FPX Nickel Delivers Updated Mineral Resource Estimate for Baptiste Nickel Project, Reporting Significant Improvement in DTR Nickel Grade and First Inclusion of Total Nickel, DTR Cobalt and DTR Iron Grades

FPX Nickel Delivers Updated Mineral Resource Estimate for Baptiste Nickel Project, Reporting Significant Improvement in DTR Nickel Grade and First Inclusion of Total Nickel, DTR Cobalt and DTR Iron Grades

FPX Nickel Corp. (TSXV: FPX) (OTCQB: FPOCF) (" FPX " or the " Company ") is pleased to report an updated mineral resource estimate for the Baptiste Nickel Project (" Baptiste " or the " Project ") at the Decar Nickel District (" Decar ") in central British Columbia.  The 2022 mineral resource estimate incorporates results from 2021's in-fill drilling program and is based on a new geological modelling approach and newly improved dike model, all of which contribute to significantly improved Davis Tube Recoverable ("DTR") nickel grades.  The 2022 mineral resource estimate also reports, for the first time, the content of total nickel and potential by-product elements, cobalt and iron.

Highlights

  • Significant improvement in DTR nickel grade, with a 6% DTR nickel grade increase in the indicated category and a 15% increase in the inferred category
  • First-time reporting of total nickel content facilitates more accurate benchmarking to other large-scale nickel projects and highlights the potential for recovery of non-DTR nickel in the Baptiste deposit
  • First-time reporting of DTR cobalt and DTR iron contents highlights potential new byproduct value sources for Baptiste
  • Improved mineral resource modelling approach and estimate basis developed in collaboration with Equity Exploration Consultants Ltd. (" Equity ") and Next Mine Consulting Ltd. (" NMC ")
  • An independent third-party review of the new modelling and estimation approach by SLR Consulting Ltd. (" SLR ", formerly Roscoe Postle Associates)
  • 2022 mineral resource estimate will serve as the basis for the upcoming Baptiste Preliminary Feasibility Study (" PFS "), which is forecast for completion in the second half of 2023

"The new mineral resource estimate highlights the potential for improved project economics owing to a material increase in DTR nickel grade and new opportunities for recovery of cobalt and non-DTR nickel contained in the Baptiste deposit," noted Martin Turenne , FPX's President and CEO. "This marks an important de-risking step in the ongoing development of Baptiste as a large-scale, low-cost and low-carbon nickel project, setting the stage for the completion of our current metallurgical program which will culminate with the production of battery-grade nickel sulphate in the first quarter of 2023."

Approach

The new Baptiste Mineral Resource estimate incorporates results from 2021's successful in-fill drilling program (see the Company's news release dated March 14, 2022 ).  The 2021 program included 17 holes totaling 2,856 metres, bringing total resource drilling to-date to 99 holes, totaling 33,695 metres.  As previously reported, the 2021 Baptiste resource drilling program targeted the conversion of near-surface, higher-grade inferred resources to the indicated category.

The new modelling approach includes defined geological sub-domaining, grade shell modelling and more accurate modelling of dilutive dikes; collectively better representing the scale and characteristics of the Baptiste deposit. This compares to the previous approach applied in the 2020 Preliminary Economic Assessment (" PEA ") which solely used lithology domains and an assumed 3% removal of rock mass to account for waste or dike sections within the deposit.

Summary of Results

As seen in Table 1, along with updated tonnage and DTR nickel grades, the 2022 mineral resource estimate now includes total nickel, DTR cobalt, and DTR iron that all provide new potential value sources for Baptiste.  In addition, the reporting of total nickel grade facilitates more accurate benchmarking with other large-scale nickel projects.

