FNX cuts long copper intersect in new zone

Vancouver – FNX Mining (FNX-T) has hit a new zone of copper mineralization as part of ongoing exploration at its 100%-owned Victoria property in the Sudbury basin.

The discovery of what is now the fourth zone of mineralization at the project comes after the company intercepted the first three zones in January.

As well as copper, the new mineralized environment at Victoria contains varying grades of nickel and precious metals. The mineralization spans multiple zones associated with quartz diorite.

From zone four, hole 1190 cut 416.8 metres down dip grading 1.3% copper, 0.6% nickel and 2.2 grams per tonne of TPM, or platinum, palladium and gold starting at 1,132 metres downhole. Hole 1186F returned 33 metres across the plunge, averaging 1.5% copper, 2.2% nickel and 5.1 grams TPM from 1,530 metres.

“The outstanding results from FNX 1190 confirm an extensive vertical component to the mineralization,” said Terry MacGibbon, chairman and chief executive of FNX in a statement. “The complex nature and depth of the mineralized zones will require extensive surface and underground drilling.”

The company also released new results from zone two, northwest of zone four. Hole 1186C cut 10.6 metres carrying 2.3% copper, 0.3% nickel and 7.4 grams TPM starting at 1,751 metres; hole 1187C hit 1.8 metres grading 10.1% copper, 2.2% nickel and 22.6 grams TPM; and hole 1188 intersected 8.3 metres carrying 1.5% copper, 0.3% nickel and 6.5 grams TPM from 1,668 metres depth.

FNX has not drilled on zones one and three since they were first identified in January. The company earlier found zone one to contain nickel mineralization in the 1 to 2% range, copper in the 0.5 to 1% range and TPM of 0.5 to 1.5 grams per tonne, with a minimum strike length of 152 metres and a dip extent of over 244 metres. The company has drilled two holes into zone three, intersecting highly recrystallized Sudbury Breccia. Hole 1172B cut 5.2 metres grading 2.1% copper, 1.2% nickel and 19.9 grams TPM from 1,140 metres in zone three.

The company plans to implement an advanced underground exploration program including bulk sampling at Victoria. FNX is currently working on an internal scoping study and securing the necessary permits to carry out such a program.

The mineralized corridor outlined to date is associated with the Worthington offset quartz diorite dyke and surrounding Sudbury breccia wallrocks and is open in all directions. The four zones fall within a discontinuous strike length of 518 metres and a vertical length of 975 metres from 1,676 metres depth.

In March FNX entered into an agreement with Quadra Mining (QUA-T) for a “merger of equals” that will see the two companies combine to form Quadra FNX Mining. FNX shareholders will own approximately 48% of the new company while Quadra shareholders will control the remainder.

FNX’s share price jumped 83¢ or 7.4% on the latest drill results to close at $11.98. The company has a 52-week share price range between $6.01 and $15.70 and 102 million shares outstanding.