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FPX Nickel Announces $12 Million Equity Investment From New Corporate Strategic Investor
/THIS NEWS RELEASE IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES ./
FPX Nickel Corp. (TSXV: FPX) (OTCQB: FPOCF) (" FPX " or the " Company ") is pleased to announce that it has entered into a subscription agreement for a private placement financing (the " Private Placement ") with a new corporate strategic investor (the " Strategic Investor ").
Under the terms of the Private Placement, FPX will issue 24,000,000 common shares (" Common Shares ") in the capital of the Company to the Strategic Investor at a price of $0.50 per Common Share, for gross proceeds of $12 million . Upon completion of the Private Placement, the Strategic Investor will own approximately 9.95% of FPX's issued and outstanding Common Shares on a non-diluted basis.
"This is a transformational investment for FPX, providing important support for the continued development of our large-scale, low-cost, and low-carbon Baptiste Nickel Project (the " Project ") in central British Columbia ," commented Martin Turenne , FPX's President and CEO. "Prior to making the investment, the Strategic Investor conducted multi-functional technical reviews and a Project site visit, and we believe the Private Placement represents a significant endorsement of the Project and our approach to project development. On closing of the Private Placement, the Company will have a working capital position of approximately $18.5 million , which will permit the Company to fully fund the completion of a preliminary feasibility study in the second half of 2023 and fund subsequent project development activities well into 2024."
The Company intends to use the net proceeds of the Private Placement primarily for development activities at the Project, including the completion of a preliminary feasibility study and continuance of ongoing environmental baseline activities, as well as general corporate purposes. The Private Placement is expected to close on December 1, 2022 and is subject to certain customary conditions, including acceptance by the TSX Venture Exchange and applicable securities regulatory authorities. The Common Shares issued pursuant to the Private Placement will be subject to a hold period of four (4) months and one (1) day from the date of issuance in accordance with applicable securities laws. No finders' fees or commissions are payable on the Private Placement.
Concurrently with the Private Placement, the Company and the Strategic Investor have entered into an investor rights agreement (the " Investor Rights Agreement ") that provides, among other things, the Strategic Investor with certain rights in the event it maintains minimum ownership thresholds in the Company, including the right to participate in equity financings. In addition, pursuant to the Private Placement, the Strategic Investor has agreed to a two-year standstill with respect to the acquisition of additional securities in FPX, other than acquisitions pursuant to the Strategic Investor's rights under the Investor Rights Agreement.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This news release does not constitute an offer of securities for sale in the United States . The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent registration under United States federal and state securities laws or an applicable exemption from such United States registration requirements.
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, including the Baptiste resource, and the B, Sid and Van targets. All four target areas have been confirmed by drilling, petrographic examination, electron probe analyses and outcrop sampling. Since 2010, approximately US$32 million has been spent on the exploration and development of Decar.
Of the four targets in the Decar Nickel District, the Baptiste deposit, which is the most accessible and has the biggest surface footprint, has been the focus of diamond drilling since 2010 with a total of 99 holes and 33,695 m of drilling completed. The Sid target was tested with two holes in 2010 and the B target had a single hole drilled in 2011; all three holes intersected nickel-iron alloy mineralization over wide intervals with DTR nickel grades comparable to the Baptiste deposit. At the Van target, the Company followed up 2021's highly successful maiden drilling program with an aggressive step-out program in the summer of 2022, with results forecast for sequential release in the fourth quarter of 2022 and first quarter of 2023.
About FPX Nickel Corp.
FPX Nickel Corp. is focused on the exploration and development of the Decar Nickel District, located in central British Columbia , and other occurrences of the same unique style of naturally occurring nickel-iron alloy mineralization known as awaruite.
On behalf of FPX Nickel Corp.
"Martin Turenne"
Martin Turenne , President, CEO and Director
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. All statements other than statements of historical fact included herein including, without limitation, statements regarding potential quantity and/or grade of minerals, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans (including, the completion of a preliminary feasibility study in the second half of 2023), proposed timing for completion of the Private Placement (if it is to close at all), any anticipated benefits to be derived from the Private Placement, the Company's working capital position on completion of the Private Placement, and the use of proceeds of the Private Placement are by their nature forward-looking statements that involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; the fact that the Private Placement may not close as scheduled or at all; and the additional risks identified in the annual information form of the Company or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulators. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.
SOURCE FPX Nickel Corp.
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FPX NickelTSXV:FPXBase Metals Investing
FPX:CA
FPX Nickel
Nickel plays a vital role in electric vehicle (EV) and battery manufacturing, a sector that sees rapid expansion year after year. Market research projects a growing nickel demand to reach upwards of 1.3 million metric tonnes per annum by 2030 as nickel content in electric vehicles increases to over 40 kilograms per car battery.
Despite its significant role in powering a global shift to greener energies, analysts also project an undersupply of nickel for the next several years due to decreasing production and a lack of new active mines. Mining companies operating high-grade nickel projects offer investors exposure to a market that has great economic growth and success potential.
One such company is FPX Nickel (TSXV:FPX, OTXQB:FPOCF), focused on exploring and developing its wholly owned advanced development-stage Tier 1 Baptiste project in the Decar Nickel District in central British Columbia. The company's project developments demonstrate the Decar Nickel District's potential to supply high-concentration nickel and cobalt sulfates suitable for the growing electric vehicle battery industry, as well as more traditional markets for nickel such as stainless steel.
The Decar Nickel District hosts the Baptiste project, which leverages an existing 2020 preliminary economic assessment (PEA) and mineral resource estimate. Together, these NI 43-101 compliant reports show the Baptiste project has the potential to become one of the world's largest-scale, lowest-cost nickel producers. The positive geological interpretation of the Van target at Decar offers further blue sky potential for the Decar property.
The Decar Nickel District project can potentially mimic the successes of its geographic neighbors such as New Gold's (TSX:NGD, NYSEMKT:NGD) C$1.8 billion Blackwater Gold open-pit project.
FPX Nickel released an updated PEA for the Baptiste project in 2020. According to the report, at the PEA base case of US$7.75 /lb nickel, the Baptiste Project is expected to generate an after-tax net present value of US$1.7 billion and an after-tax internal rate of return of 18.3 percent.
The Baptiste project presents FPX Nickel with the potential to produce refined nickel with a significantly lower carbon footprint than other sources of production in the global nickel industry. Recent leach testing of awaruite nickel concentrates produced from Baptiste achieved nickel recoveries of 98.8 percent to 99.5 percent in producing a high-purity chemical solution containing 69.4 to 70.1 g/L nickel.
FPX Nickel aims to build a carbon-neutral mining operation at the Baptiste project. In keeping with that goal, FPX Nickel, along with mining companies, such as Anglo American majority-owned (LSE:AAL,OTCQX:AAUKF) DeBeers, and the Government of Canada have co-founded a multi-university research program to study carbon capture and storage at mining sites.
FPX Nickel's management team consists of highly experienced capital markets and mining professionals, including Canadian Mining Hall of Fame member Dr. Peter Bradshaw, veteran geologist aRob Pease.
FPX Nickel is a Canadian resource company focused on exploring and developing its wholly-owned advanced development-stage Baptiste nickel project in the Decar Nickel District, central British Columbia.
The company favorably leverages a low-cost operation and mining best practices. It operates one of the few major nickel deposits in the mining-friendly jurisdiction of British Columbia.
The Baptiste property hosts high-grade nickel mineralization with low impurities and little to no sulfides. This production-quality asset has potential applications for direct feed to stainless steel or the electric vehicle battery market, with recoveries coming in at 98.8 percent to 99.5 percent.
FPX Nickel operates a tight share structure consisting largely of management and other strategic high net-worth and institutional shareholders at approximately 18.5 percent and 35 percent holding, respectively.
Baptiste's amended PEA highlights the project's potential to be among the world's lowest-cost nickel mines in operating costs and capital intensity.
FPX Nickel has engaged Next Mine Consulting Ltd. to prepare an updated mineral resource estimate for the Baptiste Project, which it expects to be completed in the fourth quarter of 2022.
Key Project
Decar Nickel District – Baptiste Project
The Decar Nickel District covers 245 square kilometers and 80 kilometers west of the Mt. Milligan mine, central British Columbia. The property hosts the highly prospective Baptiste nickel project, which has the potential to become the world's best development-stage nickel project. The asset is accessible via logging and paved road, with railway and hydropower nearby.
In February 2021, the company released results from initial field tests, demonstrating the potential for significant direct air carbon capture in the tailings on the property. "These exciting results mark an important step in our objective to develop Baptiste as the world's first large-scale, carbon-neutral nickel operation," commented FPX Nickel president and CEO Martin Turenne.
Baptiste hosts nickel-iron alloy mineralization, bulk-tonnage potential and open-pit nickel mining possibilities across its four primary targets. Exploration has also indicated resources at an average grade of 0.123 percent DTR nickel for 2.3 million tonnes and 391 million tonnes of inferred resources with an average grade of 0.115 percent DTR nickel.
Next Mine Consulting has been tasked to prepare an updated mineral resource estimate for the Baptiste project. This update is expected to be completed in the fourth quarter of 2022.
In September 2022, the company completed a 2,504-metre step-out drilling program at its Van target in the Decar Nickel District. The completed holes stepped out aggressively from the initial discovery area, testing the potential for nickel mineralization up to 1 km west of the holes drilled in 2021. Assays from the program are pending, and the first results are expected to be reported by the company in November 2022.
Martin Turenne, CA - President, CEO & Director
Martin Turenne is a senior executive with over 15 years of experience in the commodities industry, including over five years in the mining industry. He has extensive leadership experience in strategic management, fundraising, economic analysis, financial reporting, regulatory compliance and corporate tax. Turenne formerly served as CFO of First Point Minerals Corp. from 2012 to 2015 and in positions at KPMG LLP and Methanex Corporation. He is a member of the Canadian Institute of Chartered Accountants.
