Flying Nickel Mining Corp. [TSXV-FLYN; OTCQB-FLYNF] released the results of an updated mineral resource estimate (MRE) prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (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 in Manitoba’s Thompson nickel belt, Canada.
The Minago project MRE, with an effective date of March 18, 2024, was prepared by Mercator Geological Services Ltd. and includes a total measured and indicated (M&I) mineral resource of 125,700 ounces (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 g/t Pd, 0.09 g/t Pt and 0.72% Ni).
John Lee, CEO, stated: “This is an outstanding MRE update with an inaugural PGM resource and a 42% increase in the M&I nickel in-pit mineral resource estimate. Those two factors will be studied further in Minago’s ongoing feasibility study. In a short time under Flying Nickel’s watch, the Minago project is now known for both its nickel and PGM “
Platinum is a key ingredient in hydrogen engines in the next-generation electric vehicles planned by GM and Toyota. Hydrogen engines require up to five times more platinum compared to amounts required by today’s catalytic converters. Our Minago project potentially plays an important role in supplying key battery ingredients for the current and future generations of electric vehicles, catering to the North American market.”
The updated MRE results in a 41.95% increase in the M&I in-pit mineral resource to 531.31 million pounds of nickel over the previous MRE published in the company”s July 6, 2021, news release (35.97 million tonnes grading 0.67% Ni, 0.08 g/t Pt and 0.18 g/t Pd). The M&I in-pit resource increase is attributed to the company’s 2022 drill program.
The Minago project has been the subject of over $50-million in exploration, a historical feasibility study and environmental permitting expenditures by various previous interests since 1980, the most recent of these being by Victory Nickel Inc. and Flying Nickel since the company acquired the project in 2021. On July 21, 2022, Flying Nickel submitted the notice of alteration (NOA) to Environment Act licence No. 2981 for the Minago project. Flying Nickel expects to receive the final decision on the NOA in the fall of 2024.
