FNX Continues to Intersect High-Grade Mineralization and Significantly Expands Overall Potential at its Levack Mine.TORONTO Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing -- FNX Mining FNX Mining Company Inc. TSX: FNX is a Toronto, Ontario based company that produces and explores for nickel, copper, platinum, palladium, gold and cobalt in the Sudbury Basin, Ontario, Canada. Company Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :FNX)(AMEX AMEX See: American Stock Exchange :FNX) announces that the on-going Adj. 1. on-going - currently happening; "an ongoing economic crisis" ongoing current - occurring in or belonging to the present time; "current events"; "the current topic"; "current negotiations"; "current psychoanalytic theories"; "the ship's current position" drill program, at its 100% owned Levack Property in the Sudbury Sudbury, city, Canada Sudbury, city (1991 pop. 92,884), central Ont., Canada. It is the center of Canada's largest mining region, which produces much of the world's nickel and large quantities of copper, platinum, gold, silver, cobalt, and sulfur. , Ontario Ontario, city, United States Ontario, city (1990 pop. 133,179), San Bernardino co., S Calif., near Los Angeles, in a region of vineyards; inc. 1891. mining district, continues to intersect In a relational database, to match two files and produce a third file with records that are common in both. For example, intersecting an American file and a programmer file would yield American programmers. significant widths of high-grade High-grade Credit quality of AAA or AA. high-grade Of, relating to, or being a bond with little risk of default on the part of the issuer. High-grade is usually reserved for bonds rated AAA or AA by the rating services. , Cu-Ni-Pt-Pd-Au footwall foot·wall n. Geology 1. The mass of rock underlying a mineral deposit in a mine. 2. The underlying block of a fault having an inclined fault plane. mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. (e.g. 30.3% Cu, 0.5% Ni, 31.3 g/t Pt-Pd-Au over 20.2' - C$2,000 per ton of ore) and to expand the size of the Levack Footwall Deposit. This drilling also intersected high-grade Cu-Ni-Pt-Pd-Au mineralization hundreds of feet above ("Rob's Footwall Zone") and hundreds of feet below ("Lower Levack Footwall Zone") the Levack Footwall Deposit. In addition, FNX Mining earlier this year announced the discovery of similar, high-grade footwall mineralization ("Keel keel 1. the ventrally directed large surface of the bird's sternum, the site of attachment of the major muscles of flight. Called also carina. 2. the prominent area over the sternum in Dachshunds. Footwall Zone") some 4,000 feet up plunge The term Plunge has multiple meanings:
This brings to four the total number of known, high-grade Cu-Ni-Pt-Pd-Au mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. footwall zones behind the Levack Mine. Each of the four zones discovered to date occurs within the same Sudbury Breccia breccia: see conglomerate. breccia Coarse sedimentary rock consisting of angular or nearly angular fragments larger than 0.08 in. (2 mm). Breccia commonly results from processes such as landslides or geologic faulting, in which rocks are fractured. package, which has an exploration envelope of 2,000' along strike, 1,000' in thickness and over 6,000' down plunge. Although the Levack Footwall Deposit remains the most advanced and potentially significant deposit, all of the high-grade mineralized zones are open in all directions and have excellent stand alone potential. The Company continues to be very encouraged by the results obtained to date. The economic significance of the individual zones and how they might relate to each other are unknown at this time and extensive additional diamond drilling Diamond Drilling is a highly specialized industry used for mineral exploration around the world. Most commonly using wireline and core bits with diamond encrusted matrix. To drill holes to max depths of twelve thousand feet, for the recovery of core used in verifying mineral is required to fully evaluate the four individual footwall zones and the overall potential of the large, very prospective, Levack footwall environment. Pending similar encouraging drill results, the Company expects to initiate scoping studies in the first half of 2006 to evaluate possible underground access to the Levack Footwall Deposit to permit detailed close-spaced diamond drilling and the extraction of a bulk sample. LEVACK FOOTWALL DEPOSIT All seven of the Levack Footwall Deposit boreholes being reported today intersected Sudbury Breccia host rocks that contain high-grade, massive sulphide sulphide: see sulfide. veins varying in thickness from a few feet to over 20 feet.
