FPX Nickel Rock Sampling Program Establishes Mich Property as Compelling Large-Scale Target with Surface Grades Comparable to Flagship Baptiste Nickel Project
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FPX Nickel Rock Sampling Program Establishes Mich Property as
Compelling Large-Scale Target with Surface Grades Comparable to
Flagship Baptiste Nickel Project
Vancouver, November 14, 2024 – FPX Nickel Corp. (TSX-V: FPX, OTCQB: FPOCF) (“FPX” or the
“Company”) is pleased to announce the results of a grid-based rock sampling program at the 100% owned
Mich property in the Yukon territory. This program has both expanded the footprint of known awaruite
mineralization and identified new areas of awaruite mineralization beyond the previous claims boundary.
Based on the expanded database of Mich rock sampling results, the grade profile of surface rock samples
at Mich is now considered comparable with similar samples at FPX’s flagship Baptiste Nickel Project
(“Baptiste”) in British Columbia.
Highlights
• The Mich Central Zone, as defined by surface rock sample results, has been increased to 2.2
kilometres in length by up to 575 metres in width
• Within the Central Zone, results ranged from below detection to 0.16% Davis Tube Recoverable
(“DTR”) nickel, with 44% of samples greater than 0.10% DTR nickel and 83% of samples
greater than 0.06% DTR nickel, and total nickel values range from 0.19 to 0.31%
• Rock sampling in previously unexplored areas has returned DTR nickel values of up to 0.11%,
leading the Company to expand the Mich claims package from 87 km2 to 105 km2
“We are pleased the 2024 Mich program has successfully expanded the footprint of Mich’s known awaruite
zone with grades comparable to Baptiste, as well as identified new areas of awaruite mineralization beyond
the previous claims boundary,” commented Andrew Osterloh, FPX’s Senior Vice-President of Projects and
Operations. “ When considered alongside FPX’s continued development of Baptiste and our ongoing
generative exploration joint venture with JOGMEC, the exploration success at Mich continues to position
awaruite as a disruptive new source of low-carbon, low-cost, nickel for both the stainless and EV battery
supply chains.”
Background
The Mich claims are underlain by serpentinized ultramafic rocks of the Cache Creek Terrane, the same belt
of rocks that host the awaruite mineralization at FPX’s flagship Baptiste Nickel Project in central British
Columbia. The Mich property is located 50 km southeast of Whitehorse, just 18 km off the Alaska
Highway. The Mich mineral claims are located on the territories of the Ta’an Kwach’an Council, the
Kwanlin Dun First Nation, and the Carcross/Tagish First Nation.
As announced in the Company’s June 10, 2024 news release, the Mich claims package was expanded from
19 to 87 km2 in the first half of 2024 , and a surface sampling program was planned with the objective of
advancing the project to a drill -ready state. This surface sampling program is now concluded and results
are reported herein.
2024 Field Program Results
Grid-based sampling was conducted at 100 m by 200 m spacing within and around the Mich Central Zone,
and 400 m by 400 m spacing within previously unexplored areas in the new claims. In total, 363 rock
samples from an area of approximately 25 km 2 were collected in 2024, complementing the Company’s
historic DTR nickel database which included 181 surface samples collected from 2012 to 2014 and two
drillholes completed in 2014. Both holes were drilled from the same collar location at the southern end of
the known mineralized zone , and b oth holes identified long intercepts of near -surface awaruite
mineralization, including 0.087% DTR nickel over 454 metres. Mineralization remains open in all
directions.
Within the Mich Central Zone, 175 rock samples define the expanded mineralized footprint, which now
measures 2.2 km in length by up to 575 m in width. This mineralized footprin t is defined by DTR nickel
grades generally in excess of 0.06%, the Baptiste cut-off grade. Within this footprint, values ranged from
below detection up to 0.16% DTR nickel with 44% of samples returning values greater than 0.10% DTR
nickel, and 83% of samples returning values greater than 0.06% DTR nickel. As seen in Table 1 below,
this grade profile is comparable to Baptiste, where 37% of historic surface samples within the preliminary
feasibility study (“PFS”) pit footprint measure greater than 0.10% DTR nickel and 79% of samples measure
greater than 0.06% DTR nickel.
