Base Metals

FPX Nickel Corp. (TSX-V: FPX) (OTCQB: FPOCF) (" FPX " or the " Company ") is pleased to announce the results of an internal engineering scoping study (" the Study ") evaluating the production of nickel sulphate for the electric vehicle (" EV ") battery supply chain from the high-grade awaruite nickel concentrate to be produced by the Company's Baptiste Nickel Project (" Baptiste " or " the Project ") in central British Columbia. The Study highlights FPX's potential to develop the world's largest integrated nickel sulphate production facility, linking the Company directly into the EV battery supply chain via the production of low-cost, low-carbon nickel sulphate over Baptiste's projected 35-year mine life.

Highlights
  • Development of an integrated nickel operation at Baptiste producing approximately 43,500 tonnes of nickel contained in nickel sulphate per annum, enough to fulfill approximately 17% of the projected North American EV battery demand for nickel in 2030 (according to Goldman Sachs 1 )
  • Study outlines conventional hydrometallurgical flowsheet for production of high-purity nickel sulphate directly from Baptiste's high grade awaruite nickel concentrate (60-65% nickel), without the intermediate smelting typically required for sulphide concentrates or the extensive, aggressive pressure oxidation conditions required for laterite ores and sulphide concentrates
  • Anticipated capital costs for nickel sulphate production expected to be competitive with large-scale refinery operation recently developed by Terrafame ( Finland )
  • Nickel sulphate production at Baptiste is expected to be more environmentally sustainable than traditional production methods for nickel sulphate, with reduced carbon intensity, fewer supply chain participants, and synergies with an integrated site

"This scoping study demonstrates that Baptiste could become a globally significant producer of low-cost, low-carbon nickel for electric vehicles for decades to come," commented Martin Turenne , FPX's President and CEO. "Baptiste's awaruite nickel mineralization has clear technical advantages over sulphide and laterite ores for producing nickel sulphate, offering a lower-cost, lower-carbon path from mine-to-market in the EV battery supply chain. Given its extremely high nickel content (over 60% nickel) and low levels of impurities, our high-grade nickel concentrate has distinct advantages over low-grade nickel sulphide concentrates (under 20% nickel), and is already comparable to intermediate nickel sulphate feedstocks like mixed hydroxide precipitate (" MHP "), mixed sulphide precipitate (" MSP "), or nickel matte.

"We look forward to continued engagement with downstream participants in the EV battery supply chain, including chemical companies, battery makers and automotive OEMs, and expect to incorporate the results of this internal scoping study into the next stage of formal project study for Baptiste, with a new National Instrument 43-101 technical report anticipated in the first half of 2023."

Awaruite – An Advantageous Nickel Feedstock

Nickel mineralization at Baptiste is primarily present in awaruite (Ni 3 Fe), a nickel-iron alloy composed of 75% nickel and 25% iron. In comparison to typical nickel sulphide concentrates, the Baptiste awaruite nickel concentrate is notable for its extremely high nickel content and low level of sulphur and associated impurities, as shown in Table 1.

Table 1 – Select Elemental and Mineral Content for Baptiste Nickel Concentrate and Typical Nickel Sulphide Concentrates

Elements and Minerals

Baptiste Awaruite
Nickel Concentrate

Nickel Sulphide
Concentrates

Nickel (Ni)

60-65%

8-21%

Iron (Fe)

30-32%

25-41%

Sulphur (S)

0.6 %

14-31%

Cobalt (Co)

1 %

0-1.2%

Copper (Cu)

0.5 %

0-5.0%

Magnesium Oxide (MgO)

1 %

4-10%

As described in the Company's January 7, 2020 news release, successful pressure leach testwork on Baptiste's awaruite nickel concentrate was undertaken by Sherritt Technologies (" Sherritt "). These tests demonstrated awaruite has favourable leaching characteristics, with up to 99% nickel extraction under moderate conditions and short treatment times. In addition, these tests demonstrated that the expected pregnant leach solution will contain low levels of impurities, allowing the utilization of conventional downstream unit operations for the production of nickel sulphate.

The favourable leaching characteristics of Baptiste's awaruite nickel concentrate, relative to a nickel sulphide concentrate, arises from the absence of sulphur in the awaruite mineral. While leaching of nickel sulphide concentrates is industrially proven, as demonstrated by Vale's Long Harbour refinery, they require more aggressive leaching conditions owing to the inherently refractory nature of sulphide minerals. Further to the simpler processing route, the significantly higher nickel grade of awaruite translates to a reduced plant size for a given nickel output.

