First Atlantic Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21)
("First Atlantic" or the "Company") is pleased to provide an update
on the ongoing drilling at its 100% owned, multi-zone,
district-scale Atlantic Nickel Project in central Newfoundland,
Canada (“Atlantic Nickel Project” or the “Project”). Initial
drilling has confirmed visible awaruite, disseminated from the
surface throughout the first 297-meter first hole in the newly
discovered Super Gulp zone, located 16 km south of historical
drilling at Atlantic Lake. This follows the recent discovery of
multiple new zones containing visible awaruite across the project's
30 km nickel trend during the summer sampling program.
Highlights
- First Drill Hole Intersects
Visible Awaruite from Surface: The first hole at Super
Gulp was drilled to a final depth of 297 meters, intersecting
visible, disseminated awaruite mineralization starting from the
surface throughout the drill hole.
- Large 16km Step-Out from
Historical Drilling: The Super Gulp discovery, located 16
km south of historical drilling at Atlantic Lake, confirms the
project’s significant scale potential.
- Large awaruite grain
size: Disseminated awaruite visible to the naked eye
indicates grains exceeding 25 microns, with microscopic analysis
confirming grains up to 250 microns- well above the 10 micron
threshold for effective magnetic separation1.
- Ongoing Drilling at
Multiple High-Priority Targets: The drill program
continues to test priority targets at RPM, Chrome Pond and Big
Gulp, where the largest visible awaruite grains were discovered
during the summer 2024 surface sampling program.
- Potential for Low-Cost
Mining: Drilling has revealed heavily fractured, broken
and sheared serpentinized nickel host rock, which could enable
low-cost mining methods such as ripping instead of drilling and
blasting.
- Smelter-Free
Nickel: Awaruite (Ni3Fe), a sulfur-free natural
nickel-iron alloy containing ~75% nickel, enables magnetic
processing without the requirement of a smelter, potentially
helping to create a more resilient North American nickel supply
chain. The US IRA $7,500 EV tax credit requirements stipulate that,
beginning in 2025, eligible clean vehicles may not contain any
critical minerals processed by foreign entities of concern, which
currently control a large portion of global nickel smelting
capacity.
For further information, questions, or
investor inquiries, please contact Rob Guzman at First Atlantic
Nickel by phone at +1 844 592 6337 or via email at
rob@fanickel.com
Super Gulp Drill Hole 001
(AN-24-001)
The first hole at Super Gulp was drilled
westward at a -60° dip to 297 meters, intersecting light to dark
green serpentinized ultramafic rock with visible disseminated
awaruite throughout the drill hole. The ultramafic unit shows
pseudo to crackle breccia textures, with magnetite-serpentine
fracture fillings and veinlets. Initial observations using a
microscope revealed awaruite grain sizes of up to 250 microns,
while smaller particles estimated to be greater than ~25 microns
were visible to the naked eye (see Figure 2). The majority of
observed nickel-alloy (awaruite) grains are expected to be
recoverable using simple magnetic separation due to their grain
size and strong magnetic properties[1]. The bedrock is heavily
fractured, with evidence of major north-south and secondary
east-west faulting. The intense serpentinization and broken nature
of the rock suggest that the material may be rippable, potentially
lowering mining costs compared to conventional drilling and
blasting. The hole was terminated at 297 meters due to heavily
faulted ground conditions. Follow-up holes will be drilled in the
opposite direction to assess width and size, targeting 450-meter
depths across the wide ultramafic unit at the Super Gulp Zone. Core
samples from the drill program are currently being processed and
prepared for shipment, where they will undergo whole rock analysis
followed by preliminary magnetic recovery testing.
Figure 1: Super Gulp 2024 Drill hole 01 at the
Atlantic Nickel Project showing commonly disseminated
sulfur-free-nickel (awaruite) in serpentinized ultramafic with
serpentine-magnetite fracture filling and veinlets shown at 43
meters and 87 meters downhole.
Figure 2: Microscope photo images showing
individual grains of awaruite grains ranging from ~200 to 250
microns in size from Super Gulp DH001.
