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FPX Nickel Confirms Anticipated Timing for Completion of Preliminary Economic Assessment on Baptiste Nickel Deposit
VANCOUVER, British Columbia, April 06, 2020 (GLOBE NEWSWIRE) -- FPX Nickel Corp. (FPX-TSX.V) (“FPX Nickel” or the “Company”) is pleased to provide an update on
About this update from Fpx Nickel Corp
[{"type":"text","content":" VANCOUVER, British Columbia, April 06, 2020 (GLOBE NEWSWIRE) -- FPX Nickel Corp. (FPX-TSX.V) (“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. About the Decar Nickel District 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.&...