Andrew Osterloh - Vice-President, Projects
With more than 20 years in the industry, Andrew Osterloh is experienced in process engineering, plant metallurgy and project management. He was formerly the project director and head of studies for Fluor Canada, leading feasibility study work for large base metal assets.
J. Christopher Mitchell, P.Eng., MBA - Chief Financial Officer and Corporate Secretary
J. Christopher Mitchell is a business consultant with more than 40 years of experience in the mineral industry. He previously served as senior vice-president of Viceroy Resource Corp., and executive vice-president and CFO of Orvana Minerals Corp. Mitchell holds an MBA and M.Sc. from the University of British Columbia, and is a member of the Association of Professional Engineers of British Columbia. He is also a director of Endurance Gold Corp.
Dr. Peter M. D. Bradshaw, P.Eng. - Chairman
Dr. Peter Bradshaw is a geologist with 45 years of international mineral exploration experience in more than 30 countries with Barringer Research, Placer Dome and Orvana Minerals. He is a member of the Canadian Mining Hall of Fame. Bradshaw's key discoveries and project involvement include: Porgera Gold Mine, Papua New Guinea; Kidston Gold Mine, Queensland, Australia; Misima Gold Mine, Papua New Guinea; Big Bell Gold Mine, Western Australia; Omai Gold Mine, Guyana; Decar Nickel Project, British Columbia, Canada; director of Aquila Resources; co-founder and first chairman of the Mineral Deposit Research Unit, University of British Columbia.
Rob Pease, P. Geo. - Director
Rob Pease is a geologist with more than 30 years of experience in exploration, mine development and construction. He is the former CEO of Terrane Metals, acquired by Thompson Creek for CAD$650 million. Pease was also the former director of Richfield Ventures, acquired by New Gold for CAD$500 million. He is a director of Pure Gold Mining Inc. and Liberty Gold Corp.
William H. Myckatyn - Director
William Myckatyn is a mining engineer with over 34 years of experience in the mining industry. Myckatyn is the founder and CEO of Quadra Mining Ltd. He served as chairman and subsequently co-chairman of Quadra FNX Mining until its takeover in 2012. Prior to this, Myckatyn was chairman, president and CEO of Dayton Mining Corp., where he led the restructuring and merger with Pacific Rim Mining Corp. He also served as the former president and CEO of Princeton Mining and Gibraltar Mines Ltd. For over 17 years, he worked for various operations controlled by Placer Dome Inc. and its associated predecessor companies, including four separate mines in Australia and the Philippines. He is a director of San Marco Resources and OceanaGold.
Peter Marshall, P. Eng. - Director
Peter Marshall is a mining engineer with 30 years of experience in mine development and construction. Marshall was formerly VP of project development at New Gold and SVP project development at Terrane Metals. He has extensive mine development experience in central British Columbia, including completing the Blackwater gold project feasibility study and development, and early construction of Mt. Milligan copper-gold mine, acquired by Thompson Creek for C$650 million in 2010.
James S. Gilbert, MBA - Director
James Gilbert has more than 30 years of investment and transaction execution experience, with more than 20 years focused on the international mining and metals industry. Gilbert held senior management positions with Rothschild, Gerald Metals Inc. and Minera S.A., a private mining investment company. His experience covers mergers and acquisitions, debt and equity financing, off-take and specialty refining agreements, joint venture negotiations and strategic marketing. He was formerly director of AQM Copper Inc., acquired by Teck Resources in 2016.
Anne Currie - Director
Anne Currie is a recognized leader in the permitting of major Canadian mining projects, with over 30 years of experience in the private and public sector, including as a former senior partner with the leading global consultancy Environmental Resources Management, and in her prior role as British Columbia's chief gold commissioner, the chief regulatory authority for the Mineral Tenure Act. She has exceptional track record in steering the environmental assessment and permitting processes for major mining projects in British Columbia, including for the KSM, Brucejack, Kemess Underground and Blackwater projects.
Dan Apai - Engineering Manager
Dan Apai has over twenty years of mining industry experience in civil engineering and engineering management over a diverse range of projects. In his previous role as principal civil engineer for Fluor Canada, he led study and detailed engineering works for numerous large-scale mining projects for clients including Teck, Newmont, BHP, First Quantum, Glencore, Josemaria Resources and Newcrest. Apai's technical expertise includes site layout, earthworks, water management, linear facilities (i.e., roads, powerlines, pipelines), and water supply systems – all elements that strongly influence the capital intensity, permitability, and operability of mining projects. Apai is a member of the Association of Professional Engineers of British Columbia and holds a Bachelor of Engineering from the University of Western Australia .
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 ).
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.
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
" 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
www.nickelrockresources.com
info@nickelrockresources.com
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SOURCE Nickel Rock Resources Inc.
Ashley Cowell
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
Mine life of 35 years and after-tax payback of 4.0 years
After-tax net present value ("NPV") (8%) of US$1.72 billion and internal rate of return ("IRR") of 18.3%
Average nickel production of 99 million lbs. per year
Average C1 operating costs of US$2.74/lb nickel and all-in sustaining costs ("AISC") of US$3.12/lb nickel
Average US$481 million of annual earnings before royalties, taxes and depreciation
Cautionary Statement: The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that the conclusions or results as reported in the PEA will be realized.
"This PEA establishes Baptiste as a premier large-scale nickel project," commented FPX Nickel's President and CEO, Martin Turenne. "The Project has the potential to be a significant global nickel operation, with a multi-generational operating life and average annual production of 99 million pounds of contained nickel. Baptiste's enormous scale, combined with low C1 operating costs of US$2.74/lb, has the potential to deliver robust operating margins throughout the nickel price cycle, generating average earnings (before royalties, taxes and depreciation) of US$481 million per year and an after-tax NPV of US$1.7 billion. With its proximity to zero-carbon hydroelectric power, the fact that its nickel product can bypass smelters for direct sale to end users, and the carbon-absorbing properties of Baptiste host rock, the Project is well positioned to address the growing market demand for environmentally sustainable nickel production."
The Company has also identified a number of optimization opportunities to be investigated in the next phase of project development, including but not limited to:
Potential suitability of Baptiste nickel products for the electric vehicle battery market
Sale of by-product iron ore concentrate or pellets
Additional drilling to expand the Baptiste Deposit, which remains open with strong grades at depth over the entire mineralized footprint
Potential discovery of additional large-scale nickel deposits within the 245 square kilometre Decar Nickel District on three known targets, most notably at the Van target
Ongoing research in collaboration with the University of British Columbia on the ability of Baptiste waste rock and tailings to naturally sequester atmospheric carbon dioxide ("CO2")
With its lengthy mine life and rapid payback, Baptiste ranks favourably among global development-stage nickel projects, providing potential exposure to multiple cycles in the nickel market while efficiently repaying upfront capital. Figure 1 demonstrates the strategic value of Baptiste in comparison to other pre-production nickel projects, as expressed by its high ratio of projected mine life (35 years) to after-tax payback period (4 years).
Figure 1 – Comparison of Global Nickel Projects
Source: Company economic studies; see Table 11 below.
Overview of PEA Results and Assumptions
The Baptiste PEA demonstrates the potential for establishing a greenfield open-pit mine and an on-site magnetic separation and flotation processing plant, using conventional technology and equipment. At a throughput rate of 120,000 tonnes per day (or 43.8 million tonnes per year), annual production is projected to average 99 million pounds nickel contained in ferronickel ("FeNi") briquettes at C1 operating costs of US$2.74 per pound of nickel. It is anticipated that the Baptiste FeNi briquette will be sold directly to stainless steel producers and garner 98% of the London Metal Exchange ("LME") nickel price, in line with payabilities earned by standard FeNi products in the global marketplace.
All amounts are in United States dollars unless otherwise specified; table totals may not sum due to rounding.
Table 1 – Baptiste Project PEA Results and Assumptions (all in US$)
Pre-tax NPV (8% discount rate) $2.93 billion
Pre-tax IRR 22.5%
Payback period (pre-tax) 3.5 years
After-tax NPV (8% discount rate) $1.72 billion
After-tax IRR 18.3%
Payback period (after-tax) 4.0 years
Net cash flows (after-tax, undiscounted) $8.73 billion
C1 operating costs 1 $2.74/lb nickel
AISC costs 2 $3.12/lb nickel
Processing throughput 120,000 tonnes per day
Mine life 35 years
Life-of-mine stripping ratio (tonnes:tonnes) 0.40:1
Life-of-mine average annual nickel production 99 million lbs.
Nickel price 3 $7.75/lb
Baptiste product payability (% of nickel price) 98%
Pre-production capital expenditures $1.67 billion
Sustaining capital expenditures $1.11 billion
Exchange rate 0.76 US$/C$
C1 operating costs are the costs of mining, milling and concentrating, on-site administration and general expenses, metal product treatment charges, and freight and marketing costs less the net value of by-product credits, if any. These are expressed on the basis of per unit nickel content of the sold product.
AISC of all-in sustaining costs comprise the sum of C1 costs, sustaining capital, royalties and closure expenses. These are expressed on the basis of per unit nickel content of the sold product.
Nickel price based on the average of six long-term analyst forecast prices.
Capital Costs
The total pre-production capital costs, including direct costs, indirect costs and contingency was estimated at $1.67 billion. This represents the pre-production capital expenditure required to support start-up of operations in year 1. The capital cost related to the implementation of in-pit tailings deposition in year 22 was estimated at $103 million. This is the capital expenditure specifically required to allow for finer primary grinding (resulting in improved nickel recovery) and for pumping tailings to the mined-out pits for in-pit deposition, and other associated costs (see further discussion under Metallurgy and Mineral Processing and Tailings Management below). Sustaining capital costs (which excludes the capital cost related to the implementation of finer primary grinding and in-pit deposition) were estimated at $1.01 billion. These costs include items such as mine equipment fleet additions and replacements, facilities additions and improvements and costs relating to tailings storage facility and surface water management which are incurred over the life-of-mine ("LOM").