Super Gulp Zone
The Super Gulp Zone is a new discovery located
approximately 4 km south of the Gulp Pond Zone and 20 km south of
historic hole 78-AL-01 in the Atlantic Lake Zone. This discovery
extends the potential mineralized zone from the Big Gulp showing
(Gulp Pond) target area approximately 4 km to the south. Abundant
visible disseminated awaruite grains were observed, making it a
promising target for further exploration and initial drilling.
RPM Zone
The RPM Zone is currently being targeted as the
highest-priority target, representing a new surface outcrop
discovery in the southern portion of the 30 km trend, potentially
connecting with the Chrome Pond area. This zone has become the main
focus of current drilling operations due to having the largest
distribution of coarse-grained awaruite (nickel-iron alloy)
observed across the entire Atlantic Nickel Project. Numerous
outcrops in the RPM Zone contain large, visible disseminated
awaruite grains exceeding 100 microns in size, with some grains
reaching sizes of 300 to 500 microns, making it an exceptional
target for potentially significant nickel mineralization.
These outcrops are located in areas with
extensive surficial cover and near elevated nickel-in-soil
anomalies, suggesting the potential for large volumes of concealed
mineralized material. The RPM target zone spans approximately 2.6
kilometers in length and is estimated to be 400 to 600 meters wide.
Outcrops in the area are heavily weathered and consist of
serpentinized ultramafics intersected by serpentine-magnetite
veins, microfractures, and disseminated magnetite. The remarkable
size and widespread distribution of coarse awaruite grains in this
zone make it a top priority for drilling, aimed at unlocking the
immense potential for a major nickel discovery.
Figure 3: A) & B) Cut rock samples from
separate areas within the new RPM Zone showing abundant grains of
disseminated awaruite (nickel-alloy ~75% Ni) (no sulfur of sulfides
present) within serpentinized ultramafic; C) Magnified grain of
awaruite (Ni3Fe) in plane light; D) Magnified grain of awaruite
(Ni3Fe) in negative color.
Adrian Smith CEO Quote
"We are thrilled with the early success at the
Atlantic Nickel Project, as we have visually confirmed nickel-alloy
in the first-ever drillhole at the Super Gulp zone," commented
Adrian Smith, CEO of First Atlantic. "This discovery extends known
mineralization 16 km from the Atlantic Lake area, with visible
awaruite disseminated within the ultramafic rock unit, which is
part of the large scale ophiolite located on
the property."
Mr. Smith continues, "Our strategy aims to
identify and establish potential areas with large volumes of
mineralized rocks. We're particularly excited about moving to the
RPM Zone, where we've identified disseminated nickel alloy grain
sizes well into the hundreds of microns. This could represent an
even more significant discovery. The ongoing drilling plans to test
the southern RPM, Chrome Pond, and Big Gulp areas, representing a
further 10-kilometer step-out from the Super Gulp zone, extending
drilling coverage to approximately 25 km from the historic drilling
at the Atlantic Lake area. Our goal is to uncover a district-scale
nickel project and we look forward to providing additional updates
as our exploration progresses."
District-Scale Nickel
Potential
The ongoing drilling program is testing multiple
large-scale targets along the 30 km trend of ultramafic rocks, with
the potential to host several mineralized systems, potentially
containing volumes of material ranging from hundreds of millions to
over one billion tonnes. The drill program is focused on areas with
high surface geochemical nickel concentrations and confirmed visual
occurrences of awaruite within the extensive ultramafic (ophiolite)
sequence.
The 2024 sampling program successfully expanded
multiple visible awaruite nickel-alloy targets across several
zones, efficiently confirming and prioritizing targets for the
current drilling. High-priority awaruite-bearing nickel zones
identified include Atlantic Lake, Gulp Pond, Super Gulp (new
discovery), Pipestone, Chrome Pond, and RPM Zone (another new
discovery).
The scale and continuity of the mineralized
trend, coupled with the presence of coarse-grained awaruite in
multiple zones, indicate the potential for a significant nickel
deposit. Ongoing drilling is focused on defining the extent and
grade of mineralization across these promising targets.
