VANCOUVER, BC, Oct. 25, 2021 /CNW/ – FPX Nickel Corp. (TSXV: FPX) (OTXQB: FPOCF) (“FPX” or the “Company“) is pleased to announce that the Company’s common shares commenced trading today on the OTXQB® under the symbol “FPOCF.” The Company’s common shares are eligible for electronic clearing and settlement through the Depository Trust Company (“DTC“) in the United States. FPX Nickel will continue to trade on the TSX Venture Exchange under the symbol “FPX.”
“We are pleased to begin trading on the OTCQB as a means of enhancing our visibility to prospective U.S. investors,” commented Martin Turenne, FPX’s President and CEO. “We are confident that this will provide the dual benefits of greater accessibility to an expanding shareholder base in the United States, as well as enabling greater exposure and liquidity as we continue to advance the flagship Baptiste Project at our Decar Nickel District in central British Columbia.”
The OTCQB, operated by the OTC Markets Group, is the premier marketplace for early-stage and developing U.S. and international companies. Participating companies must be current in their financial reporting and undergo an annual verification and management certification process, including meeting a minimum bid price and other financial conditions. Current financial disclosures and Real-Time Level 2 quotes for the Company are available at https://www.otcmarkets.com/stock/FPOCF.
DTC is a subsidiary of the Depository Trust & Clearing Corp., a U.S. Company that manages the electronic clearing and settlement of publicly traded companies. Securities that are eligible to be electronically cleared and settled through DTC are considered to be “DTC eligible.” DTC eligibility simplifies the process of trading and transferring the Company’s common shares between brokerages in the U.S. DTC eligibility is expected to create a seamless process of trading and enhance liquidity of the Company’s common shares in the U.S. over time.
About the Decar Nickel District
The Company’s Decar Nickel District claims cover 245 km2 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.
Decar hosts a greenfield discovery of nickel mineralization in the form of a naturally occurring nickel-iron alloy called awaruite (Ni3Fe), 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, and the B, Sid and Van targets, as confirmed by drilling in the first three plus petrographic examination, electron probe analyses and outcrop sampling on all four. Since 2010, approximately US $24 million has been spent on the exploration and development of Decar.
Of the four targets in the Decar Nickel District, the Baptiste Deposit, which was initially the most accessible and had the biggest known surface footprint, has been the focus of diamond drilling since 2010, with a total of 82 holes and over 31,000 metres of drilling completed. The Sid target was tested with two holes in 2010 and the B target had a single hole drilled in 2011; all three holes intersected nickel-iron alloy mineralization over wide intervals with DTR nickel grades comparable to the Baptiste Deposit. The Van target was not drill-tested at that time as rock exposure was very poor prior to more recent logging activity.
As reported in the current NI 43-101 resource estimate, having an effective date of September 9, 2020, the Baptiste Deposit contains 1.996 billion tonnes of indicated resources at an average grade of 0.122% DTR nickel, containing 2.4 million tonnes of nickel, plus 593 million tonnes of inferred resources with an average grade of 0.114% DTR nickel, containing 0.7 million tonnes of nickel, both reported at a cut-off grade of 0.06% DTR nickel. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
About FPX Nickel Corp.
On behalf of FPX Nickel Corp.
Martin Turenne, President, CEO and Director
Certain of the statements made and information contained herein is considered “forward-looking information” within the meaning of applicable Canadian securities laws. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed in the Company’s periodic filings with Canadian securities regulators. Actual results could differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.