Gochager Lake and Albert Lake Exploration Update
Fathom Nickel Inc.
FATHOM ANNOUNCES COMPLETION OF DRILLING AT GOCHAGER LAKE AND DRILL
TARGET IDENTIFICATION AT THE ALBERT LAKE PROJECT
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS
Calgary, Alberta – February 28, 2023 – Fathom Nickel Inc. (the "Company" or "Fathom") (CSE:FNI) (FSE:
6Q5), (OTCQB: FNICF) is pleased to announce that the Q1-2023 drill program at the Gochager Lake Project
has been completed. Equipment and personnel are currently being remobilized to the Albert Lake
Project. Diamond drilling is expected to commence at Albert Lake by March 3.
Commenting on the Gochager Lake Exploration Program, Ian Fraser, CEO and VP Exploration stated, “We
are very pleased with the outcome of both the drilling and BHEM initiatives at Gochager Lake. The initial
drillhole confirmed the presence of mineralization previously identified in historic drillhole IVY-67-012, and
the second drillhole also confirmed the Gochager Lake deposit style of mineralization and provided an
excellent platform for the BHEM surveys. As expected, the BHEM tool has proven extremely useful in
identifying off-hole conductors. We eagerly await assay results which will be released upon receipt and
interpretation, expected in early April. Our attention now turns to the Albert Lake project where we will
be targeting several very exciting priority areas including the Tremblay-Olson Claims area.”
Summary
• Q1-2023 drill program at Gochager Lake Project completed.
• 2 Drillholes completed at Gochager; both intersected broad zones of disseminated, semi-
massive to massive sulphide mineralization; results expected by mid-April.
• Albert Lake Project drilling to commence by March 3, 2023.
• Q1-2023 drilling at Albert Lake will initially focus around the Tremblay-Olson Claims area.
• The Tremblay-Olson Claims area (NIC-5 and Tremblay-Olson) had returned the highest
concentration of metals-in-soil collected to date at the Albert Lake Property (Press Release Jan.
17, 2023)See also Figure 1.
Gochager Exploration Program
The Q1-2023 exploration program at Gochager was designed around two primary objectives: 1) drill
testing of the reported results from a historic drillhole (IVY-67-012) that encountered mineralization over
a 290-meter zone, and; 2) probe both current and historic drillholes with a borehole electromagnetic
(“BHEM”) tool to determine the existence and extent of off-hole conductors.
We are pleased to announce success in meeting both objectives. Drillhole GL23003 was drilled to a depth
of 336 meters; GL23004 was drilled to a depth of 389 meters. Both holes intersected broad zones of
disseminated, semi-massive to massive sulphide mineralization. Three historical drillholes were also open
to bottom and were probed with induction and fluxgate probes. The r2023 drillholes were also probed
with both systems. Several off-hole responses were detected including, importantly, a strong response
outside the area of known mineralization. T he Company continues to interpret and model these data
which will form the basis for future exploration and drilling programs.
Core samples are currently being prepped for shipping to ALS Global’s Vancouver laboratory. Samples
will be assayed for the full suite of base and precious metals including, importantly, cobalt. Historic
samples were never systematically sampled for cobalt in spite of reported grades as high as 0.143% Co
from selected assays retrieved from historic drillhole IVY-67-12 available at the La Ronge Core Library.
Fathom Nickel Inc.
Albert Lake Exploration Plan
Further commenting on the Albert Lake Exploration Program, Ian Fraser, stated, “We are excited to drill
test the favourable soil geo-chem targets that we have defined at the Tremblay-Olson Claims area. The
soil geochem, the coincident gradient MAG and MAG inversions, VTEM and AirTEM along with the recently
completed gravity survey data defines a very favourable exploration target along trend and to the
southwest of the historic Rottenstone deposit. We look forward to confirming that the metal (Ni, Cu, Co,
Mg, Cr and Pd, Pt) contained in soils at the Tremblay-Olson Claims area is the result of a mineralized
ultramafic source”.
B-Horizon soil geochemistry has now defined a multi -element anomaly that encompasses all known
mineralized ultramafic occurrences and deposits, most notably, the historic high -grade Rottenstone Ni-
Cu + PGE deposit (see Figure 1). This anomalous feature now has a strike length in excess of 5 kilometers
and a width up to 1 kilometer. Ongoing interpretation within this zone has defined favourable
stratigraphy that is comparable to that which is host to the historic Rottenstone Mine as well as Fathom’s
recently discovered Bay-Island Trend. The stratigraphy also hosts the necessary structural traps that act
as the trapping mechanism for the magmatic nickel deposits thus far defined on the Albert Lake property.
