First Atlantic Nickel Granted Permits FOR Phase 2 Drill Program Following Rpm Discovery at the Atlantic Nickel Project
FIRST ATLANTIC NICKEL GRANTED PERMITS FOR PHASE 2 DRILL PROGRAM FOLLOWING RPM
DISCOVERY AT THE ATLANTIC NICKEL PROJECT
Vancouver, British Columbia – (GlobeNewswire - Jan 15, 2025) - First Atlantic Nickel Corp. (TSXV: FAN)
(OTCQB: FANCF) (FSE: P21) ("First Atlantic" or the "Company") is pleased to announce that it has been granted
permits for its Phase 2 drilling program and the construction of a southern access trail at its 100% owned Atlantic
Nickel Project (the "Project" or “Atlantic Nickel Projec t”) in Newfoundland. With these permits in place, the
Company has initiated preparations for Phase 2 drilling and has commenced construction of the southern access
trail. The Phase 2 program aims to expand the strike length and width of the recently discov ered RPM Zone,
focusing on extending mineralization further east towards the historical Chrome Pond occurrence and north
towards the Pipestone and Super Gulp targets (see Figure 1). The goal of the Phase 2 program is to define a
larger area for resource drilling and prove continuity of nickel mineralization, highlighting the Project's significant
potential to host substantial volumes of material suitable for commercial mining within large-scale target areas
on the Project.
Highlights:
● Phase 2 Drill and Access Trail Permits Granted: Newfoundland & Labrador Mineral Lands Division
has granted permits for the Phase 2 drilling program and southern access trail, enabling faster and more
cost-effective access to the RPM Zone, Chrome Pond and Pipestone areas.
● Phase 2 Preparations Underway: Having secured the necessary permits, the Company has started
preparing for the Phase 2 drilling program, including developing a southern access trail and relocating
the camp to support upcoming exploration.
● Phase 2 Drilling Objective: The program will focus on widely -spaced step-out drilling to delineate a
larger area of strike length and width for future resource drilling.
● Phase 1 Updates: The Company anticipates providing updates on the remaining Phase 1 drilling
activities shortly, with initial Phase 1 drill assays expected in the coming weeks.
● Phase 2 Drill Rig: The Phase 2 drilling program will utilize a higher-power drill rig capable of using both
HQ and NQ drill core, enhancing drilling speed and target depth. Additionally, the program will leverage
a new core shack facility to expedite core processing.
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 [email protected]
"With permits for our Phase 2 drilling program and southern access trail at the Atlantic Nickel Project now
secured, First Atlantic Nickel is poised to advance drilling efforts and expand on the discovery at the RPM Zone,"
stated Adrian Smith, CEO of First Atlantic Nickel. "Our team has moved quickly to prepare for the Phase 2
program, ensuring a smooth transition from planning to execution. Construction of the new access road is already
underway, and we are in the process of relocating our camp to support the expanded drilling activities. These
proactive steps position us to accelerate exploration and development at the RPM Zone and evaluate the
significant potential within the 30 km ophiolite trend. We are eager to begin Phase 2 drilling and continue
advancing the Atlantic Nickel Project."
Phase 2 Exploration Update:
The Company is pleased to report that permits for the Phase 2 exploration program at the Atlantic Nickel Project
have been granted by the Newfoundland & Labrador Mineral Lands Division.
Phase 2 drilling will target deeper mineralization, focusing on extending the strike length and width of the RPM
Zone. This phase will concentrate on the RPM Zone and surrounding areas while exploring targets along the
entire 30 km ophiolite trend for awar uite. The goal of Phase 2 is to delineate and expand known mineralization
zones, potentially connecting the RPM and Chrome Pond areas, which are believed to represent a significant
target for future resource drilling. The RPM Zone remains open in all direc tions, and the Company anticipates
providing updates on remaining Phase 1 step-out drilling to the north, with further updates expected shortly.
Efforts are also underway to relocate the camp to support upcoming drilling activities while using its newly
established drill core processing and storage facility in Grand Falls -Windsor, Newfoundland, for this program.
These logistical preparations are de signed to ensure the smooth and efficient execution of the Phase 2 drilling
campaign. Exploration will continue to test targets within the 30 km nickel trend, with additional holes being drilled
as the Company expands its operations northward.
Figure 1: Phase 2 Drill Planning Map, showing new road access to RPM Zone at the southern end of the 30 km
Pipestone Ophiolite Complex, Atlantic Nickel Project.
Figure 2: RPM Zone Southern Access Trail (Started January 2025), providing efficient and direct access for
Phase 2 drilling program.
RPM Zone Geology: The RPM Zone is located within the expansive 30 km highly magnetic ultramafic ophiolite
belt, approximately 10 km south of the Super Gulp target and 25 km south of the historic drilling at Atlantic Lake,
where significant mineralization was previously encountered in the drill core. This zone is characterized by wide
intervals of heavily sheared and serpentinized peridotite ultramafic rock. The serpentinized peridotite within the
drilled areas is heavily broken due to extensive shearing and faulting, which results from its vertical position
within a subduction zone and its vertical emplacement, rather than being displaced and preserved as a massif.
The vertical orientation of the c rustal-scale ophiolite is highly favorable, as it absorbs additional structural
breakage and increases fluid porosity for serpentinization. This vertical orientation also provides significant depth
potential for mineralized zones, where the nickel mineralization could extend to depths of 1 km or more, allowing
ample room for depth extensions.
The Company will be available for meetings upon request from January 20th to 23rd during the Vancouver VRIC
and AME Roundup conferences. To schedule a meeting, please contact Rob Guzman at First Atlantic Nickel by
phone at +1 844 592 6337 or via email at [email protected]
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 and simple floatation
without the need for smelting, roasting, or high- pressure acid leaching 1. 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 easi er 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, roasting, 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 and lack of sulfur, eliminates these harmful methods, reducing
greenhouse gas emissions and risks associated with toxic chemical r elease, addressing concerns about the
large carbon footprint and toxic emissions linked to nickel refining.
1 https://fpxnickel.com/projects-overview/what-is-awaruite/
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
Figure 3: Quote from USGS on Awaruite Deposits in Canada
The development of awaruite resources is crucial, given China's control 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 is a cleaner source of nickel that reduces dependence on foreign
processing controlled by China, leading to a more secure and reliable supply for North America's stainless steel
and electric vehicle industries.
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:
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/
https://x.com/FirstAtlanticNi
https://www.facebook.com/firstatlanticnickel
https://www.linkedin.com/company/firstatlanticnickel/
FOR MORE INFORMATION:
First Atlantic Investor Relations
Robert Guzman
Tel: +1 844 592 6337
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.
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 project strategically located
near existing infrastructure in Newfoundland, Canada. The Project's nickel occurs as awaruite, a natural nickel -
iron alloy containing approximately 75% 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 reliable 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 industr y'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; results from the Phase 2 drilling program, future project developments, the Company’s objectives, goals or future
6 https://home.treasury.gov/news/press-releases/jy1939
plans, statements, and estimates of market conditions, the Company’s plans to acquire a 100% interest in the Claims
pursuant to the Purchase Agreement, the anticipated issuance of the Consideration Shares and receipt of TSX Venture
Exchange approval. 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 uncertaint ies, 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 governm ental 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.