Table 1: 2022 Baptiste Deposit Pit-constrained Mineral Resource Estimate*

Category

Tonnes
(Mt)

Grade

Contained Metal

DTR
Ni
(%)

Total
Ni
(%)

DTR
Co
(%)

DTR
Fe
(%)

DTR
Ni
(kt)

Total
Ni
(kt)

DTR
Co
(kt)

DTR
Fe
(kt)

Indicated

1,815

0.129

0.211

0.0035

2.40

2,435

3,828

64.4

43.5

Inferred

339

0.131

0.212

0.0037

2.55

444

720

12.5

8.6

*Notes for Tables 1 and 2:

  1. Mineral Resource estimate prepared by Richard Flynn , P.Geo of NMC using ordinary kriging within grade shell domains and inverse distance squared in dike domains.
  2. Resources are reported using the 2014 CIM Definition Standards and were estimated in accordance with the CIM 2019 Best Practices Guidelines.
  3. Davis Tube magnetically-recovered ("DTR") nickel is the nickel content recovered by magnetic separation using a Davis Tube, followed by fusion XRF to determine the nickel content of the magnetic fraction; in effect a mini-scale metallurgical test. The Davis Tube method is the global, industry standard metallurgical testing apparatus for recovery of magnetic minerals.
  4. Indicated resources are drilled on approximate 200 x 200 metre drill spacing and confined to mineralized lithologic domains. Inferred resources are drilled on approximate 300 x 300 metre drill spacing.
  5. A cut-off grade of 0.06% DTR Ni was applied.
  6. An optimized pit shell was generated using the following assumptions: US $8.50 per pound nickel price; pit slopes between 42-44°; nickel payability of 96%; mining recovery of 97% DTR Ni; process recovery of 85% DTR Ni; exchange rate of US$1.00 = C$0.77 ; and total operating cost and minimum profit of US$9.37 per tonne.
  7. Totals may not sum due to rounding.
  8. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

As seen in Table 2, contained DTR nickel metal in the indicated category remains unchanged at 2.435 million tonnes, with an approximate 9% reduction in tonnage offset by an approximate 6% increase in DTR nickel grade. The indicated grade increase is primarily due to (a) the introduction of grade shell modeling; and (b) the exclusion of near or below cut-off grade material within the mineralized zone through the improved dike model; and (c) the conversion of previously inferred higher-grade material through the inclusion of 2021 in-fill drilling data.

In the inferred category, tonnage is down by 42%; however, the average DTR nickel grade has increased by 15% which mutes the reduction in contained DTR nickel metal to 34%.  The reduction of inferred tonnage is due to (a) conversion of inferred to the indicated category; and (b) the exclusion of near or below cut-off grade material at the periphery of the mineralized zone through the new geological modelling approach.

Table 2: Updated Baptiste Resource Estimate vs. 2020 PEA Resource Estimate

Category

Tonnes
(MT)

Grade
(DTR Nickel)

Contained Metal
(DTR Nickel, kt)

2020
PEA

2022
Resource
Estimate

Change
(%)

2020
PEA

2022
Resource
Estimate

Change
(%)

2020
PEA

2022
Resource
Estimate

Change
(%)

Indicated

1,996

1,815

-9 %

0.122

0.129

+6 %

2,435

2,435

-

Inferred

593

339

-42 %

0.114

0.131

+15 %

675

444

-34 %

Geological Model Update

The new modelling approach includes defined geological sub-domaining, new grade shell modelling and an improved dike model to provide an improved basis for the exclusion of near or below cut-off grade material for mine design purposes.  This compares to the previous approach, applied in the 2020 PEA, which solely used lithology domains and an assumed 3% removal of rock mass to account for waste or dike sections within the deposit.

The new grade shell modelling methodology includes grouping of DTR nickel intercepts into high-, medium-, and low-grade domains.  As seen in Figure 1, this approach defines two high-grade DTR nickel domains (>0.10% DTR nickel), each surrounded by a medium-grade domain (0.08-0.10% DTR nickel) and collectively bound by a low-grade halo (0.06-0.08% DTR nickel). This grade shell domaining has been used in conjunction with geological sub-domaining to further refine and accurately model the internal deposit variability.

The newly improved dike model incorporates data from 2021's in-fill drilling program, previously unincorporated oriented core drilling, surface geophysics, and lithological logging.  Within the deposit, two dike swarms are interpreted to strike northwest to southeast and wrap around the intrusion to the east of the deposit.  The updated interpretation now has a 95% coincidence between wireframes and assays.  The previous explicit model had a much lower coincidence at less than 65%, which means dike grades in the 2020 mineral resource estimate were associated with serpentinized peridotite and vice versa.

