First Atlantic Nickel Intersects 0.23% Nickel and 0.31% Chromium over 366 Meters IN Third Drill Hole at Rpm Zone, Confirming at Least 500-METER Mineralized Width
FIRST ATLANTIC NICKEL INTERSECTS 0.23% NICKEL AND 0.31% CHROMIUM OVER 366 METERS IN
THIRD DRILL HOLE AT RPM ZONE, CONFIRMING AT LEAST 500-METER MINERALIZED WIDTH
Vancouver, British Columbia – (GlobeNewsWire – April 23, 2025) - First Atlantic Nickel Corp. (TSXV: FAN)
(OTCQB: FANCF) (FSE: P21) ("First Atlantic" or the "Company") is pleased to announce assay results from drill
hole AN-24-04, the third drill hole at the RPM Zone and the fourth in the Phase 1 drilling program at i ts 100%-
owned Atlantic Nickel Project in central Newfoundland. The 366-meter hole intersected an average of 0.23%
nickel and 0.31% chromium over its entire length, from surface to the end of hole, confirming a significant
mineralized width of at least 500 meters wide within the RPM Zone (see Figure 1). These assay results follow
initial visual observations, which identified large-grain, visibly disseminated awaruite (a sulfur -free naturally
occurring nickel metal) mineralization, in all drill holes completed within the RPM Zone.
Drill hole AN -24-04, a 200-meter step-out to the east from drill hole AN -24-03 and drilled eastward toward
Chrome Pond, has confirmed consistent nickel mineralization across at least a 500-meter width of the RPM Zone
(see Figure 1). The first four holes have returned an average grade of approximately 0.24% nickel. Drill hole AN-
24-04 ended in mineralization, indicating that the zone remains open for expansion along strike, as well as in
width and depth. These results further reinforce the RPM Zone discovery as a major new nickel system within
the Company’s district-scale, 30-kilometer-long ultramafic ophiolite trend.
HIGHLIGHTS
● Consistent & Disseminated Mineralization: Drill hole AN-24-04, the third hole drilled in the RPM Zone,
intersected 0.23% nickel and 0.31% chromium over its entire 366-meter length. This result demonstrates
remarkable consistency along with previous holes in the RPM Zone, where all drill holes have averaged
approximately 0.24% nickel.
● Confirmed 500-Meter Width: Assays results confirm the visually identified, open-ended, 500-meter-wide
mineralized zone, with drill hole AN-24-04 drilled eastward ending in mineralization.
● Large-Grain Awaruite : Visible, coarse-grained awaruite, frequently exceeding 500 microns and
reaching up to 1,000 microns, was observed throughout the hole, making it well suited for effective
magnetic separation processing.
● 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.
● Expanded RPM Zone Potential: Phase 1 drilling at the RPM Zone has defined an initial 400m x 500m
mineralized zone. All four initial drill holes began and ended in mineralization, confirming that the system
remains open for further expansion along strike, as well as in width and depth.
● Phase 2 Drilling: Expanding RPM Zone: Phase 2 drilling will target large-scale step-outs to expand the
known dimensions of the RPM Zone and evaluate continuity with the nearby Chrome Pond area,
potentially defining a larger, contiguous mineralized system.
For further information, questions, or investor inquiries, please contact Rob Guzman at First Atlantic
Nickel by phone at +1-844-592-6337 or via email at [email protected].
RPM ZONE: DRILL HOLE AN-24-04 OVERVIEW
Drill hole AN-24-04, also referred to as RPM -DDH003 (See Figure 3 and 4), was a 200-meter step-out hole to
the east and drilled eastward from the initial discovery hole, AN -24-02 (RPM-DDH001). The hole reached a
depth of 366 meters and intersected serpenti nized peridotite ultramafic rock hosting disseminated awaruite (a
naturally occurring sulfur -free nickel metal) mineralization from surface to end of the hole. Assay results
confirmed an average of 0.23% nickel and 0.31% chromium over the entire 366-meter interval, with peak values
reaching up to 0.28% nickel and 0.86% chromium. The hole ended in mineralization, suggesting the system
remains open for further extension both eastward and at depth.
Large-grain awaruite, ranging from 100 to 600 microns (see Figure 3 and 4) was visually observed disseminated
throughout the drill core. Notably, elongated awaruite grains measuring up to 1,000 microns were recorded at a
depth of 180 meters, further reinfo rcing the zone’s potential for cost-effective processing through magnetic
separation. The demonstrated consistency of mineralization across the RPM zone has already defined an initial
open-ended mineralized area measuring approximately 500 m wide x 400m long, based on just 4 drill holes.
Table 1: AN-24-04 Drilling Assay results over entire drill hole length.
