First Atlantic Nickel Submits Additional Drill Permits and Plans New Direct Access Route to Expand and Accelerate RPM Zone Exploration Program
First Atlantic Nickel Submits Additional Drill Permits and Plans New Direct Access Route to Expand
and Accelerate RPM Zone Exploration Program
Vancouver, British Columbia – (Globenewswire - November 26, 2024) - First Atlantic Nickel Corp. (TSXV: FAN)
(OTCQB: FANCF) (FSE: P21) ("First Atlantic" or the "Company") is pleased to announce that it has submitted
applications for new additional drill permits to significantly expand the drilling program at the RPM Zone, located
25 km south of the Atlantic Lake area. The Company plans to construct a shorter, more efficient direct access
route to the RPM Zone, enabling year-round access and accommodating heavier drill rigs capable of deeper and
faster drilling, particularly during winter months. These initiatives aim to accelerate the exploration and
delineation of the RPM Zone, building on the success and encouraging visual observations of large- grained,
visible awaruite mineralization in the initial drill holes.
Highlights:
● Expanding and Accelerating RPM Zone Drilling: First Atlantic has applied for new drill permits and is
planning to construct a direct access route to expand and accelerate its drilling program at the RPM Zone
(see Figure 1), with the goal of rapidly testing the extent of the mineralized footprint.
● Phase 2 RPM Drilling : Building on the early success and visual observations of large- grained, visible
awaruite mineralization in the initial discovery drill holes at the RPM Zone, First Atlantic is actively
planning a second phase of drilling to commence upon completion of the current campaign.
● RPM Hole DDH001: The first discovery hole at the RPM Zone has been sent for lab analysis. Drilled to
a depth of 394 meters, the hole intersected large-grain, visible, disseminated sulfur-free nickel-iron alloy
(awaruite) mineralization from surface to the end of the hol e, with grain sizes often surpassing 500
microns.
● Accelerated Winter Drilling at RPM : Pending approval of new permits and a planned direct access
route to the RPM Zone, a rapid winter drilling campaign will target this newly discovered, high- priority
target. Powerful drill rigs are expected to achieve deeper and faster drilling, enabling further delineation
and expansion of the mineralized zone.
● Expedited Permitting in Newfoundland: Newfoundland and Labrador is known for having one of the
fastest and most streamlined drill permit approval processes in Canada. The Company's previous permits
were approved in approximately one month, highlighting the province’s strong support for the mining
sector.
● Ongoing RPM Exploration: Exploration at the RPM Zone is progressing rapidly, with additional holes
being drilled and cores logged, photographed, and processed for lab submission. Further updates are
anticipated soon.
Atlantic Nickel Project - Corporate Video
Please visit https://www.fanickel.com/KGQo3TTyn0Q to view the most recent corporate video from First Atlantic
Nickel, featuring CEO Adrian Smith at the Atlantic Nickel Project with footage of RPM Drill Hole 1.
For further information, questions, or investor inquiries, please contact Rob Guzman at First Atlantic by phone
at +1 844 592 6337 or via email at [email protected]
Accelerated RPM Zone Exploration Program
First Atlantic is advancing its exploration program at the RPM Zone following encouraging visual observations of
large, visible awaruite nickel grains in initial drill holes. The first hole has been sent to the lab for analysis, while
additional holes are being drilled, logged, photographed, cut, and prepared for sampling. This initial success has
prompted the company to start planning for a Phase 2 drilling program, designed to expand and further delineate
the RPM Zone. As part of this planning, First Atlantic has applied for additional drill permits including permits to
establish a direct, cost-effective, and year-round ground access route to the RPM Zone from the east.
This access route will support an accelerated exploration campaign, including resource drilling and potential bulk
sampling. The planned ground access route will enable First Atlantic to conduct winter drilling and deploy more
powerful drill rigs capable of deeper and faster drilling. These heavier drill rigs are expected to increase the
planned depth of drill holes and improve drill times through the soft, heavily broken but rippable rock encountered
at the RPM Zone. As the company awaits results from the ongoing work, they are preparing for an extensive
Phase 2 drilling program to efficiently explore the zone's potential and demonstrate its true scale and
significance.
Figure 1: Permitting map area for expanded drilling and accelerated ground access at the RMP Zone. The white
circle outlines the area of the planned winter drilling program. The map shows the proposed access route and
work area, including the location of drillhole RPM DDH001.