Dikes are non-mineralized, steeply dipping, and have widths ranging from an average of 2 to 3 metres up to 15 metres.  Separation of dike and mineralized material during mining is considered feasible due to the consistency of dike orientation and visual distinction between the respective rock types.  Figure 1 presents a plan view of the grade shell model within the mineralized peridotite and the orientation of the dike swarms.  Figure 2 presents a cross section through the thickest part of the deposit (Section A-A' from Figure 1).

Figure 1: Baptiste Deposit Plan View Grade Shells and Dike Swarms Within the Mineralized Peridotite (CNW Group/FPX Nickel Corp.)

Figure 2: Cross Section A–A' of Grade Shells and Dike Swarms Within the Mineralized Peridotite (CNW Group/FPX Nickel Corp.)

The Company expects to publish the results of the updated Baptiste Mineral Resource estimate with a NI-43-101 compliant PFS report in the second half of 2023.

Data Verification

The data used in this Mineral Resource estimate is supported by industry standard Quality Assurance and Quality Control (" QA/QC" ) procedures, such as the insertion of certified standards and blanks into the sample stream and the utilization of certified independent analytical laboratories for all assays.  Historical QA/QC data and methodology on the project were reviewed and will be presented in detail in the upcoming PFS technical report.  No significant QA/QC issues were discovered during review of the data.

All geological data used in the Mineral Resource estimate was reviewed and verified by Ron Voordouw , PhD, P.Geo. (Director of Geoscience at Equity) and Richard Flynn , P.Geo. (Principal Consultant at NMC).  Mr. Voordouw and Mr. Flynn visited the Baptiste project from July 3 rd to 5 th , 2022.  The site visit included a review of historical and recent drill core; a review of procedures used to collect, record, store and analyze project exploration data; independent sampling of ten duplicate assays sent for analysis; observation of drill hole locations; and an overview of claim/property boundaries.

NMC compared a portion of the original laboratory data certificates, geological logs, and downhole deviation in surveys within the drillhole database.  The database subset was compared line-by-line to the fundamental data and no material errors were observed during the review.  The verification data represents approximately 5% of total drilling.

Assays were composited at 5 metres to match the block size in the z-direction.  DTR nickel composite grades within the updated grade shell sub-domains of the mineralized peridotite and the dikes illustrate adequate stationarity.

Specific gravity was assigned based on lithology with only minor changes from the 2018 values; updating was based on an additional 224 measurements to bring the total number of measurements to 1,202.

Estimation

Kriging parameters, search parameters and anisotropy were determined with semi-variograms for DTR nickel content using composites falling within the mineralized domains.  As presented in Figure 3, models showed a maximum range of 1,500 metres.  The resulting search ellipsoid has a major axis trending at an azimuth of 110° with a near vertical semi-major axis.

Figure 3: DTR Ni Variogram Models for Major, Semi-Major and Minor Directions; Downhole Variogram (CNW Group/FPX Nickel Corp.)

The block model was created in Leapfrog Edge using a block size of 10 metres x 10 metres x 5 metres, while the previous block model was created in Surpac using a block size of 10 metres x 10 metres x 10 metres.

DTR nickel grades within the corresponding domains were estimated in two passes using ordinary kriging (" OK ") for grade shells and inverse distance squared (" ID 2 ") for the dikes.  A single pass nearest-neighbour (" NN ") estimate was used to decluster composites for use in model validation swath plots.  The anisotropy conforms to the search ellipsoids derived from the variogram models.  Locally varying anisotropy was used for all grade shell and dike domains.  The grade shells utilized concentric patterns that honoured the shape of their "nested" contacts and samples should be paired as such for estimation.  The high-grade shell also used the major axis of the variogram model.

Resource classifications used in this study conform to the CIM Definition Standards for Mineral Resources and Mineral Reserves (CIM, 2014). To be classified as Indicated material, a block had to be:

  1. Estimated using composites from three separate holes and restricted to the one of the four mineralized sub-domains (high-, medium-, and low-grade shells or in the dike domain); and
  2. Within a 200-metre drill spacing

Blocks not classified as indicated were assigned to the inferred category if they fell within a 300-metre drill spacing and used a minimum of two holes.

