Base Metals

 FPX Nickel Corp. (TSXV: FPX) (OTCQB: FPOCF) (" FPX " or the " Company ") is pleased to report that it is has engaged Next Mine Consulting Ltd. to prepare an updated mineral resource estimate for the Baptiste Project (" Baptiste " or the " Project ") at the Decar Nickel District (" Decar ") in central British Columbia incorporating results from 2021's successful in-fill drilling program. The mineral resource estimate, which is expected to be completed in the fourth quarter of 2022, will be based on an improved modelling approach including both geological domaining and grade shell modelling, and will be expanded to report the mineral content of total nickel and potential by-product elements including iron and cobalt.

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

Highlights
  • New Baptiste Deposit Mineral Resource Estimate, with the following improvements:
    • Inclusion of results from the successful 2021 in-fill drilling program and confirming of indicated resources
    • Incorporation of an improved modelling approach including both geological domaining and grade shell modelling, which is expected to better define internal deposit variability and yield an improvement in average Davis Tube Recoverable (" DTR ") nickel grade
    • Expansion of the reported mineral content to include estimated grades of total nickel, DTR cobalt, and DTR iron, all representing potential new streams of value for the Project

"The new mineral resource estimate will represent another important de-risking step in the ongoing development of Baptiste as a large-scale, low-cost and low-carbon nickel project," noted Martin Turenne , FPX's President and CEO. "We are particularly excited by the potential for a new modelling approach to yield a more robust, higher-grade DTR nickel resource, and by the inclusion, for the first time in the Project's history, of grade reporting for total nickel and the potentially significant by-product elements of cobalt and iron."

Work is currently underway to produce an updated Baptiste resource model incorporating results from 2021's successful in-fill drilling program (see the Company's News Release dated March 14, 2022 ). The new approach to preparing the updated resource model includes both geological domaining and grade shell modelling, as compared to the previous approach applied in the 2020 Preliminary Economic Assessment (" PEA ") which solely used geological domaining. The grade shell domaining methodology includes classification of material into low, medium, and high-grade shells (0.06-0.10% DTR nickel, 0.10-0.14% DTR nickel, and >0.14% DTR nickel, respectively).

The development of the new interburden model is informed by the previous dike model and altered zones adjacent to dike-host contacts. The model is further refined by the results of the 2021 in-fill drilling program and structural measurements obtained from directional drilling. This represents a shift away from the previous block model which saw a 3% removal of rock mass to account for waste or dike sections within the deposit. In conjunction with the new modelling approach, this interburden model will allow for better understanding and segregation of internal waste for mine design purposes.

Initial block modelling results appear favourable with the following potential outcomes:

  • An anticipated increase in DTR nickel grade in both the indicated and inferred categories with an expected minor reduction in overall tonnage
  • Inclusion of new 2021 drilling results supporting the classification of resources in the indicated category

Further, the scope of the updated resource model will be expanded to include grade estimations of total nickel, DTR cobalt, and DTR iron to support process flowsheet opportunities currently being evaluated by the Company, including:

  • Total Nickel: potential to produce a secondary nickel product consisting of nickel sulphide minerals and/or very fine grained awaruite which currently does not report as DTR nickel
  • DTR Cobalt: potential to produce a cobalt product (such as mixed hydroxide precipitate (" MHP ")) as a secondary product from a hydrometallurgical operation producing nickel sulphate for the electric vehicle (" EV ") battery industry
  • DTR Iron: potential to upgrade flotation circuit tails to produce an iron ore concentrate

Further refinements to the classification, variography, and estimators are currently in progress, in addition to an independent third-party review by SLR Consulting (formerly Rosco Postle Associates, or " RPA ") of the new modelling and estimation approach.

The Company expects to release results of the updated Baptiste mineral resource estimate in the third quarter of 2022, and to publish complete results in the Project's next National Instrument (" NI ") 43-101 technical report, which is currently forecast for the third quarter of 2022.

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

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. At the Van target, the Company followed up 2021's highly successful maiden drilling program with an aggressive step-out program in the summer of 2022, with results forecast for release in the fourth quarter of 2022.

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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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.

Photo - https://mma.prnewswire.com/media/1665501/Nickel_Rock_Resources.jpg

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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Figure 1 - General Property Location

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