First Atlantic Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21)
("First Atlantic" or the "Company"), is pleased to report its
initial sampling has confirmed the presence of a significant 30 km
nickel trend at its 100% owned Atlantic Nickel Project in central
Newfoundland, Canada (the “Atlantic Nickel Project” or the
“Project”). Strategically located near the Atlantic Ocean, the
Project offers ideal access to maritime shipping routes,
positioning it to supply nickel input for the steel and electric
vehicle supply chains in both the United States and Canada. The
Project's proximity to critical infrastructure, including road
access, clean hydro-electric grid power, and favorable terrain and
climate make it an optimal location for mining exploration and
development. First Atlantic is prioritizing the identification of
the strongest mineralized zones of awaruite, a naturally occurring
nickel-iron alloy, with four initial and promising areas targeted
for follow-up work this summer. A large corporate strategic
investor has led a ~$2.1 million investment in the Company, which
will expedite exploration efforts, including mapping, geophysical
surveys and sampling in advance of a planned and fully funded 5000
meter drilling program, set to commence immediately.
Highlights
- Initial sampling confirms significant nickel mineralization
along a 30 km trend, suggesting the potential for a large nickel
district centered on the Atlantic Nickel Project.
- Awaruite (nickel-iron alloy) has been visually identified in
multiple zones disseminated within widespread serpentinization of
ultramafic rocks.
- New Big Gulp nickel occurrence identified (see Figure 1) in
Gulp Pond area with visually identified awaruite.
- Presence of high nickel content and low sulfur values, which is
optimal for awaruite nickel formation.
- Initial assays returning up to 2,800 ppm nickel from outcrops
sampled over an 18 km strike length within a larger trend verify
the historic results which outline a 30 km district scale nickel
trend.
- Results guide the 2024 exploration and are part of the drill
targeting strategy, advised by world-renowned nickel expert Dr. Ron
Britten.
- Ideal location: road access, nearby hydroelectric power,
favorable terrain and climate for year-round exploration.
First Atlantic has identified four priority
areas - Atlantic Lake, Gulp Pond, Pipestone, and Chrome Pond - for
immediate follow-up based on the recently announced compilation and
initial sampling program. The Company's 2024 exploration program is
set to commence immediately, focusing on these targets to further
define the extent and grade of awaruite nickel mineralization along
the 30 km trend. The additional data will offer a deeper
understanding of the nickel mineralization and assist in accurately
targeting the drill program.
Exploration is focused on alteration
(serpentinization), a process responsible for forming the
silvery-white nickel-iron alloy “awaruite” a magnetically
recoverable nickel mineral. Field observations identified
widespread serpentinization concentrated in large regional
zones.
"The initial sampling at our district-scale
Atlantic Nickel Project, which covers a 30 km trend with discovery
potential for multiple deposits, has exceeded our expectations,
revealing extensive nickel mineralization throughout this large
area. These results not only validate historical data but also
provide new insights for targeting our fully-funded 2024
exploration program. With Dr. Ron Britten's expertise guiding our
efforts, we are well-positioned to unlock the full potential of
this important nickel district in Atlantic Canada. Our vision is to
leverage the district-scale nature of this project through a swift,
systematic exploration approach, similar to Canada Nickel and FPX
Nickel, potentially accelerating our path towards defining a
significant resource through drilling," commented Adrian Smith, CEO
of First Atlantic.
The initial samples summarized in Table 1 reveal
consistently high nickel values that align with historic results
from the sampled areas, confirming the data obtained through the
Company's compilation program. The rock samples' high nickel and
low sulfur content confirm the Atlantic Nickel Project as an
optimal environment for awaruite nickel formation. This unique
characteristic presents the potential for producing high-grade
nickel concentrates without sulfur eliminating the need for
downstream smelting processes. This has the potential to reduce
dependence on foreign countries that currently control a
significant portion of global nickel smelting capacity, and could
mitigate the risk of acid mine drainage. Such a development could
contribute to more secure and localized nickel supply chains while
positioning the Project as environmentally favorable compared to
traditional sulfide deposits.
Dr. Ron Britten, technical advisor to First
Atlantic, commented, “Local evidence of multiple structural and
serpentinization events, along with at least two phases of awaruite
nickel formation are encouraging signs for the advancement of the
Atlantic Nickel Project. The extensive Pipestone ultramafic belt
measuring up to 2 km wide and ~30 km long will require additional
systematic mapping and rock sampling to test the full potential.
Samples will be analyzed for magnetically recovered nickel to
prioritize drill targets with the best potential to host awaruite
mineralization planned to be tested this year.”
Figure 1: Northeast oriented photos of Big Gulp
anomaly near Gulp Pond area shows strongly deformed outcrops with
abundant fractures and foliations that dip ~60deg northwest and
related to shear or thrust motion and are good feature that may
control serpentinization and awaruite nickel-iron alloy
mineralization. (bottom left) Rock slab (24RMB05) shows
silver-white specs of disseminated awaruite within a crackle
breccia fabric in strong serpentinization-magnetite altered
ultramafic.
Table 1: Summary of initial rock samples.
2023 Rocks |
No. Samples |
Min value |
Max value |
Avg value |
% of samples |
Full dataset |
86 |
.005 |
2800 |
1697 |
100% |
|
> 1000 ppm |
63 |
1000 |
2800 |
2165 |
73% |
|
> 1500 ppm |
60 |
1500 |
2800 |
2220 |
70% |
|
> 2000 ppm |
52 |
2000 |
2800 |
2308 |
60% |
|
Figure 2: Atlantic Nickel Project compilation
map showing samples over core 30 km trend over project magnetics in
background.
