Gochager Lake Assay Results - Q1/Q2-2024 Drill Program
FATHOM CONTINUES TO INTERSECT HIGH-GRADE MINERALIZATION AND
EXPAND THE HISTORIC GOCHAGER LAKE DEPOSIT IN ALL DIRECTIONS
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
Highlights of Q1/Q2-24 Gochager Lake Project drill program include:
• GL24016:
o 7.39m @ 1.43% Ni, 0.38% Cu, 0.11% Co (1.80% NiEq) from 182.05m downhole; including:
o 2.94m @ 2.43% Ni, 0.55% Cu, 0.19% Co (3.00% NiEq) from 186.50m downhole; within:
o 48.54m @ 0.64% Ni, 0.19% Cu, 0.05% Co (0.82% NiEq) from 172.00m downhole; within:
o 185.49m @ 0.31% Ni, 0.09% Cu, 0.03% Co (0.40% NiEq) from 101.70m downhole.
• GL24013:
o 3.96m @ 2.28% Ni, 0.51% Cu, 0.18% Co (2.82% NiEq) from 354.77m downhole; within:
o 21.31m @ 0.64% Ni, 0.20% Cu, 0.05% Co (0.76% NiEq) from 349.09m downhole.
• GL24012:
o 4.32m @ 1.15% Ni, 0.16% Cu, 0.10% Co (1.38% NiEq) from 417.91m downhole.
• Drill tested, borehole electromagnetic (BHEM) conductors coincide with high-grade, nickel zones
of semi-massive to massive sulphide mineralization.
• The historic Gochager Lake deposit is open for expansion in multiple directions and, importantly,
to depth.
Calgary, Alberta – May 28, 2024 – Fathom Nickel Inc. (the “Company” or “Fathom”) (CSE:FNI) (FSE: 6Q5),
(OTCQB: FNICF) is pleased to announce results of the Q1/Q2-24 seven drillhole, 2,656 meter drill program
at the Company’s Gochager Lake Project.
Gochager Lake Deposit 2023-2024 Overview
Fathom commenced drilling the historic Gochager Lake deposit in February of 2023. To date, 16 drillholes
totaling 5,543 meters have been completed. The Company has now defined a mineralized gabbro unit
containing interstitial disseminated magmatic pyrrhotite, pentlandite and chalcopyrite, over a northeast-
southwest strike of approximately 300 meters and a vertical extent exceeding 400 meters and remains
open in all directions (see Figures 1-3 & 4). This unit is crosscut by semi-massive to massive sulphide veins
and stringers that tend to be aligned within vertical oriented chutes . The sul phide mineralogy of the
massive and disseminated sulphides is similar, with both styles of mineralization having similar sulphide
Ni tenor of 3-4% and similar sulphide chemistry.
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The Company believes the disseminated and massive sulphides are related to a common source and may
have been injected as a separate pulse from a larger, yet undiscovered magma chamber. These sulphide-
rich zones coincide consistently with downhole BHEM conductors occurring within the mineralized gabbro
unit. Continued success and confidence utilizing the BHEM tool and drilling sulphide-rich, conductive
zones will continue to increase tonnes and the historic grade of the Gochager Lake deposit but importantly
guide drilling to the source of the semi-massive to massive nickel sulphide mineralization. Fathom believes
the existence of semi-massive to massive, high-grade sulphide veins of up to 3.25% Ni (as was drilled in
hole GL23008) are positive indications that our exploration efforts are getting closer to identifying the late
phase source. Refer to Tables 1 & 2 for complete Q1/Q2-24 Assay Results and Drillhole Locations.
Drill Update Webinar: Investors are invited to attend Fathom Nickel's drill results live webinar taking
place at 10:00 AM PST/1:00 PM EST today, Tuesday May 28, 2024.