HIGHLIGHTS - LEVACK FOOTWALL DEPOSIT (see Figure 2)
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Borehole Feet Cu % Ni % Pt+Pd+Au g/t Pt+Pd+Au oz/st
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FNX6046C 7.2 28.5 3.0 30.5 0.9
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7.8 13.2 1.3 15.7 0.5
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20.2 30.3 0.5 31.3 0.9
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FNX6049 1.3 24.7 0.6 26.0 0.8
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FNX6049A 9.3 26.1 0.4 4.2 0.1
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FNX7036 37.6 12.2 2.6 10.4 0.3
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incl. 7.2 23.4 5.4 20.1 0.6
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incl. 8.7 24.5 4.5 20.4 0.6
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FNX7039 9.3 4.6 0.1 5.2 0.2
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1.0 23.6 1.0 7.4 0.2
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FNX7040 9.5 5.5 3.0 3.5 0.1
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FNX7042 12.4 27.0 2.6 16.5 0.5
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11.0 21.4 3.4 18.8 0.6
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The Levack Footwall Deposit responds very well to both UTEM and Radio Imaging Method ("RIM") borehole bore·hole n. A hole that is drilled into the earth, as in exploratory well drilling or in building construction. geophysical ge·o·phys·ics n. (used with a sing. verb) The physics of the earth and its environment, including the physics of fields such as meteorology, oceanography, and seismology. techniques. BH UTEM is an excellent tool to discover massive sulphide deposits in Sudbury, while RIM is more suited to delineating the deposits after discovery. The borehole UTEM geophysical surveys Geophysical survey refers to the systematic collection of geophysical data for spatial studies. Geophysical surveys may use a great variety of sensing instruments, and data may be collected from above or below the Earth's surface or from aerial or marine platforms. completed to date indicate that the Levack Footwall Deposit extends to the detection limits of the UTEM surveys and that it is at least 1,200 ft along plunge, 700 to 800 ft in width and is open in all directions. Because RIM is a superior tool to delineate and better optimize optimize - optimisation the positioning of the conductive conductive having the quality of readily conducting electric current. conductive flooring flooring or floor covering made specially conductive to electrical current, usually by the inclusion of copper wiring that is earthed mineralized system, the focus of the borehole geophysical surveys in the Levack Footwall Deposit has recently shifted to the use of RIM.The limited RIM results to date indicate that the Levack Footwall Deposit may be larger than indicated by the BH UTEM results. The plunge direction RIM panels indicate a plunge extent of at least 1,400' for the most intense mineralization and up to 2,000' for the less intense mineralization. The strike direction RIM panel indicates a strike extent of over 1,000' as the deposit becomes possibly thicker, up to 200', and more complex in character to the east. Surface and underground platforms are being constructed to permit drill testing of this untested eastern portion of the RIM panels. To date, the Levack Footwall Deposit has been intersected for over 700 feet along strike and for 700 feet down plunge (3,800' level to about the 4,400' level). Its mineralized system is characterized char·ac·ter·ize tr.v. character·ized, character·iz·ing, character·iz·es 1. To describe the qualities or peculiarities of: characterized the warden as ruthless. 2. by chalcopyrite-rich veins, with significant cubanite, pentlandite pentlandite (pĕnt`ləndīt), yellowish-bronze, opaque mineral, a sulfide of iron and nickel, (Fe,Ni)9S8. It is found in masses nearly always associated with the iron sulfide pyrrhotite. and millerite mil·ler·ite n. A nickel sulfide mineral, NiS, usually occurring in long hairlike crystals and sometimes used as a nickel ore. [After William Hallowes Miller (1801-1880), British mineralogist. and is interpreted as being a 'Sharp-walled' Cu-Ni-Pt-Pd-Au vein system. It is analogous analogous /anal·o·gous/ (ah-nal´ah-gus) resembling or similar in some respects, as in function or appearance, but not in origin or development. a·nal·o·gous adj. to nearby past and currently producing Cu-Ni-Pt-Pd-Au vein deposits such as FNX's McCreedy West Footwall Cu Zone, Inco's