Fathom Announces Albert Lake Assay Results
Fathom Nickel Inc.
FATHOM ANNOUNCES RECEIPT OF ALBERT LAKE ASSAYS
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 – May 5, 2023 – Fathom Nickel Inc. (the "Company" or "Fathom") (CSE:FNI) (FSE: 6Q5),
(OTCQB: FNICF) is pleased to announce receipt of assays from the limited two-hole drilling program
completed at the Albert Lake Project.
Albert Lake Exploration
• Assay and pXRF results recorded from drillholes AL23073 and AL23074 demonstrate anomalous
Ni with associated mafic-ultramafic pathfinder elements Cr and Mg.
• The anomalous to highly anomalous Cr and Mg, occurring within the drillholes is suggestive of
an ultramafic source in the vicinity of the drillholes.
• Borehole electromagnetic surveys (BHEM) of both drillholes has identified prominent and
distant zones of offhole conductivity in front of and above both drillholes ( centred at
approximately 80 m in AL23073 and centred at approximately 115 m in AL23074).
• Drillhole AL23074 detected an additional offhole response centred at a depth of approximately
270 m.
Commenting on the Albert Lake drilling and BHEM results, Ian Fraser, CEO and VP Exploration stated, “We
are very encouraged by the confirmation of anomalous nickel within mafic to ultra-mafic rocks
encountered during this limited program. Unfortunately, due to significant budget constraints, we were
unable to extend the drill program beyond the initial two drill holes. Drillholes AL23073 and AL23074 were
our first look into the very robust soil geo-chem anomaly defined at the Tremblay-Olson Claim (Nic5) area
in our fall-22 program (refer to Pres Release January 17, 2023). These holes were essentially geology
drillholes designed to get an understanding of the robust surface geochemistry anomaly. The positive
offhole BHEM responses in both drillholes align with historic VLF (very low frequency – EM) and VTEM™
(heliborne Versatile Transient Electromagnetic) anomalies. We have identified sufficient evidence -
geochemistry, geologic and geophysics - to suggest mineralized ultramafic sources within the Tremblay-
Olson Claim (Nic5) Area. We very much look forward to our planned surface TDEM program this summer
at the Tremblay-Olson Claims Area as we further fine-tune the drill targeting exercise.”
Albert Lake Winter 2023 Exploration Program
The Company’s intention was to drill several drillholes within the Tremblay-Olson Claims Area, and
possibly a drillhole along strike of the Bay-Island Trend. However, due to several temporary logistical
issues that resulted in significant cost overruns associated with the both the Gochager Lake Project and
the Albert Lake Project, the project was terminated after the completion of AL23074.
Figure 1 portrays three different types of soil analysis performed on samples collected within the
Tremblay-Olson Claims (Nic5) Area. The consistency between the three-assay approach is further
evidence of the robustness of this soil geochemistry anomaly that had never been tested through drilling.
The Ionic Leach process (“ MMI”™) measures metal ions that travel upward from mineralization to
unconsolidated surface material, such as soil, till and sand . Fathom is very confident of the existence of
a mineralized ultramafic source(s) within the Tremblay-Olson Claim Area. The intersections encountered
in drillholes AL23073 and AL23074 simply do not explain the robust Ni-Co-Cu+3PE (Cr, Mg) soil
geochemistry anomaly.
Fathom Nickel Inc.
Ian Fraser added, “ The highly anomalous metals-in-soil detected in the Q4-22 geochemistry program
remains a very-high priority exploration target. We will return to Albert Lake in the coming weeks to
perform additional land-based geophysical work so that we can recommence drilling in Q4-23 or Q1-24
with increased precision on our drill targeting”.
Note the Ni-in-soil anomaly portrayed in above Figure illustrates just the area where the additional Ionic Leach and Total Digestion
samples were collected.
Drillhole Assay Summary:
Drillhole ID From
(m)
To (m) Length
(m)1
Ni
(ppm)
Cu
(ppm)
Co
(ppm)
Pd+Pt
(ppb)
AL23073* 154.50 158.50 4.00 263 - - -
AL23073* 162.50 168.50 6.00 254 - 119
AL23074 (assay) 201.00 206.88 5.88 475 51 58 25
AL23074* 201.50 206.50 5.00 522 - - -
1 – Reported drillhole intersections are down-hole intersection length and are not a true thickness. At present there
is insufficient information to determine true thickness.
* - Refers to values generated from handheld pXRF. These values are recorded at every 0.5 meter through the entire drillhole
and values reported are averaged through the reported interval. Where values are not reported is due to at some 0.5 m intervals
the value for Co-Cu was not detected by the pXRF.
Drillhole Location Details:
Fathom Nickel Inc.
Drillhole ID UTM Easting UTM Northing Azimuth Dip Total Depth
(m)
AL23073 509693.3 6243355.2 140° -50° 350.0
AL23074 509574.8 6243187.5 137° -50° 351.0
Quality Assurance / Quality Control (QA/QC) Disclosure Statement
Fathom implements an industry -standard QA/QC for all field and diamond drill programs. Fathom,
through the services of TerraLogic Exploration Inc., inserts QA/QC samples in its diamond drill programs
at a rate of one sample per approximately every 12 -13 samples collected. Standards sourced from CDN
Resource Laboratories and CCRMP were inserted into the sample stream at a rate of 1 in 30 samples.
Additionally, lab duplicates (coarse rejects) were inserted and positioned in the sample sequence at a rate
of 1 in 30 samples and positioned in the sample sequence alternating with standards to result in a QA/QC
insertion rate of no less than 1 in 15 samples. Blanks were inserted at the start of every sample batch and
additionally after samples of anticipated high-grade or high sulphide content.
Assaying is performed at ALS Canada Ltd. ALS is an accredited laboratory; (SCC – CAN-P-1579 and CAN-P-
4E ISO/IEC 17025) and is independent of Fathom. All drill core samples are analyzed using a 4 -Acid
digestion followed by 33 element ICP-AES analyses (Code ME-ICP61). Over limit Ni, Cu results are further
analyzed by 4 -Acid ore grade elements ICP -AES process (Code ME- OG62). Analyses for Au, Pd and Pt
utilized the ore grade Pt, Pd and Au by ICP-AES (Code PGM-ICP27). Total sulphur is analysed by (S-IR08).
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, 196 5-1969),
and 2) the Gochager Lake Project, 19,000+ hectare project host to a historic, NI43 -101 non-compliant
open pit resource; the Gochager Lake deposit,(4.3M tons at 0.295% Ni and 0.081% Cu 2, defined 1967 -
1970), an analogous drill tested nickel occurrence of drill intersections >1.% Ni (Mal Lake last drilled in
19673), and the Borys Lake Zn -Cu-Pb+Ag occurrence.
2 – The Saskatchewan Mineral Deposit Index (SMID#0880) reports drill indicated reserves at the historic Gochager Lake Deposit
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 t o verify this historical drill indicated reserve.
3 – Saskatchewan Mineral Deposit Index #0836 .
ON BEHALF OF THE BOARD
Fathom Nickel Inc.
Ian Fraser, Chief Executive Officer & Vice -President Exploration
1-403-650-9760
Email: [email protected]
or
Doug Porter, Presid ent & CFO
1-403-870-4349
Email: [email protected]
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