First Atlantic Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) (“First Atlantic” or the “Company”) is pleased to announce the assay results from drill hole AN-24-03, the third drill hole of the Phase 1 program and the second drill hole at the RPM Zone, located within its 100%-owned Atlantic Nickel Project in central Newfoundland. The 234-meter hole intersected an average of 0.25% nickel and 0.29% chromium over a continuous 216 meter interval, starting at a depth of 18 meters (post-overburden) and continuing to the end of the hole. Notably, grades increased to 0.27% nickel over the final 21 meters. Drilled westward from the same collar as the initial RPM discovery hole (AN-24-02) which was drilled to the east (see Figure 1), AN-24-03 terminated in a heavily sheared and faulted zone of serpentinized peridotite. The Phase 1 drill rig did not have sufficient power to penetrate this fault zone. Given the increasing nickel grades observed towards the bottom of the hole, Phase 2 drilling will utilize a more powerful drill rig to test further westward into the fault zone and potentially expand the mineralized boundary.
The first four holes of the Phase 1 drilling program at the RPM Zone have outlined a mineralized area measuring 500 meters in lateral width and 400 meters in length, based on visual identification of awaruite nickel mineralization in drill core. Assays from the first two RPM Zone drill holes, AN-24-02 and AN-24-03 (RPM drill holes 1 and 2), have now confirmed 300 meters of the visually identified 500-meter lateral width assaying wide intersections of nickel, with both holes ending in mineralization. These results confirm a robust and laterally extensive mineralized zone with significant potential for expansion in all directions – a target the Company plans to pursue in its upcoming Phase 2 drilling program, which will utilize a more powerful drill rig capable of drilling deeper and longer holes.
HIGHLIGHTS
- Wide Mineralized Intersection: The second RPM discovery hole (AN-24-03) returned an average of 0.25% nickel and 0.29% chromium over a continuous 216 meter drill interval, starting after 18 meters of overburden. Notably, the final 21 meters showed an increase to 0.27% nickel and 0.26% chromium.
- Grades Improving at Depth: The hole ended in mineralization within a heavily sheared and faulted zone of serpentinized peridotite, which the Phase 1 drill rig was not powerful enough to penetrate, suggesting potential for deeper and wider extensions of the mineralized zone.
- Lateral Extent Confirmed: The first four RPM drill holes of Phase 1 delineated a 500 meter by 400 meter area of visual awaruite mineralization, with assays from AN-24-02 and AN-24-03 confirming 300 meters of the 500-meter lateral width, both holes ending in mineralization.
- Visible Awaruite: Coarse-grained, visibly disseminated awaruite, with grain sizes up to 500 microns was observed throughout the 234-meter hole, further supporting the continuity of the mineralization zone.
- Phase 2 Drilling Planned: A more powerful drill rig will be deployed to target the western fault zone and deeper mineralization, aiming to extend the RPM Zone’s boundaries beyond the fault encountered in hole AN-24-03.
- Phase 1 Results: The Company expects to receive additional Phase 1 assay and davis tube recovery (DTR) metallurgical test results in the coming weeks. During Phase 1, processing delays and slower sample submissions resulted from the transition from a temporary, tent-based core processing setup to a long-term core storage and logging facility.
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: DRILL HOLE AN-24-03 OVERVIEW
Drill hole AN-24-03 (also referred to as RPM-DDH002 or RPM Hole 2) was drilled westward from the same collar location as AN-24-02 (RPM-DDH001 or RPM Hole 1), but in the opposite direction, with AN-24-02 drilled to the east (see Figure 1). The objective was to test the western extension of the RPM Zone’s mineralized system. Reaching a total depth of 234 meters, the hole encountered 18 meters of weathered bedrock overburden before intersecting serpentinized peridotite ultramafic rock hosting visible awaruite mineralization. Assays confirmed an average of 0.25% nickel and 0.29% chromium over 216 meters, starting from 18 meters depth. Nickel grades increased to 0.27% over the final 21 meters as the hole entered a heavily faulted zone of serpentinized peridotite ophiolite rocks. The Phase 1 drill rig lacked sufficient power to penetrate the fault, limiting the hole’s depth and resulting in termination within mineralization.
The mineralization, characterized by disseminated awaruite with grain sizes up to 509 microns, was observed throughout the hole, reinforcing the continuity of the mineralized zone. Notable observations include awaruite grains up to 428 microns at a depth of 41 meters (see Figure 3), and grain sizes ranging from 210 to 509 microns at 195 meters (see Figure 4), with coarse awaruite grains present throughout the 216-meter mineralized interval. The increasing nickel grades toward the end of the hole, within the faulted zone, suggest the mineralized system extends westward and at depth, warranting further exploration.
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