First Atlantic Nickel Extends Strike Length of Rpm Zone Discovery BY 400 Meters, Intersecting .23% Nickel over 396 Meters IN Fourth Drill Hole
FIRST ATLANTIC NICKEL EXTENDS STRIKE LENGTH OF RPM ZONE DISCOVERY BY 400
METERS, INTERSECTING .23% NICKEL OVER 396 METERS IN FOURTH DRILL HOLE
Vancouver, British Columbia – (GlobeNewsWire – May 14, 2025) - First Atlantic Nickel Corp. (TSXV:
FAN) (OTCQB: FANCF) (FSE: P21) ("First Atlantic" or the "Company") is excited to report assay results
from drill hole AN- 24-05, the fourth and final hole of the Phase 1 drilling program at the RPM Zone,
located within its 100%-owned Atlantic Nickel Project in central Newfoundland. This hole, positioned as
a 400-meter step-out to the north of the initial discovery hole (AN-24-02), intersected 396 meters grading
0.23% nickel and 0.29% chromium, starting after 6 meters of overburden and continuing to the end of
the hole. These results confirm an initial 400-meter north-south mineralized strike length of near surface
mineralization.
Together with the three prior Phase 1 holes, AN-24-05 delineates a 400-meter by 500-meter mineralized
footprint at the RPM zone, averaging 0.23% nickel. Notably, all Phase 1 Drill holes ended in
mineralization, indicating substantial potential for further expansion. Phase 2 drilling commenced on
May 7, 2025, is currently underway, targeting extensions of the RPM Zone in multiple directions:
northward toward Pipestone Pond, eastward toward Chrome Pond, and westward into a fault zone,
where hole AN -24-03 intersected increasing nickel grades associated with a newly discovered fault
zone. Davis Tube Recovery (DTR) metallurgical test results for holes AN -24-04 and AN -24-05 are
pending. Situated within the Company’s 30 -kilometer ultramafic ophiolite nickel trend, the RPM Zone
lies 12 km south of Super Gulp Zone and 26 km south of the Atlantic Lake Zone, reinforcing the broader
district-scale potential for multiple nickel discoveries across this underexplored belt.
Highlights
● Final Phase 1 RPM Hole: Drill hole AN-24-05, a 400-meter step-out north from discovery hole
AN-24-02, intersected 396 meters grading 0.23% nickel and 0.29% chromium. Mineralization
began just below 6 meters of overburden and continued through the end of the hole at 402
meters, ending in mineralization. These results confirm an initial 400- meter north- south
mineralized strike length at the RPM Zone.
● Initial 400 x 500 Meter Zone Defined: Assay results from all four Phase 1 holes confirm a 400-
meter by 500-meter mineralized footprint, averaging 0.23% nickel. Importantly, each hole ended
in mineralization, highlighting the potential for expansion in all directions.
● Consistent Awaruite Nickel Mineralization: Large-grained, visibly disseminated awaruite was
observed throughout drill hole AN-24-05, consistent with all Phase 1 holes at RPM Zone.
● Phase 2 Drilling Commenced: The fully funded Phase 2 program, announced on May 7, 2025,
is designed to test extensions of the RPM Zone in multiple directions, northward toward
Pipestone Pond, eastward toward Chrome Pond, and westward into a fault zone, where drill hole
AN-24-03 returned 0.27% nickel and 0.15% DTR Ni% over the final 21 meters.
● Metallurgical Testing Underway: Davis Tube Recovery (DTR) testing is currently underway
for drill holes AN-24-04 and AN-24-05 to evaluate magnetically recoverable nickel content and
assess the material’s suitability for commercial-scale magnetic separation processing.
● District-Scale Potential: The RPM Zone lies within a 30 -kilometer-long nickel trend hosted
within the Pipestone Ophiolite Complex. Historic drilling at Atlantic Lake, combined with recent
discoveries at Super Gulp and the RPM Zone, has confirmed the presence of awaruite
mineralization in drill core across a 26 -kilometer strike length within the Atlantic Nickel Project.
These results underscore the significant exploration upside across the 30 km district scale
system.
RPM Zone: Drill Hole AN-24-05 Overview
Drill hole AN- 24-05, the fourth and final hole of the RPM Zone Phase 1 program, was drilled in an
eastward direction, approximately 400 meters north of the initial discovery hole AN-24-02, targeting the
northward extension of mineralization toward Pipestone Pond. The hole reached a depth of 402 meters,
intersecting serpentinized peridotite hosting disseminated awaruite nickel mineralization after 6 meters
of overburden to the end of the drill hole. Assay results returned an average of 0.23% nickel and 0.29%
chromium over 396 meters, with peak values reaching 0.29% nickel and 0.55% chromium. Importantly,
the hole ended in mineralization, indicating further expansion potential eastward and at depth, towards
Chrome Pond.
