First Atlantic Nickel Receives 2024 Exploration Permits and Submits Drill Permits FOR Summer Program at Atlantic Nickel Project
FIRST ATLANTIC NICKEL RECEIVES 2024 EXPLORATION PERMITS AND SUBMITS
DRILL PERMITS FOR SUMMER PROGRAM AT ATLANTIC NICKEL PROJECT
Vancouver, British Columbia--(Newsfile Corp. - July 2, 2024) - First Atlantic Nickel Corp. (TSXV:
FAN) (OTCQB: FANCF) (FSE: P21) (“First Atlantic” or the “Company”) is pleased to announce
it has received exploration permits for its 2024 program at its 100% owned Atlantic Nickel Project
in central Newfoundland, Canada. The Company has also submitted drill permits for its fully
funded 5,000-meter summer 2024 drill progr am targeting priority areas along the project's 30 -
kilometer awaruite nickel trend.
Highlights:
● Quick exploration permit approval (within 3 weeks) showcases strong government and
local support in Newfoundland.
● Drill target selection to be assisted by world-renowned nickel expert & awaruite specialist
Dr. Ron Britten.
● Additional permits have been submitted for the fully funded 5,000- meter summer 2024
drilling program, which will target four high- priority areas: Atlantic Lake, Gulp Pond,
Pipestone, and Chrome Pond.
● Atlantic Lake Drill Target: Historical drilling yielded 0.22% average nickel across the entire
core length, ending in mineralization at 87.15 meters and remains open in all directions
(NFLD/3284).
● Atlantic Nickel Project: Strategic 21,850-hectare position covers the entire 30-km awaruite
nickel trend of the Pipestone Ophiolite Complex.
The Atlantic Nickel Project encompasses a district -scale 30-kilometer trend of awaruite nickel
mineralization in central Newfoundland. Strategically located with road access and in close
proximity to hydroelectric grid power, the project represents a signi ficant opportunity for nickel
discovery. Awaruite, a naturally occurring nickel-iron alloy, has been identified in rocks, tills, and
drill core samples across the project area. The presence of awaruite is associated with the
serpentinization process in ult ramafic rocks, which can lead to significant widespread nickel
mineralization. The Company's 2024 exploration program aims to further prove, explore, and
develop this extensive 30-kilometer trend.
Dr. Ron Britten, a world-renowned nickel expert, is advising the Company on exploration and drill
targeting for the 2024 exploration program of the Atlantic Nickel Project. Dr. Britten discovered
and advanced the Decar Project in British Columbia, which is North America's first large -scale
awaruite nickel project on the west coast, containing over 10 billion pounds of nickel1. The Decar
Project attracted strategic partners such as Toyota, Outokumpu, Sumitomo Mining, and
JOGMEC. Dr. Britten's expertise will be invaluable in advancing the Atlantic Nickel Project.
1 /https://fpxnickel.com/wp-content/uploads/2023/11/Baptiste-Project-NI-43-101-Technical-Report_FINAL.pdf
"With initial exploration permits in place, we are excited to begin our 2024 exploration program at
the Atlantic Nickel Project and have submitted drilling permits for the fully funded summer 2024
drilling program," said Adrian Smith, CEO of First Atlantic. "The quick approval of our exploration
permits demonstrates Newfoundland's commitment to supporting and enabling critical mineral
exploration. The initial exploration will further define and lead into the planned 5,000- meter drill
program focused on multiple high-priority targets along the 30-kilometer awaruite nickel trend."
The Company has identified four priority areas for immediate follow-up: Atlantic Lake, Gulp Pond,
Pipestone, and Chrome Pond (see Figure 1 and Table 1). These targets were determined based
on a comprehensive review of historical data, including over 700 hi storical reports. This review
resulted in the digitization of 134 reports and the addition of 4,581 samples, 23 drill holes, and
115,859 assay results to the project database.
