Flying Nickel Announces 405,020 oz of M&I Inaugural Platinum and Palladium Mineral Resource; 41.95% Increase of In-Pit M&I Nickel Resource at the Minago Nickel PGM Project
In This Article:
Vancouver, British Columbia--(Newsfile Corp. - April 11, 2024) - Flying Nickel Mining Corp. (TSXV: FLYN) (OTCQB: FLYNF) ("Flying Nickel" or the "Company") announces the results of an updated Mineral Resource Estimate ("MRE") prepared in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves ("MRMR") (2014) and CIM MRMR Best Practice Guidelines (2019) for its 100% owned Minago nickel platinum group metals ("PGM") project ("Minago Project") in Manitoba's Thompson Nickel Belt in Canada.
The Minago Project MRE, effective date March 18th 2024, was prepared by Mercator Geological Services Limited ("Mercator") and includes a total Measured and Indicated ("M&I") Mineral Resource of 125,700 oz of platinum ("Pt"), 279,330 oz of palladium ("Pd"), and 689.53 million pounds of nickel ("Ni") (43.44 million tonnes grading 0.20 grams per tonne ("g/t") Pd, 0.09 g/t Pt, 0.72% Ni). Table 1 presents the updated Minago Project MRE.
Table 1: Minago Project Mineral Resource Estimate - Effective Date: March 18, 2024
| Type | Ni % Cut-off | Category | Tonnes (millions) | Ni % | NiS % | Pd g/t | Pt g/t |
| In-Pit | 0.29 | Measured | 11.53 | 0.74 | 0.53 | 0.21 | 0.09 |
| Indicated | 24.44 | 0.63 | 0.43 | 0.16 | 0.07 | ||
| Measured and Indicated | 35.97 | 0.67 | 0.46 | 0.18 | 0.08 | ||
| Inferred | 3.14 | 0.66 | 0.35 | 0.14 | 0.06 | ||
| Underground | 0.75 | Measured | 0.39 | 0.97 | 0.75 | 0.28 | 0.12 |
| Indicated | 7.08 | 0.97 | 0.75 | 0.29 | 0.12 | ||
| Measured and Indicated | 7.47 | 0.97 | 0.75 | 0.29 | 0.12 | ||
| Inferred | 6.05 | 0.97 | 0.75 | 0.18 | 0.08 | ||
| Combined | 0.29/0.75 | Measured | 11.92 | 0.75 | 0.54 | 0.22 | 0.09 |
| Indicated | 31.52 | 0.71 | 0.5 | 0.19 | 0.08 | ||
| Measured and Indicated | 43.44 | 0.72 | 0.51 | 0.2 | 0.09 | ||
| Inferred | 9.2 | 0.86 | 0.61 | 0.16 | 0.07 |
Mineral Resource Estimate Notes:
1.Mineral resources were prepared in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves ("MRMR") (2014) and CIM MRMR Best Practice Guidelines (2019).
2. In-Pit Mineral Resources are defined within an optimized pit shell with pit slope angles ranging between 40? and 51? and an overall 14.8:1 strip ratio (waste: mineralized material).
3. An exchange rate of 1.35 CAN$/US$ was applied. All prices are in US$ currency.
4. Pit optimization parameters include: metal pricing at $9.20 per pound Ni, $1,035 per ounce of Pt, $1,380 per ounce of Pd; costs for mining at $1.35 per tonne of waste and $1.54 per tonne processed and an incremental mining cost of $0.03 per 12 meters ("m") below 244 meters above sea level ("masl"), processing at $11.64 per tonne processed, general and administrative ("G&A") at $3.38 per tonne processed; recoveries to concentrate of 72.9% sulphide Ni ("NiS") (average recovery above the cut-off grade ranging from 45.6% to 91.1%), 44% Pt, and 61% Pd; and a 60% concentrate payable for Pt and Pd. An average Ni recovery of 50% can be calculated using the average NiS recovery and the average ratio of NiS to Ni (68%) reported above the cut-off grade. A potential frac-sand overburden unit was assigned a value of $20 per tonne, a recovery factor of 68.8%, mining cost of $1.54 per tonne plus $0.03 per 12m below 244 masl, and processing cost of $6.30 per tonne processed.
5. In-Pit Mineral Resources are reported at a cut-off grade of 0.20% NiS within the optimized pit shell. The 0.20% NiS cut-off grade approximates a 0.29% Ni grade when applying the average ratio of NiS to total Ni for the In-Pit Mineral Resource. The cut-off grade reflects the marginal cut-off grade to define reasonable prospects for eventual economic extraction by open pit mining methods.
6. Underground Mineral Resources are reported at a cut-off grade of 0.58% NiS. The 0.58% NiS cut-off grade approximates a 0.75% Ni grade when applying the average ratio of NiS to Ni (77%) for the Underground Mineral Resource. The cut-off grade reflects total operating costs of $59.46 per tonne processed and an average sulphide NiS recovery above the cut-off grade of 87% (ranging from 81% to 91%) to define reasonable prospects for eventual economic extraction by underground mining methods.
7. Deposit grades were estimated from 2 m downhole assay composites using Ordinary Kriging for Ni % and Inverse Distance Squared for Pd g/t and Pt g/t. No grade capping was applied. NiS % block values were calculated from Ni % block values using a regression curve based on Ni and NiS drilling database assay values. The model block size is 6 m (x) by 6 m (y) by 6 m (z).
8. Bulk density was applied on a lithological model basis and reflects averaging of bulk density determinations for each lithology.
9. Estimates of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. See the Company's latest annual and interim management's discussion and analysis for further details.
10. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
11. Mineral Resource tonnages are rounded to the nearest 10,000 tonnes.