Qualified Persons

The scientific and technical information contained in this news release pertaining to the Baptiste deposit has been reviewed and approved by the following qualified persons under NI 43-101:

  • Mineral Resource estimate: Richard Flynn , P.Geo., Principal Consultant at Next Mine Consulting Ltd.
  • Data QA/QC: Ron Voordouw , PhD, P.Geo., Director of Geoscience at Equity Exploration Consultants Ltd.
  • Geology: Erin Wilson , P.Geo., Principal Geologist at FPX Nickel Corp, and Richard Flynn , P.Geo.,

The qualified persons have verified the information disclosed herein and are not aware of any significant risks and uncertainties that could be expected to affect the reliability or confidence in the information discussed herein.

Additionally, an independent third-party review by SLR Consulting (formerly Roscoe Postle Associates) was undertaken of the new modelling and estimation approach.

About the Decar Nickel District

The Company's Decar Nickel District claims 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 nickel-iron alloy called awaruite (Ni 3 Fe), which is amenable to bulk-tonnage, open-pit mining. Awaruite mineralization has been identified in four target areas within this ophiolite complex, being the Baptiste deposit, and the B, Sid and Van targets, as confirmed by drilling, petrographic examination, electron probe analyses and outcrop sampling on all four targets.  Since 2010, approximately US$28 million has been spent on the exploration and development of Decar.

Of the four targets in the Decar Nickel District, the Baptiste deposit, which is the most accessible and has the biggest surface footprint, has been the focus of diamond drilling since 2010 with a total of 99 holes and 33,695 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 grades comparable to the Baptiste deposit.  At the Van target, the Company followed up 2021's highly successful maiden drilling program with an aggressive step-out program in the summer of 2022, with results forecast for sequential release in the fourth quarter of 2022 and first quarter of 2023.

About FPX Nickel Corp.

FPX Nickel Corp. is focused on the exploration and development of the Decar Nickel District, 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 or ceo@fpxnickel.com .

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.

SOURCE FPX Nickel Corp.

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FPX Nickel Publishes Inaugural Sustainability Report

FPX Nickel Publishes Inaugural Sustainability Report

 FPX Nickel Corp. (TSXV: FPX) (OTCQB: FPOCF) (" FPX Nickel " or the " Company ") is pleased to announce the publication of its first and foundational Sustainability Report (the " Report ").  The Report covers the period from 2021 to the present, a pivotal phase of Company growth and advancement of the flagship Baptiste Nickel Project (" Baptiste " or " the Project ").  To align with escalating project development efforts during this period, FPX Nickel initiated an internal assessment of the Company's Environmental, Social, and Governance (" ESG ") performance in early 2022.  The Report reflects the results of this assessment and provides an introduction to the sustainability initiatives FPX Nickel has implemented to date, as well as the commitments the Company has made for 2024.

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FPX Nickel Completes Confirmatory Large-Scale Mineral Processing Pilot Testwork with Funding Support from the Government of Canada

FPX Nickel Completes Confirmatory Large-Scale Mineral Processing Pilot Testwork with Funding Support from the Government of Canada

FPX Nickel Corp. (TSXV: FPX) (OTCQB: FPOCF) (" FPX " or the " Company ") is pleased to announce that it has successfully completed a large-scale mineral processing pilot testing campaign for the Baptiste Nickel Project (" Baptiste " or the " Project "), the first significant component of the ongoing feasibility study (" FS ") metallurgical testwork campaign.  Results from this testwork confirm the 2023 preliminary feasibility study (" PFS ") basis, thereby validating FPX's processing strategy, flowsheet, and key metallurgical criteria, including estimated recoveries.  The pilot testing campaign was funded in part by a $725,000 grant from Natural Resources Canada (" NRCan ") under the Government of Canada's Critical Minerals Research, Development and Demonstration (" CMRDD ") program, which is advancing the commercial readiness of processing technologies that will support the development Canada's EV battery material supply chain.

