FPX Nickel Reports on Large-Scale Pilot Testwork, With Results Validating Baptiste Flowsheet and Overall Recovery Basis

FPX Nickel Reports on Large-Scale Pilot Testwork, With Results Validating Baptiste Flowsheet and Overall Recovery Basis

FPX Nickel Corp. (TSXV: FPX) (OTCQB: FPOCF) (" FPX " or the " Company ") is pleased to present results from recently completed large-scale pilot testwork, with results validating both the flowsheet and the 85% Davis Tube Recoverable (" DTR ") nickel recovery assumed in the 2020 Preliminary Economic Assessment (" 2020 PEA ") for the Baptiste Nickel Project (" Baptiste " or the " Project ") at the Decar Nickel District in central British Columbia.  The Company's current large-scale, three-phase metallurgical testwork program, which has been ongoing since mid-2021, will conclude in the second quarter of 2023 and the resulting dataset will support the completion of the Baptiste Preliminary Feasibility Study (" PFS ").

Highlights
  • Large-scale pilot testwork is now complete and sufficient high-grade (> 65% nickel) awaruite concentrate was produced for downstream hydrometallurgical testing for the production of battery-grade nickel sulphate
  • Large-scale pilot testwork validates the processing strategy for Baptiste, leveraging awaruite's ferromagnetism, high density, active surface properties, and very high nickel content into a simple flowsheet utilizing magnetic separation followed by conventional froth flotation
  • Consistent with the PEA, the PFS metallurgical testwork program confirms a minimum 85% DTR nickel recovery basis for the Baptiste PFS, including:
    • Pilot-scale magnetic separation and bench-scale flotation testwork confirm an overall minimum DTR nickel recovery of 82% to a high-grade awaruite concentrate
    • Bench-scale testwork confirms the potential to improve DTR nickel recovery by an additional 3-5% through atmospheric leaching of flotation tailings followed by hydroxide precipitation

"Our current three-phase metallurgical testwork program confirms earlier results that demonstrate the technical feasibility of the Baptiste Nickel Project," commented Andrew Osterloh , FPX Nickel's Vice-President, Projects.  "Large-scale pilot testwork is an effective tool for the Company to validate our straightforward processing strategy, which is based on awaruite's unique characteristics, leading to a simple concentrator flowsheet with a robust recovery basis.  As we continue to demonstrate Baptiste's ability to produce very high-grade nickel concentrates, we further confirm that Baptiste's concentrate does not require intermediate smelting before use in either the stainless steel or electric vehicle battery supply chains, which is an important value differentiator for the Project."

Summary

The Baptiste processing strategy leverages awaruite's distinct properties in a simple, yet robust flowsheet.  The front end of the flowsheet utilizes magnetic separation to create a "magnetics rich" concentrate of awaruite and magnetite – a process made effective due to awaruite's ferromagnetism and density.  The back end of the flowsheet then utilizes conventional froth flotation to separate awaruite from magnetite – a process made effective due to awaruite's active surface properties and magnetite's general lack of flotability.  Finally, based on awaruite's very high nickel content, a very high-grade nickel concentrate (50-65% nickel) can be produced.  Figure 1 presents the Baptiste flowsheet and Table 2 in the following section presents further details on Baptiste's processing strategy.  As noted in Figure 1, a new processing opportunity treating flotation tailings has been identified, and the results are discussed herein.

Figure 1 – PEA Flowsheet and New Process Opportunity (CNW Group/FPX Nickel Corp.)

The Company's three-phase metallurgical testwork program, which has been ongoing since mid-2021, is approximately 85% complete and will conclude in the second quarter of 2023.  The program includes both bench- and pilot-scale testwork and evaluates the comminution, magnetic separation, flotation, and hydrometallurgical unit operations.  The overall program will test approximately 25 tonnes of material, including a life-of-mine master composite, mine phase composites, and a bulk sample from the starter pit area.  Key results from the PFS metallurgical testwork program are presented in Table 1.

Table 1 – Key PFS Metallurgical Testwork Program Results – DTR Ni Recovery

DTR Nickel Recovery

PEA Criteria

Preliminary PFS Criteria

Stage
Recovery

Primary Magnetic Separation

90 %

94 %

Cleaner Magnetic Separation

100 %

99 %

Flotation

94 %

88 %

Overall Recovery

85 %

82 %

New Opportunity – Flotation Tails Leaching

-

3-5% improvement; leading to
minimum 85% overall

Note that Table 1 presents a preliminary view on PFS recovery criteria, and that the in-progress variability testwork (see Table 3 in the following section) will confirm final PFS recovery criteria.  As noted in Table 1, primary magnetic separation stage recovery has improved versus the 2020 PEA, balancing the effect of reduced flotation stage recovery versus the 2020 PEA.  Additionally, flotation tailings nickel leaching represents a significant new opportunity to improve overall nickel recovery to match or exceed the 85% recovery assumed in the 2020 PEA.

Background

The Company has completed approximately 85% of a three-phase PFS metallurgical test program aimed at validating the Baptiste processing strategy, flowsheet, and key process parameters.  The Baptiste processing strategy leverages awaruite's unique characteristics and is summarized in Table 2.  The overall program is summarized in Table 3, resulting in a robust dataset to support the Baptiste PFS.  Phase 3 of the program has been subdivided into three components, as identified in Table 3.

Table 2 – Awaruite's Distinct Properties and Baptiste's Processing Strategy

Awaruite Property

Value

Processing Strategy to Leverage Property

Ferromagnetic

Highly ferromagnetic;
approximately ten times more than
magnetite

Use low intensity magnetic separation to cleanly
separate awaruite and other magnetic minerals
(magnetite) away from serpentine gangue minerals
(barren waste rock)

Very Dense

Specific gravity of 8.6;

compared to the serpentine gangue
minerals (approximately 2.5-3.0)

Select a coarse primary grind size while maintaining
high primary recoveries by using a hydrocyclone
classifier to preferentially recycle and further grind
awaruite containing particles (i.e., preferential
grinding of coarse awaruite)

Active Surface Properties

Comparable to sulphide minerals

Use froth flotation to cleanly separate awaruite
(which is readily floatable) from magnetite (which
does not float under typical froth flotation
conditions)

Very High Nickel Content

77% nickel

(Ni 3 Fe)

Produce a mineral concentrate by froth flotation that
is sufficiently high-grade (50-65% Ni) and low
enough in impurities to eliminate the need to further
upgrade the concentrate via downstream smelting

Table 3 – Summary of Three-Phase PFS Metallurgical Testwork Program

Phase

Objective

Key Results

Status

1

1. Confirm PEA magnetic separation
results using composite sample
representative of life-of-mine
operations.

2. Expand comminution and grinding
parameter databases.

1. PEA magnetic separation
configuration and results validated,
generating a magnetics-rich feed for
flotation with the potential for recovery
improvement in primary magnetic
separation due to preferential grinding.

