The Mich claims are underlain by serpentinized ultramafic rocks of the Cache Creek Terrane, the same belt of rocks that host the awaruite mineralization at FPX’s flagship Baptiste Nickel Project (Baptiste) in central British Columbia. The Mich property is located 50 km southeast of Whitehorse, just 18 km off the Alaska Highway. The Mich mineral claims are located on the territories of the Ta’an Kwach’an Council, the Kwanlin Dun First Nation, and the Carcross/Tagish First Nation.
During the 2024 field season, FPX conducted a surface sampling campaign at Mich to complement the database of previous surface sampling (2012 to 2014) and drilling (2014). Collectively, the Mich database now includes a total of 948 surface samples and two (2) drill holes totalling 873 m in length. The area of the Mich claims package now totals 105 km2.
Within the Mich Central Zone, 175 rock samples define a footprint of awaruite mineralization measuring 2.2 km in length by up to 575 m in width. Within this footprint, values range from below detection up to 0.16% DTR Ni, with 44% of samples returned values greater than 0.10% DTR nickel and 83% of samples returned values greater than 0.06% DTR nickel.
Supporting the definition of the mineralized footprint are the two (2) drill holes completed in 2014, with both holes identifying long intercepts of near surface awaruite mineralization, as seen in the following table. Visible awaruite grains in these holes range from 50 to over 300 microns. Mineralization is considered as open in all directions.
| Results from Mich diamond drilling | ||||
|---|---|---|---|---|
| Hole # | Intersections (m) | DTR Nickel (%) | ||
| From | To | Intercept | ||
| 1 | 3.0 | 258.2 | 255.2 | 0.087 |
| including | 3.0 | 159.1 | 156.1 | 0.096 |
| 2 | 2.7 | 456.3 | 453.6 | 0.087 |
| Including | 424.1 | 456.3 | 32.2 | 0.123 |
As seen the following table, the Mich grade profile is comparable to Baptiste, where 37% of historic surface samples within the PFS pit footprint measure greater than 0.10% DTR nickel and 79% of samples measure greater than 0.06% DTR nickel.
| Mich Nickel Project | Baptiste Nickel Project | |
|---|---|---|
| Size | 2.2 km x 575 m | 3.2 km x 1.2 km |
| Number of samples | 175 | 158 |
| Samples >0.10% DTR Ni | 44% (77 samples) | 37% (58 samples) |
| Samples >0.06% DTR Ni | 83% (145 samples) | 79% (125 samples) |
| Samples <0.06% DTR Ni | 17% (30 samples) | 21% (33 samples) |
Note: As outlined in the Company’s Baptiste Project PFS, the Probable Mineral Reserves for Baptiste are estimated at 1,488 Mt at an average grade of 0.13% DTR nickel (0.21% total nickel), resulting in 1,933 kt of contained DTR nickel metal (3,125 kt of total nickel metal) over the 29-year mine life. See the Company’s September 6, 2023 news release.
In previously unexplored areas within newly staked areas to the southeast, wider-spaced sampling has returned two significant samples, including 0.11% and 0.10% DTR nickel, respectively. In response, additional follow-up sampling will be conducted during the next field campaign to evaluate this opportunity.
Keith Patterson, P.Geo., Vice President, Exploration for FPX, is a qualified person as defined by NI 43-101. Mr. Patterson has reviewed and approved the technical content of this summary.