First Atlantic Nickel Reports Initial Phase 2 Drill Results: Deepest Drill Hole to Date at Rpm Zone Returns 1.27% Awaruite Nickel Alloy (Ni₃Fe) IN Magnetic Concentrate over 447 Meters
FIRST ATLANTIC NICKEL REPORTS INITIAL PHASE 2 DRILL RESULTS: DEEPEST
DRILL HOLE TO DATE AT RPM ZONE RETURNS 1.27% AWARUITE NICKEL ALLOY
(Ni₃Fe) IN MAGNETIC CONCENTRATE OVER 447 METERS
Grand Falls-Windsor, Newfoundland and Labrador -- (GlobeNewsWire -- August 13, 2025) -- First
Atlantic Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) ("First Atlantic" or the "Company")
reports assays and Davis Tube Recovery (“DTR”) metallurgical test results from drill hole AN-25-06, the
first hole reported in the Phase 2 drill program at the RPM Zone, part of the district-scale Atlantic Nickel
Project (the "Project") in Newfoundland. Drill hole AN -25-06 is the deepest and the longest drilled to
date at the RPM Zone. The hole returned a continuous interval of 447.35 meters averaging 1.27% nickel
and 1.69% chromium in magnetic concentrate, with a mass pull of 9.02%. This corresponds to an
average magnetically recoverable DTR nickel grade of 0.11% over the interval, with total nickel recovery
averaging 51.84%.
Located approximately 200 meters east of drill hole AN -24-05, AN -25-06 was drilled on the same
Section S2 line, representing a 400-meter step out to the north from the initial RPM discovery drill hole
AN-24-02 (see Figure 2). The drill hole intersected visibly disseminated awaruite throughout the entire
drilled length, returning 0.22% total nickel and 0.31% total chromium in whole rock assays over 447.35
meters. Peak values included 0.17% DTR nickel and 0.27% total nickel, with nickel recovery reaching
up to 81.4% using DTR magnetic separation.
The grades and DTR metallurgical test results from AN -25-06, the first reported hole of Phase 2,
demonstrate uniform consistency with all Phase 1 drilling at the RPM Zone and successfully expand the
mineralized zone eastward toward Chrome Pond. Phase 2 drill holes AN -25-08 and AN-25-09 are drill
testing the continuation of awaruite mineralization a further 400 meters north of the Section S2 line (see
Figure 2), together representing a north-south strike length at the RPM Zone totaling 800 meters.
HIGHLIGHTS
● Longest Reported RPM Zone Drill Hole: AN-25-06, drilled 200 meters east of drill hole AN-24-
05, intersected visibly disseminated awaruite throughout the entire 447.35 -meter drill
intersection, returning 0.22% total nickel and 0.31% total chromium over the complete interval.
● High-Grade Magnetic Concentrate : DTR metallurgical testing of AN -25-06 returned 1.27%
nickel and 1.69% chromium in magnetic concentrate over 447.35 meters with a 9.02% mass
pull, yielding a DTR nickel grade of 0.11%, achieving a total nickel recovery of 51.84%.
● Metallurgical Consistency Across RPM Zone: Including AN-25-06, the five completed holes
at the RPM Zone average 1.38% nickel in magnetic concentrate with a mass pull of 9.08%,
resulting in an average DTR nickel grade of 0.12% (see Table 4).
● Chromium Co -Product Potential : Disseminated chromium mineralization occurs alongside
awaruite nickel in all RPM Zone drill holes. DTR testing shows chromium can be recovered and
separated magnetically, averaging 1.67% chromium in the magnetic concentrate. Petrographic
studies are underway to identify the source mineral and assess potential processing for a
chromium by-product concentrate.
● District-Wide Exploration Identifies New Awaruite Zones: The district -wide exploration
program has identified numerous new occurrences of visible awaruite in surface rock samples
throughout the 30-kilometer Pipestone Ophiolite Complex. These surface rock samples will be
used to define larger zones with higher v isual awaruite abundances and elevated surface DTR
grades, providing additional drill targets beyond the RPM Zone.
