First Atlantic Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21)
("First Atlantic" or the "Company") is pleased to announce that it
has commenced drilling at its multi-zone, district-scale, 100%
owned Atlantic Nickel Project in central Newfoundland, Canada (the
"Project" or the "Atlantic Nickel Project"). This follows the
recent discovery and expansion of multiple new zones of visible
awaruite, a naturally occurring nickel-alloy, across the project's
30 km nickel trend during the summer sampling program.
Highlights
- Drilling Underway:
Testing multiple large-scale, widely spaced, new high-priority
nickel targets that have never been drilled.
- New Discoveries: A
recent summer sampling program at 200+ outcrops identified both new
and expanded awaruite nickel-alloy zones across the 30 km
trend.
- Significant Scale
Potential: Multiple target areas showing large geophysical
and geochemical footprints suggest the potential to host several
mineralized systems with potential volumes ranging from 500 million
to over 1 billion tonnes.
- High-Priority
Targets: RPM and Super Gulp revealed new discoveries of
multiple outcrops with abundant visible disseminated awaruite
grains. These discoveries extend surficial occurrences
approximately 25 km south, from historic drilling at Atlantic Lake
to the RPM zone, within the ultramafic (ophiolite) sequence.
- Super Gulp: Located ~4 km south of Gulp Pond
Zone and ~20 km south of historic hole 78-AL-01 in Atlantic Lake
Zone.
- RPM: Located ~25 km south of Atlantic Lake,
near the southern end of the 30 km trend, within 1 km of the Chrome
Pond showing which returned values up to >60% Chromium
(Cr2O3).
- Smelter-free
nickel: Awaruite (Ni3Fe), a natural nickel-iron alloy
containing ~77% Ni, enables smelter-free magnetic separation, which
could enhance the resilience and security of North America's
critical minerals supply chain. Awaruite's clean and efficient
North American processing potential aligns with new US Electric
Vehicle IRA requirements, which stipulate that, beginning in 2025,
eligible clean vehicles may not contain any critical minerals
processed by a foreign entity of concern1.
For further information, questions, or
investor inquiries, please contact Rob Guzman at First Atlantic
Nickel by phone at +1 844 592 6337 or via email at
rob@fanickel.com
Adrian Smith, CEO of First Atlantic, commented,
“We are thrilled by the rapid progress our team has made at our
district-scale Atlantic Nickel Project. With guidance from Dr. Ron
Britten, a world-renowned nickel awaruite expert, we have advanced
the project from acquisition to the discovery drilling phase in
just half a year.”
Adrian Smith continues “The Atlantic Nickel
Project's awaruite nickel-alloy has unique properties that enable a
simple magnetic separation process, eliminating the need for
smelting. This characteristic positions the project as a potential
major source of nickel that could be processed domestically,
reducing North America's reliance on foreign nickel smelting and
processing. This is particularly beneficial given the region’s
limited nickel smelting capacity. This approach aligns with the US
Inflation Reduction Act (IRA), which mandates that, beginning in
2025, an eligible clean vehicle may not contain any critical
minerals processed by a foreign entity of concern (FEOC)1, such as
China, a major global nickel refiner. By addressing these
challenges, our project aims to contribute to a more secure,
independent, and resilient nickel supply chain for North
America.”
Figure 1: Drill Rig begins 2024 core drilling at
the Atlantic Nickel Project.
Drill Program Targeting Large-Scale
Nickel Potential
The drill program is focused on testing multiple
large-scale target areas that have never been drilled before. These
high-priority areas show significant concentrations of visible
awaruite observed at surface (in rock samples, outcrops and
subcrops). Initial drilling is planned at wide spacings to evaluate
the potential for bulk tonnage nickel mineralization, with target
volumes potentially ranging from hundreds of millions to billions
of tonnes.
Drilling is planned to focus on areas with high
geochemical nickel concentrations at surface and confirmed visual
awaruite occurrences along the 30 km nickel trend. This trend is
hosted within a large-scale ultramafic (ophiolite) sequence, which
serves as the primary host rock for the large-scale nickel
mineralization being targeted at the Atlantic Nickel Project.
2024 Sampling Program Expands Nickel
Targets
The recent sampling program successfully
expanded multiple areas with visible awaruite nickel-alloy targets
across several zones throughout the Project. By sampling over 200
rock outcrop locations along the 30 km trend (Figure 1), the
Company efficiently confirmed and prioritized targets for immediate
drilling.
High-priority awaruite-bearing nickel zones
identified from north to south include: Atlantic Lake, Gulp Pond,
Super Gulp (new discovery), Pipestone, Chrome Pond, RPM Zone (new
discovery) (see Figure 2).
