Fathom Announces Completion of Albert Lake Program and Commencement of Drilling at Gochager Lake
FATHOM ANNOUNCES COMPLETION OF DRILLING AT ALBERT LAKE PROJECT AND COMMENCEMENT
OF DRILLING AT THE GOCHAGER LAKE PROJECT
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Calgary, Alberta – March 13, 2024 – Fathom Nickel Inc. (the “Company” or “Fathom”) (CSE:FNI) (FSE:
6Q5), (OTCQB: FNICF) is pleased to announce that drilling has been completed at the Company’s 100%
owned Albert Lake Project and that drill, and crews have mobilized to the Gochager Lake Project. Drilling
commenced at the Gochager Lake Project on March 12 and is expected to continue through mid-April
2024.
Summary of the Albert Lake Project drill program is as follows:
• Six (6) holes were drilled amounting to 1,386 meters drilled (Figure 1).
• Drillhole AL24075, the first drillhole of the program was designed to test the very robust EM-
coincident gravity anomaly. The drillhole intersected multiple zones of elevated sulphide
mineralization from 295.0 – 348.5m. The host rock was not mafic/ultramafic in composition and
pXRF scans of th e mineralization suggest the mineralization is not that of a magmatic sulphide
source.
• The semi-massive to locally massive sulphide mineralization hosted withi n sediment hosted
sulphidic iron formation does explain the strong EM conductivity and the gravity feature targeted.
• The other five (5) drillholes focused on weaker EM features coincident with local strong multi-
element soil geochemistry results . Multiple zones of varying conductivity were identified by
BHEM surveys and within the detailed EM grids surveyed during the program. Several of these
zones coincide with interpreted mafic /ultramafic intersections from the drilling and are worthy
of more follow-up surface exploration and drilling.
• Assay results are expected by mid -late April 2024 and the Company will provide a complete
summary of the Albert Lake program once assays are in hand.
Ian Fraser, CEO and VP Exploration stated, “Although we are disappointed the significant sulphide
mineralization encountered in the first drillhole appears to be not magmatic in origin, we are encouraged
that the remainder of the drill program did identify several, shallow weak to moderate zones of
conductivity by BHEM and by our detailed surface EM grids. Some of these zones are coincident with zones
of mafic – ultramafic rock intersected in our drill program. However, the robust soil geochemical anomaly
that was our focus remains unexplained and eminently worthy of future exploration. Given the shallow
nature of several of these new targets (<100m below surface) it is suggestive that this anomaly is perhaps
a culmination of several shallow sources. In this new scenario we felt further detailed surface work is
required to target them appropriately. Furthermore, drilling these new, shallow targets with a helicopter
supported drill would be a very inefficient use of exploration dollars and investor capital. Based on this,
the Company made the decision to cut the Albert Lake Project drill program short of the intended meterage
and use these “extra” meters at the Gochager Lake Project drill program . Future drilling of these new,
shallow Albert Lake targets will utilize a smaller, track or skid mounted drill providing a greater degree of
flexibility and in the process a much more costs effective appro ach versus the helicopter supported
methodology deployed in the most recent drill program”.
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Figure – 1 Albert Lake Project Drillhole Plan Map
Gochager Lake Drill Program:
• Drilling commenced on March 12.
• The Company anticipates drilling 2000-2500 meters in 5-7 drillholes.
• Initial drillholes are designed to follow-up on nickel-copper-cobalt mineralization encountered in
drillhole GL23009 (see Press Release November 21, 2023) and the associated off- hole BHEM
conductivity detected in this drillhole (Figure 2).
• New zones of conductivity resulted from a dditional surface TDEM survey performed southwest
of the Gochager Lake deposit in February 2024. Follow-up, detailed TDEM survey in this area will
commence on March 14.
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• Several new, high -priority drill targets have been identified outside the area of the historic
Gochager Lake deposit.
Ian Fraser, CEO and VP Exploration stated, “We are very excited to get back to the historic Gochager Lake
deposit and continue to build out this deposit and increase tonnes and grade in the process. The current
program is designed to drill multiple holes with a common azimuth across the host Gochager Lake intrusive
and to specifically test zones of off-hole BHEM conductivity that resulted from the Fall 2023 drill program.
