First Atlantic Nickel Reports 366 Meters of 1.46% Nickel IN Magnetic Concentrate from Third Rpm Zone Step-Out Drill Hole, Opening Eastern Expansion Discovery Potential
FIRST ATLANTIC NICKEL REPORTS 366 METERS OF 1.46% NICKEL IN MAGNETIC
CONCENTRATE FROM THIRD RPM ZONE STEP-OUT DRILL HOLE, OPENING EASTERN
EXPANSION DISCOVERY POTENTIAL
Grand Falls-Windsor, Newfoundland and Labrador – (Globenewswire – June 24, 2025) - First Atlantic
Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) ("First Atlantic" or the "Company") is pleased
to announce positive Davis Tube Recovery (DTR) metallurgical test results from drill hole AN-24-04, the
third hole completed during Phase 1 drilling at the RPM Zone, within its district scale Atlantic Nickel
Project (the “Project”) . Drill hole AN -24-04 returned 366 meters averaging 1.46% nickel and 1.56%
chromium in magnetic concentrate, with a mass pull of 9.53%, resulting in a magnetically recoverable
nickel grade (DTR grade) of 0.14%. This 200-meter step-out hole, drilled east of the initial RPM
discovery hole AN -24-02, confirms that widespread disseminated visible awaruite mineralization
extends significantly further east toward Chrome Pond.
To date, the first three holes drilled along an east-west line at the RPM Zone have delineated at least
500 meters of lateral width, demonstrating remarkably consistent metallurgical results. These holes
returned nickel magnetic concentrate grades of 1.37% , 1.32%, and 1.46%, with corresponding mass
pulls of 9.49%, 9.12%, and 9.53%, respectively. The Company anticipates receiving DTR metallurgical
results shortly for the fourth RPM drill hole (AN-24-05) in the Phase 1 program. All drill holes intersected
long intervals of disseminated awaruite nickel mineralization and ending in mineralization, indicating that
the system remains open at depth with significant expansion potential. Drill hole AN-24-04, drilled
eastward toward Chrome Pond, returned the best results to date and ended in mineralization,
establishing this eastern direction as a high-priority expansion target for the Phase 2 drilling program,
which is currently underway. The consistency of concentrate grades and mass pulls across this 500-
meter width highlights the robust nature of the awaruite mineralization system at RPM.
Awaruite (Ni ₃Fe) is a naturally occurring nickel -iron alloy containing ~75% nickel. Its sulfur -free
composition and highly magnetic properties enable recovery through magnetic separation, a simple,
effective, and environmentally sustainable method commonly used in iron ore mining operations
throughout North America and globally. This unique mineralogy eliminates the need for costly secondary
processing steps required by sulfide nickel ores, which undergo energy -intensive smelting or roasting
at high temperatures to remove sulfur, consuming significant electricity and generating environmentally
harmful waste and emissions. These secondary processing steps also incur treatment and refining
charges (TCs/RCs) which increase overall processing costs and reduce overall payability. The positive
DTR results from the RPM Zone confirm that awaruite nickel from the Atlantic Nickel Project is amenable
to magnetic separation without the need for smelting or roasting. The limited smelting and roasting
capacity in North America currently presents a significant bottleneck to building a fully domestic, secure,
and resilient nickel supply chain. Nickel smelters and roasters also pose environmental concerns, face
complex permitting challenges, and require substantial electrical infrastructure to support their energy-
intensive operations. In contrast, awaruite represents a source of nickel that enables domestic
processing by eliminating the requirement for smelting or roasting, thereby reducing geopolitical risk
and reliance on overseas smelters. This processing pathway positions awaruite as a strategic source of
nickel for establishing a secure, resilient domestic nickel supply chain.
HIGHLIGHTS
● Strong DTR Metallurgical Results: Drill hole AN -24-04 returned 366 meters of 1.46% nickel
and 1.56% chromium in magnetic concentrate, with peak grades up to 2.42% nickel and 4.59%
chromium. The results were achieved with an average mass pull of 9.53%, effectively reducing
total mass by 90.43% through magnetic separation.
● Consistent Recovery Across RPM Holes: The first three drill holes in the RPM Zone
demonstrate remarkably consistent DTR grades of magnetically recoverable nickel (refer to
Table 4), further validating the effectiveness of magnetic separation for awaruite nickel
mineralization.
● RPM Zone Expansion: DTR metallurgical test results now confirm ~500 meters of lateral width
at the RPM Zone, with consistent magnetically recoverable nickel awaruite grades across all
three holes.
● Eastern Expansion Potential: Drill hole AN-24-04, which ended in mineralization and returned
the best results to date, has established the eastern extension toward Chrome Pond as a high-
priority target for further expansion.
● Phase 2 Drilling Underway: Strategic step-out drilling to greater depths is actively testing the
expansion of the RPM Zone mineralization in all directions - north toward Pipestone Pond, east
toward Chrome Pond, and west into RPM fault zone.