Figure 3: Atlantic Nickel initial sampling
confirms high nickel values over southern extent of the 30 km
trend, towards historic drilling at furthest north area.
Figure 4: Atlantic Nickel Project geology map
with initial rock samples confirming high nickel values shown
extending through the bottom 18 km of the overall 30 km trend.
Exploration Model
Awaruite nickel mineralization and
serpentinization at the Atlantic Nickel project appears to be
related to large-scale faulting from the eastward thrusting of the
Pipestone ophiolite complex onto land during the closure of an
ancient ocean basin. This tectonic process increased permeability
and as a result may be a controlling factor for serpentinization of
the ultramafic rocks, where the primary minerals are altered to
form awaruite along with serpentine minerals, including brucite.
Scientific research outlines this process as a specific chemical
reaction that occurs during serpentinization of low-sulfur
ultramafic rocks, forming magnetite and awaruite nickel, a
silvery-white highly magnetic and ductile nickel-iron alloy. The
extensive 30 km trend of these ultramafics and large scale fault
structures result in widespread areas of serpentinization and
awaruite formation, exploration is planned to focus on the best
areas with the most abundant concentrations of disseminated
awaruite formation.
The geological model is comparable to the
Baptiste deposit in British Columbia, Canada in size and intensity
of magnetic signature, rock types, alteration and awaruite
mineralization. The Baptiste Deposit contains over 10 billion lbs1
of nickel and has attracted strategic partners, including Toyota,
Outokumpu, Sumitomo Mining, and JOGMEC. The initial resource at
Baptiste was completed with just 12,565 meters of drilling,
demonstrating the rapid advancement potential of this deposit
type.
The Company is eager to start its 2024
exploration program and will provide updates as the work
progresses.
Investors are invited to sign up for the
official FAN (First Atlantic Nickel) list found at www.fanickel.com
and to follow First Atlantic Nickel on the following social
media.
https://twitter.com/FirstAtlanticNi
https://www.facebook.com/firstatlanticnickel
https://www.linkedin.com/company/firstatlanticnickel/
FOR MORE INFORMATION: First
Atlantic Nickel Relations Robert Guzman Tel: +1 844 592 6337
Rob@fanickel.com http://www.fanickel.com
Disclosure
The Company has not independently verified the
historic samples reported in this news release but has received
data from the previous property owners and from the Government of
Newfoundland and Labrador’s online database.
Samples were cataloged and shipped to Activation
Laboratories Ltd. in Fredericton, NB, an ISO 17025 accredited
laboratory. All samples underwent Davis Tube testing to separate a
magnetic fraction containing awaruite and all samples were crushed
with the whole rock pulp analyzed by ICP-OES and the magnetic
fraction by XRF for major oxide and selected trace element
chemistry.
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.
About First Atlantic Nickel
Corp.
First Atlantic Nickel Corp.
(TSXV: FAN) (OTCQB: FANCF) (FSE: P21) is a Canadian mineral
exploration company that owns 100% of the Atlantic Nickel Project,
a large scale significant nickel awaruite project in Newfoundland
and Labrador, Canada. By eliminating the need for smelting, nickel
in the form of awaruite reduces dependence on foreign entities of
concern for both supply and processing, thereby strengthening
supply chain security. In 20222, the US Government designated
nickel as a critical mineral, highlighting its importance to the
nation's economy and security.
The Atlantic Nickel Project is a special asset
due to its unique combination of size, location, proximity to
infrastructure, and the presence of awaruite. By developing this
domestic awaruite nickel project, First Atlantic aims to enhance
supply chain security for the stainless steel and electric vehicle
industries in the USA, Canada, and Europe. The Company's strategic
location and focus on awaruite nickel position it to play a key
role in meeting the growing demand for responsibly sourced nickel
in these sectors.
The Company is committed to responsible
exploration, environmental stewardship, and working closely with
local communities to create sustainable economic opportunities.
With its experienced team and the Project's significant potential,
the Company is well-positioned to contribute to the future of the
nickel industry and the global transition to a cleaner, more secure
energy future.
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,
the receipt of drilling permits for its 5,000-meter summer 2024
drill program targeting priority areas along the Project's
30-kilometer awaruite nickel trend, expectations regarding the
timing, scope, and results of the summer work 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.
__________________________1
https://fpxnickel.com/wp-content/uploads/2023/11/Baptiste-Project-NI-43-101-Technical-Report_FINAL.pdf2
https://www.usgs.gov/news/national-news-release/us-geological-survey-releases-2022-list-critical-minerals
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/4480b554-c559-455c-9fd9-24b013465c6a
https://www.globenewswire.com/NewsRoom/AttachmentNg/94b028c7-abea-4ff5-b97f-c4f539eba2c2
https://www.globenewswire.com/NewsRoom/AttachmentNg/d8fbf7f3-7ee8-428c-b89e-cb45dd90055d
https://www.globenewswire.com/NewsRoom/AttachmentNg/43fb306a-d90b-4e0e-b395-caab6c085670
First Atlantic Nickel (TSXV:FAN)
과거 데이터 주식 차트
부터 10월(10) 2024 으로 11월(11) 2024
First Atlantic Nickel (TSXV:FAN)
과거 데이터 주식 차트
부터 11월(11) 2023 으로 11월(11) 2024