Our 2023 drill programs illustrated zones of BHEM conductivity contained zones of nickel mineralization
grading >1% Ni and these higher-grade zones have a steep orientation and plunge. The 9-holes drilled in
2023 provided an initial good understanding of the dynamics of the historic Gochager Lake deposit and we
look forward to continuing to build on this understanding. Ongoing interpretation of geophysical data
collected in 2023-2024 along with historical data confirms that the historic Gochager Lake deposit is wide
open along strike northeast, southwest and to depth. This current drill program will expand upon the 2023
results along strike and to depth and we are confident will add another dimension on our path to a new,
modern maiden resource for the Gochager Lake deposit. We look forward to continuing the drilling success
we had in 2023”.
Figure – 2 Initial Drill Cross-Section Gochager Lake Drill Program
Comments on Initial Drillhole, Cross Section
• The grade shells (>0.2% Ni, >0.5% Ni) are based on Fathom 2023 drilling and are at present best
approximation / interpretation of steeply oriented mineralized envelope(s) defined to date.
• It is within these mineralized envelopes (>0.5% Ni) in which the Company intersected multiple
zones of >1% nickel + significant cobalt mineralization. See Press Release November 21, 2023.
• Complex off-hole BHEM responses were detected in GL23009 from ~ 335-370m. These zones of
conductivity are interpreted to be typical of semi- massive to massive sulphides and it has been
suggested this is possibly a discrete zone separate from the semi-massive sulphides intersected
above the interpreted fault.
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• The initial drillhole of the March 2024 Gochager Lake drill program is designed to test this area of
complex BHEM conductivity and extend the mineralization intersected in GL23009 down plunge
to depth and along strike.
• Also of note, increasing conductivity in GL23009 was observed building to depth beyond the end
of drillhole. Furthermore, the massive sulphide vein intersected in GL23008 (3.25% Ni / 0.64m) is
within 40m of the proposed drillhole, and as in GL23009, conductivity builds to depth and beyond
drillhole GL23008.
• The initial drillhole will be drilled deep enough to test the source of building conductivity at depth.
Qualified Person and Data Verification
Ian Fraser, P.Geo., CEO, VP Exploration, and a Director of the Company and the "qualified person" as such
term is defined by National Instrument 43 -101, has verified the data disclosed in this news release, and
has otherwise reviewed and approved the technical information in this news rele ase on behalf of the
Company.
About Fathom Nickel Inc.
Fathom is an exploration company that is targeting magmatic nickel sulphide discoveries to support the
rapidly growing global electric vehicle market.
The Company now has a portfolio of two high -quality exploration projects located in the prolific Trans
Hudson Corridor in Saskatchewan: 1) the Albert Lake Project , a 90,000+ hectare project that was host
to the historic and past producing Rottenstone deposit (produced high-grade Ni-Cu+PGE, 1965 -1969),
and 2) the 22,000+ hectare Gochager Lake Project that is host to a historic, NI43 -101 non -compliant
open pit resource consisting of 4.3M tons at 0.295% Ni and 0.081% Cu 2
1 – The Saskatchewan Mineral Deposit Index (SMID#0950) Tremblay-Olson Ni-Cu Deposit or Showing
2 – The Saskatchewan Mineral Deposit Index (SMID#0880) reports drill indicated reserves at the historic Gochager Lake Deposit
of 4,262,400 tons grading 0.295% Ni and 0.081% Cu mineable by open pit. Fathom cannot confirm the resource estimate, nor the
parameters and methods used to prepare the reserve estimate. The estimate is not considered NI43 -101 compliant and further
work is required to verify this historical drill indicated reserve.
ON BEHALF OF THE BOARD
Ian Fraser, Chief Executive Officer and Vice -President, Exploration
1-403-650-9760
Email: [email protected]
or
Doug Porter, President & CFO
+1-403-870-4349
Email: [email protected]
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Forward Looking Statements:
This news release contains "forward -looking statements" that are based on expectations, estimates, projections and
interpretations as at the date of this news release. Forward -looking statements are frequently characterized by words such as
"plan", "expect", "project", "seek", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or
statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding intended
future exploration work, including drilling, and the timing of such activities. Forward -looking statements relate to information
that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any
statements that express predictions, expectations, beliefs, plans, projections, obj ectives, assumptions or future events or
performance are not statements of historical fact and may be "forward -looking statements." Forward -looking statements are
subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the
forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis
and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining
and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability;
the potential for delays in exploration or development activities or the complet ion of feasibility studies; the uncertainty of
profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral
deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and
expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mini ng
results will not be consistent with the Company's expectations; risks related to commodity price fluctuations; and other risks and
uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure
record. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to be materially different from any future results, performance or
achievements expressed or implied by such forward -looking statements. These forward -looking statements are made as of the
date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances
except in accordance with applicable securities laws. Actual events or results could differ mate rially from the Company's
expectations or projections.