Fort St. James Plans Work Program On 100% Owned Nickel Project 30 KM From FPX Nickel Corp
Fort St. James Nickel Corp (OTC PINK: OARFF) announced plans for its 2021 work program on its 100% owned Nickel Project, located 30 KM from FPX Nickel Corp. Recent market changes have sparked renewed interest in nickel and the company's assets. Management emphasizes that their market cap does not reflect the value of their project compared to FPX Nickel Corp's significantly higher valuation. Prior drilling has confirmed nickel mineralization, and the new drilling program is set to proceed following necessary permits.
- 100% ownership of the Nickel Project enhances control over exploration.
- Previous drilling confirmed nickel mineralization across a significant area.
- New drilling program permitted and aligns with positive market demand for nickel.
- Current market cap significantly lower than neighboring company FPX Nickel Corp, raising concerns about valuation.
VANCOUVER, BC / ACCESSWIRE / September 16, 2021 / Fort St. James Nickel Corp. (TSXV:FTJ)(OTC PINK:OARFF) ("FTJ" or the "Company") is pleased to announce that it is currently planning it 2021 work program for its
"Market demand simply is not reflected in our current market cap and does not justify the asset we own
Area Map showing location and Current Market Cap
Key Points:
- The Previous drilling completed by FTJ all intersected Nickel Mineralization.
- Drill holes spaced extending 1700 Meters North/ South and 500 Meters east /west.
- Drilling tested a Geophysical target that was more than Seven Kilometers in Length.
- All holes ended in Mineralization Project is Open to depth and Strike
- New Drilling program bring permitted following previous recommendations.
- Over a
$1,000,000 has been spent by the company on this project to date. - Kilometre 26 is interpreted to contain a nickel mineralized ultramafic assemblage similar to the nearby Decar Project being explored by FPX Nickel Corp.
The predominate target of interest on the Kilometre 26 property is ophiolite hosted disseminated nickel. Motherlode style (ophiolite gold) mineralization constitutes a secondary objective. The Kilometre 26 property covers the juncture of two geologic terranes. Most of the property (from near the eastern boundary through to the western boundary) is underlain by Paleozoic Cache Creek Group rocks which are oceanic in origin while the extreme eastern region of the claims is underlain by Mesozoic rocks of the Quesnel Terrane which are predominantly island arc in derivation. The suture which marks this boundary is the Pinchi Fault Zone, which in the region of the claims is predominantly north-south in orientation. Cache Creek Group rocks in the vicinity of the Kilometre 26 property are dominated by ultramafic serpentinites, basalt and limestone. These rocks are interpreted to form a collage which resulted from a series of accretions and obductions of oceanic rock (directed west to east) extending tens of kilometers in the east west direction and several times this in the north south direction. It is the mantle derived (now serpentinized) ultramafic units which are of interest for nickel mineralization. It is believed that these units, which replicate in at least two distinct areas, were thrust up and over (obducted) shallower oceanic sediments. Takla Group (Quesnel Terrane) rocks which occupy the eastern region of the claim group are predominantly volcanic rocks.
The Kilometre 26 Project encompasses 5830.25 hectares (14,406.9 acres), located in the Omineca Mining Division of British Colombia near the community of Fort St. James approximately two and a half hours by highway from the city of Prince George. Due to the relatively low elevation of the Kilometre 26 property and its excellent access, exploration programs can be carried out year-round. Kilometre 26 is accessed by an all-season arterial logging road.
ON BEHALF OF THE BOARD
"Steve Mynott"
President
Fort St James Nickel Corp.
604-488-3900
Forward-Looking Statements
This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of the Company's exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Fort St. James Nickel Corp.
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