First Atlantic Nickel Intersects 0.25% Nickel and 0.29% Chromium IN Second Discovery Drill Hole at Rpm Zone, Confirming Mineralized Width of 300 Meters, with Nickel Grade Increasing to 0.27% IN Final 21 Meters into Fault Zone
FIRST ATLANTIC NICKEL INTERSECTS 0.25% NICKEL AND 0.29% CHROMIUM IN SECOND
DISCOVERY DRILL HOLE AT RPM ZONE, CONFIRMING MINERALIZED WIDTH OF 300 METERS, WITH
NICKEL GRADE INCREASING TO 0.27% IN FINAL 21 METERS INTO FAULT ZONE
Vancouver, British Columbia -- (GlobeNewsWire -- March 27, 2025) - First Atlantic Nickel Corp. (TSXV: FAN)
(OTCQB: FANCF) (FSE: P21) ("First Atlantic" or the "Company") is pleased to announce the assay results from
drill hole AN-24-03, the third drill hole of the Phase 1 program and the second drill hole at the RPM Zone, located
within its 100% -owned Atlantic Nickel Project in central Newfoundland. The 234 -meter hole intersected an
average of 0.25% nickel and 0.29% chromium over a continuous 216 meter interval, starting at a depth of 18
meters (post-overburden) and continuing to the end of the hole. Notably, grades increased to 0.27% nickel over
the final 21 meters. Drilled westward from the same collar as the initial RPM discovery hole (AN -24-02) which
was drilled to the east (see Figure 1), AN-24-03 terminated in a heavily sheared and faulted zone of serpentinized
peridotite. The Phase 1 drill rig did not have sufficient power to penetrate this fault zone. Given the increasing
nickel grades observed towards the bottom of the hole, Phase 2 drilling will utilize a more powerful drill rig to test
further westward into the fault zone and potentially expand the mineralized boundary.
The first four holes of the Phase 1 drilling program at the RPM Zone have outlined a mineralized area measuring
500 meters in lateral width and 400 meters in length, based on visual identification of awaruite nickel
mineralization in drill core. Assays from the first two RPM Zone drill holes, AN -24-02 and AN-24-03 (RPM drill
holes 1 and 2), have now confirmed 300 meters of the visually identified 500- meter lateral width assaying wide
intersections of nickel, with both holes ending in mineralization. These r esults confirm a robust and laterally
extensive mineralized zone with significant potential for expansion in all directions - a target the Company plans
to pursue in its upcoming Phase 2 drilling program, which will utilize a more powerful drill rig capabl e of drilling
deeper and longer holes.
HIGHLIGHTS
● Wide Mineralized Intersection : The second RPM discovery hole (AN -24-03) returned an average of
0.25% nickel and 0.29% chromium over a continuous 216 meter drill interval, starting after 18 meters of
overburden. Notably, the final 21 meters showed an increase to 0.27% nickel and 0.26% chromium.
● Grades Improving at Depth: The hole ended in mineralization within a heavily sheared and faulted zone
of serpentinized peridotite, which the Phase 1 drill rig was not powerful enough to penetrate, suggesting
potential for deeper and wider extensions of the mineralized zone.
● Lateral Extent Confirmed: The first four RPM drill holes of Phase 1 delineated a 500 meter by 400 meter
area of visual awaruite mineralization, with assays from AN-24-02 and AN-24-03 confirming 300 meters
of the 500-meter lateral width, both holes ending in mineralization.
● Visible Awaruite: Coarse-grained, visibly disseminated awaruite, with grain sizes up to 500 microns was
observed throughout the 234-meter hole, further supporting the continuity of the mineralization zone.
● Phase 2 Drilling Planned: A more powerful drill rig will be deployed to target the western fault zone and
deeper mineralization, aiming to extend the RPM Zone’s boundaries beyond the fault encountered in
hole AN-24-03.
● Phase 1 Results: The Company expects to receive additional Phase 1 assay and davis tube recovery
(DTR) metallurgical test results in the coming weeks. During Phase 1, processing delays and slower
sample submissions resulted from the transition from a temporary, tent-based core processing setup to
a long-term core storage and logging facility.
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-24-03 OVERVIEW
Drill hole AN-24-03 (also referred to as RPM-DDH002 or RPM Hole 2) was drilled westward from the same collar
location as AN-24-02 (RPM-DDH001 or RPM Hole 1), but in the opposite direction, with AN-24-02 drilled to the
east (see Figure 1). The objective was to test the western extension of the RPM Zone’s mineralized system.