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FPX Nickel Announces Expansion to Generative Alliance with JOGMEC

FPX Nickel Announces Expansion to Generative Alliance with JOGMEC

FPX Nickel Corp. (TSXV: FPX) (OTCQB: FPOCF) (" FPX " or the " Company ") is pleased to announce an expansion of the Company's Global Generative Alliance (the " Generative Alliance ") program with Japan Organization for Metals and Energy Security (" JOGMEC ").  Building on Year One progress and positive momentum achieved to-date, FPX and JOGMEC have agreed to an expanded Year Two budget.  The program will remain focused on the global identification and acquisition of high-quality awaruite nickel properties similar in geological character to the Company's flagship Baptiste Nickel Project (" Baptiste ") in central British Columbia.

FPX Nickel logo (CNW Group/FPX Nickel Corp.)

Highlights

  • Global Generative Alliance budget increased from initially planned $650,000 to $1,500,000 for Year Two
  • Through ongoing evaluations in five international and three Canadian jurisdictions, the Generative Alliance program remains on track to define Designated Projects to be joint ventured by FPX and JOGMEC starting in Year Two
  • The Generative Alliance program has staked approximately 120 km 2 of prospective ground in British Columbia

"We are pleased with our progress during Year One of our Generative Alliance with JOGMEC and look forward to increasing momentum through a significantly expanded Year Two budget," commented Andrew Osterloh , FPX's Senior Vice-President of Projects and Operations. "Our shared vision of realizing new globally significant awaruite nickel deposits remains resolute, and with ongoing evaluations in multiple Canadian and International jurisdictions, we are on track to achieve our shared objective of defining Designated Projects starting in Year Two."

A JOGMEC representative commented: "JOGMEC has decided to increase funding for Year Two activities with a view to identifying significant new awaruite deposits, which could be a globally significant, low-carbon, source of nickel for the electric vehicle battery supply chain toward the realization of a carbon-neutral society."

In April 2023 , FPX and JOGMEC initiated a Generative Alliance to carry out mineral exploration activities for the identification and acquisition of high-quality awaruite nickel targets on a worldwide basis. Under the terms of the agreement, JOGMEC funded 100% of the $650,000 budget in Year One (covering the year ended March 31, 2024 ) and will fund 100% of the first $650,000 budgeted for Year Two (for the year ended March 31, 2025 ).

Building on Year One progress and the positive results of work completed to-date, FPX and JOGMEC have agreed to expand the Year Two budget to a total of $1,500,000 .  Under the terms of the agreement for Year Two, after JOGMEC has funded a cumulative total of $1,300,000 , the parties will fund ensuing exploration activities on pro-rata basis (FPX 40% and JOGMEC 60%).

Subject to agreement between FPX and JOGMEC, one or more specific targets identified by the Generative Alliance may be advanced to a second phase to be further developed as a separate designated project (" Designated Project ").  Each Designated Project will have its own work program and budget with the objective, of testing and further developing the identified targets.  For each Designated Project, JOGMEC and FPX will respectively fund 60% and 40% for approved work programs.

During Year One of the Generative Alliance, FPX's exploration team conducted evaluations and/or sampling programs in five international and three Canadian jurisdictions.  With multiple evaluations ongoing, and further prospective opportunities identified, the program is on track to identify Designated Projects in its second year.

Representing the first ground staked under the Generative Alliance, the Company is pleased to announce the acquisition of approximately 120 km 2 of new mineral claims in British Columbia.  This staking was based on historic sampling by FPX coupled with updated geological interpretation based on FPX's learnings at Baptiste.

The Company is currently strategizing on additional mineral tenure acquisitions within British Columbia , elsewhere in Canada , and in multiple international jurisdictions across multiple continents; one or more of such land packages may ultimately be selected as a Designated Project under the terms of the Generative Alliance.  As and when Designated Projects are confirmed, FPX will provide additional disclosure regarding the location and planned work programs for such Projects.

Keith Patterson , P.Geo., FPX's Vice President, Generative Exploration, FPX's Qualified Person under NI 43-101, has reviewed and approved the scientific and technical content of this news release.