Engineering Study Evaluating Nickel Sulphate Production
Strategy and Basis

Upstream of EV battery manufacturers are chemical plants producing P-CAM (precursor cathode active material) and CAM (cathode active material) for inclusion into the battery cathode cells. These chemical plants require nickel feedstock to produce P-CAM and CAM, with a preference for nickel sulphate specifically.

FPX engaged Ausenco Engineering Canada Ltd. (" Ausenco ") to complete an independent scoping study evaluating upgrading the high-grade Baptiste awaruite nickel concentrate to nickel sulphate. The Study evaluated options for producing nickel sulphate in either crystal form (Option 1) or solution form (Option 2), including an assessment of the various technical, economic and strategic considerations of each alternative. Figure 1 below provides a conceptual product flow diagram for each Option's integration into the EV battery supply chain.

Figure 1 – Product Flow for Integration of FPX Nickel Concentrate in EV Battery Supply Chain (CNW Group/FPX Nickel Corp.)

Option 1 entails the production of nickel sulphate crystals at a hydrometallurgical refinery to be located either at the Baptiste site or a separate off-site location. The primary advantage of producing nickel sulphate in crystal form (versus Option 2's solution form) is the greater flexibility for servicing multiple downstream users, which is a tangible consideration considering the significant potential annual production volume from Baptiste (nominally 43,500 tonnes per year of nickel contained in approximately 200,000 tonnes per year of nickel sulphate crystal grading 22% nickel).

Option 2 is based on the transport of Baptiste concentrate to a refinery co-located with P-CAM and CAM manufacturing facilities (and potentially downstream battery cell manufacturing and battery pack assembly facilities). In this scenario, the refinery would produce a nickel sulphate solution, which would then be directly fed to an adjacent chemical plant producing P-CAM and CAM. The primary advantage of Option 2 is the potential synergies of co-locating refining, P-CAM, and CAM facilities in a common location.

In addition to the production of nickel sulphate, the Study also evaluated the capture of cobalt units into a cobalt intermediate product, representing a new by-product opportunity for the Project.

Processing Concept

The Study envisioned a processing concept with a conventional flowsheet, including unit operations of leaching, purification, solvent extraction, and crystallization. The process envisioned in the Study is also broadly comparable with the recently constructed Terrafame nickel refinery, which treats a mixed sulphide precipitate (" MSP ") product, with nickel intermediates such as MSP having broadly comparable processing requirements to Baptiste's awaruite nickel concentrate, as presented in Table 2.

Table 2 – Comparison of Baptiste's Awaruite Nickel Concentrate and Typical MSP Feedstock


Baptiste Awaruite

Nickel Concentrate

Typical MSP

Feedstock

Composition

Nickel (Ni)

Iron (Fe)

Sulphur (S)

Cobalt (Co)

Copper (Cu)

Magnesium Oxide (MgO)

60-65%

30-32%

0.6%

1.0%

0.5%

1%

55%

0.1-0.2%

33%

1-5%

Pressure Leaching Requirements:

Pressure (kpag)

Temperature (°C)

Residence Time (hours)

750

150

1.5

1,200-1,500

160-180

2.5

Pregnant Leach Solution:

Nickel (g/L)

Iron (g/L)

Free Sulphuric Acid (g/L)

60-70

2.0

10-25

80

0.5

20-30

Selection of the process design, equipment sizing and reagent quantities in the Study was based on a review of previous testwork, internal databases, and benchmarking against similarly-sized nickel sulphate operations, including Terrafame's refinery in Finland and BHP's Kwinana refinery in Australia. The FPX Study developed overall flowsheets, mass and energy balances, key mechanical equipment lists, general arrangement layouts, capital cost estimates, and operating cost estimates.

Figure 2 presents a comparison of the Study's processing concept to the comparable Terrafame processing concept, with key differences highlighted.

Figure 2 – Process Concepts – Baptiste and Terrafame Nickel Refineries (CNW Group/FPX Nickel Corp.)

Key Results

Based on the Study's process design, the production of nickel sulphate from Baptiste's awaruite nickel concentrate is expected to achieve stage nickel recoveries of approximately 97%, resulting in the annual production of approximately 43,500 tonnes of nickel in nickel sulphate in the form of either crystals (Option 1) or solution (Option 2). At this scale, Baptiste would significantly exceed the scale of the world's current largest nickel sulphate producers.

Further, the proposed design is expected to yield cobalt recoveries from flotation concentrate of approximately 95%, resulting in the annual production of approximately 650 tonnes of cobalt in either an MSP or MHP product grading 40-50% Co. At this scale, Baptiste would become one of Canada's five largest cobalt operations, alongside nickel-cobalt mines operated by Glencore and Vale in central and eastern Canada .