Table 2 – Capital Costs
Category Pre-Production US$ million In-Pit Tailings Deposition (Year 21)
US$ million Sustaining US$ million Total LOM US$ million
Mobile Equipment $155 – $354 $509
Tailings $138 $15 $534 $687
Mine and tailings site preparation $96 – $90 $186
Mineral processing $610 $88 $18 $717
Off-site infrastructure $64 – – $64
On-site infrastructure $66 – $7 $73
Total direct costs $1,129 $103 $1,003 $2,235
Indirect costs $292 – $8 $300
Contingency $254 – – $254
Total project capital costs $1,675 $103 $1,012 $2,789
Operating Costs
Table 3 presents a summary of the estimated average operating costs for the initial Phase 1 (Years 1 to 21), Phase 2 (Years 22 to 35, during which period the Project will adopt finer primary grinding and in-pit tailings deposition) and for the life-of-mine, expressed in US$/tonne of dry material processed (milled).
Table 3 – Total Estimated Phase and Average LOM Operating Costs (US$/t milled)
Estimated average LOM operating costs Phase 1
(Years 1-21) Phase 2
(Years 22-35) Average
(LOM)
Mining $2.28 $2.66 $2.43
Mineral processing $2.71 $2.91 $2.79
Product transport $0.19 $0.18 $0.19
Rail terminal and access road $0.05 $0.05 $0.05
General site services $0.62 $0.62 $0.62
General and administration $0.25 $0.25 $0.25
Total operating costs $6.09 $6.66 $6.32
Table 4 presents estimated phase and average LOM operating costs stated on a per unit of nickel production basis.
Table 4 – C1 costs and AISC costs (US$/lb nickel)
C1 costs $2.61 $2.94 $2.74
AISC costs $3.13 $3.11 $3.12
Mineral Resource Estimate
The PEA incorporates an updated 2020 resource estimate for the Baptiste Deposit including all data from the 83 surface drillholes completed since 2010 and 2,053 samples from a re-sampling program of 2010/2011 drill core that was carried out in 2012. The estimate is geologically constrained within four mineralized domains and is reasonably comparable among different estimation methods (i.e., ordinary kriging, inverse distance squared weighting, nearest neighbour).
The 2020 resource model comprises a large, delta shaped volume that measures approximately 3.0 km in length and 150 to 1,080 m in width and extends to a depth of 540 m below the surface. The Baptiste Deposit remains open at depth over the entire system and is covered by an average of 12 metres of overburden.
Table 5: 2020 Baptiste Deposit Pit-Constrained Mineral Resource Estimate *
Category Tonnes (000's) Davis Tube Recoverable ("DTR") Nickel Content
% Ni Tonnes Ni Pounds Ni (000's)
Indicated 1,995,873 0.122 2,434,965 5,368,173
Inferred 592,890 0.114 675,895 1,490,092
* See Notes for Tables 5 and 6 below.
Table 6: 2020 Baptiste Deposit Block Model Tonnage and Grades Reported at a Range of Cut-off Grades (Base Case 0.06% DTR Ni) *
Cut-off Grade (DTR Ni %) Indicated Inferred
Tonnes (000's) DTR Ni Grade (%) Tonnes (000's) DTR Ni Grade (%)
0.02 2,076,969 0.119 750,633 0.098
* Notes for Tables 5 and 6:
Updated mineral resource estimate prepared by GeoSim Services Inc. using ordinary kriging with an effective date of September 9, 2020.
Davis Tube magnetically-recovered ("DTR") nickel is the nickel content recovered by magnetic separation using a Davis Tube, followed by fusion XRF to determine the nickel content of the magnetic fraction; in effect a mini-scale metallurgical test. The Davis tube method is the global, industry standard metallurgical testing apparatus for recovery of magnetic minerals.
Indicated mineral resources are drilled on approximate 200 x 200 metre drill spacing and confined to mineralized lithologic domains. Inferred mineral resources are drilled on approximate 300 x 300 metre drill spacing.
An optimized pit shell was generated using the following assumptions: US$6.35 per pound nickel price; a 45° pit slope; assumed mining recovery of 97% DTR Ni and process recovery of 85% DTR Ni, an exchange rate of $1.00 CAN = $0.76 US; and mining costs of US$2.75 per tonne, processing costs of US$4.00 per tonne. A US$1.00 per tonne minimum profit was also imposed to exclude material close to the break-even cut-off.
A base case cut-off grade of 0.06% DTR Ni represents an in-situ metal value of approximately US$7.00 per tonne which is believed to provide a reasonable margin over operating and sustaining costs for open-pit mining and processing.
Totals may not sum due to rounding.
Mineral resources are not mineral reserves and do not have demonstrated economic viability.
The PEA mine plan is based on the mineral resource estimate and its underlying geological block model. The mine plan envisions a three-phased open pit mine development, with the Phase 1 pit covering the first 21 years of mine life. During this phase, tailings will be deposited in an external tailings storage facility ("TSF"). The Phase 2 and 3 pits expand laterally towards the northwest and northeast from the Phase 1 pit, providing mill feed for years 22 to 35, allowing tailings to be placed in the mined-out Phase 1 pit. A pit rim dam will be constructed in year 25 to allow access from the phase 3 pit to the plant and to accommodate the additional tailings that will be stored in the Phase 1 and Phase 2 pits after they are mined out.
Mining will be conducted using conventional truck and shovel methods. Large-scale open pit mining will provide the mineral processing plant feed at a rate of 120,000 tonnes per day, or 43.8 million tonnes per annum. Annual mine production of mill feed and waste will peak at 80.1 Mt/a with a life-of-mine stripping ratio of 0.40:1 including preproduction (0.32 during the first 10 years of operation, and 0.22 over the first 16 years of operation). Ultimate pit quantities with corresponding DTR nickel grades are shown in Table 7.
Table 7 – Ultimate Design Pit Quantities
Material Classification Tonnage (Mt) Grade (% DTR Ni)
Indicated 1,326 0.124%
Inferred 177 0.102%
Total for processing 1,503 0.121%
Waste rock 540
Overburden 55
Total waste 596
Total material mined 2,098
Stripping ratio (LOM) 0.40 :1
Note: Mineral resources are not mineral reserves and do not have demonstrated economic viability
Pit phasing (Phases 1 through 3) was developed to maximize grade early in the mine life, with a starter pit being developed at the beginning of Phase 1 to target a shallow higher-grade zone of nickel mineralization. A production schedule showing tonnage and grade by mining phase is presented in Table 8.
Table 8 – Mining Schedule by Phase
Phase 1 (Years 1-21)
Indicated 803 0.128%
Inferred 42 0.114%
Total for processing – Phase 1 845 0.127%
Phases 2 and 3 (Years 22-35)
Total for processing – Phases 2 and 3 658 0.113%
Total for processing – LOM 1,503 0.121%
Metallurgy and Mineral Processing
The metallurgical testwork for the PEA was performed at ALS in Kamloops, British Columbia and was focused on the following:
Magnetic separation tests at a range of primary grind sizes (P80 from 57 µm to 360 µm);
Magnetic cleaning tests to 25 µm final regrind size;
Flotation testwork on the magnetic cleaner concentrate under various conditions and reagent additions;
Mineralogical assessment of the head sample and some products generated in the testwork.
A conceptual mineral processing flowsheet was developed as the basis for the PEA. The process flowsheet is based on traditional grinding, magnetic separation and flotation processes. Unit operations in this flowsheet include crushing and grinding, magnetic separation, magnetic concentrate re-grinding to 25 microns (P80), further magnetic cleaning stages, followed by rougher and cleaner flotation stages to produce a final nickel concentrate grading 63% nickel.
The metallurgical testwork results indicated that at a primary grind of 300 µm, it is possible to produce a 63% nickel concentrate with a nickel recovery of 85% of the DTR nickel feed grade. In Year 22, when in-pit tailings deposition is implemented, a finer primary grind of 170 µm can be achieved through the addition of a third ball mill resulting in a DTR nickel recovery of 90%.
Subsequent to the flotation process, the 63% nickel concentrate is dewatered, filtered to a filter cake and briquetted into a final saleable ferronickel product. The flotation process also produces a magnetite-rich tailings stream which has the potential to be sold or further valorized as a saleable iron ore product. For the PEA, no by-product revenues have been recognized for the potential sale of this magnetite-rich product.
Metallurgical testwork performed for the PEA Study has shown that the Baptiste Project can produce a clean, high-grade, ferronickel concentrate through a conventional mineral processing flowsheet. The FeNi concentrate, agglomerated in briquette form, constitutes the final saleable product generated by the Project for consumption by stainless steel producers. The projected product specification for the Baptiste briquettes is presented in Table 9.
Table 9: Projected Product Specification for Baptiste FeNi Briquettes
Elements and Minerals Content
Ni 60-65%
Fe (total) 30-32%
Awaruite (Ni3Fe alloy) 77-83%
Metallic Fe in awaruite 19-21%
Magnetite (Fe3O4) 13-18%
Co 1% typical
Cu 0.7% typical
P 0.02% typical
S 0.6% typical
MgO 1% typical
SiO2 1.5% typical
Cr2O3 0.4% typical
The selling price to be obtained from the sale of the Baptiste FeNi briquettes to stainless steel producers will generally be a function of two variables: (1) the LME nickel price and (2) a discount or premium to the LME nickel price, based on the market positioning of the Baptiste FeNi briquettes in relation to competing sources of nickel feedstock to stainless producers, including stainless steel scrap, nickel pig iron, standard FeNi and Class 1 nickel briquettes or cathode. The selling price determined by the analysis of these two components is the price used for the economic analysis performed for the PEA.
A long-term LME base nickel price assumption of $7.75 per pound is assumed in the PEA which is consistent with the average long-term nickel price of forecasts provided by six base metals analysts. In order to assess the potential payability for the Baptiste product, stated as a percentage of the LME base price, the following sources of information were considered:
The results of the Company's preliminary product market testing undertaken with stainless steel and ferronickel producers;
Preliminary market feedback based on informal discussions with nickel consumers and traders, including an independent consultant to the Company and representatives of large international trading houses specializing in nickel products;
Benchmarking with typical specifications for standard FeNi and nickel pig iron ("NPI") products from various producers;
Historic premium / discount data for standard FeNi.