McCreedy East 153/170 Zones, and Falconbridge's Fraser/Strathcona Deep Copper Zones. These ore deposits are some of the most profitable in the Sudbury mining district. A detailed review of drill intersections from the Levack Footwall Deposit to similarly spaced boreholes in the mined out McCreedy West Footwall Cu Zone shows similar copper grades (20.3% versus 19.1%), higher nickel nickel, metallic chemical element; symbol Ni; at. no. 28; at. wt. 58.69; m.p. about 1,453°C;; b.p. about 2,732°C;; sp. gr. 8.902 at 25°C;; valence 0, +1, +2, +3, or +4. grades (3.2% vs. 2.0%) and much higher Pt+Pd+Au grades (22.3 g/t vs., 7.9 g/t) and wider drill intersection intersection /in·ter·sec·tion/ (-sek´shun) a site at which one structure crosses another. intersection a site at which one structure crosses another. lengths (10.6 feet vs. 8.6 ft.) in the Levack Footwall Deposit. The historic mining grade and size of the mined out McCreedy West Footwall Cu Zone is unknown to FNX. The Levack Footwall Deposit is in close proximity to both FNX's Levack Mine and Falconbridge's Craig Craig , Edward Gordon 1872-1966. British theatrical producer, director, and designer whose innovative productions and simplified stage designs influenced modern theater. Mine infrastructures. Drilling of the Levack Footwall Deposit will continue with four surface drill rigs on the Levack Mine property and two underground rigs operating from Falconbridge's Craig Mine. ROB'S FOOTWALL ZONE Rob's Footwall Zone (formerly called #7 Footwall Zone) was previously tested by five historical boreholes, all of which intersected massive sulphides containing Cu-Ni-Pt-Pd-Au mineralization over significant widths (e.g. 2.0% Cu, 3.2% Ni and 2.5 g/t Pt+Pd+Au over 47.3').
HIGHLIGHTS - ROB'S FOOTWALL ZONE
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Borehole Feet Cu % Ni % Pt+Pd+Au g/t Pt+Pd+Au oz/st
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Drilling Reported Today
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FNX6048B 47.9 3.3 3.7 5.1 0.2
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FNX7042 10.2 1.9 4.1 3.1 0.1
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FNX7045 8.6 2.6 4.5 2.7 0.1
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and 33.8 1.9 2.3 2.1 0.1
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FNX7046 18.1 2.1 3.3 1.7 0.1
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Historical Drilling
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BH 924430 47.3 2.0 3.2 2.5 0.1
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BH 886680 20.2 2.9 3.8 3.0 0.1
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BH 900550 28.2 1.2 1.2 0.8
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incl. 2.2 6.3 5.2 3.3 0.1
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and 2.6 3.4 5.3 2.7 0.1
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and 3.9 4.2 3.8 1.4
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Although realized to have excellent potential, Rob's Footwall Zone, which is close to underground infrastructure at Levack Mine, cannot be readily drill tested from surface due to its location below mined out areas. However, the recently established drill platforms in Falconbridge's Craig Mine have facilitated drill testing Rob's Footwall Zone. Recent FNX drilling 300 feet east of the historic drilling intersected high-grade Cu-Ni-Pt-Pd-Au mineralization over similar widths (e.g. 3.3% Cu, 3.7% Ni, 5.1 g/t Pt+Pd+Au over 47.9' - C$768 per ton of ore) and has expanded Rob's Footwall Zone along strike and to depth. The zone is open in all directions and the possibility exists that it may join with the Levack Footwall Deposit. Rob's Footwall Zone is hosted in thermally recrystallized Sudbury Breccia proximal proximal /prox·i·mal/ (-mil) nearest to a point of reference, as to a center or median line or to the point of attachment or origin. prox·i·mal adj. to the base of the Sudbury Igneous Complex The Sudbury Igneous Complex is a 1844 million year old impact melt sheet in Greater Sudbury, Northern Ontario, Canada. It is part of the Sudbury Basin impact structure, and is classified as a lopolith. . The mineralization is characterized by massive veins and semi-massive sulphide zones rich in nickel and copper with elevated amounts of Pt-Pd-Au relative to the pyrrhotite-rich, low Pt-Pd-Au, sulphide assemblages typical of Sudbury Contact Ni styles of mineralization. The location and the high-grade Ni and Cu values with significant Pt-Pd-Au are typical of Transitional Deposit styles of mineralization in Sudbury and may