Based on preliminary estimates developed for the Study, it is expected that the capital costs of nickel sulphate production at Baptiste will be competitive with the comparable Terrafame refinery in Finland , which was commissioned in 2021 (see Table 3). Similarly, the Study's operating cost estimate in well aligned with other industry benchmarks.

Table 3 – Key Parameters for Recent and Planned Nickel Sulphate Refinery Operations


Baptiste

Terrafame

Basis

Independent scoping

study

Constructed

Location

Canada

Finland

Feedstock

Awaruite concentrate

60-65% Ni

MSP

55% Ni

Production (tpa nickel contained in

nickel sulphate)

43,500

37,400 2

Capital Cost (USD, millions)

Internal Estimates

$333 3

Capital Intensity (USD / tpa nickel)

Internal Estimates

$8,900

Operating Cost (USD / lb nickel)

Internal Estimates

Not published

The production of (a) nickel sulphate and (b) cobalt MHP (or MSP) products are expected to generate high-value alternatives for the utilization of Baptiste concentrate in the global EV battery supply chain. With easy access to well established domestic and international shipping routes, the Baptiste products can be readily integrated into the rapidly expanding EV production chain both within North America and abroad.

Comparison of Nickel Sulphate Feedstocks – Awaruite vs. Sulphides and Laterites

Typically, nickel sulphate is produced from intermediate or refined nickel products that have been subject to multiple complex metallurgical processes. These intermediate nickel products are typically either produced from sulphide or laterite nickel ores. The treatment process for Baptiste's awaruite nickel concentrate presents a simplified and lower risk route to producing large quantities of nickel sulphate.

Awaruite vs. Sulphide Ores

As compared to nickel sulphide concentrates, results from FPX's testwork and the Study suggest Baptiste's awaruite nickel concentrate has significant technical advantages, as follows:

  • Reduced Processing Requirements – the lack of sulphur and associated impurities eliminates the need for intermediate smelting prior to downstream hydrometallurgical processing into nickel sulphate (see Figure 3)
  • Reduced Process Complexity – the efficient dissolution of Baptiste's awaruite nickel concentrate eliminates the need for intermediate smelting and/or complex leaching processes, such as ultra-fine grinding, chlorine pre-leaching, chloride addition, or ammonia leaching
  • Reduced Carbon Intensity – the extremely high nickel content of Baptiste nickel concentrate (60-65% nickel) reduces the volume of concentrate for shipment by up to 85% in comparison with nickel sulphide concentrates, which typically grade 10-15% nickel, and the elimination of a secondary refining stage (e.g., smelting) further reduces the carbon emissions associated with transportation to multiple refining locations

Figure 3 – Simplified Processing Route for Nickel Sulphate Production (CNW Group/FPX Nickel Corp.)

Awaruite vs. Laterite Ores

As compared to nickel laterite ores, results from FPX's testwork and the Study suggest Baptiste's awaruite nickel concentrate has significant technical advantages, as follows:

  • Process Complexity – the leaching characteristics of awaruite require significantly lower pressure and temperature than high-pressure acid-leach ("HPAL") processes ( See Figures 4 and 5)
  • Process Footprint – the extremely high nickel content of Baptiste concentrate (60-65%+ nickel) tangibly reduces the volume of material subjected to pressure oxidation and leaching, significantly reducing the footprint and cost of the hydrometallurgical facility
  • Reduced Carbon Intensity – tangibly reduced process requirements for Baptiste concentrate fed by British Columbia's hydroelectric-based grid with demonstratively lower carbon intensity

Figure 4 – Operating Pressures for Autoclaves in the Nickel and Gold Industries (CNW Group/FPX Nickel Corp.)

Figure 5 – Operating Temperatures for Autoclaves in the Nickel and Gold Industries (CNW Group/FPX Nickel Corp.)

Based on FPX's testwork and Study results, a refinery upgrading Baptiste's awaruite nickel concentrate would generate a low-carbon, low-cost, high-volume and high-purity nickel sulphate product for the EV battery supply chain, with a favourable competitive position driven by:

  • Single integrated facility to convert concentrate directly to nickel sulphate
  • Low cost of feedstock for a refinery integrated with the Baptiste mine-and-mill operation, versus higher-cost refined nickel feedstocks like nickel matte, MSP, MHP, powder, and briquettes
  • High refinery recovery rates for both nickel and cobalt
  • Efficiencies in the use of power, water and reagents and tailings disposal in an integrated site
  • Low-carbon footprint leveraging access to low-cost hydroelectric power in British Columbia
Next Steps

The near-term path for development of a nickel refinery upgrading Baptiste's awaruite nickel concentrate to nickel sulphate includes further testwork, further engineering studies, and general project development activities.

