FPX Nickel Corp. (TSX-V: FPX, OTCQB: FPOCF) (“FPX” or the “Company”) is pleased to announce the signing of an option agreement to acquire up to 100% of the Advocate Nickel Property (“Advocate” or the “Property”) in Newfoundland. Concurrently, the Company is pleased to report that the Japan Organization for Metals and Energy Security (“JOGMEC”) has accepted Advocate as the first Designated Property within the FPX-JOGMEC Generative Alliance, and that a significant work program is planned to expand upon the encouraging Davis Tube Recoverable (“DTR”) nickel values obtained from surface sampling to-date.
Highlights
- The large, highly prospective, Advocate Nickel Property covers 86.25 km2 and includes over 45 km strike length of serpentinized ultramafic rocks, the suitable host rock formation for awaruite mineralization
- Three sizeable zones of awaruite mineralization have been discovered to date at Advocate, with surface rock samples returning DTR nickel grades of up to 0.14% and remaining open in all directions
- JOGMEC and FPX have established a budget of $450,000 for Advocate exploration activities in 2025, with work expected to define drill targets at one or more zones through property-wide rock sampling and grid-based top-of-bedrock sampling in areas with limited outcrop
“After reviewing over 50 targets in 10 jurisdictions worldwide, including 11 in Newfoundland, we have selected Advocate as the first Designated Project to be advanced by our FPX-JOGMEC Generative Alliance,” commented Keith Patterson, FPX’s Vice President, Exploration. “Geologically, we see many similarities between awaruite mineralization at Advocate and our Baptiste Project in British Columbia, which boasts Probable Mineral Reserves of 1,488 Mt at an average grade of 0.13% DTR nickel (per the Company’s 2023 preliminary feasibility study). We are excited to unearth the full potential at Advocate through high-quality, systematic exploration over the coming years in tandem with our partners.”
Advocate Nickel Property
The Advocate Nickel Property is located in north-central Newfoundland, approximately 20 km southwest of the historic mining town of Baie Verte (Figure 1). The mineral licenses are 8,625 hectares in size, covering highly prospective, serpentinized ultramafic rocks and include over 45 km of strike length of the Advocate Complex ophiolite. Access to the Property is via a good quality network of logging roads, generally no more than 5 to 10 km from the Trans Canada Highway or Newfoundland highway 410. The Property vendor currently operates a deep-sea port at Pine Cove, approximately 50 km northeast of the Property.
Reconnaissance rock sampling to date, with over 200 samples collected to-date, has delineated three zones of high-grade awaruite mineralization, including the Wolverine Pond, Birchy Lake North, and Birchy Lake targets.
Figure 1 – Location of the Advocate Nickel Project in the Baie Verte Peninsula, Newfoundland
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