Firs t Atlantic Nickel Accelerates Exploration at Atlantic Nickel Project with Expanded Crew, L iD AR Survey, and Infrastructure U pgrades
Firs t Atlantic Nickel Accelerates Exploration at Atlantic Nickel Project with Expanded Crew,
L iD AR Survey, and Infrastructure U pgrades
Vancouver, British Columbia – (Globenewswire. - August 27, 2024) - First Atlantic Nickel Corp.
(TSXV: FAN) (OTCQB: FANCF) (FSE: P21) ("First Atlantic" or the "Company") is pleased to
provide an update on significant progress made at its wholly -owned Atlantic Nickel Project in
central Newfoundland, Canada (the "Project" or the "Atlantic Nickel Project"). The Company has
successfully completed the Phase 1 road upgrade program which included the installation of three
bridges. Additionally, an all -weather camp has been established on the project site, and the
upgraded road and bridges will ensure reliable access throughout the year. District-scale awaruite
nickel sampling program is well underway along the extensive 30 km nickel -bearing trend, with
an expanded crew to accommodate the increased size and scale of the program. Initial samples
have been sent for analysis.
Highlights
● Road and infrastructure upgrades completed which include the installation of three new
bridges providing reliable year-round road access to the Project and the establishment of
a camp on the property suitable for year-round use.
● Logistical planning and preparations underway for the 2024 drilling program, with drilling
set to commence in the coming month.
● Dr. Ron Britten, a renowned nickel expert, on-site to aid in the discovery of significant new
zones of mineralization.
● District-scale awaruite nickel sampling program in progress with an expanded ground
team to cover the extensive 30 km nickel-bearing trend accelerating exploration efforts.
● USGS has identified awaruite as a solution to nickel concentrate shortages (in North
America) due to its easier concentration compared to nickel sulfide minerals1.
● Project site visit video released, showcasing the progress and potential of the Atlantic
Nickel Project https://www.fanickel.com/atlantic-video.
● District-wide airborne LiDAR survey initiated, using advanced data collection and
processing to identify outcrops, map geology and structures through vegetation across the
30 km nickel trend centered on the Atlantic Nickel Project.
Adrian Smith, CEO of First Atlantic, remarks, "We are thrilled with the advancements made at our
unique nickel alloy project, including establishing an all-season camp located on the Project site.
The completion of road upgrades and the installation of heavy -duty bridges enables us to
transport heavy equipment to the project year -round. The establishment of a road- accessible
camp on the project site allows for efficient operations while reducing overall costs. Additionally,
we're implementing a cutting-edge LiDAR survey with high-resolution orthophotos across the 30
km district trend. This technology will significantly enhance our ability to identify key geological
structures and discover new outcrops within the mineralized trend. This is paired with the current
expanded field- team concentrating on intensive sampling and mapping to extend the
1 https://www.brookings.edu/wp-content/uploads/2022/08/LTRC_ChinaSupplyChain.pdf
mineralization surrounding our four primary target areas within this substantial nickel belt. This
crucial work is paving the way for our upcoming, fully funded, maiden drilling program".
Atlantic Nickel Project Summary
● Awaruite (nickel-iron alloy) identified in rocks, tills, and drill core samples over a 30 km
trend.
● High nickel anomalies (up to 3300 ppm in rocks, 4260 ppm in soils) persist over 30 km,
correlating with ultramafic units and magnetic surveys; 20% of rock samples average
higher than 2000 ppm Ni.
● Field crew working on expanding on 4 priority large target areas identified for immediate
follow-up, including Atlantic Lake, Gulp Pond, Pipestone, and Chrome Pond.
● Strategically located in central Newfoundland, the Atlantic Nickel Project benefits from
year-round road access, proximity to a hydroelectric dam, a temperate climate, and flat
terrain.
Figure 1: Images showing infrastructure upgrades including road clearing, culverts, and
multiple bridge installations giving year-round access to the Project. Bottom right, phase
1 camp established on the Atlantic Nickel Project site.
Figure 2: Fixed-wing aircraft equipped with LiDAR sensor and high-resolution camera for
orthophotos.
LiDAR is a rem ote s e ns ing te chnology tha t us es la s e r puls es to cre a te deta ile d 3D m a ps of the
Ea rth's s urfa ce , revolutionizing la rge -s ca le geologica l explora tion for m ining. It ena bles
geologis ts to efficie ntly m a p a nd a na lyze la rge a re a s with high a ccura c y, re ve a ling s ubtle
geologica l fe a ture s crucia l for m ine ra l pros pe cting. By digita lly re m oving ve ge ta tion a nd crea ting
bare -earth models, L iD A R exposes hidden structures like faults, folds, and mineralized zones that
are difficult to detect through traditi onal methods. This high- resoluti on topographic data
enhances the identification of potential ore deposits, improves structural analysis of rock
form a tions , a nd optim izes drill ta rge t s e le ction in m ining e xplora tion projects .
First Atlantic will utilize the LiDAR data gathered across the 30km mineralized trend to interpret
geological structures, aid in geological mapping and identify previously undiscovered outcrops
within the Project area.
