First Atlantic Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) (“First Atlantic” or the “Company”) is pleased to announce the initial assay results from its 100%-owned Atlantic Nickel Project in central Newfoundland. Drill hole AN-24-02 returned assays of up to 0.31% nickel and 2.61% chromium, with an average of 0.24% nickel and 0.32% chromium over its entire 383.1-meter length, from surface to the end of hole. These strong results confirm extensive nickel mineralization, initially observed as large-grain awaruite visibly disseminated throughout the drill core. Notably, all four Phase 1 drill holes at the RPM Zone intersected large-grain visible awaruite, covering an area 500 meters wide by 400 meters long. The Company plans to expand this mineralized zone in the upcoming Phase 2 drill program. This is the first of four drill holes completed in the RPM Zone as part of Phase 1, with assay results from the remaining three holes still pending.
RPM Discovery Hole 1 (24-AN-02) (see Figure 1 & 2) significantly exceeds the depth of previous drilling at both the Super Gulp Zone and the historical Atlantic Lake Zone, further reinforcing the presence of a major nickel system within the company’s district-scale, 30-kilometer trend. For comparison, the Super Gulp discovery hole (AN-24-01) intersected 0.25% nickel over 293.8 meters, while historical drilling at Atlantic Lake (DDH78-AL-1) intersected 0.22% nickel over its entire 87.15-meter length (NFLD/3284), with both drill holes ending in mineralization and remaining open in all directions.
Alongside these promising drill assay results, Davis Tube Recovery (DTR) metallurgical testing is currently underway, with results expected soon. This testing aims to quantify magnetically recoverable nickel and evaluate the project’s suitability for magnetic separation as a commercial mining processing method.
Highlights
- Wide Interval of Nickel: The first discovery drill hole at RPM (AN-24-02) intersected an average of 0.24% nickel and 0.32% chromium over its entire 383.1-meter length, from surface to end of hole, with peak values reaching up to 0.31% nickel and 2.61% chromium.
- Mineralized Depth Extension: Drill hole AN-24-02 reached a depth of 394.1 meters, significantly exceeding the 297 meters drilled at Super Gulp and the historical average of 87.15 meters at Atlantic Lake. Future drilling will include step-out holes to further expand the depth and size of the RPM Zone.
- Major Step-Out within 30-km Nickel Trend: The RPM discovery hole, AN-24-02—located 10 km downstrike from the Super Gulp Zone and 26 km south of the Atlantic Lake Zone—confirms continuous awaruite nickel mineralization within the district-scale, 30-km-long magnetic ultramafic ophiolite.
- Extensive Awaruite Mineralization at RPM Zone: All four drill holes revealed large-grain awaruite, frequently exceeding 500 microns, across a 500m × 400m area, establishing a significant mineralized footprint targeted for expansion in Phase 2 drilling.
- Metallurgical Testing: DTR testing is underway to quantify magnetically recoverable nickel and evaluate the project’s suitability for commercial processing via magnetic separation – a critical step in establishing project economics.
- Phase 2 Drilling Program: Phase 2 drilling is set to begin soon, utilizing new road access and a higher-power NQ/HQ drill rig to target deeper mineralization and expand the 500m × 400m mineralized area at RPM. The program is fully funded by a recently closed strategic, non-dilutive $3M raise, with additional Phase 1 drill assay results still pending.
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.
RPM Zone Discovery Drill Hole 1
Drill Hole AN-24-02: The first drill hole in the RPM Zone, AN-24-02, was drilled to a final depth of 394.1 meters and encountered consistent nickel mineralization throughout its entire length. The hole intersected 0.24% nickel and 0.32% chromium over 383.1 meters, including peak values of up to 0.31% nickel and 2.61% chromium.
Assay results confirm remarkable grade consistency, with abundant large-grain visible awaruite (natural nickel-iron alloy, Ni₃Fe) disseminated throughout the serpentinized ultramafic rock in the drill cores, with grain sizes frequently exceeding 500 microns.
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