Hole ID From (m) To (m) Interval (m) Ni (%) Cr (%)
AN-24-04 12 378 366 0.23 0.31
Drill Hole Intersection Breakdown
including 12 135 123 0.23 0.32
including 135 240 105 0.23 0.33
including 240 378 138 0.24 0.29
including "up to" 0.28 0.86
Table 2: AN-24-04 Drill Hole Collar Location Information
Hole ID Easting (UTM NAD 83) Northing (UTM NAD 83) Elevation (m) Azimuth
(deg)
Dip (deg) Depth (m)
AN-24-004 567315 5357583 232 90 -60 378
PHASE 2 DRILLING OBJECTIVES: RPM ZONE EXPANSION
The fully funded Phase 2 drilling program is set to start soon, with Phase 2 equipment now arriving following the
successful completion of road access. This phase will employ a higher -powered drill rig equipped with NQ/HQ
core capabilities and will focus on the following key objectives:
1. Expand the open 500-meter by 400-meter mineralized footprint through large-scale step-out drilling.
2. Test deeper mineralization to better define the vertical extent of the RPM Zone.
3. Investigate continuity between the RPM Zone and the nearby Chrome Pond area to determine whether
they form a single, larger mineralized system.
4. Explore additional targets along the 30-kilometer ultramafic ophiolite trend.
Building on the success of the Phase 1 program, which delineated an open-ended mineralized area measuring
approximately 500 meters in lateral width and 400 meters in length, Phase 2 is designed to significantly advance
the geological understanding and resource potential of the RPM Zone. Awaruite (a natural nickel metal)
mineralization has been confirmed in all four Phase 1 drill holes, with assays returning an average of
approximately 0.24% nickel. Importantly, all holes began and ended in mineralization, underscoring the open
nature of the system along strike, at depth, and laterally, offering strong potential for further expansion in Phase
2.
Figure 1: Cross-sectional view of RPM drill holes AN -24-02, AN-24-03, and AN-24-04, displaying downhole assay values
for nickel and chromium. All reported holes terminate in mineralized rock, showing a mineralized width averaging 0.24%
Nickel over 500m indicating potential for further expansion.
Figure 2: Map of the 30-kilometer-long nickel trend, showing the locations of Phase 1 drill holes and associated nickel and
chromium assay results for AN-24-01, AN-24-02, AN-24-03, and AN-24-04.
Figure 3: Core sample from drill hole RPM -DDH003 (AN- 24-04) at a depth of 100 meters, showing visible awaruite
mineralization. The lower images detail magnified views of awaruite grains, which exhibit both smooth and grooved surface
textures, with grain sizes ranging from 422 to 651 microns.
Figure 4: Core sample from drill hole RPM -DDH003 (AN -24-04) at a depth of 180 meters, featuring visible awaruite
mineralization. The lower images showcase magnified views of the awaruite grains, displaying smooth and grooved surface
textures. An elongated awaruite nickel-alloy grain, measuring up to 1,000 microns in size, is observed forming as a fracture
filling, while average visible grain sizes range from 100 - 600 microns.
METALLURGICAL PROGRAM
Davis Tube Recovery (DTR) testing is underway for drill holes AN -24-04 and AN -24-05 to quantify the
magnetically recoverable nickel content and assess the project’s suitability for commercial -scale magnetic
separation. These results will form the foundation of a broader metallurgical program aimed at developing a
process flowsheet. The planned program will incorporate pilot-scale magnetic separation as the primary
beneficiation method, followed by gravity separation or flotation to produce a saleable nickel concentrate. The
presence of large-grain awaruite, frequently exceeding 500 microns, supports the potential for cost-effective,
smelter-free processing. This approach aligns with the Company’s strategy to advance environmentally
responsible development while contributing to the strengthening of North America’s critical minerals supply
chain.
Awaruite (Nickel-iron alloy Ni₂Fe, Ni₃Fe)
Awaruite, a naturally occurring sulfur-free nickel-iron alloy composed of Ni₃Fe or Ni₂Fe with approximately ~75%
nickel content, offers a proven and environmentally safe solution to enhance the resilience and security of North
America's domestic critical minerals supply chain. Unlike conventional nickel sources, awaruite can be processed
into high-grade concentrates exceeding 60% nickel content through magnetic processing and simple floatation
without the need for smelting, roasting, or high- pressure acid leaching 1. Beginning in 2025, the US Inflation
Reduction Act's (IRA) $7,500 electric vehicle (EV) tax credit mandates that eligible clean vehicles must not
contain any critical minerals processed by foreign entities of concern (FEOC) 2. These entities include Russia
and China, which currently dominate the global nickel smelting industry. Awaruite's smelter -free processing
approach could potentially help North American electric vehicle manufacturers meet the IRA's stringent critical
mineral requirements and reduce dependence on FEOCs for nickel processing.
The U.S. Geological Survey (USGS) highlighted awaruite's potential, stating, "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 easi er to concentrate than pentlandite, the principal sulfide of nickel" 3.
Awaruite's unique properties enable cleaner and safer processing compared to conventional sulfide and laterite
nickel sources, which often involve smelting, roasting, or high-pressure acid leaching that can release toxic sulfur
dioxide, generate hazardous waste, and lead to acid mine drainage. Awaruite's simpler processing, facilitated
by its amenability to magnetic processing and lack of sulfur, eliminates these harmful methods, reducing
greenhouse gas emissions and risks associated with toxic chemical r elease, addressing concerns about the
large carbon footprint and toxic emissions linked to nickel refining.
1 https://fpxnickel.com/projects-overview/what-is-awaruite/
2 https://home.treasury.gov/news/press-releases/jy1939
3 https://d9-wret.s3.us-west-2.amazonaws.com/assets/palladium/production/mineral-pubs/nickel/mcs-2012-nicke.pdf