The analysis, in consideration of the aforementioned information sources, concluded that a discount of 2% applied to the LME nickel price provides a reasonable assumption for determining the selling price to be used for the PEA.
Off-Site Infrastructure
The Decar District site access road, having a total length of 121 km, consists of an existing paved road segment and an existing forestry service road ("FSR"). A new 110-m span bridge and a new 4.5 km FSR segment will be required to access the property. Also, upgrades will be required to an existing 20-m span bridge and to 12 km of existing FSR segments.
A road-to-rail transfer facility is proposed to be constructed off-site in the vicinity of the existing CN Rail branch line. The transfer facility is to be used primarily for transloading containerized FeNi briquettes onto railcars for transport to the Prince Rupert port terminal for eventual delivery to ports in Asia. The FeNi briquettes will be loaded into containers at the mine site and trucked by the Company to the transfer facility. The Project will, on average, produce about 72,000 tonnes of FeNi briquettes annually, or an average of approximately 200 tonnes per day.
Electric power to the Project will be provided through a new hydro-electric power transmission line with a capacity of 120 MW and a transmission voltage of a single, 230 kV circuit. The proposed power transmission line is based on a tie-in point located approximately 98 km from the Project.
The proposed tailings disposal strategy for the Baptiste Project is based on two phases. For Phase 1, spanning from years 1 to 21, tailings are disposed of within a conventional external tailings storage facility. The proposed external TSF is proposed to be constructed using the centerline construction method with a downstream slope of 3H:1V. It will be constructed primarily with cycloned sand tailings generated in the mineral processing plant and designed to retain tailings produced during the first 21 years of production based on the mine schedule. Geotechnical design criteria are based on regional experience as no site investigations related to the TSF structures have been completed to date.
Thereafter, tailings are proposed to be disposed within the exhausted open pit based on an in-pit disposal strategy. Upon completion of mining of the Phase 1 pit in year 21, the pit would then start being backfilled with tailings produced while processing material mined in the Phases 2 and 3 pits, starting in year 22. A pit rim dam will be required in order to accommodate the tailings produced while mining the Phase 3 pit to the end of the 35-year mine life.
Sensitivity Analysis
A sensitivity analysis was performed on a pre-tax and after-tax basis, whereby pre-production capital cost, annual operating costs and product selling price were individually varied between +/-20% to determine the impact on the Project's IRR and NPV at an 8% discount rate. Results are presented in Table 10.
Table 10 – Sensitivity Analysis
Sensitivity -20% -10% Base Case +10% +20%
NPV $3,449 M $3,188 M $2,927 M $2,666 M $2,406 M
IRR 24.6% 23.6% 22.5% 21.5% 20.4%
After-Tax
Ni Selling Price
NPV $750 M $1,237 M $1,721 M $2,202 M $2,680 M
At the LME spot nickel price of $6.86/lb. (closing price on September 7, 2020), the Project's after-tax IRR and NPV (8% discount rate) would be 15.2% and US$1.16 billion, respectively.
Several project optimization opportunities requiring further study have been identified which may further enhance project economics, including the following:
Electric Vehicle Battery Application: Based on batch pressure leach tests performed on a sample of Baptiste flotation concentrate, it is expected that the nickel-cobalt leach solution produced will be an ideal feedstock for the production of nickel sulphate and cobalt sulphate for the electric vehicle ("EV") battery market. These positive test results provide the Company with an opportunity to pursue an alternative marketing route for part of its nickel production, which would allow the Company to become a player in the EV battery value chain. As the Project advances, this opportunity will need to be supported with more testwork and a validation of process economics.
Sale of Iron Ore Concentrate: The process flowsheet developed in the PEA generates a flotation tailing with a high iron content (in the form of magnetite), which can potentially be marketable as a magnetite iron ore concentrate and generate additional financial benefit to the Project. A detailed logistics and marketability analysis to further develop this opportunity is required to incorporate the potential benefit of this product stream into the Project's economics.
Mineral Exploration: Assay results of outcropping bedrock samples have defined a promising drill-ready target at the Van target, which is located 6 km north of the Baptiste Deposit at similar elevations, and accessible via logging roads. These results demonstrate that the surface expression of the Van target is larger in area and similar in DTR nickel values to the Baptiste Deposit. A drill program is recommended for the Van target to test its potential to comprise a standalone deposit to complement the Baptiste Deposit.
CO2 Sequestration: Laboratory testing by researchers from the University of British Columbia has demonstrated that the Baptiste Deposit's mineralization can absorb significant quantities of carbon dioxide when exposed to air through a natural process of mineral carbonation. FPX is undertaking further research in collaboration with UBC to assess and advance the potential development of a low-carbon or carbon-neutral operation at Baptiste (see FPX Nickel news release dated September 1, 2020). The potential benefits of carbon sequestration have not been incorporated into the present PEA.
The Company's management will host a live webinar on Thursday, September 10 at 1:00 p.m. Eastern (10:00 a.m. Pacific) to provide an overview of the PEA results and to answer questions from participants. Participants can access the live webinar at the following link: https://zoom.us/j/99574244901
Notes Regarding the PEA
The PEA was produced by a team of independent consultants who possess extensive expertise in their respective fields. Further details on the contributors can be found in the Qualified Persons section of this news release.
The effective date of the 2020 PEA is September 9, 2020 and a technical report relating to the PEA will be filed on SEDAR within 45 days of this news release.
Notes Regarding Figure 1
Information in Figure 1 regarding the mine life and payback period of global nickel projects is taken from company reports and economic studies, as shown in Table 11 below.
Table 11 – Mine Life and Payback for Selected Nickel Project Economic Studies
Project (Country) Mine Life
(Years) After-Tax Payback (Years) Ratio of Mine Life to Payback (After-Tax) Company Report
Baptiste (Canada) 35 4.0 8.8 FPX Nickel Corp. news release, September 9, 2020
Araguaia (Brazil) 28 4.2 6.7 Horizonte Minerals Plc news release, October 29, 2018
Sunrise (Australia) 25 4.3 5.8 Clean TeQ Holdings Limited news release, June 25, 2018
Eagle's Nest (Canada) 10 2 5.1 Noront Resources Ltd. news release, September 5, 2012
Kun-Manie (Russia) 15 3 5 Amur Minerals Corporation news release, February 26, 2019
Goongarrie (Australia) 25 5.1 4.9 Ardea Resources Limited news release, July 24, 2018
West Musgrave (Australia) 26 6 4.3 Oz Minerals Limited news release, February 12, 2020
Dumont (Canada) 30 8 3.8 RNC Minerals news release, May 30, 2019
Turnagain (Canada) 27 7 3.7 Hard Creek Nickel Corporation news release, October 20, 2011
Sconi (Australia) 18 5.2 3.5 Australian Mines Limited news release, November 20, 2018
Tamarack (USA) 7.5 2.5 3.0 Talon Metals Corp. news release dated March 5, 2020
Qualified Persons
The scientific and technical information contained in this news release pertaining to the Project has been reviewed, verified and approved by the following Qualified Persons as defined by NI 43-101: Angelo Grandillo, P. Eng. of BBA Inc., Gordon Chen, P. Eng. of Stantec Inc., Sean Ennis, P. Eng. of Stantec Inc., Jeff Austin, P. Eng. of IME Inc., Ronald G. Simpson, P. Geo. of GeoSim Services Inc., and Ronald Voordouw, P. Geo. of Equity Exploration Consultants Ltd. (who has also verified the sampling, analytical, and test data underlying the disclosed Mineral Resource estimate). All of the above-noted Qualified Persons are independent of FPX Nickel. Dr. Peter Bradshaw, P. Eng., FPX Nickel's Qualified Person under NI 43-101, is responsible for the other technical information (information not directly related to the PEA) in this news release.
The Company's Decar Nickel District claims cover 245 square kilometres 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, 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, the B target, the Sid target and Van target, as confirmed by drilling in the first three plus petrographic examination, electron probe analyses and outcrop sampling on all four. Since 2010, approximately $25 million has been spent on the exploration and development of Decar.
Of the four targets in the Decar Nickel District, the Baptiste Deposit has been the main focus of diamond drilling since 2010, with a total of 82 holes and over 31,000 metres of drilling completed. The Sid target was tested with two holes in 2010 and the B target had a single hole drilled into it in 2011; all three holes intersected nickel-iron alloy mineralization over wide intervals with DTR nickel grades comparable to the Baptiste Deposit. The Van target was not drill-tested at that time as rock exposure was very poor prior to logging activity by forestry companies.
As reported in the current NI 43-101 resource estimate, having an effective date of September 9, 2020, the Baptiste Deposit contains 1.996 billion tonnes of indicated resources at an average grade of 0.122% DTR nickel, thus equating to 2.4 million tonnes of nickel, and 593 million tonnes of inferred resources with an average grade of 0.114% DTR nickel, containing 0.7 million tonnes of nickel, reported at a cut-off grade of 0.06% DTR nickel. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
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 at ceo@fpxnickel.com.
"Martin Turenne"
Martin Turenne, President, CEO and Director
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.
Click here to connect with FPX NIckel Corp (TSXV:FPX) for an Investor Presentation
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."
Mr. Harshaw established a record of success over a 28-year career at Vale and its predecessor firm Inco, occupying senior leadership roles in operations, marketing and corporate strategy. He was responsible for creating and managing annual budgets of greater than $1.0 billion and for managing external relations with provincial and municipal governments and First Nations. Before serving as Vice President Operations at Vale's Sudbury complex, Mr. Harshaw acted as Vice President Marketing and Operations in Vale's Asia Pacific division, where he was responsible for nickel refineries in Japan, China and Taiwan and for marketing Vale's nickel products to the stainless steel, specialty alloy and battery industries. Mr. Harshaw obtained his MBA from Laurentian University (where he currently serves on the Board of Governors) and a Bachelor of Science in Metallurgical Engineering from Queen's University.