Figure 4: Atlantic Nickel target zones showing
2024 sampling with visible awaruite (nickel-alloy) locations over
the 30 km nickel ultramafic magnetic trend (background TMI
magnetics).
Awaruite (Nickel-iron alloy Ni₂Fe,
Ni₃Fe)
Awaruite, a naturally occurring sulfur-free
nickel-iron alloy composed of Ni₃Fe or Ni₂Fe with approximately
~75% nickel content, offers a proven and environmentally safer
solution to enhance the resilience and security of North America's
domestic critical minerals supply chain. Unlike conventional nickel
sources, awaruite can be processed into high-grade concentrates
exceeding 60% nickel content through magnetic processing without
the need for smelting. Beginning in 2025, the US Inflation
Reduction Act's (IRA) $7,500 electric vehicle (EV) tax credit
mandates that eligible clean vehicles must not contain any critical
minerals processed by foreign entities of concern (FEOC)2. These
entities include Russia and China, which currently dominate the
global nickel smelting industry. Awaruite's smelter-free processing
approach could potentially help North American manufacturers meet
the IRA's stringent critical mineral requirements and reduce
dependence on FEOCs for nickel processing.
The U.S. Geological Survey (USGS) highlighted
awaruite's potential, stating, "The development of awaruite
deposits in other parts of Canada may help alleviate any prolonged
shortage of nickel concentrate. Awaruite, a natural iron-nickel
alloy, is much easier to concentrate than pentlandite, the
principal sulfide of nickel"3. Awaruite's unique properties enable
cleaner and safer processing compared to conventional sulfide and
laterite nickel sources, which often involve smelting or
high-pressure acid leaching that can release toxic sulfur dioxide,
generate hazardous waste, and lead to acid mine drainage.
Awaruite's simpler processing, facilitated by its amenability to
magnetic processing, eliminates these harmful methods, reducing
greenhouse gas emissions and risks associated with toxic chemical
release, addressing concerns about the large carbon footprint and
toxic emissions linked to nickel refining.
The development of awaruite resources is
crucial, given China's dominance in the global nickel market.
Chinese companies refine and smelt 68% to 80% of the world's
nickel4 and control an estimated 84% of Indonesia's nickel output,
the largest worldwide supply5. Awaruite offers an environmentally
safer, more sustainable, and domestically processable nickel source
to meet the growing demand in stainless steel and electric vehicles
while reducing reliance on foreign refining and smelting dominated
by China. By developing awaruite resources, North America can
strengthen the resilience and security of its critical nickel
supply chain.
Investor
Information
The Company's common shares trade on the TSX
Venture Exchange under the symbol "FAN", the
American OTCQB Exchange under the symbol “FANCF”
and on several German exchanges, including Frankfurt and Tradegate,
under the symbol "P21".
Investors can get updates about First Atlantic
by signing up to receive news via email and SMS text at
www.fanickel.com. Stay connected and learn more by following us on
these social media platforms:
https://x.com/FirstAtlanticNihttps://www.facebook.com/firstatlanticnickelhttps://www.linkedin.com/company/firstatlanticnickel/
FOR MORE INFORMATION:First
Atlantic Investor RelationsRobert GuzmanTel: +1 844 592
6337rob@fanickel.com
Disclosure
Adrian Smith, P.Geo., is a qualified person as
defined by NI 43-101. The qualified person is a member in good
standing of the Professional Engineers and Geoscientists
Newfoundland and Labrador (PEGNL) and is a registered professional
geoscientist (P.Geo.). Mr. Smith has reviewed and approved the
technical information disclosed herein.
The Company has not independently verified the
historic samples reported in this release but has received data
from the previous property owners and from the Government of
Newfoundland and Labrador’s online database.
About First Atlantic Nickel
Corp.
