FPX Nickel Corp (TSX-V:FPX) announced the discovery of high-grade nickel at the Van target in the Decar Nickel District in British Columbia.
The intersection (21VAN-001) of 101 metres (m) at a grade of 0.15% Davis tube recoverable (DTR) nickel is one of the top 10 highest-grading, near surface intervals in the history of the district, according to FPX.
Another hole intersected 103m at 0.14% DTR nickel.
READ: FPX Nickel completes drilling programs at Decar project; first assays expected in October
In a statement, FPX told shareholders that the two intersections “compare favourably” with previous drilling results from the Baptiste deposit, located six kilometres away.
Baptiste contains nearly 2 billion tonnes of indicated resource at an average grade of 0.12% DTR nickel, plus 593 million tonnes of inferred resources grading around 0.11% DTR nickel. The deposit ranks as the world's third-largest undeveloped nickel deposit, according to Mining Intelligence.
Map of the Decar Nickel District
"We are extremely pleased with these first drill results from Van, confirming the potential for this target to host a large-scale, standalone nickel deposit to rival the deposit already delineated at Baptiste," CEO Martin Turenne told investors.
"For context, the results of 21VAN-001 exceed the highest-grading, near-surface results achieved in any of the first 38 holes drilled at Baptiste between 2010 and 2012.”
FPX's chairman Peter Bradshaw added: "While we are still in the very early stages of understanding the potential at Van, the results of the first two holes, drilled in the central portion of the large 2.5 square kilometres target area, strengthen our view that the Decar Nickel District could host other large-scale deposits to support a district-scale, multi-generational nickel operation."
FPX will report additional assays from its nine-hole, 2,688m Van program in the coming weeks.
Contact Angela at angela@proactiveinvestors.com
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