First Atlantic Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) (“First Atlantic” or the “Company”) is pleased to announce positive Davis Tube Recovery (DTR) metallurgical test results from drill hole AN-24-05, the final hole completed during the Phase 1 drilling at the RPM Zone, part of its district scale Atlantic Nickel Project (the “Project”). Drill hole AN-24-05 returned a continuous interval of 351 meters averaging 1.47% nickel and 1.53% chromium in magnetic concentrate, with a mass pull of 8.21%. This corresponds to a magnetically recoverable nickel grade (DTR grade) of 0.12% over the 351 meter interval. Located approximately 400-meters north of the initial RPM discovery hole AN-24-02, this step out hole confirms that widespread disseminated, visible awaruite mineralization extends significantly northward toward Pipestone Pond.
Phase 2 drilling is currently underway, building on the success of Phase 1, which already defined a 400-meter by 500-meter area of awaruite nickel mineralization. All four holes drilled at the RPM Zone in Phase 1 intersected disseminated awaruite mineralization, returning consistent nickel grades and recoveries. Concentrate grades from these holes ranged from 1.32% to 1.47% nickel, with mass pulls between 8.21% and 9.53%. Notably, all drill holes ended in mineralization and remain open in all directions, indicating significant expansion potential. The consistent magnetic concentrate grades and mass pulls across the drilled area underscore the extensive nature of the awaruite nickel mineralization in the RPM Zone.
Highlights:
- AN-24-05 Extends RPM Zone 400 Meters North, Confirming Continuity of Awaruite Mineralization: Drill hole AN-24-05, the fourth hole completed during the Phase 1 drill program at the RPM Zone, extends the drill-defined mineralization approximately 400 meters north of the initial discovery hole (AN-24-02). The results confirm the continuity of widespread disseminated awaruite nickel mineralization within the RPM Zone.
- Metallurgical Testing of AN-24-05 Returns 1.47% Nickel Concentrate Over 351 Meters: Davis Tube Recovery (DTR) testing of the 351meter mineralized interval in AN-24-05 returned a nickel grade of 1.47% in magnetic concentrate, with a mass pull of 8.21%. This equates to a magnetically recoverable DTR nickel grade of 0.12%. The total nickel recovery was 50.26% from a head grade of 0.24% total nickel, highlighting the effectiveness of magnetic separation as a metallurgical process for upgrading awaruite nickel mineralization.
- Phase 1 Drilling Expands Awaruite Nickel Discovery at RPM Zone: The Phase 1 drill program has delineated an initial mineralized zone measuring 400 x 500 meters. All four holes within the RPM Zone intersected significant awaruite nickel mineralization, returning consistently high DTR concentrate grades ranging from 1.32% to 1.47% nickel and mass pulls of 8.21% to 9.53%. These results yielded magnetically recoverable DTR nickel grades between 0.11% to 0.14%, establishing a strong foundation for Phase 2 expansion drilling.
- RPM Zone Discovery Highlights District-Scale Potential of Atlantic Nickel Project: The RPM Zone discovery occurs within a 30 km long, highly magnetic ultramafic nickel belt known as the Pipestone Ophiolite Complex. The zone is located approximately 25 kilometers south of historic awaruite nickel-alloy (Ni3Fe) mineralization identified by Altius Resources and Cliffs Natural Resources in 2010 at the Atlantic Lake Zone. Average DTR nickel grades of 0.11% to 0.14% from the RPM Zone demonstrate the potential for district-scale awaruite mineralization within multiple target areas of the project.
- Phase 2 Exploration and Expansion Drilling Underway to Expand RPM Mineralized Footprint: The Phase 2 drilling campaign is currently underway, utilizing a systematic grid-based drill plan designed to step out from the Phase 1 footprint. The program aims to expand the RPM Zone’s mineralized area and further define the extent of awaruite nickel mineralization.
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