Reaching a total depth of 234 meters, the hole encountered 18 meters of weathered bedrock overburden before
intersecting serpentinized peridotite ultramafic rock hosting visible awaruite mineralization. Assays confirmed an
average of 0.25% nickel and 0.29% chromium over 216 meters, starting from 18 meters depth. Nickel grades
increased to 0.27% over the final 21 meters as the hole entered a heavily faulted zone of serpentinized peridotite
ophiolite rocks. The Phase 1 drill rig lacked sufficient power to penetrate the fault, limiting the hole’s depth and
resulting in termination within mineralization.
The mineralization, characterized by disseminated awaruite with grain sizes up to 509 microns, was observed
throughout the hole, reinforcing the continuity of the mineralized zone. Notable observations include awaruite
grains up to 428 microns at a depth of 41 meters (see Figure 3), and grain sizes ranging from 210 to 509 microns
at 195 meters (see Figure 4), with coarse awaruite grains present throughout the 216-meter mineralized interval.
The increasing nickel grades toward the end of the hole, within the faulted zone, suggest the mineralized system
extends westward and at depth, warranting further exploration.
AN-24-03 Drill Hole Table
Table 1: AN-24-03 Drilling Assay results over entire drill hole length.
Hole ID from (m) to (m) Interval (m) Nickel (%) Chromium (%)
AN-24-03 18 234 216 0.25 0.29
including 18 81 63 0.25 0.31
including 81 180 99 0.25 0.30
including 180 213 33 0.26 0.27
including 213 234 21 0.27 0.26
Including “up to” 0.28 0.75
Table 2: AN-24-03 Drill hole collar location information.
Hole ID
Easting (UTM
NAD83)
Northing
(UTM NAD83) Azm (degrees) Dip (degrees) Total depth (m)
AN-24-03 567118 5357574 270 -60 234m
The first four Phase 1 holes at RPM outlined a 500 meter by 400 metre area based on visual awaruite
mineralization, with assays from AN-24-02 and AN-24-03 confirming 300 meters of the 500-meter lateral width.
Both holes terminated in mineralization, suggesting the RPM Zone remains open for expansion, particularly into
the faulted western zone encountered in AN-24-03.
Figure 1: Cross-sectional view of RPM drill holes 1, 2, and 3 (AN-24-02, AN-24-03, and AN-24-04), displaying
downhole nickel and chromium assay values. Both reported holes terminate in mineralized rock, indicating
potential for further expansion. Assays for the remaining holes are still pending.
Figure 2: A 30-kilometer-long nickel trend map illustrating the locations of Phase 1 drill holes, featuring nickel
and chromium assay results for AN-24-01, AN-24-02, and AN-24-03. Notably, AN-24-03 yielded an average of
0.25% nickel and 0.29% chromium across its full 216-meter length.
Figure 3: Core sample from RPM drill hole 2 (AN-24-03) at a depth of 41 meters, showing visible awaruite grains.
The lower images display magnified views of these grains under a microscope, with sizes reaching up to 428
microns.
Figure 4: Core sample from drill hole RPM drill hole 2 (AN -24-03) at a depth of 195 meters, featuring visible
awaruite mineralization. The lower images show magnified views of the awaruite grains, with sizes ranging from
210 to 509 microns.
PHASE 2 DRILLING OBJECTIVES: ZONE EXPANSION
Building on these promising results and the increasing grades observed near the fault, First Atlantic is preparing
for Phase 2 drilling, which will utilize a higher-powered drill rig to:
1. Drill deeper to define the vertical extent of the RPM Zone mineralization.
2. Expand the lateral width beyond the current 500-meter footprint.
3. Extend the strike length beyond the current 400-meter footprint through strategic step out drilling.
4. Penetrate the faulted zone encountered in drill hole AN-24-03 to test the western extension of the
mineralized system.
Assays and DTR metallurgical test results for the remaining Phase 1 drill holes are still pending, as the transition
to a new core storage and processing facility during the program caused delays in processing core and sample
submission.
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
Figure 5: Quote from USGS on Awaruite Deposits in Canada
The development of awaruite resources is crucial, given China's control in the global nickel market. Chinese
companies refine and smelt 68% to 80% of the world's nickel4 and control an estimated 84% of Indonesia's nickel
output, the largest worldwide supply5. Awaruite is a cleaner source of nickel that reduces dependence on foreign
processing controlled by China, leading to a more secure and reliable supply for North America's stainless steel
and electric vehicle industries.
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 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://x.com/FirstAtlanticNi
4 https://www.brookings.edu/wp-content/uploads/2022/08/LTRC_ChinaSupplyChain.pdf
5 https://www.airuniversity.af.edu/JIPA/Display/Article/3703867/the-rise-of-great-mineral-powers/