Fort St. James Nickel Corp.
Fort St. James Completes Diamond Drilling Program At Porcupine Base Metal - Precious Metal - REE Property Central New Brunswick
Thursday, November 8, 2018 9:30 AM
VANCOUVER, BC / ACCESSWIRE / November 8, 2018 / Fort St. James Nickel Corp. (TSX-V: FTJ; BER: WL3P; OTC PINK: OARFF ) (''FTJ'' or the ''Company'') is pleased to announce it has completed the 2018 diamond drilling program at its Porcupine Base Metal - Precious Metal - Rare Earth Element (REE) Property, located in central New Brunswick. The program was conducted in the central region of the property targeting an area of base metal and silver mineralization discovered previously by option partner, Great Atlantic Resources Corp. (GR). Four shallow drill holes were completed (227 total meters), all intersecting local base metal sulfide mineralization. Property highlights include:
- Channel Sample: 5.48% zinc & 1.08% lead over 1 meter (Line 4W Trench).
- Boulder Sample: 20.7% lead, 6.89% zinc and 122 G/T silver (Line 3W Trench).
- Multi-element soil geochemical anomalies in central and southern regions.
- Induced polarization (IP) geophysical anomalies in central and southern regions.
Vein with base metals sulfides in drill hole PO-18-4
The 2018 diamond drilling program tested under a mineralized exposer in a 2012 trench (Line 4W Trench). A one meter channel sample collected from this exposure in 2012 was reported to return 5.48% zinc and 1.08% lead. A qualified person has not verified this data as the sample location is no longer evident in the trench. A qualified person has verified lead, zinc and copper sulfide mineralization in stringers / veins within this approximately 25m long east-west trending trench. A boulder sample collected during 2012 in an adjacent trench (Line 3W Trench) was reported to return 20.7% lead, 6.89% zinc, 2.04% copper and 122 grams / tonne (g/t) silver. A qualified person has not verified these boulders / data as this trench has been reclaimed. The 2012 trenching was conducted by the option partner, Great Atlantic Resources Corp. in an area of base metal geochemical anomalies and IP geophysical anomalies.
Each of the 2018 diamond drill holes intersected local, near-surface base metal sulfide mineralization, occurring as disseminations in host rock and in veinlets / veins. Drill core samples are currently being cut for multi-element analysis.
Veins with base metals sulfides in drill hole PO-18-1
The Porcupine Property occurs within the Miramichi terrane which trends northeast-southwest through New Brunswick. The Miramichi terrane hosts numerous volcanogenic massive sulfide deposits in northeast New Brunswick in the famous Bathurst Camp. Many of these deposits were mined, including the historic Heath Steele Mine, located approximately 40 kilometers northeast of the Porcupine Property. Volcanic rocks are reported locally within the Porcupine Property.
Lead and zinc sulfide mineralization in 2012 Line 4W Trench
The Porcupine Property is located approximately 50 kilometers west of the city of Miramichi. Access is excellent with logging roads transecting the property. The property currently covers an area of approximately 2,830 hectares.
David Martin, P.Geo., a Qualified Person as defined by NI 43-101, is responsible for the technical information contained in this News Release. Mr. Martin is a consultant for Fort St. James Nickel Corp. and VP Exploration for Great Atlantic Resources Corp.
ON BEHALF OF THE BOARD
Fort St James Nickel Corp. 604-488-3900
This news release includes certain statements that constitute ''forward-looking statements'' within the meaning of applicable securities law, including without limitation, statements that address the Private Placement and the listing on TSXV Tier 2, and other matters. Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as ''expects'' or ''does not expect'', ''is expected'', ''anticipates'' or ''does not anticipate'', ''plans'', ''estimates'' or ''intends'', or stating that certain actions, events or results ''may'', ''could'', ''would'', ''might'' or ''will'' be taken, occur or be achieved), and variations of such words, and similar expressions are not statements of historical fact and may be forward-looking statements. Forward-looking statement are necessarily based upon a number of factors that, if untrue, could cause the actual results, performances or achievements of the Company to be materially different from future results, performances or achievements express or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. In particular, there is no guarantee that exploration work, as proposed, or otherwise, will be completed on the Company's properties.
Forward-looking statements are subject to a variety of risks and uncertainties, which could cause actual events, level of activity, performance or results to differ materially from those reflected in the forward-looking statements, including, without limitation: (i) risks related to commodity price fluctuations; (ii) risks and uncertainties relating to the interpretation of exploration results; (iii) risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses; (iv) that resource exploration and development is a speculative business; (v) that the Company may lose or abandon its property interests or may fail to receive necessary licences and permits; (vi) that environmental laws and regulations may become more onerous; (vii) that the Company may not be able to raise additional funds when necessary; (viii) the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; (ix) exploration and development risks, including risks related to accidents, equipment breakdowns, labour disputes or other unanticipated difficulties with or interruptions in exploration and development; (x) competition; (xi) the potential for delays in exploration or development activities or the completion of geologic reports or studies; (xii) the uncertainty of profitability based upon the Company's history of losses; (xiii) risks related to environmental regulation and liability; (xiv) risks associated with failure to maintain community acceptance, agreements and permissions (generally referred to as ''social licence''); (xv) risks relating to obtaining and maintaining all necessary government permits, approvals and authorizations relating to the continued exploration and development of the Company's projects; (xvi) risks related to the outcome of legal actions; (xvii) political and regulatory risks associated with mining and exploration; (xix) risks related to current global financial conditions; and (xx) other risks and uncertainties related to the Company's prospects, properties and business strategy. These risks, as well as others, could cause actual results and events to vary significantly. There can be no assurance that planned exploration will be completed as proposed or at all, or that economic resources will be discovered or developed at the Company's properties. Accordingly, actual results may differ materially from those currently anticipated in such statements.
Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, equipment failures, the loss of key directors, employees, advisors or consultants and fees charged by service providers. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
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.