First Atlantic Nickel Confirms 30 km Trend at Atlantic Nickel Project and Begins 2024 Exploration Program Following Closing of ~$2.1M Strategic Lead Financing
First Atlantic Nickel Confirms 30 km Trend at Atlantic Nickel Project and Begins 2024
Exploration Program Following Closing of ~$2.1M Strategic Lead Financing
Vancouver, British Columbia, - (Globenewswire – July 10, 2024) - First Atlantic Nickel Corp.
(TSXV: FAN) (OTCQB: FANCF) (FSE: P21) ("First Atlantic" or the "Company"), is pleased to
report its initial sampling has confirmed the presence of a significant 30 km nickel trend at its
100% owned Atlantic Nickel Project in cen tral Newfoundland, Canada ( the “Atlantic Nickel
Project” or the “Project”). Strategically located near the Atlantic Ocean, the Project offers ideal
access to maritime shipping routes, positioning it to supply nickel input for the steel and electric
vehicle supply chains in both the United States and Canada. The Project's proximity to critical
infrastructure, including road access, clean hydro -electric grid power, and favorable terrain and
climate make it an optimal location for mining exploration and development. First Atlantic is
prioritizing the identification of the strongest mineralized zones of awaruite, a naturally occurring
nickel-iron alloy, with four initial and promising areas targeted for follow -up work this summer. A
large corporate strategic investor has led a ~ $2.1 million investment in the Company, which will
expedite exploration efforts, including mapping, geophysical surveys and sampling in advance of
a planned and fully funded 5000 meter drilling program, set to commence immediately.
Highlights
● Initial sampling confirms significant nickel mineralization along a 30 km trend, suggesting
the potential for a large nickel district centered on the Atlantic Nickel Project.
● Awaruite (nickel-iron alloy) has been visually identified in multiple zones disseminated
within widespread serpentinization of ultramafic rocks.
● New Big Gulp nickel occurrence identified (see Figure 1) in Gulp Pond area with visually
identified awaruite.
● Presence of high nickel content and low sulfur values, which is optimal for awaruite nickel
formation.
● Initial assays returning up to 2,800 ppm nickel from outcrops sampled over an 18 km strike
length within a larger trend verify the historic results which outline a 30 km district scale
nickel trend.
● Results guide the 2024 exploration and are part of the drill targeting strategy, advised by
world-renowned nickel expert Dr. Ron Britten.
● Ideal location: road access, nearby hydroelectric power, favorable terrain and climate for
year-round exploration.
First Atlantic has identified four priority areas - Atlantic Lake, Gulp Pond, Pipestone, and Chrome
Pond - for immediate follow-up based on the recently announced compilation and initial sampling
program. The Company's 2024 exploration program is set to co mmence immediately, focusing
on these targets to further define the extent and grade of awaruite nickel mineralization along the
30 km trend. The additional data will offer a deeper understanding of the nickel mineralization and
assist in accurately targeting the drill program.
Exploration is focused on alteration (serpentinization), a process responsible for forming the
silvery-white nickel -iron alloy “awaruite” a magnetically recoverable nickel mineral. Field
observations identified widespread serpentinization concentrated in large regional zones.
"The initial sampling at our district-scale Atlantic Nickel Project, which covers a 30 km trend with
discovery potential for multiple deposits, has exceeded our expectations, revealing extensive
nickel mineralization throughout this large area. These results not only validate historical data but
also provide new insights for targeting our fully -funded 2024 exploration program. With Dr. Ron
Britten's expertise guiding our efforts, we are well -positioned to unlock the full potential of this
important nickel district in Atlantic Canada. Our vision is to leverage the district -scale nature of
this project through a swift, systematic exploration approach, similar to Canada Nickel and FPX
Nickel, potentially accelerating our path towards defining a significant resource through drilling,"
commented Adrian Smith, CEO of First Atlantic.
