First Atlantic Nickel Reports New Discovery at Rpm Zone: Intersects 0.24% Nickel & 0.32% Chromium over 383.1 Meters, 10KM Downstrike from Super Gulp
FIRST ATLANTIC NICKEL REPORTS NEW DISCOVERY AT RPM ZONE: INTERSECTS 0.24%
NICKEL & 0.32% CHROMIUM OVER 383.1 METERS, 10KM DOWNSTRIKE FROM SUPER GULP
Vancouver, British Columbia – (GlobeNewsWire – March 4, 2025) - First Atlantic Nickel Corp. (TSXV: FAN)
(OTCQB: FANCF) (FSE: P21) ("First Atlantic" or the "Company") is pleased to announce the initial assay results
from its 100%-owned Atlantic Nickel Project in central Newfoundland. Drill hole AN-24-02 returned assays of up
to 0.31% nickel and 2.61% chromium, with an average of 0.24% nickel and 0.32% chromium over its entire
383.1-meter length, from surface to the end of hole. These strong results confirm extensive nickel mineralization,
initially observed as large-grain awaruite visibly disseminated throughout the drill core. Notably, all four Phase 1
drill holes at the RPM Zone intersected large -grain visible awaruite, covering an area 500 meters wide by 400
meters long. The Company plans to expand this mineralized zone in the upcoming Phase 2 drill program. This
is the first of four drill holes completed in the RPM Zone as part of Phase 1, with assay results from the remaining
three holes still pending.
RPM Discovery Hole 1 (24-AN-02) (see Figure 1 & 2) significantly exceeds the depth of previous drilling at both
the Super Gulp Zone and the historical Atlantic Lake Zone, further reinforcing the presence of a major nickel
system within the company's district-scale, 30-kilometer trend. For comparison, the Super Gulp discovery hole
(AN-24-01) intersected 0.25% nickel over 293.8 meters, while historical drilling at Atlantic Lake (DDH78- AL-1)
intersected 0.22% nickel over its entire 87.15 -meter length (NFLD/3284), with both drill holes ending in
mineralization and remaining open in all directions.
Alongside these promising drill assay results, Davis Tube Recovery (DTR) metallurgical testing is currently
underway, with results expected soon. This testing aims to quantify magnetically recoverable nickel and evaluate
the project's suitability for magnetic separation as a commercial mining processing method.
Highlights
● Wide Interval of Nickel: The first discovery drill hole at RPM (AN-24-02) intersected an average of 0.24%
nickel and 0.32% chromium over its entire 383.1 -meter length, from surface to end of hole, with peak
values reaching up to 0.31% nickel and 2.61% chromium.
● Mineralized Depth Extension: Drill hole AN- 24-02 reached a depth of 394.1 meters, significantly
exceeding the 297 meters drilled at Super Gulp and the historical average of 87.15 meters at Atlantic
Lake. Future drilling will include step-out holes to further expand the depth and size of the RPM Zone.
● Major Step -Out within 30 -km Nickel Trend: The RPM discovery hole, AN -24-02—located 10 km
downstrike from the Super Gulp Zone and 26 km south of the Atlantic Lake Zone—confirms continuous
awaruite nickel mineralization within the district-scale, 30-km-long magnetic ultramafic ophiolite.
● Extensive Awaruite Mineralization at RPM Zone: All four drill holes revealed large -grain awaruite,
frequently exceeding 500 microns, across a 500m × 400m area, establishing a significant mineralized
footprint targeted for expansion in Phase 2 drilling.
● Metallurgical Testing: DTR testing is underway to quantify magnetically recoverable nickel and evaluate
the project's suitability for commercial processing via magnetic separation - a critical step in establishing
project economics.
● Phase 2 Drilling Program: Phase 2 drilling is set to begin soon, utilizing new road access and a higher-
power NQ/HQ drill rig to target deeper mineralization and expand the 500m × 400m mineralized area at
RPM. The program is fully funded by a recently closed strategic, non- dilutive $3M raise, with additional
Phase 1 drill assay results still pending.
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 Discovery Drill Hole 1
Drill Hole AN-24-02: The first drill hole in the RPM Zone, AN-24-02, was drilled to a final depth of 394.1 meters
and encountered consistent nickel mineralization throughout its entire length. The hole intersected 0.24% nickel
and 0.32% chromium over 383.1 meters, including peak values of up to 0.31% nickel and 2.61% chromium.