As part of FPX's ongoing three-phase metallurgical testwork campaign, approximately 17 tonnes of Baptiste material is currently being treated by a pilot plant at Corem in Quebec City. In addition to supporting refinement of the upstream mineral processing flowsheet, this large-scale piloting will also generate sufficient awaruite nickel concentrate for hydrometallurgical testwork. Concentrate is anticipated to be available in October 2022 , with the subsequent hydrometallurgical testwork campaign to run through the fourth quarter of 2022. This hydrometallurgical testwork campaign will:

  1. Optimize awaruite nickel concentrate leaching conditions
  2. Validate the conventional solution purification route for awaruite feedstock producing battery grade nickel sulphate
  3. Evaluate opportunities specific to awaruite to further simplify the process and significantly reduce capital and operating costs

Building on the engineering studies to date and incorporating the testwork results as available, FPX will commence a more advanced engineering study in the fourth quarter of 2022, with results available in the second or third quarter of 2023. This new technical study will adhere to National Instrument 43-101, thereby allowing a fulsome disclosure of estimate results which will complement the more advanced engineering basis.

Andrew Osterloh , P. Eng., FPX Nickel's Qualified Person under NI 43-101, has reviewed and approved the technical content of this news release.

References:
  1. Goldman Sachs Commodities Research, "Nickel's Class Divide", April 28, 2022 .
  2. https://www.terrafame.com/media/terrafame-ltd-carbon-footprint.pdf
  3. https://www.terrafame.com/news-from-the-mine/news/2021/06/production-ramp-up-at-terrafames-battery-chemicals-plant-has-started.html#:~:text=Production%20ramp%20up%20at%20Terrafame's%20new%20battery%20chemicals%20plant%20has,of%20the%20highest%20production%20capacities
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.

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:CA
OTXQB: FPOCF

FPX Nickel


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Nickel Rock Provides An Update On Its Nickel Properties In British Columbia

Nickel Rock Resources Inc. (the "Company" and "Nickel Rock") (TSX-V: NICL) (OTCQB: NICKLF) (FSE: NMK2) is pleased to announce the confirmation of a significant new nickel discovery from the maiden drilling program at the Van Target at nearby FPX Nickel Corp. (TSX-V: FPX) Baptiste Deposit in the Decar Nickel District as announced by FPX Nickel Corp. on October 19, 2021 ( News Release ).

"NICKEL ROCK PROVIDES AN UPDATE ON ITS NICKEL PROPERTIES IN BRITISH COLUMBIA"

As reported on July 8, 2021 , Nickel Rock has optioned out an 80% interest on certain mineral claims within the Hard Nickel 4 and Nickel 100 exploration project, to Surge Battery Metals (TSXV: NILI) in order to concentrate on its exploration efforts on the Nickel Group Claims directly adjacent to the FPX Nickel Corp. (TSXV: FPX) Baptiste Nickel Deposit.  The option transaction remains subject to TSX Venture Exchange approval.

On September 3, 2021 , the Company announced ( News Release ) that it has completed the second phase of the its initial exploration program has been completed on its Nickel exploration claims located in northern British Columbia, Canada . The BC Nickel Exploration Project (the "Project") consists of four non-contiguous mineral claims groups held by Nickel Rock Resources Inc. through three separate agreements. The exploration stage project is in the Trembleur Lake area of central British Columbia , partially adjacent to FPX Nickel Corp.'s Decar Nickel Project, which is an advanced project targeting awaruite, a nickel-iron alloy mineral, hosted by serpentinized ultramafic intrusive rocks of the Trembleur Ultramafic Unit.

About the Nickel Project

The subject claims are partially underlain by rocks like those hosting the Decar project of FPX Nickel where mineralization includes nickel, cobalt, and chromium.  Previous exploration suggests that at least some of the nickel mineralization occurs as awaruite which is a naturally occurring nickel-iron alloy important in the manufacture of environmentally efficient batteries for the electric vehicle markets globally. The mineral awaruite is both highly magnetic and very dense and is therefore amenable to concentration by mechanical processes including magnetic and gravity separation. This style of deposit is unique and presents considerable metallurgical and processing cost saving advantages.

