FPX Nickel Stepout Drilling at Baptiste Deposit Intersects Second- Highest Grade Near-Surface Nickel Mineralization in Decar Project History
Suite 725 – 1155 West Pender Street
Vancouver, BC Canada V6E 2P4
Tel: 604.681.8600
e-mail: [email protected]
November 20, 2017
FPX Nickel Stepout Drilling at Baptiste Deposit Intersects Second-
Highest Grade Near-Surface Nickel Mineralization in Decar Project
History
Vancouver, November 20, 2017 – FPX Nickel Corp. (FPX-TSX.V) (“FPX Nickel” or the
“Company”) is pleased to announce results of the final five of eight diamond drill holes
completed during its recent stepout drill testing of the Baptiste deposit at the Company’s 100%-
owned Decar nickel project (the “Project”) in central British Columbia. These results are
highlighted by hole 67, which returned the second-highest grading broad interval of near-surface
nickel mineralization in the Project’s history.
Highlights
● Hole 67 intersected 96 metres grading 0.167% DTR nickel, starting at an approximate
vertical depth of 42 metres below surface, representing the second-highest grading, near-
surface interval ever intersected at the Baptiste deposit (see Note 1 below regarding true
vertical depth)
● Hole 68 intersected 124 metres grading 0.133% DTR nickel, starting at an approximate
vertical depth of 20 metres below surface (see Note 1 below regarding true vertical depth)
● Drilling from 2010 to 2012 and 2017 in the southeast portion of the Baptiste deposit
defines a zone (see shaded area in Figure 1) approximately 1,000 metres long east-west
by 200 to 600 meters wide of near-surface mineralization with grades significantly higher
than the material modeled in the 2013 PEA
The results from this year’s eight-hole program support the potential for meaningful resource
expansion of higher grade, near-surface Davis Tube magnetically-recovered (“DTR”) nickel
mineralization at the Baptiste deposit beyond the resource used in the National Instrument 43-
101 2013 Preliminary Economic Assessment (“2013 PEA”) (see 2013 PEA filed under the
Company’s SEDAR profile on August 21, 2013).
“We are extremely pleased with the results of our 2017 stepout drilling program, highlighted by
holes 63 and 67, which both returned broad near-surface intervals grading over 0.163% DTR
nickel, representing two of the three highest-grading such intervals in the history of Baptiste,”
commented Martin Turenne, the Company’s President and CEO. “This year’s successful drilling
campaign supports the potential to considerably improve the development plan for Baptiste by
allowing for the incorporation of near-surface tonnage with grades significantly higher than the
material modeled in the early years of the 2013 PEA.”
The eight holes drilled during this year’s campaign are the first holes drilled at Decar since 2012.
Figure 1 provides a plan map of the locations for all holes drilled at Baptiste since the Project’s
inception.
Figure 1: Plan Map of Baptiste Deposit Drill Holes
Outline of Near-Surface, Higher-Grade Mineralization
The undiluted head grade in the first five years of the 2013 PEA mine plan ranged from 0.105%
to 0.116% DTR nickel, assuming a cutoff grade of 0.06% (see cautionary note regarding the
2013 PEA in this news release, below).
The results of the holes drilled in 2017 (Tables 1 and 2) expand the near-surface, higher-grade
southeast portion of the Baptiste deposit, which was previously defined by drilling performed
from 2010 to 2012 (Table 3). Drilling in the southeast area defines a shaded zone in Figure 1
over one kilometre long east-west by 200 to 600 meters wide of near-surface material (beginning
from a vertical depth of 3 to 70 metres) with DTR nickel grades significantly higher than the
material modeled for the first five years of production in the 2013 PEA. This zone supports the
potential to considerably improve the development plan for Baptiste by allowing for the
incorporation of shallow, higher-grade tonnage in the early years of mining.