2. Generation of a PFS-level
comminution database and provide
inputs into an engineering study to
confirm SAG milling as preferred over
HPGR grinding.

Complete

Refer to FPX
news release
dated December
8 th , 2021

2

1. Confirm nickel mineralogy across
Baptiste resource.

2. Confirm PEA conclusion that froth
flotation can generate high grade nickel
concentrate.

1. Consistent mineralization confirmed
across deposit and confirmation of the
resource DTR nickel basis as a valuable
geometallurgical tool.

2. PEA froth flotation configuration and
results validated, with the generation of a
high-grade nickel concentrate (> 60%
nickel) with a locked cycle recovery of
88%. Alternative flotation regime
identified to potentially reduce circuit
reagent costs and complexity.

Complete

Refer to FPX
news release
dated

July 27 th , 2022

3a

1. Large-scale, longer duration pilot
testing to further demonstrate the
recovery benefits observed in Phase 1.

2. Generate sufficient high-grade
awaruite concentrate for
hydrometallurgy testing.

1. Further validation of PEA flowsheet
and confirmation of benefit of
preferential grinding.

2. Sufficient high-grade concentrate
(>65% Ni) generated.

Complete

Refer to this
news release

3b

Variability testing to confirm the
homogeneity of the Baptiste resource
and further validate the process design
criteria and design factors.

Testing in progress

Results forecast
for release in the
second quarter
of 2023

3c

Hydrometallurgy testing program to
optimize previous leach testing, and
conduct purification and nickel
sulphate crystallization testwork to
demonstrate efficient integration into
the battery material supply chain

Testing in progress

Results forecast
for release in the
second quarter
of 2023

The overall metallurgical testwork campaign is being overseen by Jeffrey B. Austin , P.Eng., President of International Metallurgical and Environmental Inc.

Phase 3a –Large-Scale Pilot Testwork

Building on Phase 1 piloting, the Company undertook large-scale pilot testwork to (1) further demonstrate the recovery benefits of plant-scale processing, and (2) generate sufficient high-grade awaruite concentrate for hydrometallurgical testing.  The Company engaged Corem ( Quebec, Canada ) to conduct this testwork based on their expertise in magnetic separation and conventional froth flotation and their extensive, world-class facilities.  FPX's metallurgical team worked closely with Corem to optimize a wide range of parameters for each unit operation in the flowsheet, which was only possible due to the large overall scale of the pilot testwork.

Initial results of the large-scale pilot testwork were reported in the Phase 2 news release ( July 27, 2022 ) and focused on the performance of the primary grind and magnetic separation unit operations.  This release provides complete results from the large-scale pilot testwork, which is now substantially complete.

17 tonnes of material were processed in the pilot test conducted at Corem. The feedstock for piloting was a bulk sample from the starter pit area with a head grade of 0.117% DTR nickel, as compared to the resource average of 0.129%.

Primary grind feed rates averaged 210 kg/h, with a total run time of over 80 hours.  In contrast, the Phase 1 pilot plant processed 3.6 tonnes of feed material over 23 hours of run time.  As previously reported, the shorter duration of the Phase 1 pilot was insufficient to reach steady state milling conditions due to the high density of awaruite and its influence on the recirculating load, while the Phase 3 pilot reached steady state conditions after processing 11 tonnes of material over 54 hours.  When steady state was reached, multiple surveys were conducted at primary grind sizes ranging from 80% passing 150 to 280 microns, leading to a robust dataset which supports the conclusions inferred from the Phase 1 pilot testing.

Phase 3a – Primary Magnetic Separation

As demonstrated in the Phase 1 piloting, awaruite's high density (~8.6 specific gravity (" SG ")) presents an opportunity for preferentially grinding awaruite, versus the much less dense background of serpentine gangue minerals (approximately 2.5-3.0 SG).  As a hydrocyclone classifies minerals based both on particle size and particle density, preferential grinding of awaruite was both expected and observed.  The preferential grinding of dense awaruite means that Baptiste can utilize a relatively coarse primary grind (target of 80% passing 275 microns for the PFS, versus 300 microns in the 2020 PEA) while achieving the metallurgical performance of a much finer grind, thus reducing circuit sizing, power consumption, and operating consumables.

In addition to demonstrating the benefits of preferential grinding of awaruite, additional pilot plant runs and ancillary bench-scale programs were completed to determine the impact of magnetic field strength on recovery.  Note that the testwork supporting the 2020 PEA utilized relatively low intensity magnetic separation and did not thoroughly explore the benefits of increased field strength.

The impact of preferential grinding and magnetic field strength are summarized in Figure 2. The results clearly indicate a 0.5-1.5% increase in DTR nickel recovery due to increasing magnetic field strength from 1,200 to 1,800 Gauss.  Note that 1,800 Gauss is still sufficiently low to be classified as "low intensity" magnetic separation and as such does not require a significant change or cost increase in the magnetic technology required for industrial equipment.

Also seen in Figure 2, the pilot plant results clearly indicate an additional 0.5-1.0% recovery benefit attributed to preferential grinding, versus results achieved in bench-scale testing.  In aggregate, preferential grinding and increased magnetic field strength leads to a recovery increase of 2-3% at the coarse primary grind size targeted for the PFS (80% passing 275 microns).  For comparison, Figure 2 also presents the 90.1% DTR nickel stage recovery assumed in the 2020 PEA.   Additionally, Figure 2 also presents Phase 1 piloting results (96.9% DTR nickel recovery) which was conducted on a representative life-of-mine composite, illustrating the potential for further recovery improvements.  The in-progress variability testwork (Phase 3b ) should provide further insight into this potential recovery improvement.

Figure 2 – Impact of Grind Size, Preferential Grinding, and Magnetic Field Strength on DTR Nickel Recovery in the Primary Circuit (CNW Group/FPX Nickel Corp.)

