Fathom Announces Addition to Gochager Lake Land Package
Fathom Nickel Inc.
FATHOM ANNOUNCES INCREASE IN LAND PACKAGE UNDER THE GOCHAGER LAKE PROPERTY OPTION
AGREEMENT AND ALBERT LAKE EXPLORATION UPDATE
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY
FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS
Calgary, Alberta – March 14, 2023 – Fathom Nickel Inc. (the “Company” or “Fathom”) (CSE:FNI) (FSE:
6Q5), (OTCQB: FNICF) is pleased to announce that pursuant to the Area of Interest clause of the Gochager
Lake Option Agreement (the “Option Agreement ”), the land position covered under the Option
Agreement has recently increased by 937 hectares. The Company was recently notified by the Optionor
that it had acquired, through direct staking, this 937-hectare disposition MC00016594 (the “New
Disposition”). Fathom paid the third- party costs of staking the New Disposition, which count as
exploration expenditures towards the fulfillment of the Earn-In Conditions of the Option Agreement.
The New Disposition is located approximately ten kilometers southeast of the site of Fathom’s recent
Gochager Lake exploration program in an area commonly referred to as Mal Lake. Mal Lake was not a
priority target area for the Company when it initially executed the Option Agreement in September 2022.
However; the Company with the assistance of highly regarded consultants , recently com pleted a
compilation exercise of nickel exploration targets in north-central Saskatchewan. The Mal Lake nickel
occurrence received a “Very High” ranking.
“The addition of the New Disposition at Mal Lake adds to our growing interest in this regional play ,”
commented Ian Fraser, CEO & VP Exploration . “The Mal Lake nickel occurrence exhibits many features
and similarities comparable to what we recognized during our recent exploration program at Gochager
Lake.”
About the Gochager Lake Property
The Gochager Lake Property is now comprised of a land package totalling 4,865 hectares located in north-
central Saskatchewan, approximately 20 km northwest of the village of Missinipe and in close proximity
to the Company’s flagship Albert Lake Project.
The Company recently completed an exploration program that consisted of diamond drilling (2 holes
totalling 725 meters), borehole electro-magnetic (“BHEM”) probing of the two recent drillholes , as well
as three historic drillholes (five holes probed in total). Assay results from the Gochager program are
expected to be received by mid-April.
Albert Lake Exploration
Exploration at the Company’s Albert Lake Property is ongoing with the second drillhole now having been
completed. The geological team is currently analysing and assessing drill core and BHEM data prior to
deciding on the location(s) for follow -on drilling. The program is expected to be completed within the
next week. Assays for the Albert Lake exploration program will be released when received and analyzed
– expected in mid to late May.
Cancellation of Stock Options
Pursuant to its stock option plan and the policies of the Canadian Securities Exchange, the Company has
cancelled 2,250,000 incentive stock options issued to certain directors, officers and consultants of the
Company on March 25, 2021 and a further 50,000 in centive stock options issued to a consultant on
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February 6, 2022. Subsequent to the cancellations, the Company will have a total of 5,925,000 options
issued under its plan.
Qualified Person and Data Verification
Ian Fraser, P.Geo., CEO, VP Exploration and a Director of the Company and the "qualified person" as such
term is defined by National Instrument 43 -101, has verified the data disclosed in this news release, and
has otherwise reviewed and approved the technical information in this n ews release on behalf of the
Company.
About Fathom Nickel Inc.
Fathom is an exploration company that is targeting magmatic nickel sulphide discoveries to support the
rapidly growing global electric vehicle market.
The Company now has a portfolio of two high-quality exploration projects located in the prolific Trans
Hudson Corridor in Saskatchewan : 1) the Albert Lake Project, a 90,000+ hectare project that was host
to the historic and past producing Rottenstone deposit (produced high -grade Ni-Cu+PGE, 1965 -1969),
and 2) the Gochager Lake Project , a 4 ,865-hectare project that is host to a historic, NI43 -101 non -
compliant open pit resource consisting of 4.3M tons at 0. 295% Ni and 0.081% Cu1.
1 – The Saskatchewan Mineral Deposit Index (SMID#0880) reports drill indicated reserves of 4,262,400 tons grading 0.295% Ni and
0.081% Cu mineable by open pit. Fathom cannot confirm the resource estimate nor the parameters and methods used to prepare
the reserve estimate. The estimate is not considered NI43-101 compliant and further work is required to verify this historical drill
indicated reserve.
ON BEHALF OF THE BOARD
Ian Fraser, Chief Executive Officer and Vice -President, Exploration
1-403-650-9760
Email: [email protected]
or
Doug Porter, President & CFO
+1-403-870-4349
Email: [email protected]
Forward Looking Statements:
This news release contains "forward -looking statements" that are based on expectations, estimates, projections and
interpretations as at the date of this news release. Forward -looking statements are frequently characterized by words such as
"plan", "expect", "project", "seek", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or
statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding payment
of terms under the Option Agreement, permitting for the Property, receipt of an exploration permit, timing of the exploration
program on the Property and the Company achieving the earn-in thresholds under the Option Agreement . Forward-looking
statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of
amounts not yet determinabl e. Any statements that express predictions, expectations, beliefs, plans, projections, objectives,
assumptions or future events or performance are not statements of historical fact and may be "forward -looking statements."
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ
from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate
financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory
risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to
environmental regulation and l iability; the potential for delays in exploration or development activities or the completion of
feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology,
grade and continui ty of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the
potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future
exploration, development or mining results will not be consistent with the Company's expectations; risks related to commodity
price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed
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elsewhere in the Company's disclosure record. Such forward looking statements involve known and unknown risks, uncertainties
and other factors which may cause the actual results, performance or achievements of the Company to be materially different
from any future results, performance or achievements expressed or implied by such forward-looking statements. These forward-
looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them
to reflect new events or circumstances except in accordance with applicable securities laws. Actual events or results could differ
materially from the Company's expectations or projections.
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Gochager Lake Location Map