The focus of the exploration strategy at Albert Lake for the Q1-2023 program is centred on the Tremblay-
Olson Claims area anomaly(s). Within the Tremblay-Olson Claims area, the robust, multi-element soil
geochemistry anomaly(s) is directly coincident with recently completed gravity, historic VTEM, gradient
MAG and AirTEM data sets. Fathom will be drill testing these target areas beginning in the first week of
March.
The priority target areas for the Q1-2023 Albert Lake program are as follows:
Nic-5 – The Nic-5 area has the most robust multi-element soil geochemistry anomaly(s) encountered thus
far at the Albert Lake Project. Individual soils collected in the Fall of 2022 returned up to 497ppm Ni,
547ppm Cu , and one soil sample with a combined 1.21 g/t 3PE (platinum -palladium+gold). Historic
drillholes dating back to the 1960’s intersect ed ultramafic rock of varying widths with some holes
containing elevated nickel and copper within non -ultramafic rock . Fathom’s exploration team has
evaluated MAG, EM and recent gravity data plus inversions (MAG, gravity) collected within the Nic-5 area.
All data sets define anomalies coincident with the multi-element soil geochemistry anomaly(s). Fathom’s
interpretation of all data sets, and in particular the soil geochemistry is indicative of an ultramafic source
occurring within the Nic-5 area. Nic-5 is the highest priority drill target area during the Q1-2023 program.
Two to three drillholes are planned for this area.
Bay-Island Trend Extension – The Bay-Island Trend, which occurs 400 -500 meters west – northwest of
the historic Rottenstone deposit, defines a 300+ meter mineralized ultramafic body discovered by drilling
in 2021-2022. This structurally controlled ultramafic intrusion remains open along trend to the northeast.
Gravity and MAG . together with their respective inversions, define a fold nose -like feature 650 meters
along strike of where the 2022 drilling stopped. Structural traps and an interpreted fold hinge/nose is an
ideal trap for a mineralized ultramafic body to occur. There is a coincident VTEM signature occurring on
the immediate shore to the northeast and favourable/anomalous soil geochemistry occur s immediately
along the shoreline. This priority drill target will be drilled from the ice.
TO-South – TO-South refers to a coincident deep MAG/gravity target with a strong localized multi-element
soil geochemistry anomaly occurring along trend of all known ultramafic occurrences southwest of the
historic Rottenstone deposit. The enclosed Ni in soil map illustrates a strong Ni anomaly at this location.
Fathom Nickel Inc.
The recently completed gravity survey marks a strong increase in density at this location. One drillhole is
planned at the TO-South target area.
Rottenstone Mine Southwest Extension – Time and budget permitting , Fathom will test the northeast
continuation into the lake from the Nic -5 area, along trend to the historic Rottenstone deposit. MAG,
historic surface EM and g ravity signatures are suggestive of a possible ultramafic body/intrusion in this
area. Furthermore, this planned drillhole will test the footwall of the F -Fault. The Rottenstone deposit
occurs in the hanging wall and is in contact with the F-Fault. A drillhole in this area, followed by a BHEM
survey, would test this possible footwall offset.
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 n ews release 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, 196 5-1969),
and 2) the Gochager Lake Project, a 4 ,696-hectare project that is host to a historic (NI43 -101 non -
compliant) open pitable resource consisting of 4.3M tons at 0.295% Ni and 0.081% Cu 1. The Company
has commenced the Gochager Lake exploration program and upon completion immediately start the
Albert Lake exploration program.
ON BEHALF OF THE BOARD
“Ian Fraser P.Geo.”
CEO, VP Exploration, Director
For Further Information Please Contact:
Ian Fraser, Chief Executive Officer and Vice-President, Exploration
1-403-650-9760
Email: [email protected]
Manish Grigo, Director of Corporate Development
+1-416-569-3292
Email: [email protected]
1 The Saskatchewan Mineral Deposit Index (SMID#0880) reports drill indicated reserves of 4,262,400 tons grading 0.295% Ni and
0.081% Cu mineable by open pit. Fathom cannot confirm th is resource estimate nor the parameters and methods used to prepar e
the reserve estimate. The estimate is not NI43-101 compliant and further work is required to verify this historical drill indicated
reserve.
Fathom Nickel Inc.
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
payment of terms under the Option Agreement, permitting for the Property, receipt of an exploration permit, timing of the
exploration program on the Property and the Company achieving the earn-in thresholds under the Option Agreement. 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,
objectives, 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 poten tial for delays in exploration or development activities or the
completion 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 mining 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 materially from the Company's expectations or projections.
Fathom Nickel Inc.
FIGURE 1 Nickel-in-Soil Geochemistry Map