FPX Nickel launches inaugural drill program at Advocate Nickel Property, Newfoundland

FPX Nickel Corp. [TSXV: FPX; OTCQX: FPOCF] reported the recent start of a 4,000-metre diamond drill program testing two large-scale targets within the Advocate Nickel Property, Newfoundland.

Highlights – Airborne Magnetic Survey Results: FPX recently completed a large unmanned airborne magnetic survey at Advocate covering over 30 km strike length of prospective Advocate Complex ultramafic rocks.

The results of the magnetic survey more precisely delineate host geology and structures that may have played a role in localizing awaruite mineralization.

Magnetic data has been instrumental in extrapolating known zones of awaruite nickel mineralization into areas with little to no rock sampling due to overburden.

Birchy North Drill Target: Drilling is planned to test 1.2 km of the 2.6 km by 700 metre Birchy North target as defined by Birchy North’s magnetic signature.

Previous bedrock samples at Birchy North have returned high-grade awaruite values up to 0.13% Davis Tube Recoverable (DTR) nickel.

Wolverine Drill Target: Drilling is planned to test the core area of the Wolverine target, which is defined by a strong magnetic high feature measuring 7 km long by up to 1 km wide.

Previous surface samples at Wolverine have returned high-grade awaruite values up to 0.14% DTR nickel.

“The Advocate drill program marks an important milestone in our global generative alliance with JOGMEC,” commented Keith Patterson FPX’s Vice President, Exploration. “The large-scale, high-grade awaruite targets at Birchy North and Wolverine are similar in size and surface DTR nickel grades to those at the Baptiste deposit, and we look forward to confirming Advocate mineralization with the drill bit.”

The Advocate Nickel Property is located in north-central Newfoundland, approximately midway between Deer Lake and the mining town of Baie Verte. The 12,175-hectare land package covers highly prospective, serpentinized ultramafic rocks and includes over 45 km strike length of the Advocate Complex ophiolite.

Access is via a high-quality network of logging roads, generally no more than 5 to 10 km from the Trans-Canada Highway or Newfoundland Highway 410. The property vendor currently operates a deep-sea port at Pine Cove, approximately 50 km northeast of the property.

Birchy North Drill Target: As described in the company’s June 23, 2026 news release, the Birchy North Target is delineated by anomalous DTR nickel values of up to 0.13% from top-of-bedrock sampling over an area of approximately 800 metres by 350 metres. This target area has been significantly expanded to 2.6 km by 700 metres using the airborne magnetic data to extrapolate into areas of limited or no sampling.

The company expects to drill holes testing multiple wide-spaced sections covering a strike length of up to 1.2 kilometres.

Wolverine Target: As described in the company’s June 23, 2026 news release, the Wolverine target is delineated by anomalous DTR nickel values of up to 0.14% over an area of approximately 2.4 km m by 650 metres. This sampled target area corresponds to a consistent high-mag feature which extends over 7 km in strike length and up to 1 km in width.

The company plans an initial drill test of the Wolverine target comprising multiple drill holes primarily targeting areas of high DTR nickel from rock sampling over a strike length of 800 metres. If successful, a significantly expanded follow-up program would be required to test the full strike length of this very large target.

The company commissioned Abitibi Geophysics to fly an unmanned airborne magnetic survey over the Advocate property with 50-metre spaced lines and more detailed 25-metre spaced lines over known target areas. In total, 2,226 line-km of airborne magnetics were collected and processed. Abitibi provided both plan maps and a 3D inversion of the magnetic data which has been used extensively in planning the current drill program.

Total nickel values in ultramafic rock samples collected to date from the Advocate Property range from 0.18% to 0.30% and average 0.23%. These values are consistent with typical background nickel values from ultramafic rocks sampled globally and do not represent potentially recoverable nickel. The high DTR nickel values obtained from the Advocate zones indicate that the nickel in these target areas is primarily contained in awaruite with grain sizes sufficiently coarse to be recovered by magnetic separation.

FPX has signed an option agreement with Shoreline Exploration Inc. to acquire up to 100% of the Advocate Nickel Property.

JOGMEC has accepted the Advocate Nickel Property as a “Designated Property” within the broader FPX-JOGMEC Generative Alliance. JOGMEC cano obtain a 60% interest in Advocate and has funded 60% of project expenditures to-date. FPX holds the remaining 40% interest in Advocate and has funded 40% of project expenditures to-date.

FPX Nickel is focused on the exploration and development of the Baptiste Nickel Project, located in central British Columbia, and other occurrences of the same unique style of naturally occurring nickel-iron alloy mineralization known as awaruite.