The appointment of Mr. Harshaw is subject to receipt of approval from the TSX Venture Exchange and the Securities Regulatory Authorities. Mr. Harshaw has been granted options on 250,000 shares of the Company's common stock, exercisable at a price of $0.45 per share for a five-year period commencing on August 14, 2020.
The Company's Decar Nickel District claims cover 245 square kilometres 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. A branch line of the Canadian National Railway is less than 5 kilometres east from Decar's Baptiste Deposit and the BC Hydro power grid comes within 110 kilometres south of the property.
Decar hosts a greenfield discovery of nickel mineralization in the form of a naturally occurring nickel-iron alloy called awaruite, 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, the B Target, the Sid Target and Van Target, as confirmed by drilling in the first three plus petrographic examination, electron probe analyses and outcrop sampling on all four. Since 2010, more than $25 million has been spent on the exploration and development of Decar.
As reported in a NI 43-101 resource estimate prepared on February 26, 2018, the Baptiste Deposit contains 1.843 billion tonnes of indicated resources at an average grade of 0.123% DTR nickel, for 2.3 million tonnes of DTR nickel, and 391 million tonnes of inferred resources with an average grade of 0.115% DTR nickel, for 0.4 million tonnes of DTR nickel, reported at a cut-off grade of 0.06%. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
FPX Nickel Corp. is focused on the exploration and development of the Decar Nickel-Iron Alloy Project, located in central British Columbia, and other occurrences of the same unique style of naturally occurring nickel-iron alloy mineralization known as awaruite. For more information, please view the Company's website at www.fpxnickel.com or contact Martin Turenne, President and CEO, at (604) 681-8600.
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.
FPX Nickel has a current cash balance of approximately $2.1 million. Completion of the updated Baptiste PEA, budgeted at approximately $500,000, will be funded from the Company's existing working capital.
Dr. Peter Bradshaw, P. Eng., FPX Nickel's Qualified Person under NI 43-101, has reviewed and approved the technical content of this news release.
Nataly Cure
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.
In closing the financing, the Company has issued 8,333,332 shares priced at $0.18 per share. Finder's fees of $22,140 were paid on a portion of the proceeds. Officers and directors of the Company subscribed for 2,319,167 shares for gross proceeds of $417,450.
All the securities issued pursuant to this private placement will be subject to a four (4) month hold period expiring on July 13, 2020. The proceeds raised from the Offering will be used for general working capital purposes and for the early settlement of up to $687,000 in amounts owing under the Company's long-term debt arrangements.
The Company further announces that a total of 3,100,000 stock options have been granted to the Company's directors, officers and employees. The stock options have an exercise price of $0.20 per share and will expire on March 11, 2025.
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.
TSX VENTURE COMPANIES
CENTURY LITHIUM CORP. ("LCE ")
[formerly CYPRESS DEVELOPMENT CORP. ("CYP ")]
BULLETIN TYPE: Name Change
BULLETIN DATE: January 26, 2023
TSX Venture Tier 2 Company
Pursuant to a resolution passed by Directors of the Company on January 20, 2023 , the Company has changed its name as follows. There is no consolidation of capital.
Effective at the opening Monday, January 30, 2023 , the common shares of Century Lithium Corp. will commence trading on TSX Venture Exchange, and the common shares of Cypress Development Corp. will be delisted. The Company is classified as a 'Junior Natural Resource Mining' company.
Capitalization:
Unlimited shares with no par value of which
147,458,136 shares are issued and outstanding
Escrow:
Nil shares
Transfer Agent:
Computershare Investor Services Inc.
Trading Symbol:
LCE ( New )
CUSIP Number:
156615106 ( New )
DFR GOLD INC. ("DFR ")
[formerly DIAMOND FIELDS RESOURCES INC. ("DFR ")]
Pursuant to a resolution passed by the Directors of the Company on December 6, 2022 , the Company has changed its name as follows. There is no consolidation of capital.
Effective at the opening January 30, 2023 , the common shares of DFR Gold Inc. will commence trading on TSX Venture Exchange, and the common shares of Diamond Fields Resources Inc. will be delisted. The Company is classified as a 'Mining Exploration' company.
DFR ( Unchanged )
25241H108 ( New )
WITTERING CAPITAL CORP. ("WITT.P")
BULLETIN TYPE: Reinstated for Trading
Further to the TSX Venture Exchange Bulletin dated January 9, 2023 , the Exchange has been advised that the Cease Trade Order issued by the British Columbia and Ontario Securities Commissions dated January 6, 2023 , has been revoked.
Effective at the opening, Monday, January 30, 2023 , trading will be reinstated in the securities of the Company.
23/01/26 - TSX Venture Exchange Bulletins
ALTAMIRA GOLD CORP. ("ALTA ")
BULLETIN TYPE: Warrant Term Extension
TSX Venture Exchange has consented to the extension in the expiry date of the following warrants:
Private Placement:
# of Warrants:
Original Expiry Date of Warrants:
New Expiry Date of Warrants:
Exercise Price of Warrants:
These warrants were issued pursuant to a private placement of 20,000,000 shares with 10,000,000 share purchase warrants attached, which was accepted for filing by the Exchange effective February 9, 2021 .
AMERICAN LITHIUM CORP. ("LI ")
BULLETIN TYPE: Property-Asset or Share Purchase Agreement
TSX Venture Exchange has accepted for filing documentation with respect to the arm's length acquisition of the balance of 1% gross overriding royalty on commercial production from the TLC Lithium Project located in Nye County, Nevada .
CASH ( $)
WORK EXPENDITURES (S)
950,000 Common Shares
For further details, please refer to the Company's news releases dated January 24, 2023
APEX RESOURCES INC. ("APX ")
TSX Venture Exchange has accepted for filing documentation with respect to the arm's length amended option agreement whereby the annual advance royalty payments on the Company's Jersey property located in British Columbia are reduced from $50,000 to $26,000 .
CANADA NICKEL COMPANY INC. ("CNC ")
BULLETIN TYPE: Warrants for Bonuses
TSX Venture Exchange has accepted for filing a proposed amendment of Promissory Note Bridge Loan Facility dated October 18, 2022 (the "Advance") to Auramet International, Inc. (the "Lender"), whereby the new maturity date is extended until March 3, 2023 . In connection with the extension of the maturity, the Company is required to pay the Lender US$154,651 extension fee and the interest rate is increased to 1.25% per month commencing January 19, 2023 .
Furthermore, the Exchange has approved the issuance of 200,000 bonus warrants to the Lender, each exercisable into one common share at $1.94 per share for a period of one year from issuance.
For more information, please refer to the Company's news release dated January 18, 2023 .
DECISIVE DIVIDEND CORPORATION ("DE ")
BULLETIN TYPE: Miscellaneous
TSX Venture Exchange (the "Exchange") has accepted for filing the Company's Amended and Restated Dividend Reinvestment and Cash Purchase Plan (the "DRIP"). The Company has reserved 402,767 common shares ("Shares") under the DRIP.
The Company will determine on or before each distribution record date the amount of equity, if any, that will be made available under the DRIP on the distribution payment date to which such record date relates.
The DRIP provides eligible shareholders with the opportunity to reinvest the dividends they are entitled to in Shares of the Company, to be issued from treasury. The price of Shares purchased with reinvested distributions will be at a 3% discount to the volume-weighted average closing price of the Shares for the 5 trading days immediately preceding the date of distribution declared by the Company (the "5-Day VWAP").
The DRIP also permits eligible shareholders to purchase additional Shares by way of an additional cash payment (the "Option"). The purchase price per Share under the Option will be at the 5-Day VWAP. No participant may make optional cash purchases in excess of $10,000 in one financial year. The aggregate number of Shares purchased pursuant to the Option is subject to a maximum of 2% of the total number of outstanding shares at the commencement of such financial year.
For more information, refer to the Company's press release dated January 13, 2023 and the Company's other press releases announcing distributions.
FJORDLAND EXPLORATION INC. ("FEX ")
BULLETIN TYPE: Warrant Price Amendment and Warrant Term Extension
TSX Venture Exchange has consented to the reduction in the exercise price and term extension of the following warrants:
Original Exercise Price of Warrants:
New Exercise Price of Warrants:
These warrants were issued pursuant to a private placement of 25,000,000 shares with 12,500,000 share purchase warrants attached, which was accepted for filing by the Exchange effective February 12, 2021 .
FREMONT GOLD LTD. ("FRE")
BULLETIN TYPE: Property-Asset or Share Purchase Amending Agreement
TSX Venture Exchange has accepted for filing documentation with respect to the second amendment of the arm's length acquisition of 100% interest in the Griffon gold project (the "Amendment") located in White Pine county , Nevada between the Company and an arm's length party (the "Optionor"). Pursuant to the Amendment, the payment terms have been amended to eliminate the requirement for the Company to pay US$75,000 in cash to the Optionor on December 16, 2022 and will make the following consideration to the Optionor.
1,000,000 Common Shares at a deemed price of $0.08 per share.
For further details, please refer to the Company's news releases dated January 19, 2023 .
GUANAJUATO SILVER COMPANY LTD. ("GSVR")
BULLETIN TYPE: Private Placement-Non-Brokered
TSX Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement announced on December 12, 2022 and January 5, 2023 :
Number of Shares:
20,032,682 shares
$0.425 per share
Warrants:
10,016,34 share purchase warrants to purchase 10,016,34 shares
Warrant Exercise Price:
$0.60 for a two-year period
Number of Placees:
90 placees
Insider / Pro Group Participation:
Placees
# of Placee (s)
Aggregate # of Shares
Aggregate Existing Insider Involvement:
Aggregate Pro Group Involvement:
Aggregate Cash Amount
Aggregate #
of Warrants
Finder's Fee:
545,391 Warrants
Finder's Warrants Terms: Each warrant entitles the holder to purchase one common share at the price of $0 .60 for period of 2 years from the date of issuance.
