Fathom Announces Gochager Lake Exploration Program
Fathom Nickel Inc.
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 this resource estimate nor the parameters and methods used to prepare
the reserve estimate. The estimate is not NI43-101 compliant and further work is required to verify this historical drill indicated
reserve.
2 – Photograph is from Saskatchewan Assessment Report MAW02331 – Gochager LAKE Nickel-Copper-Cobalt Project, Northern
Saskatchewan Results of Spring 2018 Diamond Drill Program.
FATHOM ANNOUNCES COMMENCEMENT OF Q1-2023 EXPLORATION PROGRAMS
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ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS
Calgary, Alberta – February 6, 2023 – Fathom Nickel Inc. (the "Company" or "Fathom") (CSE:FNI) (FSE:
6Q5), (OTCQB: FNICF) is pleased to announce the receipt of the Gochager Lake Exploration Permit. Field
crews are currently mobilizing to commence the Q1-2023 exploration program immediately. Drilling will
commence on or about February 10 at Gochager Lake. The Gochager Lake Project is host to disseminated
– massive sulphide nickel-copper-cobalt mineralization. For the first time in the history of the project, the
Company will employ borehole electromagnetic surveys (“BHEM”) in an effort to delineate semi-massive
to massive zones of nickel-copper-cobalt mineralization. Nickel-copper-cobalt mineralization was first
recognized on the property in the late 1960’s.
Commenting on the Gochager Lake Project, Ian Fraser, CEO and VP Exploration stated, “The Gochager
Lake Project is an important addition to the Company’s portfolio of “battery metal” projects. We look
forward to applying BHEM in our effort to delineate zones of semi-massive to massive nickel-copper-cobalt
mineralization within broader disseminated mineralization that defines the historic Gochager Lake
deposit.”
Summary
• Receipt of exploration permit for the recently acquired Gochager Lake Project.
• Commencement of Q1 2023 exploration program at Gochager Lake and Albert Lake Projects.
• Drilling to start around February 10, 2023 at Gochager Lake; results expected by mid April.
• Historic Drillhole at Gochager had a 294-meter intercept that returned 0.58% Ni, 0.11% Cu starting
immediately below surface; within this interval was a 9.70-meter section that assayed 2.37% Ni,
0.35% Cu and 0.14% Co.
• Gravity survey initiated at the Tremblay Olson Claims area (Albert Lake) with drilling to start
around 4th week of February.
The Gochager Lake Property and Q1-2023 Drill, BHEM Program
The Gochager Lake Property is comprised of nine mineral dispositions totalling 4,696 hectares located in
north-central Saskatchewan, approximately 75 km north of the town of La Ronge and in close proximity
to the Company’s flagship Albert Lake Project (Figure 2). Within the historic Gochager Lake deposit 1,
diamond drillhole I -12 drilled in 1967 had a 290.4- meter intercept that returned 0.58% Ni, 0.11% Cu
starting immediately below surface. Within this interval, and at the base of this interval, a 9.70 -meter
section assayed 2.37% Ni, 0.35% Cu and 0.14% Co. In 2018, drillhole GL18 -001 intersected semi-massive
to massive, magmatic nickel sulphide mineralization (Figure 1) within the vicinity of historic drillhole I-12
demonstrating this style of mineralization exists within the historic deposit and that it does contain
significant nickel-copper-cobalt mineralization.
Fathom Nickel Inc.
Figure 1 – Drillhole GL18-001; 1.95% Ni, 0.22% Cu, 0.13% Co / 2.7m at 126.7-129.4 meters2
The Company intends to drill a hole in close proximity to historic drillhole I-12 primarily for the purpose
of providing a BHEM platform to test for continuation and orientation of semi-massive to massive nickel-
copper-cobalt lenses. These lenses are expected to be contained within the broader disseminated
mineralization that defines the historic Gochager Lake deposit. In addition, and for the first time in the
property’s history, the drillhole will be systematically sampled for cobalt. Previous operators only
sporadically sampled for cobalt. As a result, the amount of cobalt associated with the known nickel-
copper mineralization in not well understood. A second drillhole will be drilled for the purpose of better
defining lithology and mineralization controls. This drillhole will be drilled approximately 25 meters along
strike of the I-12 location and the dip and azimuth will be designed to be perpendicular to the interpreted
trend of the Gochager Lake deposit. This drillhole will also be probed by the BHEM tool. The Company is
also optimistic that the two drillholes drilled in 2018 will also provide platforms for additional BHEM
surveys. Drillhole results from the program will be released once received and interpreted by the
Company. Pending actual timing for the receipt of assays from our lab, we anticipate releasing the results
in late March – early April.
Fathom Nickel Inc.
Figure 2 – Gochager Lake Property Location Map
Fathom Nickel Inc.
The Albert Lake Property and Q1-2023 Exploration Program
Exploration at Albert Lake has also commenced. A crew was mobilized to site over the weekend of
February 3-5 to initiate gravity survey coverage over the Tremblay-Olson Claims area. Fathom conducted
a gravity survey in 2021 in the historic Rottenstone Mine area and this survey proved instrumental in
defining the structural corridor that is host to The Bay Island Trend.
The gravity survey will tie into the existing gravity stations and is expected to take up to 10 days to
complete. Results of this survey will be utilized , along with other geophysical models the Company has
been developing, to target drill locations within the Tremblay -Olson Claims area. The Company
anticipates issuing details on the planned Albert Lake program prior to commencement of drilling which
is expected to begin in the 4th week of February.
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, a 4 ,696-hectare project that is host to a historic ( NI43-101 non -
compliant) open pitable resource consisting of 4.3M tons at 0.295% Ni and 0.081% Cu 1. The Company
anticipates Winter 2023 exploration programs at bo th projects.
ON BEHALF OF THE BOARD
“Ian Fraser P.Geo.”
CEO, VP Exploration, Director
For Further Information Please Contact:
Ian Fraser, Chief Executive Officer and Vice-President, Exploration
1-403-650-9760
Email: [email protected]
Manish Grigo, Director of Corporate Development
+1-416-569-3292
Email: [email protected]
Fathom Nickel Inc.
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 determinable. 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 liability; 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 continuity 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 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 ma de 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.