Phase 3a – Regrind and Cleaner Magnetic Separation

Following the primary circuit pilot test, the regrind circuit pilot plant test was conducted.  The objective of the regrind circuit is to further liberate awaruite and subsequently clean the concentrate by magnetic separation in order to produce a higher-grade "magnetics-rich" concentrate which can then be further upgraded by conventional froth flotation.

Similar to the primary circuit, the regrind circuit was set-up with closed circuit grinding using a hydrocyclone classifier, once again to take advantage of awaruite's high density and the resultant preferential grinding potential.  While the preferential grinding phenomenon was expected, it was much more pronounced than in the primary circuit.  Despite a total run time of 46 hours and a total regrind feed of 1.8 tonnes, steady state conditions were not achieved.  At the time of shutdown, it was estimated that the DTR nickel recirculating load was 5600% and only approximately 40% of DTR nickel was sufficiently fine enough to have reported to cyclone overflow for magnetic separation cleaning.

For the approximately 40% of DTR nickel which was sufficiently ground to report to hydrocyclone overflow, the DTR nickel recovery in cleaner magnetic separation exceeded 99%, in line with the 100% stage recovery assumption in the 2020 PEA.  The remaining DTR nickel recovered in the regrind circuit clean-out was batch ground and then subjected to magnetic separation, where DTR nickel recovery also exceeded 99%.

Phase 3a – Flotation

Having created a magnetics-rich product through two stages of grinding and magnetic separation, the objective of froth flotation is to separate awaruite from magnetite.  The cleaner magnetic separation concentrate produced from the regrind mill clean-out material was subjected to bench- and pilot-scale batch flotation as this material contained the majority of DTR nickel (60% of the regrind circuit feed).  This material performed exceptionally well in flotation, with a 94% recovery to a final concentrate grading more than 65% nickel.  This is inline with previous bench-scale flotation testwork results and the PEA's assumption of 94% flotation stage recovery to a 63% nickel concentrate.

Flotation concentrate from the Corem work is now the feedstock for the current hydrometallurgical testing program, the results of which will be released in the second quarter of 2023.

Update on Phase 2 Flotation Testwork

As indicated in the Company's July 27, 2022 news release, key flotation testwork results achieved during Phase 2 included confirmation of the ability to consistently produce very high-grade flotation concentrates and the potential for an alternative (lower-acid) flotation regime which could achieve similar metallurgical performance while reducing flotation operating costs and complexity.  The Phase 2 news release indicated flotation testwork remained in progress, and an update on the results is presented herein.

Further optimization of the baseline flotation conditions resulted in a slight improvement in locked cycle testing, with flotation stage nickel recovery increasing from 87% to 88%.  As indicated in the Company's July 27, 2022 news release, while recovery values are less than the PEA flotation stage recovery criteria of 94%, the current flotation results were impacted by the lower feed grade owing to the hold-up of nickel in the pilot plant grinding circuit.  As comparable flotation tailings grades were observed across the current and historic flotation programs, and testwork continues to indicate that coarse, liberated awaruite is readily recoverable in flotation, the Company continues to anticipate recovery estimates would increase if the flotation feed material was more representative.

Additionally, locked cycle testwork on the alternative, lower-acid flotation regime achieved similar results to the Company's historical flotation conditions. This lower-acid regime has the potential to reduce acid consumption by approximately 25%.  Fundamentally, testwork has now clearly identified two viable flotation regimes which can achieve similar and excellent metallurgical performance, thereby validating conventional froth flotation as a tool to produce very high-grade awaruite concentrates.

New Processing Option to Increase Nickel Recovery

In addition to the ongoing flotation testwork, the Company is conducting a test program to demonstrate the potential to further improve nickel recovery through treating flotation tailings via leaching.  The objective of this processing concept is to access any nickel contained in low-grade awaruite containing particles that would dilute the final concentrate grade or ultra-fine awaruite particles that may not respond as effectively to conventional froth flotation.

Testwork to-date demonstrates that 65% of the nickel contained in flotation tailings can be readily leached using dilute sulphuric acid under ambient temperature and pressure conditions.  The balance of unrecovered nickel (35%) is almost entirely composed of nickel contained within magnetite, either as locked particles or in solid solution.  This indicates that the leaching process is extremely efficient for liberated or exposed awaruite particles.  Nickel was selectively leached away from magnetite with minimal co-leaching of iron (around 2-3%) and very low free acidities in the leach liquor, which indicates the potential for low reagent consumptions.  The majority of nickel in such a leach solution could readily be recovered as a mixed hydroxide precipitate (" MHP ") using simple and conventional unit operations.  This would be a new product stream, in addition to the high-grade awaruite concentrate which would still constitute the vast majority (95% or greater) of nickel output.

Flotation tailings nickel leaching represents a significant new opportunity to improve overall nickel recovery to match or exceed the 85% recovery assumed in the 2020 PEA. Based on results to date, it is estimated that DTR nickel recovery could be increased by 3-5% overall (from 82% to a minimum of 85%).

Qualified Person

The metallurgical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 Standards of Disclosures for Minerals Projects of the Canadian Securities Administrators ("NI 43-101") and supervised, reviewed, and verified by Jeffrey B.  Austin, P.Eng., President of International Metallurgical and Environmental Inc., a "Qualified Person" as defined by NI 43-101 and the person who oversees metallurgical developments for FPX Nickel.

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 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 holes 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 grades comparable to the Baptiste Deposit.  In 2021, the Company executed a maiden drilling program at Van, which has returned promising results comparable with the strongest results at Baptiste.  In 2022, the Company executed a step-out drilling program at Van which demonstrated a significant expansion of the 2021-identified mineralized zone.

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.

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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Exploring and Developing the High-margin Baptiste Nickel Project in Canada

FPX Nickel Publishes Scoping Study Report for North America's Largest Nickel Sulphate Refinery

FPX Nickel Publishes Scoping Study Report for North America's Largest Nickel Sulphate Refinery

FPX Nickel Corp. (TSXV: FPX) (OTCQB: FPOCF) (" FPX " or the " Company ") announces that further to its news release dated February 24, 2025 it has published the Report for the Awaruite Refinery Scoping Study (the " Study ") on its website at https:fpxnickel.comprojects-overviewawaruite-refinery .