Link here: https://us06web.zoom.us/j/89728636795
Ian Fraser, CEO and VP Exploration stated, “We have now gained a much better understanding of the
potential of the Gochager Lake deposit . We now recognize the emplacement of the Gochager Lake
intrusion as a multi -phased, complex, chaotic, and open magmatic process; descriptors of many of the
world’s operating magmatic nickel sulphide min ing camps . The >1% nickel mineralization we have
intersected at depths exceeding 400 meters below surface is wide open for expansion and the deposit is
wide open for expansion in all directions. The nickel mineralization intersected in GL24016 resulted from
the testing of a BHEM anomaly below GL23005 drilled in 2023. While GL23005 did not itself contain
significant high-grade nickel mineralization, we now know that large areas of consistent, disseminated
interstitial mineralization have the potential to contain hi gh-grade mineralized intercepts like we
generated in GL24016 during this campaign. Areas with consistent disseminated interstitial mineralization
combined with BHEM anomalies are a good recipe for discovery and we have several more of these targets
to drill test.
When we acquired the Gochager Lake project in September 2022, we hypothesized that high-grade, nickel-
copper-cobalt mineralization was confined to steeply oriented chutes and thus, the historic vertical drilling
quite simply missed this steep geometry and the high- grade nickel mineralization contained within the
deposit. Our decision to approach dr illing utilizing variable inclined drillholes but each with a consistent
azimuth has allowed us to better define the semi -massive to massive sulphide zones and to better
understand the controls and geology of the deposit.
As stated earlier, the Gochager Lake deposit is complex, and complexity is good. It is also now apparent
that the semi-massive to massive vein-like, nickel sulphide mineralization is coming from yet another phase
of this complex intrusive. This later phase, the source of the high-grade mineralization, is out there to be
discovered. The semi-massive to massive sulphide mineralization we are recognizing at depth and the
associated conductivity we recognize beyond our drillholes is suggesting we are getting closer. In just over
5,000 meters of drilling we are beginning to unlock the true potential at Gochager Lake, a testament to
our exploration approach and to the efforts of our exploration team”.
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Table – 1 Drillhole Assay Summary
Drillhole From (m) To (m) Interval (m)* Ni wt%** Cu wt% Co wt% NiEq %***
GL24013 354.77 358.73 3.96 2.28 0.51 0.18 2.82
Within 349.09 370.40 21.31 0.64 0.20 0.05 0.76
Within 302.11 372.61 70.50 0.33 0.10 0.03 0.42
GL24016 186.50 189.44 2.94 2.43 0.55 0.19 3.00
GL24016 182.05 183.01 0.96 2.15 0.59 0.17 2.40
Within 182.05 189.44 7.39 1.43 0.38 0.12 1.79
Within 175.33 189.44 13.91 1.12 0.30 0.09 1.39
GL24016 208.90 209.53 0.63 1.58 0.11 0.14 1.84
GL24016 219.00 219.63 0.63 1.21 0.24 0.11 1.50
Within 172.00 220.54 48.54 0.64 0.19 0.05 0.82
Within 101.70 285.48 183.78 0.31 0.09 0.02 0.40
GL24012 417.91 422.23 4.32 1.15 0.16 0.09 1.38
Within 417.11 442.79 27.44 0.41 0.08 0.03 0.50
Within 390.88 444.55 53.67 0.30 0.07 0.02 0.37
GL24015 324.79 325.12 0.33 1.49 0.55 0.10 1.93
Within 323.72 325.12 1.40 0.66 0.19 0.05 0.82
Within 319.53 332.00 12.47 0.27 0.06 0.02 0.33
GL24014 203.89 212.53 8.64 0.29 0.06 0.03 0.38
Within 201.00 237.53 36.53 0.20 0.04 0.02 0.25
GL24017 179.44 196.14 16.70 0.29 0.07 0.02 0.36
Within 166.00 204.86 38.86 0.25 0.06 0.02 0.31
GL24017 201.77 202.35 0.58 1.02 0.24 0.08 1.26
GL24018 121.00 122.4 1.40 0.61 0.14 0.04 0.75
Within 99.88 139.00 39.12 0.28 0.08 0.02 0.35
* Interval (m) are downhole intervals and not true thickness. Insufficient data currently to determine true thickness.