FOR MORE INFORMATION:
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]
FIRST REPORTED PHASE 2 DRILL HOLE RETURNS LONGEST CONTINUOUS
MINERALIZED INTERSECTION TO DATE AT RPM ZONE
Table 1: Summary of DTR Metallurgical Test Results - Drill Hole AN-24-05 (RPM Zone)
Parameter Average Maximum Drill Length
Nickel - Magnetic Concentrate Grade
(Davis Tube Recovery Concentrate assayed by XRF-Fusion)
1.27% 2.35% 447.35m
Chromium - Magnetic Concentrate Grade
(Davis Tube Recovery Concentrate assayed by XRF-Fusion)
1.69% 3.28% 447.35m
Mass Pull
(Magnetic Concentrate mass as % of Davis Tube test starting mass)
9.02% 16.1% 447.35m
Total Nickel Grade
(Whole Rock ICP-OES assay)
0.22% 0.27% 447.35m
DTR Nickel Grade - Magnetically Recovered Nickel
(Calculated with Davis Tube Recovery method)
0.11% 0.17% 447.35m
Total Nickel Recovery
Magnetically Recovered Nickel as a Percentage of Total Nickel
Content (from Whole Rock Assay Analysis)
51.84% 81.4% 447.35m
Drill hole AN-25-06 marks a significant milestone for the RPM Zone, representing both the longest and
deepest mineralized drill intersection reported to date. The hole returned 447.35 meters of continuous
awaruite mineralization, averaging 1.27% nickel in magnetic concentrate with a 9.02% mass pull. This
equates to an average DTR nickel grade of 0.11% (calculated at 1.27% nickel x 9.02% mass pull), with
peak values of 2.35% nickel in magnetic concentrate, 0.27% total nickel, and 0.17% DTR nickel. Nickel
recovery averaged 51.84% from whole rock starting grades of 0.22% total nickel, with peak recoveries
reaching 81.4%.
AN-25-06 is located 200 meters east of drill hole AN -24-05 on Section S2, approximately 400 meters
north of Section S1, where discovery hole AN-24-02 was drilled. This step-out hole successfully expands
the mineralized zone eastward toward Chrome Pond. The hole intersected visibly disseminated awaruite
throughout its entire length. Results are consistent with Phase 1 drilling, confirming the lateral continuity
of awaruite mineralization across the rapidly expanding RPM Zone. Phase 2 drilling has since advanced
further north, with drill holes AN-25-08 and AN-25-09 positioned 400 meters north of the Section S2 line
to test the continuation of awaruite mineralization along strike (see Figure 2), together representing a
north-south strike length at the RPM Zone totaling 800 meters.
DRILL HOLE AN-25-06 - ASSAY AND DTR METALLURGICAL RESULTS
Table 2: Summary of Assay Results and DTR Metallurgical Test Results- Drill Hole AN-24-06
(RPM Zone)
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
Concentra
te Grade
Cr (%)
Chromium
Total
Grade
Cr (%)
DTR
Chromium
Grade -
Magnetically
Recovered
Cr (%)
Cobalt -
Magnetic
Concentrate
Grade
Co (%)
AN-25-06 5.65 453 447.35 9.02 1.27 0.22 0.11 51.84 1.69 0.31 0.15 0.06
including 5.65 138 132.35 8.94 1.33 0.21 0.12 56.57 1.67 0.32 0.15 0.06
including 138 249 111 9.17 1.42 0.22 0.13 57.59 1.60 0.29 0.15 0.06
including 249 453 204 8.92 1.18 0.23 0.11 45.92 1.70 0.30 0.15 0.06
including "Up To" 16.1 2.35 0.27 0.17 81.4 3.28 0.69 0.41 0.10
Table 3: AN-24-06 Drill Hole Collar Location Information
Hole ID Easting (UTM) Northing (UTM) Elevation (m) Azimuth (°) Dip (°) Depth (m)
AN-24-06 567568 5357995 225 90 -60 453
CONSISTENT DTR METALLURGICAL PERFORMANCE ACROSS RPM ZONE
Nickel grades and DTR metallurgical results from drill hole AN -25-06 are consistent with the first four
holes completed during Phase 1 at the RPM Zone, which suppor t the interpretation of a laterally
continuous awaruite nickel mineralization system. Including hole AN -25-06, the first five holes at the
RPM zone average 1.38% nickel in magnetic concentrate with a 9.08% mass pull, yielding an average
DTR nickel grade of 0.12%. This exceptional consistency indicates a predictable metallurgical response
across the RPM Zone and supports confidence in the uniformity of metallurgical performance as the
mineralized footprint expands.