Assay results confirm remarkable grade consistency, with abundant large-grain visible awaruite (natural nickel-
iron alloy, Ni₃Fe) disseminated throughout the serpentinized ultramafic rock in the drill cores, with grain sizes
frequently exceeding 500 microns.
Table 1: Assays from RPM Drill Hole 1 (AN-24-02)
Drill Hole From (m) To (m) Interval (m) Nickel (%) Chromium (%)
AN-24-02 11 394.1 383.1 0.24 0.32
Drill Hole Intersection Breakdown
including 11 147 136 0.24 0.29
including 147 258 111 0.23 0.29
including 258 394.1 136.1 0.26 0.36
including values
‘up to” 0.31 2.61
Table 2: RPM Drill Hole 1 (AN-24-02) collar location information
Hole ID
Easting
(NAD83)
Northing
(NAD83) Elevation Azimuth: Dip: Depth (m)
AN-24-02 567123mE 5357573mN 239 90 -60 394.1
Figure 1: Location of RPM Drill Hole 1 (AN -24-02) at Atlantic Nickel Project showing the 30km awaruite sulfur -
free nickel-alloy trend over TMI magnetics.
Figure 2: Cross-section view of the RPM Zone Discovery Drill Hole 1 (AN-24-02), illustrating the grade distribution
of mineralization, averaging 0.24% nickel and 0.32% chromium across a 383.1- meter drill interval. Assays are
pending from drill holes AN-24-03 and AN-24-04.
RPM Zone Expansion
The RPM Zone has emerged as a key area of interest, with all four drill holes returning large- grain, abundant
visible awaruite, confirming mineralization across an extensive 500m x 400m footprint. This significant
mineralized zone highlights the potential for a substantial nickel system at RPM, prompting the Company to plan
an expansion of the area in the upcoming Phase 2 drilling program. This phase will utilize new road access and
a higher-power drill rig to explore both lateral and depth extensions.
Located 10 km downstrike from the Super Gulp Zone and 26 km south of historical drilling at Atlantic Lake, the
RPM Zone represents a major step- out, showing the potential for multiple large nickel zones along the
Company’s 30-kilometer trend. The discovery at RPM not only broadens the known mineralized footprint but
also reveals that the nickel system extends much deeper than previously documented. Drill hole AN-24-02 has
surpassed the depths of both the 293.8 meters at Super Gulp and the 87.15 meters of the historical Atlantic Lake
hole, all while maintaining consistent mineralization throughout.
Phase 1 drilling encountered soft, rippable rock across the property in all holes. Specifically, drill hole AN-24-02
intersected heavily fractured, broken serpentinized rock throughout, indicating the potential for lower-cost mining
methods that may not require drilling and blasting. For future drilling, the Company plans to use a larger drill rig
with HQ/NQ-sized core to reach greater depths, improve drilling efficiency, and expand the mineralization, which
remains open at depth beyond 394.1 meters.
Figure 3: Image showing discovery hole RPM DDH001 (24-AN-02) with disseminated sulfur-free nickel-iron alloy
(awaruite). Top image showing close-up of drill core at 384 meters with coarse grained disseminated awaruite;
middle image showing core boxes from 380 meters to 394 meters, end of hole; bottom images showing
microscope photos of individual large grains of awaruite, 580 microns to 667 microns at 384 meters.
Figure 4: RPM DDH001 (24 -AN-02) at 152 meters showing coarse grains of nickel -iron alloy (awaruite). Left
image shows drill -core with disseminated awaruite in serpentinized ultramafic cut by serpentine- magnetite
fracture filings and veinlets; Right image shows microscope photo of nickel alloy grains ranging from 152 - 262
microns.
Figure 5: Top image showing coarse grained visible nickel-iron alloy (awaruite) in serpentinized ultramafics within
the first drill hole at RPM Zone DDH001 (24- AN-02) at 288 meters downhole; bottom images are microscope
photos showing large grains of nickel-iron alloy ranging from 280 microns to 571 microns at 288 meters.
Microscopic analysis has confirmed awaruite grain sizes frequently exceeding 500 microns, well above the 10 -
micron threshold required for effective magnetic separation1. This supports the potential for simple, cost-effective
processing without smelting, aligning with the Company’s strategy to develop a smelter -free nickel project that
could strengthen North America’s nickel supply chain. The consistent grade throughout the hole, combined with
mineralization that remains open at depth, underscores the potential for a large-tonnage nickel deposit.
1 https://pubs.geoscienceworld.org/segweb/economicgeology/article-abstract/112/3/517/172164/Regional-Metallogeny-and-Genesis-
of-a-New-Deposit