Figure 2: Atlantic Nickel target zones showing
2024 sampling with visible awaruite (nickel-alloy) locations over
the 30 km nickel ultramafic magnetic trend (background TMI
magnetics).
RPM Zone
The RPM Zone is a new discovery extending from
the Chrome Pond area. Large visible disseminated awaruite grains
(>100 microns) were observed in several outcrops located in
areas with extensive surficial cover and near elevated nickel in
soils. This suggests the potential for large volumes of concealed
mineralized material, making the RPM Zone a high-priority target
for the initial phase of drilling.
The RPM target zone spans approximately 2.6
kilometers in length and is estimated to be 400 to 600 meters wide.
Outcrops in the area are heavily weathered, consisting of
serpentinized ultramafics intersected by serpentine-magnetite
veins, microfractures, or disseminated magnetite.
Super Gulp Zone
The Super Gulp Zone is another new discovery
located approximately 4 km south of the Gulp Pond Zone and 20 km
south of historic hole 78-AL-01 in the Atlantic Lake Zone. This
discovery extends the potential mineralized zone from the Big Gulp
showing (Gulp Pond) target area for at least 4 km to the south
(Figure 2). Abundant visible disseminated awaruite grains were
observed, making it a promising target for further exploration and
initial drill testing.
Samples from the summer program are currently
being analyzed for awaruite and nickel content, with results
pending. The identification of new targets like Super Gulp and RPM,
alongside the confirmation of existing areas, highlights the
Project's immense district-scale potential.
Awaruite (Nickel-iron alloy Ni₂Fe,
Ni₃Fe)
Awaruite, a naturally occurring nickel-iron
alloy composed of Ni₃Fe or Ni₂Fe, offers a proven and
environmentally safer solution to North America's domestic critical
nickel supply shortage. Unlike conventional nickel sources,
awaruite can be processed into high-grade concentrates exceeding
60% nickel content without the need for smelting2. This is
particularly significant given the lack of smelting capacity in
North America, which is largely controlled by China, and the
Inflation Reduction Act's requirement that, by 2025, critical
minerals in batteries be extracted or processed domestically or in
countries with U.S. free trade agreements. As The Brookings
Institution notes3, “Even if the U.S. and EU were to dig more
minerals out of the ground, many of these minerals would need to be
shipped overseas for concentrating, refining, and smelting without
significant increases in U.S. and European mineral refining and
smelting capacity.”
The U.S. Geological Survey (USGS) highlighted
awaruite's potential, stating4, “The development of awaruite
deposits in other parts of Canada may help alleviate any prolonged
shortage of nickel concentrate. Awaruite, a natural iron-nickel
alloy, is much easier to concentrate than pentlandite, the
principal sulfide of nickel.” Awaruite's unique properties enable
cleaner and safer processing compared to conventional sulfide and
laterite nickel sources, which often involve smelting or
high-pressure acid leaching. These methods can release toxic sulfur
dioxide, generate hazardous waste, and lead to acid mine drainage.
Awaruite's simpler processing eliminates smelting and intensive
acid leaching, reducing greenhouse gas emissions and risks
associated with toxic chemical release. This addresses concerns
about the large carbon footprint and toxic emissions linked to
battery metal refining, particularly for nickel.
The development of awaruite resources is
crucial, given China's dominance in the global nickel market.
Chinese companies refine and smelt approximately 68% to 80% of the
world's nickel5 6. Through investments, they also control an
estimated 84% of Indonesia's nickel output7, the largest supply of
nickel worldwide. Awaruite presents an environmentally safer, more
sustainable, and domestically processable nickel source that can
meet the growing demand in the stainless steel and electric vehicle
markets while reducing reliance on foreign refining and smelting
dominated by China, including their significant control over
Indonesia's nickel output.
Investor
Information
The Company's common shares trade on the TSX
Venture Exchange under the symbol “FAN”, the
American OTCQB Exchange under the symbol “FANCF”
and on several German exchanges, including Frankfurt and Tradegate,
under the symbol “P21”.
Investors can get updates about First Atlantic
by signing up to receive news via email and SMS text at
www.fanickel.com. Stay connected and learn more by following us on
these social media platforms:
https://x.com/FirstAtlanticNihttps://www.facebook.com/firstatlanticnickelhttps://www.linkedin.com/company/firstatlanticnickel/
FOR MORE INFORMATION:First
Atlantic Investor RelationsRobert GuzmanTel: +1 844 592
6337rob@fanickel.com
Disclosure
Adrian Smith, P.Geo., is a qualified person as
defined by NI 43-101. The qualified person is a member in good
standing of the Professional Engineers and Geoscientists
Newfoundland and Labrador (PEGNL) and is a registered professional
geoscientist (P.Geo.). Mr. Smith has reviewed and approved the
technical information disclosed herein.