About the Decar Nickel District

The Company's Baptiste Nickel Project represents a large-scale greenfield discovery of nickel mineralization in the form of a sulphur-free, nickel-iron mineral called awaruite (Ni 3 Fe) hosted in an ultramafic/ophiolite complex.  The Baptiste mineral claims cover an area of 245 km 2 west of Middle River and north of Trembleur Lake, in central British Columbia.  In addition to the Baptiste Deposit itself, awaruite mineralization has been confirmed through drilling at several target areas within the same claims package, most notably at the Van Target which is located 6 km to the north of the Baptiste Deposit.  Since 2010, approximately US $30 million has been spent on the exploration and development of Baptiste.

The Baptiste Deposit is located within the Baptiste Creek watershed, on the traditional and unceded territories of the Tl'azt'en Nation and Binche Whut'en, and within several Tl'azt'enne and Binche Whut'enne keyohs. FPX has conducted mineral exploration activities to date subject to the conditions of agreements with First Nations and keyoh holders.

About FPX Nickel Corp.

FPX Nickel Corp.  is focused on the exploration and development of the Decar Nickel District, 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/ .

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.

SOURCE FPX Nickel Corp.

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FPX Nickel Establishes Technical Advisory Committee with Representatives from Strategic Investors

FPX Nickel Establishes Technical Advisory Committee with Representatives from Strategic Investors

 FPX Nickel Corp. (TSXV: FPX) (OTCQB: FPOCF) (" FPX " or the " Company ") is pleased to announce the creation of a Technical Advisory Committee (" TAC ") to provide guidance to FPX's management regarding the exploration and development of the Baptiste Nickel Project (" Baptiste " or the " Project ") in central British Columbia .

FPX Nickel logo (CNW Group/FPX Nickel Corp.)

The TAC includes representatives of FPX's three strategic investors, each holding an approximate 9.9% interest in the Company's issued and outstanding shares – Sumitomo Metal Mining, Outokumpu Oyj, and the confidential corporate strategic investor first announced in November 2022 .

The TAC will benefit from the contribution of members from each of the strategic investors with diverse experience covering mineral exploration, mine project development and operations, sustainability and external relations. The group will review project materials and meet with FPX management on a quarterly basis to address risks and opportunities pertaining to the development of Baptiste. Consistent with the terms of the Company's investor rights agreements with each of its three strategic investors, the mandate of the TAC is strictly of an advisory nature; decisions regarding the Project will be subject to the sole determination of FPX's management and board of directors.

"We are grateful for the engagement of our three strategic investors in supporting the development of Baptiste," commented Martin Turenne , FPX's President and CEO. "Each of the three strategic investors brings unique technical capabilities, collectively covering the key aspects of mining, processing and downstream nickel consumption in the stainless steel and electric vehicle battery supply chains. The FPX management team looks forward to benefiting from this technical collaboration as we continue to advance Baptiste."

Market Maker Services

On March 1, 2024 , FPX retained PI Financial Corp. (" PI ") to provide market-making services in accordance with the TSX Venture Exchange (" TSX-V ") Policies. As disclosed in the Company's March 1, 2024 news release, in consideration of the Market Making Services, the Company is paying PI a monthly fee for a minimum term of three months. For additional clarity, the agreement provides an initial term of 12 months, which after three months may be terminated by the Company upon 30 days' written notice‎. After the initial 12-month term, the agreement continues on a month-to-month basis for an unspecified period. As of March 1, 2024 , PI did not have any interest, directly or indirectly in FPX or its securities, and did not possess any right to acquire such interest.

About the Decar Nickel District

The Company's Baptiste Nickel Project represents a large-scale greenfield discovery of nickel mineralization in the form of a sulphur-free, nickel-iron mineral called awaruite (Ni 3 Fe) hosted in an ultramafic/ophiolite complex. The Baptiste mineral claims cover an area of 245 km 2 west of Middle River and north of Trembleur Lake, in central British Columbia . In addition to the Baptiste Deposit itself, awaruite mineralization has been confirmed through drilling at several target areas within the same claims package, most notably at the Van Target which is located 6 km to the north of the Baptiste Deposit. Since 2010, approximately US $30 million has been spent on the exploration and development of Baptiste.