The following table summarizes all reported magnetically recovered nickel results from RPM diamond
drill holes at the Atlantic Property:
Table 4: Summary of Magnetically Recovered Nickel Results from 2024 and 2025 Diamond Drill Holes –
RPM Zone Drilling at the Atlantic Nickel Project
Drill Hole Zone Section
From
meters
To
meters
Interval
meters
Magnetically
Recovered
(DTR)
Nickel %
Magnetic
Concentrate
Nickel
Grade (Ni %)
Mass
Pull (%)
Comment
AN 24 - 02 RPM S1 11.0 394.1 383.1 0.13 1.37 9.50 NR - March
12, 2025
AN 24 - 03 RPM S1 18.0 234.0 216.0 0.11 1.32 9.12 NR - April 15,
2025
AN 24 - 04 RPM S1 12.0 378.0 366.0 0.14 1.46 9.53 NR- June 24,
2025
AN 24 - 05 RPM S2 6.0 357.0 351.0 0.12 1.47 8.21 NR - July 9,
2025
AN 25 - 06 RPM S2 5.65 453 447.35 0.11 1.27 9.02 NR - August
12, 2025
AN 25 - 07 RPM S2 495.0 pending pending samples
submitted
AN 25 - 08 RPM S3 491.0 pending pending samples
submitted
AN 25 - 09 RPM S3 processing
AN 25 - 10 RPM S1 processing
PHASE 2 DRILLING PROGRAM ONGOING
Phase 2 drilling continues at the RPM Zone, with multiple holes in process. The program is designed to
expand mineralization beyond the 400-meter by 500-meter footprint established in Phase 1, with step-
out drilling targeting extensions in all directions —north toward Pipestone Pond, east toward Chrome
Pond, and west into the RPM fault zone.
The fully funded Phase 2 program benefits from significant infrastructure upgrades, including improved
road access and expanded camp facilities. Enhanced equipment capabilities and refined geological
interpretations have enabled deeper drilling and provided better insights into the geological setting. As
a result, Phase 2 drilling is successfully expanding awaruite mineralization and achieving greater depths
than those reached during Phase 1.
Figure 1: Section S2 - Cross sectional view of the RPM Zone, showing drill hole AN-25-06, located
approximately 200 meters east of drill hole AN-24-05 on Section S2. The figure illustrates the distribution
of magnetic concentrate and DTR nickel values. Drill hole AN-25-06 returned an average 1.27% nickel
and 1.69% chromium in continuous metallurgical DTR magnetic c oncentrate over a 447.35 -meter
interval, with an average 9.02% mass pull and 0.11% DTR nickel.
Figure 2: RPM Zone - Phase 1 and 2 drill plan map showing nickel assay results and DTR metallurgical
test results.
Figure 3 : Drillcore and microscopic images – Hole AN-25-06, 149 meters depth (RPM Zone). Top
image: Drill core showing visibly disseminated awaruite (sulfur -free nickel -iron alloy) hosted in
serpentinized peridotite, with associated magnetite and serpentine veining. Bottom images: Microscopic
images of awaruite grains from the same interval, with individual grains measuring up to 325 microns in
size.
Figure 4: Drill core and microscopic images – Hole AN-25-06, 261 meters depth (RPM Zone). Top
image: Drill core showing visibly disseminated awaruite (sulfur -free nickel -iron alloy) hosted in
serpentinized peridotite. Bottom images: Microscopic images of awaruite grains from the same interval,
with individual grains measuring up to 855 microns in size.