represent a transition from the nickel-dominant Levack Contact Deposits to the Cu-Pt-Pd-Au dominant Levack Footwall Deposit. An example of a transitional deposit being connected to a footwall deposit occurs a few kilometers to the west at FNX's McCreedy West Mine, where the mined out transitional Middle Main Deposit connects to the Footwall Cu Deposit. Drilling underground to further test the potential of Rob's Footwall Zone is ongoing from an historical exploration drift drift, deposit of mixed clay, gravel, sand, and boulders transported and laid down by glaciers. Stratified, or glaciofluvial, drift is carried by waters flowing from the melting ice of a glacier. that extends from Falconbridge's Craig Mine onto FNX's Levack Mine Property. These boreholes are relatively short as the exploration drift is only a few hundred feet from Rob's Footwall Zone. LOWER LEVACK FOOTWALL ZONE The Levack Footwall Deposit boreholes are routinely extended through the deposit into the lower portion of the host Sudbury Breccia package, which is considered to have potential to host Low-Sulphide Cu-Ni-Pt-Pd-Au mineralization similar to the McCreedy West PM Deposit. The mineralization reported today is from boreholes whose primary target was the Levack Footwall Deposit but, which intersected the previously unknown Lower Levack Footwall Zone. The Lower Levack Footwall Zone sulphide mineralization varies from massive chalcopyrite-rich veins with very high metal values (e.g. 31.8% Cu, 2.8% Ni and 48.2 g/t of Pt+Pd+Au over 2.0 ft., - C$2,783 per ton of ore) to stringer string·er n. 1. One that strings: a stringer of beads. 2. Architecture a. A long heavy horizontal timber used as a support or connector. b. A stringboard. and disseminated disseminated /dis·sem·i·nat·ed/ (-sem´i-nat?ed) scattered; distributed over a considerable area. dis·sem·i·nat·ed adj. Spread over a large area of a body, a tissue, or an organ. sulphides with high Pt-Pd-Au tenors (3.45% Cu, 0.3% Ni, 9.2 g/t Pt+Pd+Au over 20.9 ft - C$ 397 per ton of ore). This style of mineralization is similar to the 'Low Sulphide' type characteristic of FNX's McCreedy West PM Deposit which FNX brought into production earlier this year.
HIGHLIGHTS - LOWER LEVACK FOOTWALL ZONE
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Borehole Feet Cu % Ni % Pt+Pd+Au g/t Pt+Pd+Au oz/st
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FNX6045A 1.0 0.4 0.1 15.6 0.5
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FNX6046B 20.9 3.4 0.3 9.2 0.3
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incl. 2.0 31.8 2.8 48.2 1.4
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FNX6047 9.6 2.8 0.5 13.4 0.4
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12.9 0.3 0.1 4.5 0.1
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1.5 0.4 0.1 11.7 0.3
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5.8 0.2 0.0 5.7 0.2
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3.9 17.4 4.2 59.3 1.7
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FNX7039 2.9 0.8 0.3 11.5 0.3
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This type of low-sulphide mineralization tends to show weaker BH-UTEM responses, but responds very well to RIM surveys. RIM surveys were conducted using boreholes from both the Levack and Craig mines to better position the Levack Footwall Deposit and other possible mineral zones (Figures 3 and 4). The RIM surveys detected a very large, intense anomaly Abnormality or deviation. Pronounced "uh-nom-uh-lee," it is a favorite word among computer people when complex systems produce output that is inexplicable. See software conflict and anomaly detection. extending from below the Levack Footwall Deposit to the bottom of the surveyed boreholes and to the property boundary. The mineralized zone has not yet been investigated by drilling designed to optimize testing of the RIM anomaly and has only been tested by scattered Scattered Used for listed equity securities. Unconcentrated buy or sell interest. drill intersections over a small part of the anomaly. Drilling of the Lower Levack Footwall Zone continues from both surface and underground platforms. KEEL FOOTWALL ZONE In the January January: see month. 21, 2005 press release, FNX Mining announced high-grade footwall mineralization at approximately the 600 ft level and some 4,000 feet up plunge from the Levack Footwall Deposit (e.g. 20.6% Cu, 1.0% Ni, 5.1 Pt-Pd-Au over 27.9' - C$1,218 per ton of ore). This mineralization, referred to as the Keel Footwall Zone, occurs in the same Sudbury Breccia package as the other footwall deposits.