The Baptiste Deposit is located within the Baptiste Creek watershed, on the traditional and unceded territories of the Tl'azt'en Nation and Binche Whut'en, and within several Tl'azt'enne and Binche Whut'enne keyohs. FPX has conducted mineral exploration activities to date subject to the conditions of agreements with First Nations and keyoh holders.

About FPX Nickel Corp.

FPX Nickel Corp. is focused on the exploration and development of the Decar Nickel District, 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/ .

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.

SOURCE FPX Nickel Corp.

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FPX Nickel Outlines Baptiste Nickel Project Advancement Activities

FPX Nickel Outlines Baptiste Nickel Project Advancement Activities

FPX Nickel Corp. (TSXV: FPX) (OTCQB: FPOCF) (" FPX " or the " Company ") is pleased to outline plans for advancement of the Baptiste Nickel Project (" Baptiste " or the " Project ") in 2024. Building on the completion of the robust 2023 preliminary feasibility study (" PFS "), the Company's strategy is designed to prioritize critical path activities in preparation for entry into the Provincial and Federal environmental assessment (" EA ") in the first quarter of 2025.

FPX Nickel logo (CNW Group/FPX Nickel Corp.)

Highlights

  • Critical readiness activities for the EA are focused on three key areas:
    • Collaboration with Indigenous communities: Achieved through building of relationships and progression towards establishment of EA agreements with potential participating Indigenous communities. This will include enshrining protocols for collaborative decision-making and consent-based processes with each community.
    • Cultural and environmental baseline studies: FPX is committed to an Indigenous-led baseline program, and the Company's ongoing and expanded program will continue to build the comprehensive dataset required for the EA process and engineering studies.
    • Engineering studies and feasibility readiness: Through desktop and laboratory programs, the Company will continue to refine key Project elements, readying the project for the EA and feasibility study processes.

"FPX is focused on prioritizing and advancing the key workstreams to successfully enter the EA process, which sits along the critical path for the overall development of the Baptiste Nickel Project," commented Martin Turenne , FPX's President and CEO. "We are committed to executing project development activities in partnership with Indigenous communities in the Project area and look forward to supporting the development of Canada's critical minerals ecosystem in keeping with our core values of safety, respect, and collaboration."

Collaboration with Indigenous Communities

In 2024, the Company will work to establish EA agreements with all potential participating Indigenous communities. FPX is committed to building relationships with Indigenous communities early and through inclusive processes, to providing resources to enable engagement and collaborative decision-making, to enabling Indigenous communities to advance self-determined goals, and to optimizing long-term sustainable benefits and opportunities connected to the Project.

FPX will continue collaborative Project design in advance of the EA process, building on a series of mine design workshops initiated in 2023. Initial discussions in these workshops have focused on community values and preliminary learnings from Indigenous-led environmental baseline studies and have emphasized the importance of respect and protection of the environment.

A collaborative decision-making process with Indigenous communities is planned in 2024 to determine key aspects of mine design including tailings facility location and powerline routing, in advance of entering the EA process. Agreements with Indigenous communities are a priority for the Company in 2024 as they will be a mechanism to formalize these commitments and initiatives.

Cultural and Environmental Baseline Studies

Cultural and environmental baseline studies have been ongoing for the Baptiste Nickel Project since early 2022 and include surface water hydrology and water quality, wildlife, vegetation, fisheries and aquatics, and archeology programs. Ongoing and expanded 2024 programs have been scoped in preparation for the EA process. The 2024 field program will include an expansion of activities in the Project area, and commencement of studies focused on linear infrastructure, including the Project access road and powerline corridors.

FPX is committed to the ongoing execution of an Indigenous-led cultural and environmental baseline program. To achieve this, the Company has prioritized engagement of Indigenous-owned businesses and partnerships, such as Shas-Ti Environmental LP and Sasuchan Environmental LP, to ensure integration of Indigenous perspectives into the scoping and execution of these studies.

"The environmental consulting group Ecofor and the community of Binche have a long history of working together and in 2022 this was formalized by the establishment of Shas-Ti Environmental, a partnership undertaking the Indigenous-led baseline studies and training of community members for the Baptiste Nickel Project," commented Dwayne Martin , Community Liaison Manager for Shas-Ti Environmental. "A Dakelh phrase that guides our approach to collaboration is Alhgoh 'uts'ut'en, meaning we all work together . We are extremely proud of the work we are doing and that FPX is committed to this philosophy of working together."