Significantly, the awaruite found is found in a serpentinized ultramafic rock. In 2018, G. Dipple at the University of British Columbia began the Geoscience BC funded research project "Carbon Mineralization Potential Assessment for BC" scheduled for completion in early 2021. In late 2020 a preliminary assessment report was published. One of the key items from the report was " The use of reactive serpentinite tailings from nickel mining as a carbon sink has the potential to make nickel mining carbon neutral or a net carbon sink. " The presence of serpentinized ultramafic rocks has been repeatedly documented in the areas covered by the claims of the Nickel Rock Projects, as well as at FPX Nickel Corp.'s Decar Project (Dipple, G. et.al., Geoscience BC Report 2020-15).

The Company has seen the commodity spot price for nickel to be in a steady uptrend while world stockpiles have been on the decline and EV manufacturers are calling for more supply of nickel because nickel quantities are increasing in batteries as they increase the amount of charge a battery can hold, thus allowing the EV's to travel greater distances.  One such company is Tesla Inc., the world's leading EV manufacturer. Tesla's Founder, Elon Musk , stated that a large contract would be signed if a company could produce nickel with a lowered carbon footprint by using more environmentally friendly ways of mining ( Reuters: September 11, 2020 ). Robert Setter , Company President and CEO comments " Elon Musk's comments made waves in the nickel space and several juniors have benefited from his comments and surged 2 to 3 times their value."

Robert Setter , Company President and CEO continues "We are very pleased with the results from our initial exploration program on the Hard Nickel and Nickel 100 claim group and specifically with the work completed during phase 2 of this initial exploration program.   So far, we have recorded some relatively high Ni readings measured via portable XRF on the Nickel S block, as mentioned in our news from June 28, 2021 , and our geological team suspects these ultramafic rocks have potential to host awaruite mineralization.  This second phase of exploration includes both soil and rock sampling, technical report writing, mapping and assay work, with the remaining work to be done on trenching, geological, geochemical and geophysical surveying."

Recap of the Company's 2021 Work Program

The Company currently has sufficient funds in its treasury to fully fund its 2021 proposed work program and its remaining working capital needs for 2021 and 2022.

The proposed work program consists of trenching, surface exploration, diamond drilling, camp construction, and exploration activities to support drilling and trenching such as soil sampling, rock sampling, prospecting, and geological mapping. The company proposes a 12-man camp to be built in a cirque on the north slope of the un-named mountain west of and adjacent to Mount Sydney Williams, and will be built next to a sub-alpine lake at the headwaters of Van Decar Creek . The location of camp was selected based on past exploration camps at this location and is suitable for supporting exploration. Camp will be used to accommodate field personnel and will be accessed with helicopter.  The work program is managed by Jeremy Hansen , P. Geol. and Hardline Exploration Corp.

The Company estimates that this 2021 work program includes a total of $600,000 in exploration expenditures.

Qualified Person

Jacques Houle , P.Eng., a qualified person as defined by NI 43 – 101, is responsible for the technical information contained in this release. Readers are cautioned that the information in this press release regarding the property of FPX Nickel Corp is not necessarily indicative of the mineralization on the property of interest.

About Nickel Rock Resources Inc. www.nickelrockresources.com

The Company is a Canadian-based mineral exploration company active in the exploration for nickel-iron alloy in British Columbia and lithium in Nevada. Nickel Rock Resources Inc. is a Canadian based exploration company whose primary listing is on the TSX Venture Exchange.  The Company's maintains a focus on exploration for high value battery metals required for the electric vehicle (EV) market.

About Clayton Valley Nevada Lithium Project

The Company owns a 100% in 77 lithium placer claims covering over 640 hectares in Clayton Valley. Clayton Valley is a down-dropped closed basin formed by the Miocene age Great Basin extension and is still active due to movement along the Walker Lane structural zone.  As a result, the basin has preserved multiple layers of lithium bearing volcanic ash, resulting from multiple eruptive events over the past 6 million years including eruptions from the 700,000-year-old Long Valley Caldera system and related events.  These ash layers are thought to contribute to the lithium brines extracted by Albemarle and are also likely involved in the formation of the exposed lithium rich clay deposits on the east side of Clayton Valley. https://nickelrockresources.com/clayton-valley-lithium/

About the British Columbia, Canada Nickel Projects

The Mount Sidney Williams Group consists of five claim blocks in four groups with a total area of 6,125.32 hectares in the area surrounding Mount Sidney Williams, both adjoining and near the Decar project of FPX Nickel Corp., located 100 kilometres northwest of Fort St. James, B.C. , in the Omineca mining division. Metallic mineralization includes nickel, cobalt, and chromium. At least some of the nickel mineralization occurs as awaruite.  The Mitchell Range Group area claim consist of two contiguous claim blocks covering 3,134.70 hectares with demonstrated metallic mineralization including nickel, cobalt, and chromium. Nickel cobalt mineralization has not been well explored, but the presence of awaruite has been documented. The Company has optioned out an 80% interest on certain mineral claims within the Hard Nickel 4 and Nickel 100 exploration project, to Surge Battery Metals Inc. (TSXV:NILI).  The transaction is subject to Exchange approval.

