First Atlantic Nickel Identifies 30km Awaruite Nickel Trend From Data Compilation at its Atlantic Nickel Project in Central Newfoundland
First Atlantic Nickel Identifies 30km Awaruite Nickel Trend From Data Compilation
at its Atlantic Nickel Project in Central Newfoundland
Vancouver, British Columbia, June 25, 2024 - First Atlantic Nickel Corp. (TSXV: FAN ) (OTCQB:
FANCF) (FSE: P21) (“First Atlantic” or “FAN” or the “Company”) is pleased to announce it has
completed a large-scale data compilation for its 21,850-hectare Atlantic Nickel Project in Central
Newfoundland, Canada. This first-time extensive review, covering the entire Pipestone Ophiolite
Ultramafic Complex, identifi ed over 700 regional exploration reports. Of these, 134 contained
relevant project information, including data on prospecting, geological mapping, airborne
geophysics, geochemistry, and drilling
The data compilation program outlined a 30-km core trend with consistent, highly anomalous
nickel concentrations, strongly correlating with the Pipestone Complex's high-magnetic ultramafic
rocks. These rocks have high potential for hosting awaruite (nickel -iron alloy) nickel deposits,
positioning the project to become the first major awaruite nickel exploration and development
project in Atlantic Canada.
Highlights
● Between November 2023 and March 2024, First Atlantic acquired 21,850 hectares,
securing the entire Pipestone Ophiolite Complex. This district-scale project encompasses
ultramafic rocks with significant nickel potential.
● Over 700 historical reports were examined, 134 digitized, resulting in the addition of 4,581
samples, 23 drill holes, and 115,859 assay results from project area to the database.
● 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.
● 4 priority targets identified for immediate follow -up, including Atlantic Lake, Gulp Pond,
Pipestone, and Chrome Pond (see Figure 1 and Table 1).
● 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.
Adrian Smith, CEO of First Atlantic, continues, "The Atlantic Nickel Project presents an
exceptional opportunity. We've identified awaruite nickel mineralization over a 30-kilometer trend
with consistently elevated nickel grades, demonstrating potential for a new multi -zone nickel
district in an ideal development location. Our new geologic and exploration model, coupled with
fully funded exploration and development programs, will accelerate our 2024 drilling program to
define potential resources”.
Atlantic Nickel Project
The Atlantic Nickel Project spans 21,850 hectares, encompassing the Pipestone Complex (the
"Complex"). This west-facing ophiolite sequence features variable serpentinization and is situated
in favorable, gently sloping terrain. The Complex consists of ancient ultramafic rocks, dating back
494 million years, which have undergone internal shearing and faulting. This deformation
increased rock permeability, facilitating widespread serpentinization and the formation of awaruite
nickel. The process is observed across a vast area, potentially extending over 30 kilometers in
strike length.
Figure 1: Atlantic Nickel Project map displaying nickel sample results overlaid on magnetic survey
data. Priority target areas (Zones) labeled in Table 1 are shown on the map, with these zones
remaining open along trend.
Table 1: Preliminary zones (Area) Summary at the Atlantic Nickel Project.
Priority
Target Zone
Target Summary
Atlantic Lake
Area
● Northernmost target on 30km nickel trend
● Historical drilling returned 0.22% average nickel across entire core
lengths, ending in mineralization (NFLD/3284)
● Awaruite-nickel-alloy visually verified in core samples
● Nickel present as magnetically recoverable awaruite
● Till samples contained up to 27 awaruite grains
● Large size awaruite grains (200-400 microns) found in the region
Gulp Pond
Area
● Limited outcrop with high-magnetic signature
● Grab samples yield an average total nickel content exceeding 0.22% Ni
● Widely disseminated awaruite present
● Awaruite is visually identified throughout sheared and serpentine-
altered ultramafic rocks.
● Till samples show up to 552 awaruite grains (extremely high) in the
125-180 micron size fraction (highest in project)
Pipestone
Area
● Underexplored target with an extremely high magnetic signature
● Potential "blow-out" zone for extensive mineralization
● Surface grab samples average over 0.2% total nickel
● Awaruite mineralization visually identified in rocks
● Highly anomalous till sample yielded 437 awaruite grains, most larger
than 100 microns
Chrome Pond
Area
● Southernmost target along 30 km core nickel trend
● High grades of chromium (up to 42% Cr) occurring as podiform style
mineralization in highly altered ultramafics
● Highly anomalous nickel in soils, averaging (greater than 2000 ppm Ni)
Figure 2: Nickel concentration "heat map" overlaid with rock sample locations. The background
shows soil nickel content, with highest values in red and pink. Rock samples are represented by
squares.
Figure 3: Geological compilation of the Atlantic Nickel Project.
Awaruite at the Atlantic Nickel Project
Awaruite, a naturally occurring nickel-iron alloy, forms from the serpentinization of ultramafic rocks
in low-sulfur environments. Compiled data verifies the presence of low-sulfur rocks and awaruite,
suggesting continuous awaruite nickel mineralization across the 30km nickel-rich system present
at the Atlantic Nickel Project.
The sulfur-free composition of awaruite (Ni3Fe) eliminates the need for smelting, thereby reducing
toxic chemical release, air pollution, and enabling direct supply to end-users while minimizing
dependence on foreign processing.
Figure 4: (A) Drill core photo from AL-78-1 including visible awaruite within 87m @ 0.22% total
nickel over entire hole; (B) Zoomed in picture (photomicrograph) of coarse grain of awaruite in
core showing core saw marks on ductile awaruite grain; (C and D) Samples from Piller (2012)
thesis showing awaruite (Awr) grains under Scanning Electron Microscope (SEM) from outcrop
samples at the Atlantic Lake area, Atlantic Nickel Project.
Figure 5: Entire drill hole (AL-6 -78) shown; (left) plain image and; (right) hyperspectral scan
completed as part of the Mining the Future 2030 operated by the Newfoundland Government.
Orange represents serpentinization (Serp), the alteration responsible for awaruite formation in
ultramafic rocks with low sulfur content.
The Atlantic Nickel Connection
Mike Piller, FAN Project Geologist, completed his 2012 honors thesis titled, "An Examination of
Awaruite (Ni3Fe) Formation During Serpentinization of the Pipestone Pond Ophiolitic Complex in
the Atlantic Lake Area, Central Newfoundland". This study, funded by Altius and Cliffs Natural
Resources, provided him with an in -depth understanding of the area's geology and the potential
of awaruite as an economic resource. Piller's expertise gives First Atlantic a competitive edge in
evaluating the project's viability and targeting drill sites in the 2024 field programs to fully explore
its potential.
"We have now created an extensive and thorough geological database for the Atlantic Nickel
Project, which is host to encouraging awaruite nickel mineralization across a 30-kilometer -long
stretch of ultramafic rocks with great potential," said Mike Piller. "This information will be extremely
useful in directing our 2024 field programs and identifying the most promising drill targets to fully
explore the Atlantic Nickel Project’s potential."
Investors are invited to sign up for the official FAN (First Atlantic Nickel) List found at
www.fanickel.com and can 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
Disclosure
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.
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 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,
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 1, the US Government
designated nickel as a critical mineral, highlighting its importance to the nation's economy and
security.
1 https://www.usgs.gov/news/national-news-release/us-geological-survey-releases-2022-list-critical-minerals