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

The Study demonstrates a compelling business case for the development of a standalone refinery (the " Refinery ") to refine awaruite concentrate into battery-grade nickel sulphate for the electric vehicle (" EV ") industry, along with producing valuable cobalt, copper, and ammonium sulphate by-products. The Study has been prepared by Wood Canada Limited and all amounts are in US Dollars unless otherwise indicated.

Highlights

  • Strong Economics: After-tax NPV 8% of $445 million and IRR of 20% at $8.50 /lb Ni
  • Large-Scale, Long Life : 40-year operating life producing 32,000 tpa of nickel contained in battery-grade nickel sulphate
  • Valuable Products: Production of battery-grade nickel sulphate for the EV industry, and by-products including cobalt, copper, and ammonium sulphate, a valuable fertilizer product for the agricultural sector
  • Low Cost: Total estimated operating costs of $1,598 /t Ni, or $133 /t Ni ( $0.06 /lb Ni) on a by-product basis for refining awaruite concentrate to battery-grade nickel sulphate, resulting in total all-in production costs of $8,290 /t Ni ( $3.76 /lb Ni) for nickel sulphate generated from awaruite mineralization (inclusive of mining, processing, refining, on a by-product basis), with both figures ranking in the lowest decile of the respective global nickel sulphate cost curves
  • Low Carbon : A carbon intensity of 0.2 tCO2/t Ni for refining operations, resulting in a total all-in carbon intensity of 1.4 t CO2/t Ni for nickel sulphate generated from awaruite mineralization, which is magnitudes lower than current nickel sulphate production routes

The Study reinforces the opportunity for the development of an integrated, made-in- Canada solution from mine-to-battery, utilizing awaruite concentrate as a lynchpin source of nickel, with conventional refining steps underpinning low-cost, low-carbon nickel production for use in domestic and allied country EV battery supply chains. The Study is described more fully in the FPX news release dated February 24, 2025 , and incorporates the flowsheet advancements outlined in the Company's previously reported pilot-scale hydrometallurgical testwork results (see the FPX news release dated October 15, 2024 ).

Andrew Osterloh , P.Eng., FPX's Senior Vice President, Projects and Operations, has reviewed and approved the 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 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, including those which relate to the proposed development of the Refinery, the intended processing of commercially available awaruite concentrate at the Refinery and the ability to obtain same; the projected economics of the Refinery, including capital cost; operating costs; NPV; IRR; carbon intensity; processing life; growth of the EV market; marketability of the concentrate; growth of demand for nickel sulphate and pricing therefor; and all other statements, other than statements of historical facts. These statements address future events and conditions and actual results could differ from those currently projected.  The Company does not assume the obligation to update any forward-looking statement.

Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects', "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved". Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance and opportunities to differ materially from those implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements are set forth in the public reports and filings for FPX, filed on SEDAR+ at www.sedarplus.com . Although FPX believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, FPX disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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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Global Nickel Mining Market Size Forecasted to Reach $100 Billion By 2034 as Demand for Electric Vehicles Rises

Global Nickel Mining Market Size Forecasted to Reach $100 Billion By 2034 as Demand for Electric Vehicles Rises

FN Media Group News Commentary - The mining industry's increasing focus on sustainability and responsible practices is influencing nickel mining. Companies are adopting environmentally friendly processes to meet regulatory standards and consumer expectations. According to a recent report from Precedence Research said: "The global nickel mining market size is calculated at USD 56.42 billion in 2025 and is forecasted to reach around USD 100.29 billion by 2034, accelerating at a CAGR of 6.56% from 2025 to 2034. The Asia Pacific market size surpassed USD 30.81 billion in 2024 and is expanding at a CAGR of 6.65% during the forecast period. The market sizing and forecasts are revenue-based (USD MillionBillion), with 2024 as the base year. The global nickel mining market size accounted for USD 53.12 billion in 2024 and is predicted to increase from USD 56.42 billion in 2025 to approximately USD 100.29 billion by 2034, expanding at a CAGR of 6.56% from 2025 to 2034." It continued: "North America is set for swift expansion in the nickel mining market owing to a heightened need for nickel in electric vehicle (EV) manufacturing and renewable energy applications. The region's commitment to clean energy initiatives and carbon reduction fuels the demand for nickel, essential in EV battery production. Supported by favorable government policies, investments in sustainable mining methods, and advancements in mining technologies, North America stands as a pivotal player in the growing nickel mining sector on the global stage. The rapid expansion of the electric vehicle (EV) market stands as a pivotal catalyst, driving a surge in nickel demand. Nickel's indispensable role in electric vehicle batteries positions it as a cornerstone element in this burgeoning market. Projections from the International Energy Agency (IEA) indicate a noteworthy 41% increase in global electric car sales, surpassing 3 million units in 2020, underscoring the heightened nickel consumption associated with the EV boom."   Active Companies mentioned in the article includes: First Atlantic Nickel Corp. (OTCQB: FANCF) (TSX-V: FAN), TMC the metals company Inc. (NASDAQ: TMC), Tesla, Inc. (NASDAQ: TSLA), FPX Nickel Corp. (OTCQB: FPOCF) (TSX-V: FPX), Power Metallic Mines Inc. (OTCBB: PNPNF) (TSX-V: PNPN).

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FPX Nickel Scoping Study for North America's Largest Nickel Sulphate Refinery Outlines Low-Cost and Low-Carbon Supply for the EV Battery Supply Chain

FPX Nickel Scoping Study for North America's Largest Nickel Sulphate Refinery Outlines Low-Cost and Low-Carbon Supply for the EV Battery Supply Chain

FPX Nickel Corp. (TSXV: FPX) (OTCQB: FPOCF) (" FPX " or the " Company ") is pleased to announce results from an Awaruite Refinery Scoping Study (the " Study ") which demonstrates a compelling business case for the development of a standalone refinery (the " Refinery ") to refine awaruite concentrate into battery-grade nickel sulphate for the electric vehicle (" EV ") industry, along with producing valuable cobalt, copper, and ammonium sulphate by-products.

The Study has been prepared by Wood Canada Limited and all amounts are in US Dollars unless otherwise indicated. The Study relates to a standalone industrial project and anticipates the production of awaruite ore from projects that are not limited to mineral projects of the Company; without limiting the foregoing, the Study is separate and standalone from the Baptiste Nickel Project, which demonstrated the technical and commercial advantage of mining and concentrating awaruite ore to a high-grade awaruite concentrate.