HIGHLIGHTS - KEEL FOOTWALL ZONE (Previously reported)
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Borehole Feet Cu % Ni % Pt+Pd+Au g/t Pt+Pd+Au oz/st
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FNX6025 4.8 28.9 0.5 4.6 0.1
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FNX6028 1.0 6.2 11.6 0.0 0.0
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FNX6029 27.9 20.6 1.0 5.1 0.2
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and 5.2 7.1 1.6 1.9 0.1
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FNX6032A 1.4 11.3 2.6 10.1 0.3
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and 1.3 18.9 9.1 10.5 0.3
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FNX6037 6.7 3.9 0.8 3.6 0.1
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and 3.3 0.4 0.1 6.1 0.2
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FNX6038 3.1 28.9 0.1 7.6 0.2
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and 2.6 1.5 0.4 9.1 0.3
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and 1.8 22.7 0.5 11.4 0.3
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The 2004 FNX mineralized intersections range from inches to up to 27.9 ft in core length and, together with the results of historic drilling, indicate a strike length of 600 ft in the footwall behind the Levack Main Orebody. The Keel Footwall Zone is open in all directions and warrants extensive additional drilling. It has not been drill tested since the discovery of the Levack Footwall deposit early this year and no drilling is currently planned for the Keel Zone.
CO-ORDINATES FOR BOREHOLES REPORTED TODAY
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BOREHOLE CO-ORDINATES
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BHID Easting Northing Elevation Length Az Dip
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FNX6046C 9822.46 6936.63 13366.00 5413.4 351.09 -87.08
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FNX6048B 9633.25 8612.92 13099.47 3740 170.25 -76.47
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FNX6049 10195.90 7210.36 13320.00 5863 55.05 -89.29
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FNX6049A 10195.90 7210.36 13320.00 4809 55.05 -89.29
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FNX7036 9771.62 6186.21 9296.39 1754.8 0 -0.39
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FNX7039 9794.97 6191.72 9293.60 1722.4 13.0 -35.62
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FNX7040 9794.81 6191.30 9296.79 1997.8 13.3 -2.68
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FNX7042 9289.93 7328.66 10282.20 1569 65.6 -58.5
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FNX7045 9289.93 7328.66 10282.20 738 47.8 -39.7
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FNX7046 9289.93 7328.66 10282.20 798.1 45.4 -55.4
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QA-QC Statement James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. M. Patterson Patterson, family of American journalists. Robert Wilson Patterson, 1850–1910, b. Chicago, grad. Williams, 1871, became (1871) a reporter on the Chicago Times and after 1873 was attached to the Chicago Tribune. , Ph.D., P.Geo, Vice President and Executive Consultant, a designated Qualified Personpursuant to NI 43-101 of the Canadian Securities Administrators Canadian Securities Administrators(CSA) is a forum for the 13 securities regulators of Canada's provinces and territories to coordinate and harmonize regulation of the Canadian capital markets. , is responsible for the verification and quality assurance of the Corporation's exploration data and analytical analytical, analytic pertaining to or emanating from analysis. analytical control control of confounding by analysis of the results of a trial or test. results. Samples of half core are prepared at SGS SGS Société Générale de Surveillance SGS Symantec Gateway Security (appliance) SGS School of Graduate Studies SGS Subgrid Scale SGS Singapore