** Mineralized intersections calculated using a 0.2% Ni grade cut-off for overall zones and 0.5% Ni and 1.0% Ni was used for
high-grade zones.
*** Where used in this news release NiEq% (Nickel Equivalent) = Ni%+Cu%*Cu$/lb/Ni$/lb+Co%*Co$/lb/Ni$/lb where Ni
(US$8.67/lb), Cu (US$4.62/lb), Co (US$12.62/lb) and NiEq calculation assumes 100% metal recovery. Fathom has not performed
any metallurgical recovery tests on Gochager Lake mineralization.
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Figure – 1 Q1/Q2-24 Drillhole Plan Map
• Drillhole traces projected to surface.
• A shallow dipping fault has been mapped across the area of Fathom drilling.
• Zones of mineralized gabbro have been defined in the hanging wall (HW) and footwall (FW) of the
fault. At present we interpret an offset to the south along this fault , opening up an area for
expansion not previously recognized.
• Zones of mineralized gabbro are defined using a 0.1% Ni cut -off. Broad zones of mineralized
gabbro >0.1% Ni are well defined in the hanging wall and footwall locally with true widths up to
75m. An example of very broad, consistent >0.1% Ni mineralization:
o GL24016; 185.49m @ 0.31% Ni, 0.09% Cu, 0.03% Co from 101.7m downhole.
• Not illustrated on Figure 1, drillhole GL23011 collared ~400 m to the northeast intersected
magmatic nickel sulphides in a gabbro host and BHEM anomalies were detected off -hole. This
widens the field of further targets and discoveries.
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Figure – 2 Composite Long Section Derived from 2023-2024 Drilling
• The grey rectangles are defining areas of BHEM conductivity, the extent of conductivity remains
undefined and thus open.
• The high-grade nickel sulphides intersected in GL23009, GL24012, GL24013 coincide with BHEM
conductors (grey rectangles), and this mineralization remains open up plunge, down plunge, to
depth, to the south, and along strike illustrating the potential for extension of existing mineralized
zones and new discoveries.
• For Example:
o Strong off -hole BHEM conductors were detected in GL2 4014 @ ~170m and ~ 240m
downhole.
o Strong, broad off-hole BHEM conductors detected in GL24017 @ ~165m and ~205m
downhole.
• In addition to the expansion potential discussed above, BHEM and mineralized gabbro occurring
within GL24014, GL24017 and GL24018 confirm that the Gochager Lake deposit remains open for
expansion to SW and NE . S trong BHEM conductors suggest the presence of semi-massive to
massive nickel bearing sulphides.
• Strong BHEM conductivity measured in front of holes GL23009, GL24012, GL24013 and GL24015
@ ~140m downhole, suggestive of hanging wall mineralization, has not been drill tested.
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• Many of the 2023- 2024 drillholes exhibit building conductivity to end of the drillhole, indicative
of a mineralized source extending beyond end of the drillholes.
• As on Figure 1 and not illustrated on Figure 2, drillhole GL23011 collared ~400m to the northeast
intersected magmatic nickel sulphides in a gabbro host and BHEM anomalies were detected off-
hole.
This slightly oblique view of the Gochager Lake deposit illustrates, in some respects, the chronology and
understanding of the deposit based on drilling to date. The key takeaways are the zones of >0.5% Ni,
containing >1.0% Ni mineralization resulted from drilling BHEM targets derived from both historic
drilling and Fathom drillholes. BHEM conductivity on the margins of Fathom drilling (GL24014,
GL24017 & GL24018) is very compelling evidence that this deposit is very open along strike and it is
also very evident the deposit is very open for expansion to depth.
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Figure – 3 Cross-Section of Drillholes GL24012, GL24013 & GL24015
Figure 3a – Coarse granular pentlandite @ 356.32m; 2.65% Ni, 0.62% Cu, 0.21% Co
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Figure – 4 Cross-Section of Drillholes GL23005 & GL24016
Figure 4a – Blebby chalcopyrite disseminated granular pentlandite @ 186.5m; 2.84% Ni, 0.86% Cu,
0.23% Co