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FPX Nickel Outlines 2025 Activities for the Baptiste Nickel Project

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FPX Nickel Corp. (TSX-V: FPX) (OTCQB: FPOCF) (" FPX " or the " Company ") is pleased to outline plans for advancement of the Baptiste Nickel Project (" Baptiste " or " the Project ") in 2025. Following the completion of the robust 2023 preliminary feasibility study (" PFS "), the Company's 2025 activities will build on strong progress made in 2024, prioritizing the advancement of further engineering studies, baseline environmental data collection, and continued positive engagement with First Nations and the Provincial and Federal governments in preparation for anticipated entry into the environmental assessment (" EA ") process in the second half of 2025.

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FPX Nickel Outlines 2025 Activities for the Baptiste Nickel Project

FPX Nickel Outlines 2025 Activities for the Baptiste Nickel Project

FPX Nickel Corp. (TSX-V: FPX) (OTCQB: FPOCF) (" FPX " or the " Company ") is pleased to outline plans for advancement of the Baptiste Nickel Project (" Baptiste " or " the Project ") in 2025. Following the completion of the robust 2023 preliminary feasibility study (" PFS "), the Company's 2025 activities will build on strong progress made in 2024, prioritizing the advancement of further engineering studies, baseline environmental data collection, and continued positive engagement with First Nations and the Provincial and Federal governments in preparation for anticipated entry into the environmental assessment (" EA ") process in the second half of 2025.

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Vertex Minerals Limited  Shares Commence Trading on US OTC Market

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Perth, Australia (ABN Newswire) - Vertex Minerals Limited (ASX:VTX) (OTCMKTS:VTXXF) is pleased to announce that its Ordinary Shares have been approved to trade on the OTCQB Venture Market ("OTCQB") in the United States of America (the "U.S.") and have commenced trading under the ticker VTXXF.

HIGHLIGHTS

- Trading commences on OTCQB under the ticker VTXXF.

- OTCQB recognised as an Established Public Market by the SEC.

- Offers enhanced investor benefits, including streamlined trading access for U.S.- based investors to VTX.

- Enables engagement with a network of U.S. investors, data distributions and media partners.

- ASX compliance qualifies for exemption under US regulations, minimising additional costs.

- There is no change to issued capital as part of the quotation on the OTCQB market and Vertex's primary listing remains the Australian Securities Exchange ("ASX") listing.

- No new shares in Vertex have been issued as part of the quotation on the OTCQX Market in the USA.

"The US market will take a keen interest in Vertex, an Australian gold company which will be recognised for its high-grade, future free cash generation, exploration upside, and its Australian dollar market value. The OTCQB quotation makes Vertex more readily accessible to a wider audience at a time when the US market is bullish gold and witnessing record Gold prices". Roger Jackson Executive Chairman

The dual-listing of the Company's ordinary shares on the OTCQB offers key advantages for investors, such as improved trading accessibility for U.S.- based investors and increased liquidity driven by a wider geographic reach of potential shareholders. This platform enables the Company to connect with U.S. capital markets, data providers, and media outlets, ensuring that U.S. investors have access to the same high-quality information and disclosures available to Australian investors, delivered through U.S.-focused platforms. Furthermore, the OTCQB listing allows U.S. investors to trade VTX's ordinary shares in U.S. dollars during U.S. market hours, providing a more cost-effective alternative to trading via the ASX platform.

The ability to trade in the Company's existing ordinary shares on the ASX will not be affected by having the OTCQB facility and no new ordinary shares have been issued. VTX will continue to make announcements and disclosures to the Australian Securities Exchange through the Market Operating Rules and Listing Rule requirements.

The OTCQB is acknowledged by the SEC as an Established Public Market and serves as a prominent platform for U.S. and international companies in the entrepreneurial and growth stages. Eligibility requires companies to maintain up-to-date financial reporting (in line with ASX listing rule obligations), meet a minimum bid price requirement, and complete an annual verification and management certification process. As a trusted and transparent marketplace with streamlined access to U.S. investors, the OTCQB supports companies in building shareholder value, enhancing liquidity, and achieving fair market valuation.

The Company would like to thank David Batista of Viriathus Capital who have acted as Sponsor for the Company's application to commence cross-trading on the OTCQB.



About Vertex Minerals Limited:  

Vertex Minerals Limited (ASX:VTX) is an Australian based gold exploration company developing its advanced Hargraves and Hill End gold projects located in the highly prospective Eastern Lachlan Fold Belt of Central West NSW. Other Company assets include the Pride of Elvire gold project and Taylors Rock gold/nickel/lithium project both located in the Eastern Goldfields of WA. The focus of Vertex Minerals is to advance the commercial production of gold from its NSW projects embracing an ethical and environmentally sustainable approach.



Source:
Vertex Minerals Limited

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Anteros Completes 3D Modelling and Identifies New Critical Mineral Targets at Havens Steady VMS Deposit, Newfoundland

Anteros Completes 3D Modelling and Identifies New Critical Mineral Targets at Havens Steady VMS Deposit, Newfoundland

Anteros Metals Inc. (CSE: ANT) ("Anteros" or the "Company") is pleased to announce the completion of 3D geological modelling of its 100% owned, road-accessible Havens Steady VMS Property (the "Property") in central Newfoundland. The Property is located approximately 40 kilometres southeast of Buchans and 17 kilometres from the past-producing Duck Pond Mine. The inaugural 3D model integrates over 8,000 metres of historical drilling, surface geochemistry, and geophysical data into a unified geological framework. Interpretation was supported by AI-assisted workflows to enhance target confidence and reduce interpretive bias. The model defines a laterally extensive polymetallic volcanogenic massive sulphide ("VMS") system characterized by zinc-lead-silver ± copper-gold mineralization. It confirms a steeply southeast-dipping mineralized zone trending 057°, with over 700 metres of drilled strike length along the main mineralized zone ("MMZ"), as depicted in Figure 1, and identifies multiple untested vectors remaining open along strike and at depth.