Table 1: Mich Central Zone Mineralized Footprint Compared with Baptiste
Mich Central Zone Baptiste (Note 1)
Target Size 2.2 km x 575 m 3.2 km x 1.2 km
Number of surface samples 175 158
Samples >0.10% DTR Ni 44% (77 samples) 37% (58 samples)
Samples >0.06% DTR Ni 83% (145 samples) 79% (125 samples)
Samples <0.06% DTR Ni 17% (30 samples) 21% (33 samples)
Note 1: As outlined in the Company’s Baptiste Project PFS, the Probable Mineral Reserves for Baptiste
are estimated at 1,488 Mt at an average grade of 0.13% DTR nickel (0.21% total nickel), resulting in 1,933
kt of contained DTR nickel metal (3,125 kt of total nickel metal) over the 29 -year mine life. See the
Company’s September 6, 2023 news release.
Ultramafic rocks sampled at Mich have returned total nickel values ranging from 0.19% to 0.31% nickel.
While the range of total nickel content at Mich is typical of background nickel values from ultramafic
rocks sampled worldwide, the high DTR nickel values at Mich indicate that Mich’s nickel is primarily
contained in awaruite with grain sizes coarse enough for metallurgical recovery. In samples with low to
below detection limit DTR nickel, the total nickel value generally represents nickel contained within
silicate minerals (primarily olivine) or ultrafine awaruite, both of which are not metallurgically
recoverable.
In previously unexplored areas within newly staked areas to the southeast of the previous claims boundary,
wider-spaced sampling returned two significant samples, including 0.11% and 0.10% DTR nickel,
respectively. In response, additional follow-up sampling is planned for the next field campaign , and the
Company has newly staked a further 18 km2 in this area, bringing the total Mich claims package to 105
km2.
Figure 1: Mich Property and Surface Sampling Results
Figure 2: Mich Central Zone Surface Sampling Results
Sampling and Analytical Method
One- to two-kilogram rock samples were collected in the field from outcrop or locally sourced float in areas
where outcrop was unavailable. Samples were collected on a 100 m by 200 m nominal grid over the Mich
target and a 400 m by 400 m nominal grid in outlying areas. Locations were adjusted in the field depending
on available rock. Locations were documented using handheld GPS units and entered directly to a field -
based GIS system. Once bagged, tagged, and sorted, samples were shipped to Activation Laboratories in
Ancaster, Ontario.
Sample preparation involved crushing the entire sample to 80% less than 2 mm, riffle splitting 250 g, and
pulverization of the split to greater than 95% passing 105 microns. Analytical procedures included whole
rock analysis by lithium metaborate /tetraborate fusion ICPOES , Davis Tube magnetic separation, and
lithium borate fusion XRF analysis on the magnetic separate. The DTR nickel grade is calculated by
multiplying the magnetic separate XRF fusion nickel value by the weight of the magnetic fraction, divided
by total recorded weight.
QA/QC procedures included the insertion of industry-standard commercial standards in all phases of the
analytical procedures, duplicates at multiple stages in the preparation procedures and blanks. All QA/QC
protocols were performed by Activation Laboratories. The DTR method is a bench scale metallurgical test
procedure and is used to provide a measure of magnetically recoverable nickel and is the global, industry
standard for geometallurgical testing for magnetic recovery operations and exploration projects.
Keith Patterson, P.Geo., FPX’s Vice President, Generative Exploration, and FPX’s Qualified Person
under NI 43-101, has reviewed and approved the scientific and technical content of this news release.
About FPX Nickel Corp.
FPX Nickel Corp. is focused on the exploration and development of the Baptiste Nickel Project, located
in central British Columbia, and other occurrences of the same unique style of naturally occurring nickel -
iron alloy mineralization known as awaruite. For more information, please view the Company’s website at
https://fpxnickel.com/ or contact Martin Turenne, 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 “forward -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 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.