The Company has not independently verified the
historic samples reported in this release but has received data
from the previous property owners and from the Government of
Newfoundland and Labrador’s online database.
About First Atlantic Nickel
Corp.
First Atlantic Nickel Corp. (TSXV: FAN) (OTCQB:
FANCF) (FSE: P21) is a Canadian mineral exploration company
developing the 100%-owned Atlantic Nickel Project, a large-scale
nickel deposit strategically located near existing infrastructure
in Newfoundland, Canada. The Project's nickel occurs as awaruite, a
natural nickel-iron alloy containing approximately 77% nickel with
no-sulfur and no-sulfides. Awaruite's properties allow for
smelter-free magnetic separation and concentration, which could
strengthen North America's critical minerals supply chain by
reducing foreign dependence on nickel smelting. This aligns with
new US Electric Vehicle US IRA requirements, which stipulate that
beginning in 2025, an eligible clean vehicle may not contain any
critical minerals processed by a FEOC (Foreign Entities Of
Concern)1.
First Atlantic aims to be a key input of a
secure and resilient North American critical minerals supply chain
for the stainless steel and electric vehicle industries in the USA
and Canada. The company is positioned to meet the growing demand
for responsibly sourced nickel that complies with the critical
mineral requirements for eligible clean vehicles under the US IRA.
With its commitment to responsible practices and experienced team,
First Atlantic is poised to contribute significantly to the nickel
industry's future, supporting the transition to a cleaner energy
landscape. This mission gained importance when the US added nickel
to its critical minerals list in 20228, recognizing it as a
non-fuel mineral essential to economic and national security with a
supply chain vulnerable to disruption.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Forward-looking statements:
This news release may include "forward-looking
information" under applicable Canadian securities legislation. Such
forward-looking information reflects management's current beliefs
and are based on a number of estimates and/or assumptions made by
and information currently available to the Company that, while
considered reasonable, are subject to known and unknown risks,
uncertainties, and other factors that may cause the actual results
and future events to differ materially from those expressed or
implied by such forward-looking information. Forward looking
information in this news release includes, but is not limited to,
expectations regarding the timing, scope, and results from the 2024
work and drilling program; future project developments, the
Company’s objectives, goals or future plans, statements, and
estimates of market conditions. Readers are cautioned that such
forward-looking information are neither promises nor guarantees and
are subject to known and unknown risks and uncertainties including,
but not limited to, general business, economic, competitive,
political and social uncertainties, uncertain and volatile equity
and capital markets, lack of available capital, actual results of
exploration activities, environmental risks, future prices of base
and other metals, operating risks, accidents, labour issues, delays
in obtaining governmental approvals and permits, and other risks in
the mining industry. Additional factors and risks including
various risk factors discussed in the Company’s disclosure
documents which can be found under the Company’s profile on
http://www.sedarplus.ca. Should one or more of these risks or
uncertainties materialize, or should assumptions underlying the
forward-looking statements prove incorrect, actual results may vary
materially from those described herein as intended, planned,
anticipated, believed, estimated or expected.
The Company is presently an exploration stage
company. Exploration is highly speculative in nature, involves many
risks, requires substantial expenditures, and may not result in the
discovery of mineral deposits that can be mined profitably.
Furthermore, the Company currently has no reserves on any of its
properties. As a result, there can be no assurance that such
forward-looking statements will prove to be accurate, and actual
results and future events could differ materially from those
anticipated in such statements.
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1
https://home.treasury.gov/news/press-releases/jy19392https://fpxnickel.com/news/fpx-nickel-completes-confirmatory-large-scale-mineral-processing-pilot-testwork-with-funding-support-from-the-government-of-canada/3
https://www.brookings.edu/wp-content/uploads/2022/08/LTRC_ChinaSupplyChain.pdf4
https://d9-wret.s3.us-west-2.amazonaws.com/assets/palladium/production/mineral-pubs/nickel/mcs-2012-nicke.pdf5
https://www.brookings.edu/wp-content/uploads/2022/08/LTRC_ChinaSupplyChain.pdf6
https://www.bloomberg.com/news/articles/2024-05-01/us-philippines-eye-partnership-to-cut-china-s-nickel-dominance7
https://www.airuniversity.af.edu/JIPA/Display/Article/3703867/the-rise-of-great-mineral-powers/
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/98e676ee-6ad7-44d2-a993-a2a76d0d0ce7
https://www.globenewswire.com/NewsRoom/AttachmentNg/485f88bd-4349-43b2-8183-c05ff8a1e021
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