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Horne 5 Project Update

Horne 5 Project Update

Falco Resources Ltd. (TSX.V: FPC) (" Falco " or the " Corporation ") announced today that since its March 3 rd press release (the " March 3 rd Press Release "), the Corporation has received complementary correspondence (the " Complementary Correspondence ") from the Direction de l'évaluation environnementale des projets industriels et minières, at the Ministère de l'Environnement, de la Lutte contre les changements climatiques, de la Faune et des Parcs (the " Ministry "), which aims to clarify the Ministry's position regarding the ongoing process regarding the Horne 5 Project (the " Project ").

The Complementary Correspondence confirms, among other things, that the list of comments and questions previously received and discussed in the March 3 rd Press Release (the " Additional Questions ") is part of the standard process and that at this stage of the process, as with any other project, no conclusions can be drawn, whether regarding the acceptability or otherwise of the Project or the recommendation that may subsequently be made to the Minister.

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Questcorp Mining Plans IP Survey at North Island Copper

Questcorp Mining Plans IP Survey at North Island Copper

Questcorp Mining Inc. (CSE: QQQ) (OTCQB: QQCMF) (FSE: D910) (the "Company" or "Questcorp") is pleased to announce permitting is under way for a 10 to 15 line km induced polarization (IP) survey at the Company's 1,168 hectare North Island Copper project near Port Hardy on Vancouver Island, British Columbia.

While Questcorp's North Island Copper project hosts 8 targets across the property, the main target is the historic Marisa Zone, a porphyry copper target last explored in the 1990's. Surface sampling and a preliminary 12.3-line km Induced Polarization (IP) survey identified an interesting chargeability anomaly that was followed up by a five hole, 376.43 diamond drilling program. Two of the five holes hit interesting copper values including down hole intervals of 0.078% copper over 56.39 metres in DDH92-01 and 0.041% copper over 70.71 metres in DDH92-03 in an altered quartz diorite. Copper grades were increasing with depth in DDH92-03. The Company plans to follow up these historic results.

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Group Eleven Intersects 7.5m of 20.1% Zn+Pb and 51 g/t Ag, incl. 2.2m of 37.5% Zn+Pb and 72 g/t Ag at Ballywire in Step-Out Drilling; Upcoming Drilling at Cu-Ag Target and 'D' Gravity Anomaly

Group Eleven Intersects 7.5m of 20.1% Zn+Pb and 51 g/t Ag, incl. 2.2m of 37.5% Zn+Pb and 72 g/t Ag at Ballywire in Step-Out Drilling; Upcoming Drilling at Cu-Ag Target and 'D' Gravity Anomaly

Group Eleven Resources Corp. (TSXV: ZNG) (OTC Pink: GRLVF) (FSE: 3GE) ("Group Eleven" or the "Company") is pleased to announce assay results from four new holes (and additional assays from a previously announced hole) from the ongoing drill program at the Company's 100%-owned Ballywire zinc-lead-silver discovery ("Ballywire"), PG West Project ("PG West"), Republic of Ireland.

Highlights:

  • G11-3552-29 intersected (from 189.3m):
    • 130.7m of 2.3% Zn+Pb (2.0% Zn and 0.3% Pb) and 13 g/t Ag, including
    • 7.5m of 20.1% Zn+Pb (19.1% Zn and 1.0% Pb) and 51 g/t Ag, including
    • 5.7m of 24.1% Zn+Pb (23.2% Zn and 1.0% Pb) and 60 g/t Ag, including
    • 2.2m of 37.5% Zn+Pb (36.9% Zn and 0.7% Pb) and 72 g/t Ag
    • Represents a 55m step-out down-dip from G11-3552-27
  • G11-3552-271 intersected (from 201.5m):
    • 70.5m of 3.4% Zn+Pb (2.2% Zn and 1.2% Pb) and 41 g/t Ag, including
    • 25.7m of 7.9% Zn+Pb (5.7% Zn and 2.2% Pb), 78 g/t Ag and 0.12% Cu and
    • 4.2m of 2.0% Zn+Pb (0.4% Zn and 1.6% Pb), 172 g/t Ag and 0.66% Cu, including
    • 0.9m of 3.6% Zn+Pb (0.9% Zn and 2.6% Pb), 511 g/t Ag and 2.01% Cu
    • Located 50m down-dip from G11-3552-25 (announced 06-Feb-2025)
  • G11-3552-29 expands the footprint of the recently announced 360m long, flat-lying zone of zinc-rich massive sulphide lenses by at least 50m down-dip, to a total of at least 125m down-dip
  • Drilling continues at Ballywire with two rigs testing further down-dip of the two holes released today, plus the NE extension; assay results are expected in due course
  • In several weeks, drilling will also begin testing (a) a Cu-Ag target below the Zn-Pb-Ag discovery horizon; and (b) a step-out target 1.3km to the ENE of the Ballywire discovery testing in the vicinity of the prospective 'D' gravity-high anomaly, at a locality with abundant calcite similar to the calcite typically observed immediately above high-grade mineralization along the discovery trend

"We are very pleased to see the NE massive sulphide zone expanded by a ninth consecutive high-grade hole," stated Bart Jaworski, CEO. "Additional excellent Ag and Cu values also continue to point to a stratigraphically deeper Cu-Ag horizon, which we are aiming to start drill testing for the very first time over the next few weeks. We also look forward to stepping out 1.3km ENE towards a very prospective area near the 'D' gravity high anomaly. This locality hosts abundant calcite bodies, commonly seen above high-grade mineralization at Ballywire. A nearby historic hole is also mineralized. With the Cu-Ag target, continued drilling to the NE and larger step outs along our prospective 6km trend, 2025 promises to be an exciting year of exploration for Group Eleven."

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Exhibit 1. Cross-Section Showing New Drilling (G11-3552-27, -29 and -31) at Ballywire Discovery

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5685/245941_1b4f826a447618ea_002full.jpg

Note: Partial assays from G11-3552-27 previously announced on 06-Feb-25, consisting of 24.8m of 8.1% Zn+Pb, 80 g/t Ag;

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Exhibit 2. Plan Map Showing New Drilling and Interpreted Cu-Ag 'Feeder' Structure

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5685/245941_1b4f826a447618ea_003full.jpg

Note: Partial assays from G11-3552-27 previously announced on 06-Feb-25, consisting of 24.8m of 8.1% Zn+Pb, 80 g/t Ag;

New Step-Out Holes at Ballywire Discovery

The Ballywire prospect at the Company's 100%-owned PG West Project in Republic of Ireland, is a relatively new zinc-lead-silver discovery (first announced Sept-2022). In addition to 44 holes drilled and reported by Group Eleven to date, the most recent four holes (G11-3552-24, -26, -28, and -29) and additional assays for previously announced hole, G11-3552-27, are reported today (see Exhibits 1 to 7).