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 RESULTS
Table 1: DTR Metallurgical Test Results Summary from RPM Drill Hole 3 (AN-24-04)
Parameter Average Maximum Drill Length
Nickel - Magnetic Concentrate Grade
(Davis Tube Recovery Concentrate assayed by XRF-Fusion)
1.46% 2.42% 366m
Chromium - Magnetic Concentrate Grade
(Davis Tube Recovery Concentrate assayed by XRF-Fusion)
1.56% 4.59% 366m
Mass Pull
(Magnetic Concentrate mass as % of Davis Tube test starting mass)
9.53% 15.0% 366m
Total Nickel Grade
(Whole Rock ICP-OES assay)
0.23% 0.28% 366m
DTR Nickel Grade - Magnetically Recovered Nickel
(Calculated with Davis Tube Recovery method)
0.14% 0.18% 366m
Total Nickel Recovery
(Magnetically Recovered Nickel as Percentage of Whole Rock
Assay)
59.09% 93.4% 366m
The Company's third drill hole at the RPM zone, AN -24-04, has delivered positive DTR metallurgical
test results that significantly expand the area of awaruite mineralization. The hole intersected 366 meters
averaging 1.45% nickel and 1.57% chromium in magnetic concentrate, with individual samples reaching
up to 2.42% nickel and 4.59% chromium. The consistent mass pull of 9.57% and high-grade magnetic
nickel concentrate across the entire interval demonstrates uniform awaruite mineralization throughout
the ultramafic host rocks. These metallurgical results build upon the whole rock assay data previously
announced on April 23, 2025, which reported intersections of 0.23% nickel and 0.31% chromium over
the same 366-meter interval.
Located 200 meters east of the initial RPM Zone drilling, step-out hole AN -24-04 confirms the lateral
continuity of the mineralization system across an open-ended 500-meter width. The DTR nickel grade
of 0.14% over 366 meters represents the highest magneti cally recoverable grade achieved to date at
RPM, with total magnetic nickel recovery averaging 59%. Notably, the hole ended in mineralization,
indicating the system remains open to the east toward Chrome Pond. The consistency of mass pull and
recovery rates across the first three drill holes at the RPM Zone, ranging from 6.0% to 15.0% mass pull,
further highlights the uniform and predictable nature of the awaruite mineralization. This is a key factor
that supports future resource development and the potential for scalable extraction.
Table 2: DTR Metallurgical Test Results Summary from RPM Drill Hole 3 (AN-24-04)
Hole ID
From
(m)
To
(m)
Interval
(m)
Mass
Pull
(%)
Nickel -
Magnetic
Concentrate
Grade
Ni ( %)
Nickel -
Total
Grade
Ni (%)
DTR Nickel
Grade -
Magnetically
Recovered Ni
(%)
Total
Nickel
Recovery
(%)
Chromium -
Magnetic
Concentrate
Grade
Cr (%)
Chromium
Total
Grade
Cr (%)
DTR Chromium
Grade -
Magnetically
Recovered
Cr (%)
Cobalt -
Magnetic
Concentrate
Grade
Co (%)
Hole AN-
24-04 12 378 366 9.53 1.46 0.23 0.14 59.09% 1.56 0.31 0.15 0.06
Drill Hole Interval Breakdown
including 12 63 51 9.99 1.48 0.23 0.15 62.12% 1.88 0.31 0.18 0.06
including 63 183 120 10.03 1.27 0.22 0.13 56.66% 1.70 0.32 0.17 0.06
including 183 255 72 9.92 1.50 0.24 0.15 62.83% 1.44 0.32 0.14 0.06
including 255 378 123 8.63 1.60 0.23 0.14 58.02% 1.37 0.29 0.12 0.06
Including "Up To" 15.00 2.42 0.28 0.18 93.41% 4.59 0.86 0.45 0.09
Table 3: RPM Drill Hole 3 (AN-24-04) Drill Hole Collar Location
Hole ID Easting (UTM NAD 83) Northing (UTM NAD 83) Elevation Azimuth: Dip:
AN-24-004 567315 5357583 232 90 -60
Table 4: RPM Phase 1 DTR Metallurgical Results Summary
Drill hole Interval
(m)
Magnetic Concentrate
Nickel Percent Grade
Mass
Pull (%)
Magnetically Recoverable
Nickel Grade (DTR Ni%)
Drill Ended in
Mineralization
AN-24-02 383 1.37% 9.49 0.13 YES
AN-24-03 216 1.32% 9.12 0.11 YES
AN-24-04 366 1.46% 9.53 0.14 YES
AN-24-05 396 Results Pending
Note: DTR Nickel Grade (%) is a derived parameter calculated by multiplying the nickel grade of the
magnetic concentrate (determined by XRF-Fusion assay) by the mass pull percentage (calculated by
dividing the weight of the magnetic concentrate by the initial sample weight). Magnetically Recoverable
Nickel (DTR Ni %) represents the amount of magnetically recoverable nickel in the sample. For a visual
explanation of the Davis Tube Recovery process, see:
https://www.youtube.com/watch?v=q3zsgDtLWns
Figure 1: Cross-sectional view of the RPM Zone’s Discovery Drill Hole 1, 2 and 3 (AN -24-02, AN-24-
03, AN-24-04), showing the distribution of magnetic concentrate and DTR nickel values. Drill hole AN -
24-04 averages 1.46% nickel and 1.56% chromium in continuous metal lurgical DTR magnetic
concentrate, with an average 9.53% Mass Pull and 0.14% DTR nickel across a 366 meter interval.
Figure 2: 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 3: 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.
Figure 4: Drill hole location map with results summary at Atlantic Nickel Project, showing the 30 km
trend of awaruite (sulfur-free nickel-alloy) mineralization over Total Magnetic intensity (TMI) magnetics.