Awaruite (Nickel-iron alloy Ni2Fe, Ni3Fe)
Awaruite, a naturally occurring nickel -iron alloy composed of Ni3Fe or Ni2Fe, is a proven and
environmentally safer solution to North America's domestic critical nickel supply shortage. Unlike
conventional nickel sources, awaruite can be processed into high-grade concentrates exceeding
60% nickel content without the need for smelting2. This is particularly significant given the lack of
smelting capacity in North America, which is largely controlled by China, and the Inflation
Reduction Act's requirement that critical minerals in batteries be extracted or processed
2https://fpxnickel.com/news/fpx-nickel-completes-confirmatory-large-scale-mineral-processing-pilot-testwork-with-funding-support-
from-the-government-of-canada/
domestically or in countries with U.S. free trade agreements by 2025. As The Brookings Institution
notes3, "Even if the U.S. and EU were to dig more minerals out of the ground, many of these
minerals would need to be shipped overseas for concentrating, refining, and smelting without
significant increases in U.S. and European mineral refining and smelting capacity".
Figure 3: USGS quote on Awaruite as a solution for nickel concentrate demand in North
America.
The U.S. Geological Survey (USGS) highlighted awaruite's potential, stating4, "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 easier to concentrate than pentlandite,
the principal sulfide of nickel". Awaruite's unique properties enable cleaner and safer processing
compared to conventional sulfide & laterite nickel sources, which often involve smelting or high
pressure acid leaching. These methods can release toxic sulfur dioxide, generate hazardous
waste, and could cause acid mine drainage. Awaruite's simpler processing eliminates smelting
and intensive acid leaching, reducing greenhouse gas emissions and toxic chemical release risks,
addressing concerns about the large carbon footprint and toxic emissions associated with battery
metal refining, particularly for nickel.
3 https://www.brookings.edu/wp-content/uploads/2022/08/LTRC_ChinaSupplyChain.pdf
4 https://d9-wret.s3.us-west-2.amazonaws.com/assets/palladium/production/mineral-pubs/nickel/mcs-2012-nicke.pdf
The development of awaruite resources is crucial, given China's dominance in the global nickel
market. Chinese companies refine and smelt approximately 68% -80% of the world's nickel 5 6.
Through investments, they also control an estimated 84% of Indonesia's nickel output 7, the
world's largest nickel supplier. Awaruite presents an environmentally safer, more sustainable, and
domestically processable nickel source that can meet the growing demand in the stainless steel
and electric vehicle markets while reducing reliance on China -dominated foreign refining and
smelting, including their significant control over Indonesia's nickel output.
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 Nickel 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:
https://twitter.com/FirstAtlanticNi
https://www.facebook.com/firstatlanticnickel
https://www.linkedin.com/company/firstatlanticnickel/
FOR MORE INFORMATION:
First Atlantic Nickel 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.
The Company has not independently verified the historic samples reported in this release but has
received data from the previous property owners and from the Government of Newfoundland and
Labrador’s online database.
About First Atlantic Nickel Corp.
First Atlantic Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) is a Canadian mineral
exploration company that owns 100% of the Atlantic Nickel Project, a large scale significant nickel
awaruite project in Newfoundland and Labrador, Canada. By eliminating the need for smelting,
5 https://www.brookings.edu/wp-content/uploads/2022/08/LTRC_ChinaSupplyChain.pdf
6 https://www.bloomberg.com/news/articles/2024-05-01/us-philippines-eye-partnership-to-cut-china-s-nickel-dominance
7 https://www.airuniversity.af.edu/JIPA/Display/Article/3703867/the-rise-of-great-mineral-powers/
nickel in the form of awaruite reduces dependence on foreign entities of concern for both supply
and processing, thereby strengthening supply chain security. In 2022 8, the US Government
designated nickel as a critical mineral, highlighting its importance to the nation's economy and
security.
The Atlantic Nickel Project is a special asset due to its unique combination of size, location,
proximity to infrastructure, and the presence of awaruite. By developing this domestic awaruite
nickel project, First Atlantic aims to enhance supply chain security for the stainless steel and
electric vehicle industries in the USA, Canada, and Europe. The Company's strategic location and
focus on awaruite nickel position it to play a key role in meeting the growing demand for
responsibly sourced nickel in these sectors.
The Company is committed to responsible exploration, environmental stewardship, and working
closely with local communities to create sustainable economic opportunities. With its experienced
team and the project's significant potential, the Company is well -positioned to contribute to the
future of the nickel industry and the global transition to a cleaner, more secure energy future.
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; future project
developments; the Company’s objectives, goals or future plans, statements, and estimates of market
conditions. 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 uncertainties, uncertain and volatile equity
and capital markets, lack of available capital, actual results of exploration activities, environmental risks,
future pr ices of base and other metals, operating risks, accidents, labour issues, delays in obtaining
governmental 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, t he 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 suc h
statements.
8 https://www.usgs.gov/news/national-news-release/us-geological-survey-releases-2022-list-critical-minerals