Fathom Announces New Zones of Conductivity at Gochager Lake
Fathom Nickel Inc.
FATHOM ANNOUNCES IDENTIFICATION OF NEW ZONES OF CONDUCTIVITY ALONG STRIKE NORTHEAST
AND SOUTHWEST OF THE HISTORIC GOCHAGER LAKE DEPOSIT
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Calgary, Alberta – July 25, 2023 – Fathom Nickel Inc. (the “Company” or “Fathom”) (CSE:FNI), (FSE:6Q5),
(OTCQB:FNICF) is pleased to provide an update on recently completed surface time domain
electromagnetic (TDEM) a nd borehole electromagnetic (BHEM) geophysical programs at it s Gochager
Lake Project.
Geophysical surveys completed include a second phase of borehole electromagnetic (BHEM) surveys (see
Press Release June 28, 2023) and a surface time domain electromagnetic (TDEM) survey over the area of,
and along strike of the historic Gochager Lake deposit.
TDEM and BHEM highlights include:
• The TDEM survey covered approximately 1km 2 and defined a moderate-strength zone of
conductivity directly over top of the historic Gochager Lake deposit. 1 This conductive trend
extends both to the SW and to the NE of the deposit area.
• In addition, newly identified zones of conductivity occur to the north, north-northeast, and east-
southeast of the Gochager Lake deposit area.
• Internal lithostructural interpretation of the 2008 VTEM survey recognizes the Gochager Lake
deposit occurs on the axis of a major fold. The hinge zone of the fold occurs immediately to the
southwest of the Gochager Lake deposit.
• Directly along strike of the Gochager Lake deposit and on the interpreted fold axis, a moderate
strength, untested VTEM anomaly occurs , and the TDEM survey confirms the untested VTEM
anomaly is very “Gochager-like” (see Figure 1).
• The second phase of BHEM surveys utilized multiple loop configurations to change coupling angles
for each hole surveyed and to ultimately better image the conductivity zones recognized in the
first phase of BHEM. Both BHEM programs have identified at least 4 separate conductive zones in
the area of Fathom’s Q1-2023 drilling, with several lying outside the historical Gochager Lake
deposit.
Ian Fraser, CEO and VP Exploration stated, “We are extremely pleased with the results of the surface TDEM
survey. It was a very important exercise for us to recognize, define and understand the EM signature
associated with the historic Gochager Lake deposit. We now have a very good understanding of the surface
signal and the geophysical setting of the deposit. We are very encouraged to see that this signal extends
along strike and to see similar occurrences elsewhere in proximity to the deposit. Recognizing the structural
setting and a similar VTEM / TDEM anomaly further along strike and aligning with an interpreted fold axis
makes the area northeast of the Gochager deposit very prospective and a high priority target area for
future exploration efforts. Now knowing that high-grade nickel defined in our drillhole GL23003 occurs in
association with very strong in -hole and off-hole BHEM conductivity signals , yet below a moderate
strength TDEM surface expression, has us very intrigued and excited about numerous other similar
features (Gochager look-a-likes) that we see in the historic 2008 VTEM data set”.
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Figure 1 – TDEM Conductor Maps
Figure 1 Notes:
• The Tilt Derivative is a mathematical function routinely applied to Magnetic Field Data to
preferentially enhance weaker magnetic signals to map textures, structures, and edge contacts
of magnetic sources.
• VTEM Channel 33, is a late time Versatile Time Domain Electromagnetic (VTEM) channel gridded
image. Within airborne datasets, we look at later time channels to find the higher conductance
sources.
The TDEM survey was conducted over five 100-meter spaced lines immediately proximal to the Gochager
deposit, plus two additional 100 -meter spaced lines northeast of the Gochager deposit. The Company
recognizes that the TDEM profile overtop of the Gochager deposit is a moderate strength conductor and
has a shape indicative of a steeply oriented conductive body or bodies. In contrast, the BHEM results from
all holes probed to date indicate strong to very strong in-hole and off-hole conductivity responses. BHEM
responses are consistent with multiple conductive zones with steeply oriented geometries, and several of
the off-hole conductive zones lie outside of the historic drilling envelope at the Gochager Lake deposit.
BHEM interpretation is ongoing and finalized 3D imaging and modelling will be instrumental in the drill
targeting process as we look forward to the August drill program at the Gochager Lake project. The TDEM
survey has highlighted drill targets outside of the Gochager Lake deposit area that the Company also looks
forward to drill testing.
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Grant of Options to Key Company Consultants
Pursuant to its stock option plan and the policies of the Canadian Stock Exchange, the Company has
granted incentive stock options to certain key consultants of the Company for the right to purchase up to
an aggregate of 535,000 common shares of the Company, exercisable at a price of $0.265 per share for a
period of 60 months.
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 news 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 22,000+ hectare Gochager Lake 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% Cu 1.
1 – 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 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]
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