Large, visible awaruite grains were disseminated throughout AN -24-05, consistent with observations
from the prior three Phase 1 holes at the RPM Zone. Collectively, Phase 1 drilling has defined a 400-
meter by 500-meter mineralized zone, averaging 0.23% nickel, with continuous awaruite mineralization
intersected in all four holes. As each Phase 1 hole ended in mineralization, the RPM Zone presents
considerable opportunity for further expansion in all directions as part of the ongoing Phase 2 drilling
program.
Table 1: AN-24-05 Drilling Assay Results
Hole ID From (m) To (m) Interval (m) Ni (%) Cr (%)
AN-24-05 6 402 396 0.23 0.29
including 6 87 81 0.23 0.30
including 87 192 105 0.24 0.30
including 192 297 105 0.24 0.28
including 297 402 105 0.22 0.28
including "up to" 0.29 0.55
Table 2: AN-24-05 Drill Hole Collar Location Information
Hole ID Easting (UTM) Northing (UTM) Elevation (m) Azimuth (°) Dip (°) Depth (m)
AN-24-05 567322 5357995 230 90 -60 402
Figure 1: Map of the 30-kilometer-long nickel trend within the Pipestone Ophiolite Complex, illustrating the
locations of Phase 1 drill holes (AN-24-01 through AN-24-05) and corresponding nickel and chromium assay
results. The map highlights the spatial distribution of mineralized intercepts and outlines key target areas for
ongoing Phase 2 drilling, including Pipestone Pond, Chrome Pond, and the RPM Zone.
Phase 2 Program
First Atlantic launched its fully funded Phase 2 program on May 7, 2025, employing a high-powered drill
rig with NQ/HQ core capabilities to boost efficiency and depth capacity.
The Phase 2 program is designed to achieve the following key objectives:
● Extend the 400 -meter by 500- meter mineralized footprint through step- out drilling northward
toward Pipestone Pond, eastward toward Chrome Pond, and westward into the fault zone, where
AN-24-03 intersected 0.27% nickel and 0.15% DTR Ni% over its final 21 meters.
● Explore deeper mineralization to increase the vertical extent and overall volume of the RPM
Zone.
● Assess geological continuity between RPM, Pipestone, and Chrome Pond, with the aim of
outlining a larger, interconnected mineralized system.
● Conduct systematic prospecting across the 30- kilometer ultramafic ophiolite trend to identify
additional awaruite targets.
Phase 2 drilling aims to expand on the Phase 1 discovery at the RPM Zone, which established an initial
mineralized area at-least 400 meters in strike length and 500 meters in lateral width. Strategic step-out
drilling in all directions and targeting greater depths will test the expansion potential of the RPM Zone.
Enhanced by full road access and a more powerful drill rig, Phase 2 is expected to achieve significant
cost efficiencies and faster drilling times.
Figure 2: Phase 2 drilling plan map highlighting the RPM drilling zone area (circled in green), showing
the Phase 1 discovery hole locations, which defined mineralization over at least a 400- meter by 500-
meter area and remains open for expansion in multiple directions.
Figure 3: RPM Hole 4 Drill Core (AN-24-05) at 190 meters depth. Top image: Drill core showing
disseminated awaruite (sulfur-free nickel alloy), in serpentinized ultramafic peridotite within the RPM
Zone. Bottom images: Awaruite grains from 190 meters depth (up to 732 microns) under microscope,
with saw blade streaks visible due to ductile, highly-magnetic nature of awaruite.
Figure 4: RPM Hole 4 (AN-24-05) drill core, at 28 meters depth. Top image: Disseminated awaruite
(sulfur-free nickel alloy) in serpentinized peridotite with magnetite veins. Bottom images: Awaruite
grains (up to 349 microns) under a microscope at 28 meters depth.
Figure 5: RPM Hole 4 Drill Core (AN-24-05) at 401 meters depth. Top image: Abundant, visibly
disseminated awaruite grains (typically 50-100 microns, with some up to 323 microns). Bottom image:
Awaruite grains from RPM DDH004 at 401 meters depth under a microscope, showing grains well
above 10-micron size required for effective magnetic separation and recovery.
Metallurgical Program
Davis Tube Recovery (DTR) testing is underway for drill holes AN -24-04 and AN-24-05, the third and
fourth RPM Zone holes, to quantify magnetically recoverable nickel and confirm suitability for
commercial-scale magnetic separation. Initial DTR results from Phase 1 holes AN-24-02 and AN-24-03
produced magnetic concentrates averaging ~1.35% nickel with a ~9.5% mass pull and magnetically
recoverable nickel grades averaging ~0.12% (ranging from 0.10% to 0.16%). These findings, paired
with large-grain awaruite (up to 1,000 microns), support a low-energy, smelter-free processing flowsheet
using magnetic separation, followed by flotation, to yield a high-grade nickel concentrate. Pending DTR
results for AN-24-04 and AN-24-05 are expected to further refine the Company’s metallurgical approach,
aligning with sustainable development objectives and North America’s critical minerals strategy.