First Atlantic Nickel Corp. (TSXV: FAN) (OTCQB:
FANCF) (FSE: P21) is a Canadian mineral exploration company
developing the 100%-owned Atlantic Nickel Project, a large-scale
nickel deposit strategically located near existing infrastructure
in Newfoundland, Canada. The Project's nickel occurs as awaruite, a
natural nickel-iron alloy containing approximately 77% nickel with
no-sulfur and no-sulfides. Awaruite's properties allow for
smelter-free magnetic separation and concentration, which could
strengthen North America's critical minerals supply chain by
reducing foreign dependence on nickel smelting. This aligns with
new US Electric Vehicle US IRA requirements, which stipulate that
beginning in 2025, an eligible clean vehicle may not contain any
critical minerals processed by a FEOC (Foreign Entities Of
Concern)6.
First Atlantic aims to be a key input of a
secure and resilient North American critical minerals supply chain
for the stainless steel and electric vehicle industries in the USA
and Canada. The company is positioned to meet the growing demand
for responsibly sourced nickel that complies with the critical
mineral requirements for eligible clean vehicles under the US IRA.
With its commitment to responsible practices and experienced team,
First Atlantic is poised to contribute significantly to the nickel
industry's future, supporting the transition to a cleaner energy
landscape. This mission gained importance when the US added nickel
to its critical minerals list in 2022, recognizing it as a non-fuel
mineral essential to economic and national security with a supply
chain vulnerable to disruption.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Forward-looking statements:
This news release may include "forward-looking
information" under applicable Canadian securities legislation. Such
forward-looking information reflects management's current beliefs
and are based on a number of estimates and/or assumptions made by
and information currently available to the Company that, while
considered reasonable, are subject to known and unknown risks,
uncertainties, and other factors that may cause the actual results
and future events to differ materially from those expressed or
implied by such forward-looking information. Forward looking
information in this news release includes, but is not limited to,
expectations regarding the timing, scope, and results from the 2024
work and drilling program; future project developments; the
Company’s objectives, goals or future plans, statements, and
estimates of market conditions. Readers are cautioned that such
forward-looking information are neither promises nor guarantees and
are subject to known and unknown risks and uncertainties including,
but not limited to, general business, economic, competitive,
political and social uncertainties, uncertain and volatile equity
and capital markets, lack of available capital, actual results of
exploration activities, environmental risks, future prices of base
and other metals, operating risks, accidents, labour issues, delays
in obtaining governmental approvals and permits, and other risks in
the mining industry. Additional factors and risks including
various risk factors discussed in the Company’s disclosure
documents which can be found under the Company’s profile on
http://www.sedarplus.ca. Should one or more of these risks or
uncertainties materialize, or should assumptions underlying the
forward-looking statements prove incorrect, actual results may vary
materially from those described herein as intended, planned,
anticipated, believed, estimated or expected.
The Company is presently an exploration stage
company. Exploration is highly speculative in nature, involves many
risks, requires substantial expenditures, and may not result in the
discovery of mineral deposits that can be mined profitably.
Furthermore, the Company currently has no reserves on any of its
properties. As a result, there can be no assurance that such
forward-looking statements will prove to be accurate, and actual
results and future events could differ materially from those
anticipated in such statements.
______________________________
1 Regional Metallogeny and Genesis of a New Deposit
Type—Disseminated Awaruite (Ni3Fe) Mineralization Hosted in the
Cache Creek Terrane, Ron Britten 2017
2 https://home.treasury.gov/news/press-releases/jy1939
3
https://d9-wret.s3.us-west-2.amazonaws.com/assets/palladium/production/mineral-pubs/nickel/mcs-2012-nicke.pdf
4
https://www.brookings.edu/wp-content/uploads/2022/08/LTRC_ChinaSupplyChain.pdf
5
https://www.airuniversity.af.edu/JIPA/Display/Article/3703867/the-rise-of-great-mineral-powers/
6 https://home.treasury.gov/news/press-releases/jy1939
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/c67af50c-9280-4002-835b-ee19894cb5cb
https://www.globenewswire.com/NewsRoom/AttachmentNg/f4461041-707b-4ac0-bc7d-13954e735e4b
https://www.globenewswire.com/NewsRoom/AttachmentNg/2ece8563-053e-4e8c-a64c-bd3571506997
https://www.globenewswire.com/NewsRoom/AttachmentNg/24eec8c1-353a-44f9-959d-340cdcff4104
Grafico Azioni First Atlantic Nickel (TSXV:FAN)
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