The Company has entered into an Option Agreement to acquire a 100% interest, subject to a 2% NSR, in 6 mineral claims (Funk claims) located approximately 15 km west of Mt Sydney Williams near Fort St James , BC.

The Company also entered into an option agreement whereby the Company may earn an undivided 100% interest in the Klone Group of mineral claims (1,400 ha) adjoining the property of FPX Nickel Corp (TSXV:FPX) located 100km northwest of Fort St. James BC in the Omineca Mining division.

The Company has also entered an option

On Behalf of the Board of Directors

" Robert Setter "

Robert Setter , President & CEO

Neither the 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. This news release may contain forward-looking statements which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary materially from forward-looking statements.

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Nickel Rock Resources Inc.

1220 – 789 West Pender Street

Vancouver, BC , Canada V6C 1H2

604- 428-5690

www.nickelrockresources.com

info@nickelrockresources.com

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SOURCE Nickel Rock Resources Inc.

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FPX Nickel Announces Positive PEA for Baptiste Project

FPX Nickel Announces Positive PEA for Baptiste Project

FPX Nickel Corp. (TSXV:FPX) (“FPX Nickel” or the “Company”) is pleased to announce it has received positive results from the 2020 Preliminary Economic Assessment (“PEA”) for the Baptiste Project (“Baptiste” or the “Project”) at its wholly-owned Decar Nickel District in central British Columbia. The PEA was prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) by BBA Inc. of Montreal, Canada with work on mine planning and tailings by Stantec Inc. of Vancouver, Canada.

Production and Economic Highlights

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FPX Nickel Announces Board Appointment of Former Vale Executive Stuart Harshaw

FPX Nickel Announces Board Appointment of Former Vale Executive Stuart Harshaw

FPX Nickel Corp. (TSXV:FPX) (“FPX Nickel” or the “Company”) is pleased to announce the appointment of Stuart Harshaw, P. Eng., MBA, to the Board of Directors, effective immediately. Mr. Harshaw is a leading figure in the global nickel market, with over 30 years’ experience in the production and marketing of nickel products worldwide, including in his roles as the Vice President of Marketing and Operations for Asia Pacific and Vice President, Ontario Operations for Vale S.A. (“Vale”) until 2017.

“We are very happy to welcome Stuart to the FPX Nickel Board,” commented the Company’s Chairman, Peter Bradshaw. “Stuart has deep operational experience in the development and management of major nickel operations in North America and Asia, and has an extensive background in the marketing of nickel products to global consumers in the stainless steel and battery markets. As a recognized leader in the global nickel industry, he will play a critical role in helping us to advance our flagship Baptiste Deposit at the Decar Nickel District, fostering the ongoing development of relationships with key strategic players in the nickel market, including offtakers, trading companies and major mining companies.”

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FPX Nickel Confirms Anticipated Timing for Completion of Preliminary Economic Assessment on Baptiste Nickel Deposit

FPX Nickel Corp. (TSXV:FPX) (“FPX Nickel” or the “Company”) is pleased to provide an update on its corporate activities, including its plans for the preparation of an updated National Instrument (“NI”) 43-101 preliminary economic assessment (“PEA”) report on the Company’s Baptiste Deposit at its 100%-owned Decar Nickel District in central British Columbia. As previously disclosed in its news release dated February 25, 2020, the Company anticipates completion of the PEA in the late third quarter or fourth quarter of 2020.

FPX Nickel continues to monitor the outbreak of COVID-19 and the health and safety of its employees and consultants, who are being encouraged to work from home, where possible. The Company has access to all field and laboratory data which it requires to complete the preparation of the updated Baptiste PEA, and as a result does not anticipate any changes in the projected timeline for the completion of the study.

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FPX Nickel Closes Private Placement for $1,500,000

FPX Nickel Corp. (TSXV:FPX) (“FPX” or the “Company”) is pleased to report that it has closed its previously announced non-brokered private placement of 8,333,332 shares at $0.18 per share for gross proceeds of $1,500,000 (the “Offering”).