Of particular interest is the Atlantic Lake target, where historical drilling returned 0.22% nickel
over significant intervals, with drill holes ending in mineralization. The upcoming drill program will
follow up on these promising results and test the extent of the awaruite mineralization.
Figure 1: Atlantic Nickel Project map displaying priority target areas (zones) with nickel sample
results overlaid on magnetic survey data. These zones remain open along trend.
Table 1: Priority Target Zones (Area) Summary at the Atlantic Nickel Project
Priority 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%) occurring as podiform style
mineralization in highly altered ultramafics
● Highly anomalous nickel in soils, averaging (greater than 2000 ppm Ni)
Figure 2: (A) Zoomed in picture (photomicrograph) of coarse grain of awaruite in core showing
core saw marks on ductile awaruite grain; (B) Drill core photo from AL -78-1 including visible
awaruite within 87m @ 0.22% total nickel over entire hole; (C) Thin section f rom Piller (2012)
thesis showing awaruite (Awr) grains under Scanning Electron Microscope (SEM) from outcrop
samples at the Atlantic Lake area; (D) Drill hole (AL- 6-78) shown; (left) plain image and; (right)
hyperspectral scan. Orange represents serpentini zation (Serp), the alteration responsible for
awaruite formation in ultramafic rocks with low sulfur content.
The Company looks forward to commencing its 2024 exploration program and will provide
updates as 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
Disclosure
The Company has not independently verified the historic samples reported in this news 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 2, the US Government
designated nickel as a critical mineral, highlighting its importance to the nation's economy and
security.
The Atlantic Nickel Project is a special asset due to its unique combination of size, location,
proximity to infrastructure, and the presence of awaruite. By developing this domestic awaruite
nickel project, First Atlantic aims to enhance supply chain security for the stainless steel and
electric vehicle industries in the USA, Canada, and Europe. The Company's strategic location and
focus on awaruite nickel position it to play a key role in meeting the growing demand for
responsibly sourced nickel in these sectors.
2 https://www.usgs.gov/news/national-news-release/us-geological-survey-releases-2022-list-critical-minerals
The Company is committed to responsible exploration, environmental stewardship, and working
closely with local communities to create sustainable economic opportunities. With its experienced
team and the project's significant potential, the Company is well -positioned to contribute to the
future of the nickel industry and the global transition to a cleaner, more secure energy future.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Forward-looking statements:
This news release may include "forward- looking information" under applicable Canadian securities
legislation. Such forward- looking information reflects management's current beliefs and are based on a
number of estimates and/or assumptions made by and information currently available to the Company that,
while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that
may cause the actual results and future events to differ materially from those expressed or implied by such
forward-looking information. Forward looking information in this news release includes, but is not limited to,
the receipt of drilling permits for its 5,000- meter summer 2024 drill program targeting priority areas along
the project's 30-kilometer awaruite nickel trend, expectations regarding the timing, scope, and results of the
summer work program; future project developments; the Company’s objectives, goals or future plans,
statements, and estimates of market conditions. Readers are cautioned that such forward- looking
information are neither promises nor guarantees and are subject to known and unknown risks and
uncertainties including, but not limited to, general business, economic, competitive, political and social
uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of
exploration activities, environmental risks, future prices of base and other metals, operating risks, accidents,
labour issues, delays in obtaining governmental approvals and permits, and other risks in the mining
industry. Additional factors and risks including various risk factors discussed in the Company’s disclosure
documents which can be found under the Company’s profile on http://www.sedarplus.ca. Should one or
more of these risks or uncertainties materialize, or should assumptions underlying the forward- looking
statements prove incorrect, actual results may vary materially from those described herein as intended,
planned, anticipated, believed, estimated or expected.
The Company is presently an exploration stage company. Exploration is highly speculative in nature,
involves many risks, requires substantial expenditures, and may not result in the discovery of mineral
deposits that can be mined profitably. Furthermore, t he Company currently has no reserves on any of its
properties. As a result, there can be no assurance that such forward- looking statements will prove to be
accurate, and actual results and future events could differ materially from those anticipated in suc h
statements.