VANCOUVER, BC, Sept. 22,
2023 /CNW/ - FPX Nickel Corp. (TSXV: FPX)
(OTCQB: FPOCF) ("FPX" or the "Company") is
pleased to announce that on September
21, it signed a non-binding memorandum of understanding
("MOU") with Japan Organization for Metals and Energy
Security ("JOGMEC") and the Prime Planet Energy &
Solutions ("PPES") joint venture between Toyota Motor
Company ("Toyota") and Panasonic Corporation
("Panasonic").
The non-binding MOU provides a framework for FPX and PPES to
explore collaborative opportunities for the vertical integration of
nickel production involving the development of FPX's Baptiste
Nickel Project through to the production of nickel sulphate and
cathode active materials for the PPES supply chain. Under the
terms of the MOU, FPX, PPES and JOGMEC will work collaboratively to
share technical information and expertise, and to explore potential
strategic arrangements and business structures.
It is anticipated that any potential binding agreements among
the parties would provide FPX with additional funding to advance
the Baptiste Project, including the preparation of a feasibility
study and activities relating to the environmental assessment and
permitting processes. The MOU is non-exclusive and
non-binding, and there can be no certainty that a binding
commercial agreement among the parties will arise from this
framework; further, there is no fixed timing envisioned among the
parties for the execution of any binding agreements.
FPX President and CEO, Martin
Turenne, said:
"We are pleased to initiate this MOU
with PPES and JOGMEC, two groups leading the global transition to a
low-carbon, electrified economy. This MOU demonstrates the
strategic nature of the Baptiste Project and its potential to
produce an ideal nickel feedstock for the battery supply chain.
We look forward to collaboration with our Japanese partners
to support the development of North
America's critical minerals ecosystem, and to develop
Baptiste in a manner that creates substantial and sustainable
benefits for local communities while protecting the environment for
future generations."
PPES President and CEO, Hiroaki
Koda, said:
"It is our pleasure to be able to
cooperate with FPX and JOGMEC as partners that share the desire to
establish a green battery supply chain with a reduced environmental
footprint. By combining FPX's low-carbon nickel mining
process and PPES' battery knowhow and technology, we are sure to
realize further decarbonization and cost reductions in this field.
As with the Japan-Canada
partnership agreement, we aim to spread the use of electric
vehicles in light of decarbonized society as 'One Team.'"
Prime Planet Energy & Solutions started operations in
April 2020 as a joint venture for
automotive prismatic batteries (owned 51% by Toyota Motor
Corporation and 49% by Panasonic Corporation). Further
information about PPES can be found at the Company's website,
www.p2enesol.com.
JOGMEC is a Japanese government independent administrative
agency whose mission is to secure a stable and affordable
supply of energy and mineral resources to strengthen Japan's industrial base.
On April 3, 2023, FPX announced a
Global Generative Exploration Alliance (the "Generative
Alliance") with JOGMEC. The purpose of the Generative
Alliance, which is being solely funded by JOGMEC, is to carry out
worldwide mineral exploration activities for the identification and
acquisition of high-quality properties which are prospective for
the same style of awaruite nickel mineralization as contained at
the Company's flagship Baptiste Nickel Project.
About the Decar Nickel
District
The Company's Decar Nickel District represents a large-scale
greenfield discovery of nickel mineralization in the form of a
naturally occurring nickel-iron alloy called awaruite
(Ni3Fe) hosted in an ultramafic/ophiolite complex.
FPX's mineral claims cover an area of 245 km2 west of
the Middle River and north of Trembleur Lake, in central British
Columbia. Awaruite mineralization has been identified in
several target areas within the ophiolite complex including the
Baptiste Deposit and the Van Target, as confirmed by drilling,
petrographic examination, electron probe analyses and outcrop
sampling. Since 2010, approximately US $30 million has been spent on the exploration and
development of Decar.
Of the four targets in the Decar Nickel District, the Baptiste
Deposit has been the focus of increasing resource definition (a
total of 99 holes and 33,700 m of
drilling completed), as well as environmental and engineering
studies to evaluate its potential as a bulk-tonnage open pit mining
project. The Baptiste Deposit is located within the Baptiste
Creek watershed, on the traditional and unceded territories of
Tl'azt'en Nation and Binche Whut'en, and within several Tl'azt'enne
and Binche Whut'enne keyohs. FPX has conducted mineral exploration
activities to date subject to the conditions of our agreements with
the Nations and keyoh holders.
About FPX Nickel Corp.
FPX Nickel Corp. is focused on the exploration and
development of the Decar Nickel District, located in central
British Columbia, and other
occurrences of the same unique style of naturally occurring
nickel-iron alloy mineralization known as awaruite. For more
information, please view the Company's website at
www.fpxnickel.com or contact Martin
Turenne, President and CEO, at (604) 681-8600 or
ceo@fpxnickel.com.
On behalf of FPX Nickel Corp.
"Martin Turenne"
Martin Turenne, President, CEO and
Director
Forward-Looking
Statements
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.
SOURCE FPX Nickel Corp.