Table 1: Results of Final Five Holes of 2017 Baptiste Drilling Program
Hole
Intersections DTR Nickel
(%)
Comments
From To Length
66 20 96 76 0.039
67 55 349 294 0.151 Excludes 9 m and 1m dikes
including 55 151 96 0.167
and 151 349 198 0.142 Excludes 9 m and 1m dikes
68 26 172 146 0.128 Excludes 1.2 m dike
including 26 150 124 0.133
and 150 172 22 0.099 Excludes 1.2 m dike
69 21 54 33 0.025
70 44 249 205 0.100
including 137 237 100 0.111
and 237 249 12 0.067
Note 1: The true vertical depth of all quoted intersections in this news release is interpreted to be
approximately 75% of downhole depth.
Table 2: Results of First Three Holes of 2017 Baptiste Drilling Program (previously reported in
the Company’s news release dated October 18, 2017)
Hole
Intersections DTR Nickel
(%)
Comments
From To Length
63 73 390 317 0.121 Excludes 4 m, 5 m, 25 m, 2 m, 1m, 1m and 1m dikes
including 86 190 104 0.163
including 146 183 37 0.179
and 190 298 108 0.136 Excludes 4 m, 5 m, 25 m, 2 m and 1m dikes
and 298 390 92 0.055 Excludes 1m and 1m dikes
64 30 141 111 0.047 Excludes 6 m, 1 m, 1m, 1 m and 2 m dikes
including 123 141 18 0.068
65 29 351 322 0.131 Excludes 1 m, 8 m, 1m and 2 m dikes
including 29 162 133 0.147 Excludes 1m dike
including 29 77 48 0.152
and 162 351 179 0.119 Excludes 8 m, 1m and 2 m dikes
including 174 245 71 0.125
Table 3: Selected 2010-12 Baptiste Drill Results (previously reported in the Company’s news
releases dated September 29, 2010, December 16, 2011 and November 27, 2012)
Hole Intersections DTR Nickel
(%) Comments From To Length
2010-1 3 321 318 0.145
2010-7 3 71 68 0.130
2011-5 45 303 258 0.145
2011-7 51 304 253 0.163
2012-36 31.1 600.1 563 0.156 Excludes 5.7 m dike
2012-37 64 600 494.9 0.147 Excludes 8.2 m and 33m dike sequence
2012-39 38.2 594.1 552.7 0.153 Excludes 3.1 m dike
2012-40 33 588 549.9 0.153 Excludes 5.1 m dike
2012-43 33.2 600 508.1 0.151 Excludes 22m, 9m, 14.2 m, 3.2m & 9.9 m dikes and
minor wall rock
2012-46 28.6 600.1 487.4 0.150 Excludes 20m, 8m, 14m, 12m & 11m dikes and <
0.1% DTR Ni intervals
2012-50 34.5 229 194.5 0.147
2012-55 106 569.7 456.2 0.158 Excludes 7.4 m dike
Overview of Final Five Holes of 2017 Baptiste Drilling Program
Previous drilling at Baptiste completed from 2010 to 2012 defined mineralization along a 2.5
kilometre strike length with widths of 150 to 1,080 metres. This year’s drilling expands the
footprint of mineralization 700 metres southeast along strike and up to 600 metres wide.
Hole 66 was collared 420 metres southeast of the 2013 PEA resource pit outline, and was drilled
to the southwest at an angle of minus 50 degrees. Drilling intersected bedrock at a depth of 20
metres, with weak awaruite mineralization depth extending to 46 metres. The remainder of the
hole was characterized by weak mineralization due to patchy selective replacement iron
carbonate alteration to final depth at 96 metres downhole.
Hole 67 was collared 175 metres southeast of the 2013 PEA resource pit outline, and was drilled
to the north at an angle of minus 50 degrees. The hole encountered bedrock at 55 metres
downhole (approximately 40 metres vertical depth) and thereafter intersected 282 metres of
strong awaruite mineralization, broken up by restricted intervals of non-mineralized dikes, to a
downhole depth of 294 metres. From 55 metres to 151 metres, the hole encountered 96 metres
grading 0.167% DTR nickel. Mineralization in this hole remains open at depth.
