and included lithium
metaborate/tetraborate fusion ICP and DTR Ni analysis. DTR Ni an alysis involved processing a 30 g
split of the pulp through a Davis t ube magnetic separator as a slurry using a constant flow rate of 400
millilitres per minute, a magnetic field strength of 3,500 Gauss, and a tube angle of 45 degrees to produce
magnetic and non-magnetic fractions. The magnetic and non-magnetic fractions were dried, weighed and
the magnetic fraction was analyzed by fusion X -Ray Fluorescence (“ XRF”) for multiple elements,
including nickel, cobalt, iron and chromium. The DTR nickel grade was then calculated by multiplying
the XRF fusion nickel value by the weight of the magnetic fraction, and dividing by the total recorded
feed weight.
QA/QC procedures involved the analysis of field and prep ared duplicates, DTR replicates, insertion of
certified reference materials, and non -certified blanks to a ssess the accuracy and precision of the Davis
tube magnetic separation and XRF analysis that are used to determine the DTR nickel content. The Davis
Tube method is a bench-scale metallurgical test procedure which provides an estimation of magnetically
recoverable nickel and is the global industry -standard geometallurgical test for magnetic recovery for
operations and exploration projects.
Erin Wilson, P. Geo., FPX Nickel’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 clai ms cover 245 km 2 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 nick el-
iron alloy called awaruite (Ni 3Fe), which is amenable to bulk -tonnage, open -pit mining. Awaruite
mineralization has been identified in four target areas with in this ophiolite c omplex, being the Baptiste
Deposit, and the B, Sid and Van targets, as confir med by drilling , petrographic examination, electron
probe analyses and outcrop sampling on all four targets. Since 2010, approximately US $2 8 million has
been spent on the exploration and development of Decar.
Of the four targets in the Decar Nickel D istrict, 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 99 drillholes and 33,700 m 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 gra des comparable to the Baptiste Deposit. In
2021, the Company executed a n ina ugural drilling program at Van which returned results comparable
with the strongest results at Baptiste.
About FPX Nickel Corp.
FPX Nickel Corp. is focused on the exploration a nd development of the Decar Nickel District, located in
central British Colum bia, and other occurrences of t he same unique style of naturally occurring nickel -
iron alloy mineralization known as awaruite. For more information, please view the Company’s webs ite
at www.fpxnickel.com or contact Martin Ture nne, President and CEO, at (604) 681 -8600 or
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 “forw ard-looking
information” within the meaning of applicable Canadian securities laws. These statements address future
events and conditions and so involve inherent risks and u ncertainties, as disclosed in the Company's
periodic filings with Canadian securiti es 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 Service s Provider accepts responsibility for the
adequacy or accuracy of this release.