FNX Mining Continues to Intersect High Grade Mineralization and Starts to Delineate the Levack Footwall Deposit.TORONTO -- 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 ongoing drill program, at its 100% owned Levack Property in Sudbury, Ontario, 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, 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. and has started to delineate the Levack Footwall Deposit.
HIGHLIGHTS - LEVACK FOOTWALL DEPOSIT (see Figures 1 and 2)
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Borehole Feet Cu% Ni% Pt+Pd+Au g/t Pt+Pd+Au oz/st
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FNX6046D 6.7 11.5 3.0 1.8 0.1
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FNX6046E 10.8 23.7 4.4 10.4 0.3
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2.5 25.5 1.5 18.5 0.5
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FNX6047B 64.2 7.7 1.2 4.1 0.1
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incl. 7.8 22.7 4.8 12.2 0.4
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incl. 8.9 24.7 3.8 15.3 0.5
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FNX6049B 7.6 30.2 0.03 1.9 0.1
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FNX7023 44.6 4.9 0.4 10.9 0.3
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incl. 12.9 11.3 0.6 25.4 0.7
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FNX7025 13.3 20.4 4.6 22.2 0.7
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22.6 26.0 3.0 38.9 1.1
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11.4 20.1 3.6 17.5 0.5
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FNX7028 64.7 15.2 0.9 11.3 0.3
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incl. 5.6 27.4 2.9 21.2 0.6
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incl. 9.6 27.3 2.0 19.5 0.6
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incl. 21.6 25.5 0.9 18.9 0.6
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FNX7070 15.8 21.3 0.3 1.0 0.1
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incl. 6.5 45.1 0.5 0.3 0.0
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6.5 21.1 4.3 19.3 0.6
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FNX7071 3.7 28.4 1.8 31.4 0.9
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Since the Company's last Levack Footwall news release on October 31, 2005, 27 holes (19 from underground and 8 from surface), have intersected the Levack Footwall Deposit and Rob's Footwall Zone. The drilling rate has been slower than normal due to a six-week period for preparation of underground drill platforms which included rehabilitation rehabilitation: see physical therapy. of an exploration drift at the Craig Mine together with the three-week holiday season shut down at year end. Fifteen of the holes reported today targeted the Levack Footwall Deposit. Eleven of these holes intersected 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. veins of varying width (e.g. 26.0% Cu, 3.0% Ni, 38.9 g/t Pt+Pd+Au over 22.6 ft) and four holes intersected narrower veins with mineralization of a different tenor and character (e.g. 11.5% Cu, 3.0% Ni, 1.8 g/t Pt-Pd-Au over 6.7 ft and 2.0% Cu, 2.9%Ni, 7.4 g/t Pt-Pd-Au over 2.4 ft). Two of these holes (FNX7055 and FNX7061) also intersected Rob's Footwall Zone. Size and Shape The narrower mineralization may delineate the deposit to the northwest and northeast (see Figure 2) however, Sudbury Basin The Sudbury Basin, also known as Sudbury Structure, is the second largest known impact crater or astrobleme on Earth, and a major geologic structure in Ontario, Canada. The basin is located on the Canadian Shield in the city of Greater Sudbury, Ontario. footwall deposits typically have narrower or barren bar·ren adj. 1. Not producing offspring. 2. Incapable of producing offspring. barren see infertility. barren adjective Gynecology Infertile, sterile, fruitless, inconceivable sections within them and extensive additional drilling is required to delineate and fully test the deposit. The deposit remains open to the east, west and up and down dip. To date, the core of the deposit has been intersected for about 800 ft along strike and 1,000 ft down dip. The deposits' mineralized envelope currently varies in thickness from 50 to 250 ft and contains multiple veins varying in thickness from a few ft to over 20 ft. 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. As previously discussed (October 31, 2005 News Release) the Levack Footwall Deposit responds very well to borehole bore·hole n. A hole that is drilled into the earth, as in exploratory well drilling or in building construction. electromagnetic electromagnetic /elec·tro·mag·net·ic/ (-mag-net´ik) involving both electricity and magnetism. electromagnetic pertaining to or emanating from electromagnetism. 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 ("UTEM" and Radio Imaging Method ("RIM"). The borehole RIM surveys completed to date indicate that the 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. associated with the Levack Footwall Deposit is at least 800 ft in width, over 1,400 ft along plunge and is open in all directions, especially up-plunge. As also previously noted, RIM surveys appear to be a superior technique 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. Figure 3 shows the current outline of the footwall deposit as defined by drilling and the RIM anomaly plates. The RIM anomalies extend beyond the current limits of the drilling and indicate potential for the Levack Footwall Deposit to be open in all direction especially up-plunge. Mineralization The massive sulphide sulphide: see sulfide. mineralization 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. The mineralized veins are similar in character and occur at the same stratigraphic stra·tig·ra·phy n. The study of rock strata, especially the distribution, deposition, and age of sedimentary rocks. strat location as Inco's McCreedy East 153 (6,000 ft to the east) and Falconbridge's Fraser-Strathcona Deep Copper (12,000 ft to the east) ore deposits; some of the most profitable ore deposits in the Sudbury mining district. The following table illustrates the similar mineral tenor and grade of the Levack Footwall Deposit's high-grade Cu-Ni-Pt-Pd-Au massive copper-rich veins with those at other Sudbury footwall deposits.