Hole 68 was collared 400 metres north of hole 67 along section and drilled due north at an angle
of minus 50 degrees. The objective for this hole was to better define the northern extent of the
resource, stepping out roughly 190 metres to the east from previous drilling. Drilling collared
into mineralized peridotite at 26 metres which continued to a depth of 172 metres, intersecting
146 metres grading 0.128% DTR nickel. From 172 to 220 metres, drilling encountered iron-
carbonate altered cataclastic peridoite with weak awaruite mineralization. At 220 metres, a
narrow but intense fault marks a transition to pervasively altered listwanite with low-to-trace
awaruite mineralization. The hole was shut down at a downhole depth of 252 metres.
Hole 69 was collared approximately 500 metres northeast of hole 65 and approximately 400
metres east of the 2013 PEA resource pit outline, and was drilled to the southwest at an angle of
minus 50 degrees. The objective for this hole was to test for near-surface mineralization,
stepping out to the east from the current resource. This hole was shut down at 90 metres after
intersecting weakly mineralized antithetic alteration and significant late diking throughout the
hole.
Hole 70 was collared 650 metres east the 2013 PEA resource pit outline, and was drilled to the
northeast an angle of minus 50 degrees. Drilling encountered 27 metres of overburden before
encountering barren dikes down to 44 metres. Continuous awaruite mineralization was
encountered from 44 to 249 metres, including 0.111% DTR nickel over 100 metres from 137 to
237 metres downhole. The hole was shut down at 249 metres, and mineralization remains open
at depth.
Cautionary Note Regarding 2013 PEA
The 2013 PEA, by definition, is preliminary in nature and includes inferred mineral resources
that are considered too speculative geologically to have economic considerations applied to them
that would enable them to be categorized as mineral reserves. There can be no certainty that the
PEA will be realized. It is important to note that mineral resources are not mineral reserves and
do not have demonstrated economic viability.
Sampling and Analytical Method
HQ & NQ drill core were cut in half using a diamond saw and sampled continuously down hole
with the exception of post mineralization dikes that are unsampled and known to have zero
grade. Drill core samples were cut on-site, sampled in 4 metre lengths, bagged and sealed with
tamper proof tags and shipped to Activation Laboratories in Kamloops, British Columbia, for
analysis. Laboratory preparation involved crushing the entire sample to 90% less than 2 mm, a
riffle split of 250 g and pulverization to 95% passing 105 microns. Davis Tube magnetic
separation involves feeding a 30 gram split of the pulp through a Davis Tube magnetic separator
as a slurry using a constant flow rate of 400 millilitres per minute and magnetic field strength of
3,500 Gauss at a 45 degree angle to produce a magnetic fraction and non-magnetic fraction. The
magnetic and non-magnetic fractions are dried and weighed. The magnetic fraction is analyzed
by X-Ray Fluorescence (“XRF”) fusion that generates high quality multi-element data, including
nickel analysis. The DTR nickel grade is calculated by multiplying the XRF fusion nickel value
by the weight of the magnetic fraction, divided by total recorded weight.
QA/QC procedures involved the analysis of field and prep duplicates and the insertion of
certified reference material, and insertion of non-certified blanks and replicates to assess 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 in effect a mini-scale
metallurgical test and is used to provide a more accurate measure of recoverable nickel and is the
global, industry standard geometallurgical test for magnetic recovery operations and exploration
projects.
Dr. Peter Bradshaw, P. Eng., FPX Nickel’s Qualified Person under NI 43-101, has reviewed and
approved the technical content of this news release.
About FPX Nickel Corp.
FPX Nickel Corp. is focused on the exploration and development of the Decar Nickel-Iron Alloy
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 www.fpxnickel.com or contact Martin Turenne, President
and CEO, at (604) 681-8600.
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 uncertainties,
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.