The closing follows receipt of Conditional Acceptance of the Offering from the TSX Venture Exchange (“Exchange”). Within the next several days, FPX will be submitting the documentation needed the enable the Exchange to issue its Final Acceptance of the Offering. The Company anticipates receiving Final Acceptance shortly thereafter.

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World Copper Reports Annual General and Special Meeting Results

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World Copper Ltd. (TSXV: WCU) (OTCQX: WCUFF) (FSE: 7LY0 ("World Copper") reports that its shareholders have approved all matters voted on at the annual general and special meeting held on September 27, 2022 (the "AGSM").

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Emerita Intersects 14.0 Meters Grading 4.3% Copper Included Within 26.8 Meters Grading 2.6% Copper at La Romanera Deposit, Increases Number of Drills at IBW Project to Thirteen

Emerita Intersects 14.0 Meters Grading 4.3% Copper Included Within 26.8 Meters Grading 2.6% Copper at La Romanera Deposit, Increases Number of Drills at IBW Project to Thirteen

Emerita Resources Corp. (TSX-V: EMO; OTCQB: EMOTF; FSE: LLJA) (the "Company" or "Emerita") is pleased to announce additional assay results from the 2022 delineation drilling at the La Romanera Deposit at its wholly owned Iberian Belt West project ("IBW" or the "Project"). IBW hosts three previously identified massive sulphide deposits: La Infanta, La Romanera and El Cura. All deposits are open for expansion along strike and at depth. The Company also announces that it continues to accelerate drilling at IBW where it has increased the number of drill rigs from 10 to 13. Presently, there are 12 drills on La Romanera deposit delineation and 1 rig continues to drill at La Infanta. Six drilling companies are engaged in the program.

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Romios Gold Completes IP-MT Survey on Trek South Target and Reports on 2022 Exploration Programs in The Golden Triangle, BC

Romios Gold Completes IP-MT Survey on Trek South Target and Reports on 2022 Exploration Programs in The Golden Triangle, BC

Romios Gold Resources Inc. (TSXV: RG) (OTCQB: RMIOF) (FSE: D4R) ("Romios Gold" or the "Company") is pleased to report that it has completed an extensive exploration program on six of the company's projects in the Golden Triangle of northwestern British Columbia (see Map 1). Field work by Romios' crew began in early July and continued until mid-September. Assay results are now being received and compiled, and will be reported on when complete. Field observations on some of the claim blocks are very encouraging, particularly those from the Trek South Porphyry Cu-Au-Ag prospect. Many of Romios' projects in the Golden Triangle are close to the giant Galore Creek porphyry Cu-Au-Ag project held by a Teck-Newmont JV (GCMC) and currently in the final stages of a pre-feasibility study.

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Canada Nickel Provides Project Update and Announces US$10 Million Loan Facility

Canada Nickel Provides Project Update and Announces US$10 Million Loan Facility

Canada Nickel Company Inc. ("Canada Nickel" or "The Company") (TSXV: CNC) (OTCQB: CNIKF) is pleased to provide an update on the Crawford project and its financing activities.

Canada-Nickel-Company-Logo (CNW Group/Canada Nickel Company Inc.)

"The Company remains on track to deliver the feasibility study for Crawford by year-end. The study work is approximately 85% complete and the company is confident in its outcome.  This financing will allow us to execute post feasibility study work on permitting and detailed engineering that is advantageous for us to complete during the coming winter months and allows us to remain well-funded as we continue to aggressively advance the project" said Mark Selby , Chair and CEO of Canada Nickel.

Loan Facility

The Company has arranged a US$10 million loan facility with Auramet which is expected to close on or before October 14 , 2022.  The loan will be due January 14, 2023 , will carry an interest rate of 1.00% per month, and be subject to a 2% arrangement fee. At closing, Auramet will also receive 325,000 1-year warrants with a strike price of $1.52 per share.   The warrants and the underlying shares will be subject to a four month hold period under applicable Canadian securities laws.  The closing of the loan facility is subject to customary conditions including the approval of the TSX Venture Exchange.

About Auramet

Auramet is one of the largest physical precious metals merchants in the world with over $20 billion in annual revenues and provides a full range of services to all participants in the precious metals chain, from extraction and production to manufacturing and consumption. Auramet is a private company established in 2004 by a team who had worked previously together since 1989. Their business is comprised of three main activities: physical metals trading, metals merchant banking and advisory. Auramet has built a consistently successful and prominent franchise in the metals space on the back of an experienced management team that has proven to be innovative and capable of delivering the highest quality service to participants in the sector.   Auramet purchases tens of millions of ounces of gold, silver and PGMs sourced from a diversified base of mining companies, recycling companies and refineries/smelters.  Auramet has also provided term financing facilities in excess of $900 million to date in the mining sector and is looking to grow its capital investment business in the precious metals and battery-related metals mining space.  In 2022, Auramet received a Gold Metal Sustainability Rating from Ecovadis, a global leader in business sustainability ratings.