The Company issued a news release on December 22 , 2022 and January 11, 2023 confirming closing of the private placement. [ Note that in certain circumstances the Exchange may later extend the expiry date of the warrants, if they are less than the maximum permitted term.]
KINGSMEN RESOURCES LTD. ("KNG ")
TSX Venture Exchange has accepted for filing a Mining Exploration Contract and Rights Assignment Promise Agreement (MSA Agreement) dated November 14, 2022 , and November 25, 2022 , and a Promise Contract to enter into Mining Exploration Contracts and Promise to Assign Mining Concession Rights (Ramos Agreement) dated November 25, 2022 , whereby Leona Silver Exploraciones S.A. de C.V. (a subsidiary of the Company) may acquire a 100% interest in 13 mineral claims comprising the Las Colorados Project in Chihuahua, Mexico by making cash payments totaling US$2,140,000 over a 7 year period.
For further details, please see the Company's news releases dated September 29, 2022 , December 1, 2022 , and January 26, 2023 .
MORIEN RESOURCES CORP. ("MOX")
BULLETIN TYPE: Normal Course Issuer Bid
TSX Venture Exchange has been advised by the Company that pursuant to a Notice of Intention to make a Normal Course Issuer Bid dated January 24, 2023 , it may repurchase for cancellation, up to 3,684,381 public float shares in its own capital stock. The purchases are to be made through the facilities of TSX Venture Exchange during the period from February 1, 2023 to January 31, 2024 . Purchases pursuant to the bid will be made by CIBC World Markets Inc. on behalf of the Company.
STAMPER OIL & GAS CORP. ("STMP")
BULLETIN TYPE: Resume Trading
Effective at 6:30 a.m. PST , January 26, 2023 , shares of the Company resumed trading, an announcement having been made.
T2 METALS CORP. ("TWO ")
TSX Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement announced on December 15, 2022 :
Flow-through Units
1,820,678 flow-through-shares
$0.36 per share
1,820,678 share purchase warrants to purchase 1,820,678 shares
$0.45 for a three-year period, subject to an acceleration clause
Non-flow-through Units
1,269,800 non-flow-through-shares
634,900 share purchase warrants to purchase 634,900 shares
277,800 flow-through shares and 200,000 non-flow-through shares
27,778 flow-through shares
Each finder's warrant is non-transferable, and each warrant entitles the holder to purchase one common share at $0.29 per share for a period of three years from the date of issuance, subject to an acceleration clause.
The Company issued news releases on December 28, 2022 and January 25 , 2023, confirming closing of the private placement. Note that in certain circumstances the Exchange may later extend the expiry date of the warrants, if they are less than the maximum permitted term.
TIMELESS CAPITAL CORP. ("TLC.P ")
BULLETIN TYPE: Halt
Effective at 1:57 p.m. PST, January 25, 2023 , trading in the shares of the Company was halted, pending news; this regulatory halt is imposed by Investment Industry Regulatory Organization of Canada , the Market Regulator of the Exchange pursuant to the provisions of Section 10.9(1) of the Universal Market Integrity Rules.
BULLETIN TYPE: Remain Halted
Further to the TSX Venture Exchange ('TSXV') Bulletin dated January 25, 2023 , trading in the shares of the Company will remain halted Pending receipt and review of acceptable documentation regarding the Qualifying Transaction pursuant to Listings Policy 2.4
This regulatory halt is imposed by Investment Industry Regulatory Organization of Canada , the Market Regulator of the Exchange, pursuant to the provisions of Section 10.9(1) of the Universal Market Integrity Rules.
NEX COMPANY
DISTRICT MINES LTD. ("DIG.H ")
Effective at 6:21 a.m. PST, January 26, 2023 , trading in the shares of the Company was halted, pending news; this regulatory halt is imposed by Investment Industry Regulatory Organization of Canada , the Market Regulator of the Exchange pursuant to the provisions of Section 10.9(1) of the Universal Market Integrity Rules.
SOURCE TSX Venture Exchange
View original content: http://www.newswire.ca/en/releases/archive/January2023/26/c3500.html
Getchell Gold Corp.: Invitation to VRIC Booth 135
Getchell Gold Corp. (CSE: GTCH) (OTCQB: GGLDF) is pleased to announce that it will be attending the Vancouver Resource Investment Conference (VRIC) to be held at the Vancouver Convention Centre West (1055 Canada Place, Vancouver) on Sunday January 29 - Monday January 30, 2023. All attending investors are cordially invited to visit the Getchell Gold team at Booth #135.
Notable VRIC keynote speakers include former Premier of BC Christy Clark and former Premier of Saskatchewan, Brad Wall. Other keynote speakers will include dozens of globally respected economists, legendary money managers, and investors.
"The 2023 VRIC is a great opportunity for Getchell Gold to connect with active investors who are looking to capitalize on a near record-high gold spot price," stated Mike Sieb, President of Getchell Gold, adding, "This is the first major investor conference held since the release of our Mineral Resource Estimate in December 2022, and it is perfectly timed for us to establish Getchell Gold as a 'Company to Watch' in Nevada for 2023."
"We are entering a new era of de-globalization. The trust that allowed for global trade over the last 30 years has shifted irreversibly and countries are now scrambling to secure supplies of natural resources as a matter of national security. As a result, demand for key resources, will skyrocket. We have gathered over 300 companies that are exploring for and producing these natural resources so investors can position themselves accordingly," said Jay Martin, Host of the Vancouver Resource Investment Conference.
For more information and/or to register for the conference please visit: https://cambridgehouse.com/vancouver-resource-investment-conference.
The Getchell Gold team looks forward to meeting all interested investors and media contacts at this major industry event, and we can be contacted by e-mail at info@getchellgold.com or by phone at +1 647 249-4798.
About the Vancouver Resource Investment Conference:
The Vancouver Resource Investment Conference has been the epicentre of junior mining investment in Canada for 25 years and attracts over 5000 mining investors annually. Previous years have been attended by former Prime Minister Stephan Harper and former President of Mexico Felipe Calderon.
The VRIC will include a marketplace of over 300 investment opportunities in the mining industry, spanning early-stage exploration to advanced producing mines.
About Getchell Gold Corp.
Getchell Gold Corp. is a Nevada focused gold and copper exploration company trading on the (CSE: GTCH) and (OTCQB: GGLDF). Getchell Gold is primarily directing its efforts on its most advanced stage asset, Fondaway Canyon, a past gold producer with a significant resources estimate and on the Star project, a past high-grade copper, gold, and silver small-scale producer. Complementing Getchell's asset portfolio is Dixie Comstock, a past gold producer with a historic resource and one earlier stage exploration project, Hot Springs Peak (Au). Getchell has the option to acquire 100% of the Fondaway Canyon and Dixie Comstock properties, Churchill County, Nevada.
For further information please visit the Company's website at www.getchellgold.com.
William Wagener, CEO
info@getchellgold.com
www.getchellgold.com
News Provided by Newsfile via QuoteMedia
EMP METALS TESTS UP TO 148 MG/L LITHIUM AT MANSUR PROJECT, SASKATCHEWAN
EMP Metals Corp. (CSE: EMPS) (OTCQB: EMPPF) ("EMP Metals" or the "Company ") is pleased to announce positive results from the recently completed flow test of its second test well, 14-36-009-13W20, in the Mansur permit area located in southeast Saskatchewan ( Figure 1 ). Third-party laboratory testing returned lithium concentrations in the Duperow formation up to 148 mgl. 1
The flow test confirmed high lithium concentrations ranging from 77 to 148 mg/l within 3 zones targeted for future development within the Duperow beds ( Figure 2 ).
The Wymark C zone tested 147 to 148 mg/l from a 11.6 m thick zone with average porosity of 10.4%.
The Wymark E zone tested 101 to 106 mg/l from a 4.9 m thick zone with average porosity of 12.7%.
The Wymark B zone tested 77 mg/l from a 16.9m thick zone with average porosity of 13.8%.
Detailed Test Results:
Wymark E
Wymark C
Wymark B
TOTAL LCE/Section
Ave Porosity LAS Value
Effective Porosity LAS Value
Net Thickness LAS Value
Li Conc Est Value
Brine por vol (per section)
Est Li in place (per section)
Calculated LCE Tonne per section
Water Saturation .02, Formation Factor 1.023, Lithium converted to LCE using 5.323
These results now allow for the development of a four layer lithium brine project with brine concentrations expected in the 77 to 148 mg/l range. The Company expects to develop the four individual zones utilizing horizontal wellbores.
Rob Gamley , CEO of EMP Metals, commented, "The Company is excited to have the opportunity to develop one of the highest concentration brine accumulations within Canada. The test results of this second well confirm the high lithium concentrations and resource potential identified during the testing of our first well. Lithium concentrations at 100 to 148 mg/l in combination with having no H2S or oilfield contaminants, and a relatively shallow depth of 1800m , should give this project a distinct competitive advantage with respect to capital costs and operating costs per tonne."
The Company is currently finalizing an 43-101 resource report for the area which is expected to be completed within Q1, 2023. In parallel with that the Company has begun working on the development plan and PEA which it hopes to have complete early in Q2 of 2023. Towards that goal the Company is currently working with a third party Direct Lithium Extraction (DLE) technology provider who is running the Company brine through pilot testing during Q1 of 2023 in order to finalize the process flow and costing required for a complete Preliminary Economic Assessment (PEA).
Mr. Gamley stated, "We are very pleased with the continued strong results from the Mansur Project area which has clear potential for development of the 56 sections (35,840 acres of land)."
The Company continues to work on testing and evaluation of its Viewfield area, 35 miles southeast of Mansur, where the Company has an additional 74 sections (47,360 acres of land). In total the Company has over 200,000 acres of lithium rights within the Duperow lithium fairway in Saskatchewan .