Cu-Ni-Pt-Pd-Au Vein Comparaison (veins with Cu greater than 20%)
(Grades are for sharp-walled veins and are not deposit grades)
% g/t
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Orebody & Owner # samples Cu Ni Pt Pd Au TPM
Levack Footwall (FNX) 194 26.8 2.9 6.6 15.9 1.8 24.2
McCreedy East 153 (N) 20 26.6 2.6 7.6 8.1 2.9 18.7
Ni Rim FW (FL) 20 28.4 3.1 7.2 4.0 1.0 12.3
Victor FW (N) 7 22.4 4.4 13.1 14.5 0.2 27.8
McCreedy West Cu (N) 28 24.7 1.8 6.1 7.8 3.8 17.7
Deep Cu Zone 38 (FL) 33 26.3 2.0 5.2 5.5 0.8 11.5
Deep Cu Zone 39 (FL) 6 29.8 0.7 11.6 16.4 2.3 30.4
Note: FNX equals FNX Mining; N equals Inco; FL equals Falconbridge
Data source: Naldrett, A.J., Asif, M., Schandl, E., Searcy, T., Morrison, G.G., Binney, W.P., & Moore, C. 1999. Platinum-group elements in the Sudbury ores; significance with respect to the origin of different ore zones and to the exploration for footwall orebodies. Economic Geology economic geology Scientific discipline concerned with the distribution of mineral deposits, the economic considerations involved in their recovery, and assessment of the reserves available. , v.94, p.185-210. Figure 2 and Table 1 show the Levack Footwall intersections reported today together with the pierce points of previously reported holes. Additional sampling has been undertaken on four previously reported holes and these results are also presented in Table 2. Underground Access The Company has initiated scoping studies to evaluate possible underground access options to the Levack Footwall Deposit from its 100% owned Levack Mine in order to permit detailed close-spaced 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 , bulk sampling and a feasibility study "A Feasibility Study" is an episode of the original The Outer Limits television show. It first aired on 13 April, 1964, during the first season. It was remade in 1997 as part of the revived The Outer Limits series with a minor title change. . The prime access option at this time is a ramp from the Levack Mine 2650 level down to the Rob's Footwall Deposit and then further down to the Levack Footwall Deposit. If this plan is implemented, it would result in re-designing and changing the proposed location of the Levack Mine loading pockets and planned underground infrastructure and leading to a possible delay in putting the Levack Mine back into commercial production. Levack Mine 2006 production guidance, given in the Company's February 23, 2006 press release, was based on initiating access to the Levack Footwall Deposit from the Levack Mine later this year thereby delaying commercial production from the Levack Mine. ROB'S FOOTWALL ZONE Since the 31 October news release an additional 14 holes, two of which (FNX7055 and FNX7061) were en route to the Levack Footwall Deposit, have targeted Rob's Footwall Zone. Thirteen of the holes confirmed and expanded the previously reported mineralization (Figure 4 and Table 3). However the intercepts away from the currently known centre of the deposit are similar in grade but significantly narrower. Additional drilling will be undertaken to further test the deposit.
HIGHLIGHTS - ROB'S FOOTWALL ZONE - Drilling Reported Today
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Borehole Feet Cu% Ni% Pt+Pd+Au g/t Pt+Pd+Au oz/st
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FNX6048 7.4 2.7 2.5 1.6 less than 0.1
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FNX7044 12.9 1.2 1.2 2.2 less than 0.1
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FNX7047 6.2 3.2 3.1 2.2 less than 0.1
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FNX7049 3.0 2.1 5.6 0.8 less than 0.1
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FNX7052 6.7 1.1 1.3 2.3 0.1
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FNX7055 20.6 3.6 3.9 1.7 less than 0.1
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incl 7.8 5.2 8.9 2.9 0.1
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FNX7061 16.6 0.9 1.9 1.5 less than 0.1
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14.5 1.7 2.1 1.6 less than 0.1
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The mineralization in Rob's Footwall Zone is characterized by massive veins and semi-massive sulphide zones rich in 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. and copper with locally 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 zone is regarded as 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. LOWER LEVACK FOOTWALL ZONE The Levack Footwall Deposit boreholes are routinely extended through the deposit into the lower portion of the host 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 is considered to have potential to host low-sulphide Cu-Ni-Pt-Pd-Au mineralization similar to the Company's McCreedy West PM Deposit. None of the new holes being reported today tested the Levack Lower Footwall Deposit. Summary The Company continues to be encouraged by the on-going positive drill results and intends to undertake the underground access scoping study as a priority. Extensive additional diamond drilling is required to fully evaluate the four individual footwall zones (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. , Rob's, Levack Footwall, and Levack Lower Footwall) and the overall potential of the large and very prospective Levack footwall environment. Drilling will continue to test the footwall deposits with three surface drill rigs on the Levack Mine property and three underground rigs operating from Falconbridge's Craig Mine. QA-QC Statement James M. Patterson, Ph.D., P.Geo, Vice President and Executive Consultant, a designated Qualified Person pursuant 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 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. 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. Please note: To view Levack Footwall Deposits Figure 1-5, please click on the following link: http://www.ccnmatthews.com/docs/fnx227.pdf Please note: To view Levack Footwall Deposits Table 1-3 and the Co-Ordinates For Boreholes, please click on the following link: http://www.ccnmatthews.com/docs/fnxtab0227.pdf FNX Mining Company Inc. (TSX:FNX) (AMEX:FNX) |
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