RPM Drill Hole 1 (RPM DDH001)
RPM DDH001 Discovery Hole: The first discovery hole at the RPM Zone, RPM DDH001 (AN-24-02) was drilled
to a depth of 394 meters at a -60 degree dip to the east. It intersected heavily serpentinized ultramafic rock
containing visible disseminated nickel-iron alloy (awaruite) mineralization throughout. The drill core revealed
large disseminated awaruite grains, easily visible to the naked eye, with sizes frequently exceeding 25 microns
and many surpassing over 500 microns - well above the 10-micron threshold for efficient magnetic separation1.
Grain size increases with depth, starting at up to 200 microns near the surface and exceeding 500 microns in
coarser zones. This mineralization remains open at depth, prompting the Company to plan an expanded Phase
2 drilling program to further define and expand the zone.
1 https://pubs.geoscienceworld.org/segweb/economicgeology/article-abstract/112/3/517/172164/Regional-Metallogeny-and-Genesis-of-a-New-Deposit
Figure 2: Image showing discovery hole RPM DDH001 (24 -AN-02) showcasing with disseminated sulfur -free
nickel-iron alloy (awaruite). Top image: showing close- up of drill core at 384 meters, displaying with coarse
grained disseminated awaruite; Middle image: showing core boxes from 380 meters to 394 meters, (end of hole);
Bottom images: showing microscope photographs of individual large awaruite large grains of awaruite,
measuring 580 microns to 667 microns, at 384 meters.
Overview of the RPM Zone Discovery
The RPM Zone, a high-priority target within the large 30 km ultramafic body of the Pipestone Ophiolite Complex,
was discovered by First Atlantic Nickel geologists Dr. Ron Britten, Pearce Bradley, and Michael Piller during the
2024 exploration program. The zone's heavily weathered outcrop, visible in satellite imagery, drew the geologists’
attention during the district -scale sampling program, where float samples revealed significant large- grain
awaruite mineralization. This discovery area spans approximately 2.6 km in length and 400 to 600 meters in
width, exhibiting a strong magnetic anomaly. It is located 25 km south of historic drilling at Atlantic Lake and 10
km south of the Super Gulp discovery.
The first drill hole at the RPM Zone, reaching a depth of 394 meters, intersected visible disseminated nickel-iron
alloy (awaruite) mineralization from surface to bottom. Remarkably, the awaruite grains, visible to the naked eye,
increased in size with depth, frequently exceeding 25 microns, with many grains surpassing 500 microns – well
above the 10-micron threshold for effective magnetic separation. XRF analysis confirmed the presence of low
sulphur, nickel, and chromium throughout the drill hole. Samples are currently being prepared for assay, with
results anticipated in the coming months.
The significance of the RPM Zone lies in its impressive mineralization and its potential for cost-effective mining.
Drilling revealed heavily fractured, broken, and sheared serpentinized nickel host rock, which may facilitate
lower-cost initial mining methods, such as ripping, rather than conventional drilling and blasting. With
mineralization remaining open at depth, ongoing drilling continues to test and expand the size and definition of
the mineralized area. The size and widespread distribution of coarse awaruite grains, visible to the naked eye,
increase in size down hole, starting at up to 200 microns and reaching over 500 microns in coarser zones. Visible
disseminated awaruite was observed from surface to 394 meters, with the hole ending in zones of coarser -
grained mineralization. This groundbreaking find, a testament to the expertise of the geological team, has
solidified the RPM Zone as a top priority for further exploration and assessment within First Atlantic’s ongoing
program.
Figure 3: Atlantic Nickel target zones, including RPM Zone and Super Gulp, showing 2024 sampling locations
with visible awaruite (nickel -alloy) overlaid on the 30 km nickel ultramafic magnetic trend (background TMI
magnetics).
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 safer 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 leaching2. 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) 3. 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 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" 4.
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.
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 nickel5 and control an estimated 84% of Indonesia's nickel
output, the largest worldwide supply6. 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:
2 https://fpxnickel.com/projects-overview/what-is-awaruite/
3 https://home.treasury.gov/news/press-releases/jy1939
4 https://d9-wret.s3.us-west-2.amazonaws.com/assets/palladium/production/mineral-pubs/nickel/mcs-2012-nicke.pdf
5 https://www.brookings.edu/wp-content/uploads/2022/08/LTRC_ChinaSupplyChain.pdf
6 https://www.airuniversity.af.edu/JIPA/Display/Article/3703867/the-rise-of-great-mineral-powers/