Lithium Brine Properties Joint Venture
The lithium brine properties consist of 37 permits totalling 212,633 acres (86,050 hectares) of Subsurface Crown Mineral Dispositions within the Duperow lithium fairway in Saskatchewan.
EMP Metals holds 75% of the joint venture with ROK Resources Inc. (ROK.V) holding the balance.
The technical content of this news release has been reviewed and approved by Greg Bronson , P. Geo., a qualified person for the purpose of National Instrument 43-101.
1 Independent laboratory testing was conducted by Isobrine Solutions (Edmonton, Alberta)
About EMP Metals
EMP Metals is a Canadian-based exploration company focused on the acquisition and exploration of mineral projects with significant development potential. Its current portfolio of lithium brine properties consists of 37 permits totaling 212,633 acres (86,050 hectares) of Subsurface Crown
Mineral Dispositions in the Williston basin of Southern Saskatchewan . Brine sampling of a vertical wellbore located on one of the properties returned lithium concentrations in the Duperow formation up to 148 mg/l. For more information, please go to the Company's website at www.empmetals.com .
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. EMP Metals cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond EMP Metals' control. Such factors include, among other things: risks and uncertainties relating to EMP
Metals' limited operating history, ability to obtain sufficient financing to carry out its exploration and development objectives on its mineral properties, obtaining the necessary permits to carry out its activities and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, EMP Metals undertakes no obligation to publicly update or revise forward-looking information.
Neither the Canadian Securities Exchange ("CSE") nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE EMP Metals Corp.
Power Nickel Retains Karbon-X to Offset their 2023 Drill Program of up to 40,000 metres, with Voluntary Carbon Offsets
Power Nickel Inc. (the "Company" or "Power Nickel") (TSXV:PNPN)(OTCQB:CMETF)(Frankfurt:IVVI) announced today that the company has retained Karbon-X Corp (OTCQB:KARX) to retire 159 high quality Verra VCU carbon offsets, in the name of Power Nickel Inc. These 159 carbon offsets will counteract 159 tonnes of greenhouse gas (GHG) emitted by the burning of 60,000 litres of diesel in their exploratory drilling operations and represents Power Nickel's commitment to offsetting their drilling program in the years to come
"These offsets will neutralize the Diesel fuel we will use to drill approximately 40,000 metres of drilling. It symbolizes our goal of creating the world's first carbon neutral Nickel mine at our Nisk Project in Nemaska Quebec. Karbon X and it's DrillGreen.ca initiative makes a lot of sense to us. Miners are amongst the most environmentally friendly people I know and we need to start showing the world we can and will find responsible ways to find the materials needed to power the greening of our economy. This is a modest first step for us and I would hope other miners will follow our lead" said Power Nickel CEO, Terry Lynch.
"The offsetting of industrial applications is a key part of the business of Karbon-X. It will take both industrial and personal offsetting to foster environmental change. It is very encouraging to see companies like Power Nickel leading the charge in their industry. I see a very bright future for carbon offsetting of exploratory drilling in Canada and abroad." said Karbon-X CEO, Chad Clovis.
One carbon offset represents the reduction, removal, or avoidance of one metric tonne of greenhouse gas (GHG) emissions from a certified project. Each offset is certified by a third-party verification board to ensure the projects efficacy and is identified by a unique serial number. When organizations and individuals purchase carbon offsets to reduce their carbon footprint, the offset is taken out of circulation. This process is referred to as retiring and ensures that each offset can only be claimed once.
About Karbon-X Corp.
Karbón-X Corp is a tech-based carbon marketing company specializing in the sale of carbon offsets to offset greenhouse gas emissions from industrial applications and also for everyday citizens that are dedicated to reducing their impact on the planet. Industrial users purchase their offset through direct sales, whereas everyday people can offset their life through a mobile APP which will be launching in February 2023. The company invests in green projects with the potential to generate carbon offsets, which will eventually be marketed through the mobile APP. Karbon-X provides an opportunity for their online social media community to support projects that are important to them and that positively impact the planet.
Chad Clovis, Chief Executive Officer & Director
cc@karbon-x.com
About Power Nickel Inc.
Power Nickel is a Canadian junior exploration company focusing on high-potential copper, gold, and battery metal prospects in Canada and Chile.
On February 1, 2021, Power Nickel (then called Chilean Metals) completed the acquisition of its option to acquire up to 80% of the Nisk project from Critical Elements Lithium Corp. (CRE:TSXV)
The NISK property comprises a large land position (20 kilometers of strike length) with numerous high-grade intercepts. Power Nickel is focused on expanding its current high-grade nickel-copper PGE mineralization Ni 43- 101 resource with a series of drill programs designed to test the initial Nisk discovery zone and to explore the land package for adjacent potential Nickel deposits.
Recent assay results from the current drill program at the Nisk deposit continue to return high-grade Ni-Cu- Co sulfide and PGE mineralization.
Significant results from this batch of assays include:
40.3m @ 0.88% Ni, 0.56% Cu, 0.06% Co, 1.64 ppm Pd and 0.15 ppm Pt (PN-22-009)
25.86m @ 1.17% Ni, 0.80% Cu, 0.08% Co, 1.46 ppm Pd and 0.23 ppm Pt
Power Nickel announced on June 8th, 2021 that an agreement has been made to complete the 100% acquisition of its Golden Ivan project in the heart of the Golden Triangle. The Golden Triangle has reported mineral resources (past production and current resources) in a total of 130 million ounces of gold, 800 million ounces of silver, and 40 billion pounds of copper.(Resource World) This property hosts two known mineral showings (Gold ore and Magee), and a portion of the past producing Silverado mine, which was reportedly exploited between 1921 and 1939. These mineral showings are described to be Polymetallic veins that contain quantities of silver, lead, zinc, plus/minus gold, and plus/minus copper.
Power Nickel is also 100 percent owner of five properties comprising over 50,000 acres strategically located in the prolific iron-oxide-copper-gold belt of northern Chile. It also owns a 3-per-cent NSR royalty interest on any future production from the Copaquire copper-molybdenum deposit, which was sold to a subsidiary of Teck Resources Inc. Under the terms of the sale agreement, Teck has the right to acquire one-third of the 3-per-cent NSR for $ 3 million at any time. The Copaquire property borders Teck's producing Quebrada Blanca copper mine in Chile's first region.
Mr. Terry Lynch, CEO
647-448-8044, terry@powernickel.com
Power Nickel Inc.
The Canadian Venture Building
82 Richmond St East, Suite 202
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
This news release contains certain statements that may be deemed "forward-looking statements" with respect to the Company within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "indicates", "opportunity", "possible" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, the Company's ability to raise sufficient capital to fund its planned activities at the NISK Property and for general working capital purposes; the timing and costs of future activities on the Company's properties; maintaining its mineral tenures and concessions in good standing; changes in economic conditions or financial markets; the inherent hazards associates with mineral exploration and mining operations; future prices of metals; changes in general economic conditions; accuracy of mineral resource and reserve estimates; the potential for new discoveries; the ability of the Company to obtain the necessary permits and consents required to explore, drill and develop the projects and if obtained, to obtain such permits and consents in a timely fashion relative to the Company's plans and business objectives for the projects; the general ability of the Company to monetize its mineral resources; and changes in environmental and other laws or regulations that could have an impact on the Company's operations, compliance with environmental laws and regulations, dependence on key management personnel and general competition in the mining industry. Forward-looking statements are based on the reasonable beliefs, estimates, and opinions of the Company's management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates, opinions, or other factors should change.
SOURCE:Power Nickel Inc.
https://www.accesswire.com/736829/Power-Nickel-Retains-Karbon-X-to-Offset-their-2023-Drill-Program-of-up-to-40000-metres-with-Voluntary-Carbon-Offsets
World Copper Agrees to Sell Shares of Electric Royalties Ltd.
World Copper Ltd. (TSXV: WCU) (OTCQX: WCUFF) (FSE: 7LY0) ("World Copper" or the "Company"), announces that it has entered into a share purchase agreement (the "Share Purchase Agreement") with Wealth Minerals Ltd. ("Wealth") whereby the Company will sell to Wealth 2,000,000 common shares in the capital of Electric Royalties Ltd. (each, an "ELEC Share") for a purchase price of $0.25 per ELEC Share for the aggregate amount of $500,000 cash (the "Transaction"), subject to acceptance for filing by the TSX Venture Exchange (the "TSXV").
As Wealth holds more than 10% of the issued and outstanding common shares of the Company (and is a Non-Arm's Length Party (as defined in TSXV policies)), the Transaction constitutes a related party transaction pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on Sections 5.5(a) and 5.7(1)(a) of MI 61-101 for an exemption from the formal valuation and minority shareholder approval requirements, respectively, as at the time the Share Purchase Agreement was entered into neither the fair market value of the ELEC Shares, nor the fair market value of the consideration to be provided by Wealth for same, exceeded 25% of the Company's market capitalization. The Company also notes that the ELEC Shares to be sold to Wealth will be under a contractual restriction on resale until March 2, 2023.
On Behalf of the Board of Directors of
World Copper Ltd.
"Nolan Peterson"
Nolan Peterson
Nolan Peterson or Michael Pound
E-mail: info@worldcopperltd.com
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 news release.
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the Transaction, and the anticipated business plans and timing of future activities of the Company, are forward looking statements. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.
CHINA EDUCATION RESOURCES INC. ("CHN.H")
[Formerly China Education Resources Inc. ("CHN")]
BULLETIN TYPE: Transfer and New Addition to NEX, Symbol Change, Remain Suspended
In accordance with TSX Venture Policy 2.5, the Company has not maintained the requirements for a TSX Venture Tier 2 company. Therefore, effective at the opening on Thursday , January 26, 2023 , the Company's listing will transfer to NEX, the Company's Tier classification will change from Tier 2 to NEX, and the Filing and Service Office will change from Vancouver to NEX.
As of January 26, 2023 , the Company is subject to restrictions on share issuances and certain types of payments as set out in the NEX policies.