The initial samples summarized in Table 1 reveal consistently high nickel values that align with
historic results from the sampled areas, confirming the data obtained through the C ompany's
compilation program. The rock samples' high nickel and low sulfur content confirm the Atlantic
Nickel Project as an optimal environment for awaruite nickel formation. This unique characteristic
presents the potential for producing high-grade nickel concentrates without sulfur eliminating the
need for downstream smelting processes. This has the potential to reduce dependence on foreign
countries that currently control a significant portion of global nickel smelting capacity, and could
mitigate the risk of acid mine drainage. Such a development could contribute to more secure and
localized nickel supply chains while positioning the P roject as environmentally favorable
compared to traditional sulfide deposits.
Dr. Ron Britten, technical advisor to First Atlantic, commented, “Local evidence of multiple
structural and serpentinization events, along with at least two phases of awaruite nickel formation
are encouraging signs for the advancement of the Atlantic Nickel Project. The extensive
Pipestone ultramafic belt measuring up to 2 km wide and ~30 km long will require additional
systematic mapping and rock sampling to test the full potential. Samples will be analyzed for
magnetically recovered nickel to prioritize drill targets with the best potential to host awaruite
mineralization planned to be tested this year.”
Figure 1: Northeast oriented photos of Big Gulp anomaly near Gulp Pond area shows strongly
deformed outcrops with abundant fractures and foliations that dip ~60deg northwest and related
to shear or thrust motion and are good feature that may control serpentinization and awaruite
nickel-iron alloy mineralization. (bottom left) Rock slab (24RMB05) shows silver -white specs of
disseminated awaruite within a crackle breccia fabric in strong serpentinization-magnetite altered
ultramafic.
Table 1: Summary of initial rock samples.
2023 Rocks No. Samples Min value Max value Avg value % of samples
Full dataset 86 .005 2800 1697 100%
> 1000 ppm 63 1000 2800 2165 73%
> 1500 ppm 60 1500 2800 2220 70%
> 2000 ppm 52 2000 2800 2308 60%
Figure 2: Atlantic Nickel Project compilation map showing samples over core 30 km trend over
project magnetics in background.
Figure 3: Atlantic Nickel initial sampling confirms high nickel values over southern extent of the
30 km trend, towards historic drilling at furthest north area.
Figure 4: Atlantic Nickel P roject geology map with initial rock samples confirming high nickel
values shown extending through the bottom 18 km of the overall 30 km trend.
Exploration Model
Awaruite nickel mineralization and serpentinization at the Atlantic Nickel project appears to be
related to large-scale faulting from the eastward thrusting of the Pipestone ophiolite complex onto
land during the closure of an ancient ocean basin. This tec tonic process increased permeability
and as a result may be a controlling factor for serpentinization of the ultramafic rocks, where the
primary minerals are altered to form awaruite along with serpentine minerals, including brucite.
Scientific research ou tlines this process as a specific chemical reaction that occurs during
serpentinization of low-sulfur ultramafic rocks, forming magnetite and awaruite nickel, a silvery -
white highly magnetic and ductile nickel-iron alloy. The extensive 30 km trend of these ultramafics
and large scale fault structures result in widespread areas of serpentinization and awaruite
formation, exploration is planned to focus on the best areas with the most abundant
concentrations of disseminated awaruite formation.
The geological model is comparable to the Baptiste deposit in British Columbia, Canada in size
and intensity of magnetic signature, rock types, alteration and awaruite mineralization. The
Baptiste Deposit contains over 10 billion lbs 1 of nickel and has attracted strategic partners,
including Toyota, Outokumpu, Sumitomo Mining, and JOGMEC. The initial resource at Baptiste
was completed with just 12,565 meters of drilling, demonstrating the rapid advancement potential
of this deposit type.
The Company is eager to start its 2024 exploration program and will provide updates as the work
progresses.
Investors are invited to sign up for the official FAN (First Atlantic Nickel) list found at
www.fanickel.com and to follow First Atlantic Nickel on the following social media.
https://twitter.com/FirstAtlanticNi
https://www.facebook.com/firstatlanticnickel
https://www.linkedin.com/company/firstatlanticnickel/
FOR MORE INFORMATION:
First Atlantic Nickel Relations
Robert Guzman
Tel: +1 844 592 6337
http://www.fanickel.com
1 https://fpxnickel.com/wp-content/uploads/2023/11/Baptiste-Project-NI-43-101-Technical-Report_FINAL.pdf