High-grade mineralization from G11-3552-27 and -29 (see Page 1 and Exhibits 1 to 4) consists predominantly of massive and semi-massive sulphide (sphalerite, galena, pyrite, chalcopyrite and suspected tennantite-tetrahedrite), as well as, disseminated and vein hosted sulphide mineralization. Mineralization occurs along and/or close to the base of the Waulsortian Limestone (see Exhibit 1).

Exhibit 3. Summary of Assays from G11-3552-24, -26, -27, -28 and -29 at Ballywire

ItemFrom
(m)
To
(m)
Int
(m)
Zn
(%)
Pb
(%)
Zn+Pb
(%)
Ag
(g/t)
Cu
(%)
G11-3552-27201.45271.9470.492.221.203.4140.80.09
Incl.212.07237.8125.745.692.217.9077.80.12
Incl.219.42235.0615.648.303.2811.59122.10.19
Incl.218.47222.213.7412.183.0515.2375.3-
And228.51235.066.5511.065.6516.71240.00.42
Incl.230.36233.903.5413.268.0121.27395.10.73
And267.72271.944.220.401.581.97171.60.66
Incl.268.64269.490.850.932.623.55511.02.01
G11-3552-29189.33320.05130.721.990.262.2513.0-
Incl.224.27229.615.344.100.794.8812.5-
And259.03266.567.5319.081.0120.0951.3-
Incl.259.03264.745.7123.160.9524.1160.0-
Incl.259.03261.252.2236.860.6837.5471.7-
And307.91320.0512.140.230.040.2766.20.12
Incl.315.26320.054.790.380.050.42149.40.27
Incl.318.00320.052.050.090.040.12301.00.52
G11-3552-24186.26199.2012.940.150.040.192.1-
Incl.193.76197.313.550.300.100.404.8-
And235.85236.760.910.010.010.0136.10.35
G11-3552-26215.80216.360.560.830.791.6271.5-
Incl.215.80215.970.172.522.254.77190.0-
G11-3552-28157.95174.8116.860.020.580.593.1-
Incl.166.42169.282.860.051.261.319.0-
And172.99174.811.820.072.122.196.8-
And179.67181.491.820.030.170.2064.10.16
And218.66220.501.840.000.000.012.70.26

 

Note: True width of the intervals above as a percentage of the intersected interval is 90% (G11-3552-27), 80-90% (G11-3552-29), 90-100% (G11-3552-24), 80-90% (G11-3552-26) and 90-100% (G11-3552-28)

Holes drilled as 300m step-outs to the NE (G11-3552-24, -26 and -28; see Exhibit 2) returned zones of mineralization narrower and weaker than those at the main discovery trend (see Exhibit 3). Disseminated copper mineralization, as well as, mineralized veins and fractures, however, are strengthening towards the north, suggesting massive sulphide mineralization may be present further north (see northern-most projected mineralized trend in Exhibit 4). A second mineralized trend is also emerging to the south where the interpreted Cu-Ag rich 'feeder' fault pierced by drilled along the main discovery trend (see solid purple line in Exhibits 2 and 4) appears to correlate with mineralization intersected in G11-3552-08 (see Exhibit 2). More drilling is ongoing in the NE area to test the above targets.

Key 2025 Exploration Targets at Ballywire Discovery

Copper-Silver Target

As drilling progresses at Ballywire, it is increasingly evident that there exists an interpreted Cu-Ag 'feeder' fault parallel to and spatially associated with the main Zn-Pb-Ag discovery at Ballywire (see Exhibit 2). This 'feeder' fault hosts mineralization with up to 5.90% Cu and 1,440 g/t Ag, interpreted to have been transported by mineralizing fluids from below by vertical to steeply-dipping structures (see Exhibit 5). Today's results provide further evidence, with grades up to 2.01% Cu and 511 g/t Ag (see Exhibit 3). Meanwhile, the stratigraphy of the region suggests that approximately 100-200m below the discovery horizon (base of the Waulsortian Limestone), is the Lower Limestone Shale horizon, which hosts four well known Cu-Ag historic occurrences in the surrounding area (see Denison, Oola, Gortdrum and Tullacondra in Exhibit 8, located approx. 5km, 9km, 10km and 45km away from Ballywire, respectively).

These historic Cu-Ag occurrences can be interpreted as the eroded remnants of originally more vertically extensive mineralizing systems, likely representing the roots of stratigraphically higher Zn-Pb-Ag mineralization. At Ballywire, there is a chance the mineralizing system is much larger than at the neighbouring deposits (based on relatively large footprint to date), and if it is there, any Cu-Ag mineralization would notionally be intact below the existing Zn-Pb-Ag mineralization.

Given the compelling nature of the above exploration model, Group Eleven aims to begin drilling this deeper Cu-Ag target over the coming several weeks.

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Exhibit 4. Plan Map Showing Interpreted Cu-Ag 'Feeder' and Calcite Body Targets at Ballywire

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Note: Calcite bodies occurring at the discovery trend are not shown here (shown in Exhibit 6 instead)

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Exhibit 5. Cross-Section Showing Hypothesized Location of Cu-Ag Mineralization

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Calcite Body Vectors

As drilling progresses at Ballywire, it is increasingly evident that high-grade Zn-Pb-Ag mineralization at Ballywire is spatially associated with steeply dipping bodies of calcite (see Exhibit 6), interpreted to represent the 'exhaust' from the mineralization process below (i.e. dissolved limestone at the mineralized horizon is re-precipitated as calcite bodies immediately above). These calcite bodies may prove to be a strong exploration vector along the undrilled remainder of Ballywire's prospective 6km trend.

Two shallow historic holes, located 1.3km ENE from the current boundary of the Ballywire discovery, intercepted such calcite bodies (see Exhibits 4 and 7), yet were never followed up. This locality is also near the prospective 'D' gravity high anomaly and historic hole, 99-3352-05 (see Exhibit 7), which intersected mineralization of a tenor typically seen peripheral to massive sulphide zones at the discovery trend. Group Eleven aim to test this locality in the coming weeks.