Project Design & Engineering

Following completion of the PFS in October 2023 , the Company conducted a comprehensive planning exercise to define the path forward for Baptiste through project development and into production, and to ensure the Company will enter the EA process with the level of engineering definition necessary to de-risk the overall Project timeline. In 2024, engineering work will be centered on metallurgical testing and value engineering activities.

Metallurgy

The PFS was robustly supported by an extensive metallurgical testwork program which included extensive bench and multiple pilot-scale testwork programs. The Company has now commenced the feasibility study (" FS ") metallurgical program, which is focused on refining select elements of the flowsheet while also completing the typical testwork elements required to support FS detailing.

The FS metallurgical program commenced with pilot-scale testing of the concentrator flowsheet to (a) refine select elements of the Baptiste concentrator flowsheet, and (b) produce sufficient awaruite concentrate to support larger-scale testwork of the downstream refinery flowsheet. The concentrator pilot-scale testwork program is nearing completion, and results along with the confirmed plan for refinery testwork for the production of battery-grade nickel sulphate will be presented in April 2024 . Both of these programs are being funded in part by a non-repayable grant from the federal government of Canada under the Critical Minerals Research, Development, and Demonstration (" CMRDD ") program.

Other elements of the FS testwork program in 2024 include the types of typical and routine testwork required to support FS detailing, including bulk material handling characterization, solid-liquid separation, comminution variability, briquetting, and flotation tailings leach optimization testwork. Additionally, the Company will evaluate the potential opportunities which were presented in the PFS, such as nickel sulphide flotation and upgrading of a potential iron ore concentrate. The FS testwork program is expected to run through to 2025, and material findings will be sequentially released when completed.

Value Engineering

Building on the technical and commercial viability demonstrated in the PFS, the Company has commenced a value engineering program which looks to further improve project value, and also provide suitable layout and execution certainty ahead of the EA process. To this effect, concurrent value engineering studies are focusing on optimization of the following areas: process plant design, overall site layout, carbon intensity, and linear infrastructure (access road and powerline).

The value engineering exercise has identified several potential improvements to the conceptual Project design; the Company will report the full results of the value engineering program in the second quarter of 2024. Technically and economically feasible alternatives that are identified through value engineering will be further evaluated through collaboration with Indigenous communities, as described above.

Feasibility Study Planning

The Company will also progress scoping and planning for the 2025 field season, which will focus on data collection to support the feasibility study, including geotechnical investigations, continued environmental baseline data collection, and resource drilling.

Andrew Osterloh , P.Eng., FPX's Senior Vice President, Projects & Operations, FPX's Qualified Person under NI 43-101, has reviewed and approved the scientific and technical content of this news release.

About the Decar Nickel District

The Company's Baptiste Nickel Project represents a large-scale greenfield discovery of nickel mineralization in the form of a sulphur-free, nickel-iron mineral called awaruite (Ni 3 Fe) hosted in an ultramafic/ophiolite complex. The Baptiste mineral claims cover an area of 245 km 2 west of Middle River and north of Trembleur Lake, in central British Columbia . In addition to the Baptiste Deposit itself, awaruite mineralization has been confirmed through drilling at several target areas within the same claims package, most notably at the Van Target which is located 6 km to the north of the Baptiste Deposit. Since 2010, approximately US $30 million has been spent on the exploration and development of Baptiste.

The Baptiste Deposit is located within the Baptiste Creek watershed, on the traditional and unceded territories of the Tl'azt'en Nation and Binche Whut'en, and within several Tl'azt'enne and Binche Whut'enne keyohs. FPX has conducted mineral exploration activities to date subject to the conditions of agreements with First Nations and keyoh holders.

About FPX Nickel Corp.

FPX Nickel Corp. is focused on the exploration and development of the Decar Nickel District, 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 .

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.

SOURCE FPX Nickel Corp.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/March2024/05/c6824.html

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(TheNewswire)

Noble Mineral Exploration Inc.

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/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES /

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