Canada Nickel Company Inc. is advancing the next generation of nickel-cobalt sulphide projects to deliver nickel and cobalt required to feed the high growth electric vehicle and stainless steel markets. Canada Nickel Company has successfully registered and applied for trademarks in various jurisdictions for NetZeroNickel™, NetZero Cobalt™ and NetZero Iron™ and is pursuing the development of processes to allow the production of net zero carbon nickel, cobalt, and iron products. Canada Nickel provides investors with leverage to nickel and cobalt in low political risk jurisdictions. Canada Nickel is currently anchored by its 100% owned flagship Crawford Nickel-Cobalt Sulphide Project in the heart of the prolific Timmins - Cochrane mining camp. For more information, please visit www.canadanickel.com .

Contact:
Mark Selby , Chair and CEO
Phone: 647-256-1954
Email: info@canadanickel.com

Cautionary Statement Concerning Forward Looking Statements

This press release contains certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward looking information includes, but is not limited to, the metallurgical results, the timing and results of the feasibility study and the timing and completion of the loan facility. Readers should not place undue reliance on forward-looking statements.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Canada Nickel to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. The PEA results are estimates only and are based on a number of assumptions, any of which, if incorrect, could materially change the projected outcome. There are no assurances that Crawford will be placed into production. Factors that could affect the outcome include, among others: the actual results of development activities; project delays; inability to raise the funds necessary to complete development; general business, economic, competitive, political and social uncertainties; future prices of metals or project costs could differ substantially and make any commercialization uneconomic; availability of alternative nickel sources or substitutes; actual nickel recovery; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; accidents, labour disputes, the availability and productivity of skilled labour and other risks of the mining industry; political instability, terrorism, insurrection or war; delays in obtaining governmental approvals, necessary permitting or in the completion of development or construction activities; mineral resource estimates relating to Crawford could prove to be inaccurate for any reason whatsoever; additional but currently unforeseen work may be required to advance to the feasibility stage; and even if Crawford goes into production, there is no assurance that operations will be profitable.

Although Canada Nickel has attempted to identify important factors that could cause actual actions,events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and Canada Nickel disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.

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SOURCE Canada Nickel Company Inc.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/September2022/29/c2107.html

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Copper Fox Announces 2022 Third Quarter Operating and Financial Results

Copper Fox Announces 2022 Third Quarter Operating and Financial Results

Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) ("Copper Fox" or the "Company") is pleased to announce that its unaudited interim consolidated July 31, 2022, financial statements have been filed on SEDAR.

For the nine months ended July 31, 2022, Copper Fox had a net loss of $889,829 (July 31, 2021 - $747,620) which equated to $0.00 loss per share (July 31, 2021 - $0.00 loss per share).

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Pan Global Announces Drill Program on Eight Copper Targets in the Escacena Project, Spain

Pan Global Announces Drill Program on Eight Copper Targets in the Escacena Project, Spain

Pan Global Resources Inc. (TSXV: PGZ) (OTC Pink: PGNRF) ("Pan Global" or the "Company") is pleased to announce that drilling is underway at the Hornitos and La Jarosa targets and that multiple new targets have been identified for drill testing at the Company's 100%-owned Escacena Project in the Iberian Pyrite Belt, southern Spain.

Tim Moody, Pan Global President and CEO states: "Drilling has continued at Escacena with up to four drill rigs operating since January. The current plan includes testing at least six new targets in the Escacena Project in addition to continuing to expand the copper and tin mineralization at La Romana. We are excited at the potential to make further copper discoveries with drilling now initiated on several new targets, all within 5km of our near-surface La Romana copper-tin discovery. Ongoing exploration continues to generate multiple high-priority drill targets. Drilling is underway at the Hornitos and La Jarosa targets and is due to commence shortly at the Pilar, Zarcita and La Romana Deep targets. This is the first time most of the new targets will be drill tested. The fact that we are already seeing evidence of copper, lead and zinc mineralization in some of our first holes on new targets at Hornitos and La Jarosa is very encouraging with assay results awaited. Assay results are also pending for 14 drill holes at the La Romana discovery."

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