The trading symbol for the Company will change from CHN to CHN.H. There is no change in the Company's name, no change in its CUSIP number and no consolidation of capital. The symbol extension differentiates NEX symbols from Tier 1 or Tier 2 symbols within the TSX Venture market.
Further to the Exchange bulletins issued July 11, 2022 , and September 8, 2022 trading in the shares of the Company will remain suspended.
Members are prohibited from trading in the securities of the Company during the period of the suspension or until further notice.
FABLED SILVER GOLD CORP. ("FCO ")
BULLETIN TYPE: Consolidation
Pursuant to a special resolution passed by the Directors on January 11, 2023 , the Company has consolidated its capital on a (5) old for (1) new basis. The name of the Company has not been changed.
Effective at the opening Thursday, January 26, 2023 , the shares of will commence trading on TSX Venture Exchange on a consolidated basis. The Company is classified as a 'Mining' company.
Post - Consolidation
Capitalization: Unlimited shares with no par value of which
43,089,330 shares are issued and outstanding
Escrow Nil shares are subject to escrow
Transfer Agent: Computershare Investor Services Inc.
Trading Symbol: FCO ( UNCHANGED )
CUSIP Number: 30317M403 ( NEW )
Effective at the opening on Thursday, January 26, 2023 , the shares of the Company will resume trading.
Further to the news release dated January 17, 2023 , the Company has completed its previously announced Fundamental Acquisition, as defined under TSX Venture Exchange Corporate Finance Manual Policy 5.3.
VIRGINIA ENERGY RESOURCES INC. ("VUI ")
BULLETIN TYPE: Plan of Arrangement, Delist
TSX Venture Exchange Inc. (the "Exchange") has accepted for filing documentation in connection with the arrangement between Virginia Energy Resources Inc. (the "Company") and Consolidated Uranium Inc. ("CUR"), pursuant to the terms of an arrangement agreement dated November 14, 2022 , and a court-approved plan of arrangement under section 288 of the Business Corporations Act ( British Columbia ) (the "Arrangement").
Pursuant to the terms of the Arrangement, all of the issued and outstanding common shares of the Company (each, a "Company Share"), other than Company Shares already held by CUR, were exchanged on the basis of 0.26 (the "Exchange Ratio") of a common share of CUR (each whole common share, a "CUR Share") for each Company Share (the "Consideration"). Holders of outstanding stock options to purchase Company Shares (each, a "Company Option") have received replacement options to acquire CUR Shares adjusted based on the Exchange Ratio and holders of outstanding restricted share units of the Company (the "Company RSUs") had their Company RSUs vest and settled for Company Shares and then exchanged for the Consideration.
The Exchange has been advised that approval of the Arrangement by shareholders of the Company was received at a special meeting of shareholders held on January 19, 2023 , and that the Supreme Court of British Columbia provided its final order approving the plan of arrangement on January 23, 2023 . The Exchange has been advised that the Arrangement closed on January 24, 2023 . The full particulars of the Arrangement are set forth in the Company's Information Circular dated December 15, 2022 , which is available under the Company's profile on SEDAR.
Delist:
Further to the completion of the Arrangement effective at the close of business Wednesday, January 25, 2023 , the common shares of the Company will be delisted from TSX Venture Exchange at the request of the Company.
African Energy Metals Inc. ("CUCO ")
Effective at 6:30 a.m. PST, Jan. 24, 2023 , shares of the Company resumed trading, an announcement having been made.
CVW CLEANTECH INC. ("CVW")
TSX Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement announced on September 6, 2022 and further amended on September 20, 2022 :
Number of Units: 1,166,664 units ("Units"). Each Unit will consist of one common share of the Company and one common share purchase warrant
Purchase Price: $1.20 per Unit
Warrants: 1,166,664 share purchase warrants to purchase 1,166,664 shares
Warrant Exercise Price: $1.80 for a four-year period from the date of issuance
Number of Placees: 40 placees
Aggregate # of Units
Aggregate Cash
The Company issued a news release on October 11, 2022 confirming closing of the private placement. Note that in certain circumstances the Exchange may later extend the expiry date of the warrants, if they are less than the maximum permitted term.
KLONDIKE SILVER CORP. ("KS ")
BULLETIN TYPE: Shares for Bonuses
TSX Venture Exchange has accepted for filing the Company's proposal to issue 400,000 bonus shares at a deemed price of $0.05 per share to 6 Arm's Length Parties, in consideration of loans in the total amount of $100 ,000 for a term of one year, and bear interest at a rate of 10% per annum.
Please refer to the Company's news release on January 23, 2023 for more details.
NEXOPTIC TECHNOLOGY CORP. ("NXO")
BULLETIN TYPE: Shares for Debt
TSX Venture Exchange has accepted for filing of the Company's proposal to issue 1,589,846 shares to three arm's length parties at a deemed price of CAD $0.065 per unit to settle the outstanding debt of CAD $103,340 and issue 5,132,626 shares to a non-arm's length party to settle outstanding debt for $ 333,620.70 .
Number of Creditors: 4 Creditors
Non-Arm's Length Party / Pro Group Participation:
Creditors # of Creditors Amount Owing Deemed Price Aggregate #
per Share of Shares
Aggregate Non-Arm's
Length Party
Involvement: 1 $333,620.7 $0 .065 5,132,626
Aggregate Pro Group
Involvement: N/A N/A N/A N/A
For more details, please refer to the Company's news releases dated November 07, 2022 .
NOWVERTICAL GROUP INC. ("NOW") ("NOW.WT") ("NOW.WT.A")
TSX Venture Exchange (the "Exchange") has accepted for filing documentation pertaining to a share purchase agreement (the "Agreement"), between NowVertical Group Inc. (the "Company") and arm's length vendors, pursuant to which the Company will acquire 100% of Acrotrend Solutions. Under the terms of the Agreement, the Company will acquire Acrotrend Solutions in exchange for (i) a closing cash payment of US$4.1 million , (ii) issuance of 750,000 subordinate voting shares at a deemed price of $1.00 USD per share, and (iii) the earn-out consideration paid over three fiscal years based on certain adjusted EBITDA, a portion of which may be payable in subordinate voting shares in the capital of the Company, subject to a maximum of 5,000,000 subordinate voting shares.
Property-Asset or Share Purchase Agreement
The Exchange has also accepted for filing documentation pertaining to a share purchase agreement between the Company and arm's length vendors, pursuant to which the Company will acquire 100% of Smartlytics Consultancy in exchange for (i) a closing cash payment of US$1 million , (ii) issuance of 600,000 subordinate voting shares, and (iii) the earn-out consideration paid over three fiscal years based on certain adjusted EBITDA, a portion of which may be payable in subordinate voting shares in the capital of the Company, subject to a maximum of 926,413 subordinate voting shares.
For more information, refer to the Company's news releases dated December 12, 2022 and January 12, 2023 .
PATAGONIA GOLD CORP. ("PGDC")
TSX Venture Exchange has accepted for filing the Company's proposal to issue 4,495,049 common shares to settle outstanding debt for USD$50,408 (approximately CDN$67,425.74 ).
# of
Amount Owing
Deemed Price
Aggregate # of
Length Party Involvement:
CDN$67,425.74
CDN$0.015
The Company shall issue a news release when the shares are issued and the debt extinguished.
POND TECHNOLOGIES HOLDINGS INC. ("POND")
TSX Venture Exchange has accepted for filing the Company's proposal to issue 1,086,428 common shares to settle outstanding debt for $108,642.83 .
Number of Creditors: 1 Creditor
POOL SAFE INC. ("POOL")
TSX Venture Exchange has accepted for filing the Company's proposal to issue 750,000 common shares to settle outstanding debt for $22,500 .
STRATABOUND MINERALS CORP. ("SB")
Number of Shares: 33,100,000 units
Warrants: 33,100,000 share purchase warrants to purchase 33,100,000 shares
Warrant Exercise Price: $0.07 for a two year period
Number of Placees: 6 placees
The Company issued a news release on January 24, 2023 confirming closing of the private placement. Note that in certain circumstances the Exchange may later extend the expiry date of the warrants, if they are less than the maximum permitted term.
TRIBE PROPERTY TECHNOLOGIES INC. ("TRBE ")
TSX Venture Exchange has accepted for filing documentation with respect to the arm's length acquisition of a portfolio of certain strata property management assets from Warrington PCI Management (the "Vendor"), pursuant to an asset purchase agreement dated October 31, 2022 and an amending agreement dated December 28, 2022 , among Tribe Property Technologies Inc. (the "Company"), wholly-owned subsidiary of the Company and the general partners of the Vendor.
As consideration for the acquisition, the Company will satisfy the aggregate purchase price of CDN$375,000 as follows: (i) a cash payment of CDN$200,000 on the closing date to the Vendor; (ii) subject to certain milestones issue up to 62,500 common shares of the Company to the Vendor at a deemed floor price of CDN$1.20 per common share; and (iii) a cash payment of CDN$100,000 to be paid on February 5 , 2024.
For further details, please refer to the Company's news releases dated November 22, 2022 and January 9, 2023 .
VOYAGEUR PHARMACEUTICALS LTD. ("VM")
TSX Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement announced on December 8, 2022 , December 23, 2022 , January 12, 2023 and January 20, 2023 :
Number of Units: 17,142,133 units
Finder's Warrants Terms: Each Finder's Warrant entitles the holder to purchase one Common Share at the price of $0.07 for a period of 1 year from the date of issuance.
WECOMMERCE HOLDINGS LTD. ("WE ")
Effective at 12:00 p.m. PST, Jan. 24, 2023 , shares of the Company resumed trading, an announcement having been made.
YORK HARBOUR METALS INC. ("YORK ")
Effective at 6:06 a.m. PST, Jan. 24, 2023 , trading in the shares of the Company was halted pending news; this regulatory halt is imposed by Investment Industry Regulatory Organization of Canada , the Market Regulator of the Exchange pursuant to the provisions of Section 10.9(1) of the Universal Market Integrity Rules.
YORKTON EQUITY GROUP INC. ("YEG ")