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.

Updated Baptiste Deposit Mineral Resource Estimate*

Category Tonnes Davis Tube Recoverable Nickel Content
(% Ni) (Tonnes) (Pounds)
Indicated 1,995,873,000 0.122 2,434,965 5,368,173,000
Inferred 592,890,000 0.114 675,895 1,490,092,000
  1. Updated mineral resource estimate prepared by GeoSim Services Inc. using ordinary kriging with an effective date of September 9, 2020.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. Totals may not sum due to rounding.
  7. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

The above technical information and all the other technical information on this website pertaining to geology and drill hole data was prepared under the supervision of FPX Nickel’s Chairman Dr. Peter Bradshaw., P. Eng., a Qualified Person as defined in National Instruments 43-101 – Standards of Disclosure for Mineral Projects.