Separately, two historic holes approx. 300m and 600m to the WSW, respectively, from the current boundary of the Ballywire discovery, also intercepted abundant calcite zones (see Exhibits 4 and 7) and were never followed up. Group Eleven aims to test these locations in due course.

Looking forward, six (6) drill holes (G11-3552-30 to -35; see Exhibit 2) are in progress with results expected in due course. Exhibit 2 shows drilling to date across 1.25km of the overall 2.6km long trend (see Exhibit 4) of significantly mineralized drill intercepts. This in turn is hosted within a 6km long prospective trend defined by four gravity high anomalies, only one of which (anomaly 'C') is systematically drilled to date (see Exhibit 7).

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Exhibit 6. Oblique 3D View of Calcite Bodies Spatially Associated with Mineralization at Ballywire

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https://images.newsfilecorp.com/files/5685/245941_1b4f826a447618ea_006full.jpg

Note: Bodies shown (calcite, Zn-Pb-Ag and Cu-Ag) are not constrained by any grade cut-off and are only meant for illustrative purposes

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Exhibit 7. Regional Gravity at Ballywire Showing 6km Long Prospective Trend and Calcite Bodies

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https://images.newsfilecorp.com/files/5685/245941_exhibit7.jpg

Notes to Exhibit 8: (a) Pallas Green MRE is owned by Glencore (see Glencore's Resources and Reserves Report dated December 31, 2023); (b) Stonepark MRE: see the 'NI 43-101 Independent Report on the Zinc-Lead Exploration Project at Stonepark, County Limerick, Ireland', by Gordon, Kelly and van Lente, with an effective date of April 26, 2018, as found on SEDAR; and (c) the historic estimate at Denison was reported by Westland Exploration Limited in 'Report on Prospecting Licence 464' by Dermot Hughes dated May, 1988; the historic estimate at Gortdrum was reported in 'The Geology and Genesis of the Gortdrum Cu-Ag-Hg Orebody' by G.M. Steed dated 1986; and the historic estimate at Tullacondra was first reported by Munster Base Metals Ltd in 'Report on Mallow Property' by David Wilbur, dated December 1973; and later summarized in 'Cu-Ag Mineralization at Tullacondra, Mallow, Co. Cork' by Wilbur and Carter in 1986; the above three historic estimates have not been verified as current mineral resources; none of the key assumptions, parameters and methods used to prepare the historic estimates were reported and no resource categories were used; significant data compilation, re-drilling and data verification may be required by a Qualified Person before the historic estimates can be verified and upgraded to be compliant with current NI 43-101 standards; a Qualified Person has not done sufficient work to classify them as a current mineral resource and the Company is not treating the historic estimates as current mineral resources. 'Rathdowney Trend' is the south-westerly projection of the Rathdowney Trend, hosting the historic Lisheen and Galmoy mines.

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Exhibit 8. Regional Map of Ballywire Discovery and Surrounding Cu-Ag Historic Occurrences

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https://images.newsfilecorp.com/files/5685/245941_figure8.jpg

Qualified Person

Technical information in this news release has been approved by Professor Garth Earls, Eur Geol, P.Geo, FSEG, geological consultant at IGS (International Geoscience Services) Limited, and independent 'Qualified Person' as defined under Canadian National Instrument 43-101.

Sampling and Analytical Procedures

All core drilled at Ballywire is NQ (47.6mm) and is cut using a rock saw. Sample intervals vary between 0.42m to 1.3m with the majority of samples in the 0.79m to 0.99m range. The half-core samples are bagged, labelled and sealed at Group Elevens core store facility in Limerick, Ireland. Selected sample bags are examined by the Qualified Person. Transport is via an accredited courier service and/or by Group Eleven staff to ALS Laboratories in Loughrea Co. Galway, Ireland. Sample preparation at the ALS facility comprises fine crushing 70%

Quality Assurance/Quality Control (QA/QC) Information

Group Eleven inserts certified reference materials ("CRMs" or "Standards") as well as blank material, to its sample stream as part of its industry-standard QA/QC programme. The QC results have been reviewed by the Qualified Person, who is satisfied that all the results are within acceptable parameters. The Qualified Person has validated the sampling and chain of custody protocols used by Group Eleven.

About Group Eleven Resources

Group Eleven Resources Corp. (TSXV: ZNG) (OTC Pink: GRLVF) and (FSE: 3GE) is a mineral exploration company focused on advanced stage zinc exploration in the Republic of Ireland. Group Eleven announced the Ballywire discovery in September 2022. Key intercepts to date include:

  • 10.8m of 10.0% Zn+Pb and 109 g/t Ag (G11-468-03)
  • 10.1m of 8.6% Zn+Pb and 46 g/t Ag (G11-468-06)
  • 10.5m of 14.7% Zn+Pb, 399 g/t Ag and 0.31% Cu (G11-468-12)
  • 11.2m of 8.9% Zn+Pb and 83 g/t Ag (G11-3552-03)
  • 29.6m of 10.6% Zn+Pb, 78 g/t Ag and 0.15% Cu (G11-3552-12) and
  • 11.8m of 11.6% Zn+Pb, 48 g/t Ag (G11-3552-18)
  • 15.6m of 11.6% Zn+Pb, 122 g/t Ag and 0.19% Cu (G11-3552-27)

Ballywire is located 20km from Company's 77.64%-owned Stonepark zinc-lead deposit2, which itself is located adjacent to Glencore's Pallas Green zinc-lead deposit3. The Company's two largest shareholders are Glencore Canada Corp. (16.1% interest) and Michael Gentile (16.0%). Additional information about the Company is available at www.groupelevenresources.com.

ON BEHALF OF THE BOARD OF DIRECTORS

Bart Jaworski, P.Geo.
Chief Executive Officer

E: b.jaworski@groupelevenresources.com | T: +353-85-833-2463
E: j.webb@groupelevenresources.com | T: 604-644-9514

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Information

This press release contains forward-looking statements within the meaning of applicable securities legislation. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of the Company, including the timing, content, cost and results of proposed work programs, the discovery and delineation of mineral deposits/resources/ reserves and geological interpretations. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located. All of the Company's public disclosure filings may be accessed via www.sedarplus.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.

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Heritage Provides Exploration Update on New Millennium Prospect

Heritage Provides Exploration Update on New Millennium Prospect

(TheNewswire)

Heritage Mining Ltd.

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