Government Securities SGS Shell Global Solutions Lakefield Laboratories in Garson and shipped to ALS Als (äls), Ger. Alsen, island, 121 sq mi (313 sq km), Sønderjylland co., S Denmark, in the Lille Bælt, separated from the mainland by the narrow Alensund. Chemex in Vancouver for assay. Please see the July 16, 2003 FNX news release and the March 31, 2005 Annual Information Form for a description of sample preparation and assay procedures. For a detailed description of FNX's properties and previous work, please refer to FNX's Annual Information Form dated March 31, 2005. Notes to Highlight Tables - For complete Drill Intersection Tables and additional Figures please go to "News Releases" on the FNX website "www.fnxmining.com". - The lengths reported are drill intersected core lengths. Though the true widths of the vein system are estimated to range from 60% - 80% of the intersection length, that of individual veins cannot be determined at this stage due to the variable orientation of the veins within the system. - Cu equals copper; Ni equals nickel; Pt equals platinum; Pd equals palladium palladium, chemical element palladium [Gr. Pallas, goddess of wisdom], metallic chemical element; symbol Pd; at. no. 46; at. wt. 106.42; m.p. 1,554°C;; b.p. 2,970°C;; sp. gr. 12.02 at 20°C;; valence +2, +3, or +4. ; Au equals gold - TPM (1) See TP monitor. (2) (Transactions Per Minute) The number of transactions processed within one minute. See TPS. (3) (Trusted Platform M equals Total Precious Metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. defined as Pt+Pd+Au - /t equals grams per metric tonne tonne measure of weight or mass; 1 tonne=1000 kg. See also ton. ; oz/st equals ounces/short ton - conversionof g/t to oz/st equals g/t x 0.02917 Forward Looking Statement This news release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . These forward-looking statements are subject to a variety of risks and uncertainties beyond the company's ability to control or predict which could cause actual events or results to differ materially from those anticipated in such forward-looking statements.In this news release, statements about potential discoveries or extensions of footwall type deposits are examples of forward-looking statements. There is no guarantee that any discovery of commercial mineralization will be made on FNX Mining's Levack or other properties. Accordingly, readers should not place undue reliance on forward-looking statements. For further information, please contact: FNX Website - www.fnxmining.com
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FNX MINING COMPANY INC.
INVITES ALL to 3-D VIRTUAL REALITY PRESENTATION
and EXPLORATION and MINING UPDATE
SESSIONS ALL DAY - WEDNESDAY, NOVEMBER 2nd
DESIGN EXCHANGE - 234 BAY STREET, TORONTO
RSVP TO CHRIS at 416-628-5938 to RESERVE SEAT
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To view the Levack Footwall Deposits Schematic A graphical representation of a system. It often refers to electronic circuits on a printed circuit board or in an integrated circuit (chip). See logic gate and HDL. Section (Looking East) map please click the link below: http://www.ccnmatthews.com/docs/fnxlev.pdf To view the Levack Mine Footwall Deposit East - West Inclined Section (plane dips at -54.5 degrees S) map please click the link below: http://www.ccnmatthews.com/docs/fnxlev2.pdf To view the Levack Mine Footwall Deposit South West - North East Vertical Section Radio Imaging Tomogram tomogram /to·mo·gram/ (to´mo-gram) an image of a tissue section produced by tomography. to·mo·gram n. An x-ray image produced by tomography. map please click the link below: http://www.ccnmatthews.com/docs/fnxlev3.pdf To view the Levack Mine Footwall Deposit North - South Section Radio Imaging Tomogram map please click the link below: http://www.ccnmatthews.com/docs/fnxlev4.pdf FNX Mining Company Inc. (TSX:FNX) (AMEX:FNX) |
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