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
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
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
Dr.
Figure 1: Northeast oriented photos of Big Gulp anomaly near
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:
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:
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
The geological model is comparable to the Baptiste deposit in
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
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
Samples were cataloged and shipped to
About
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
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.pdf
2https://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
![](https://ml.globenewswire.com/media/Y2Y0YWY3YTctNWQwMC00MzE0LTk1ODMtOTQ1ZjY3MWYyYjRlLTEzMDQyNjA=/tiny/First-Atlantic-Nickel-Corp-.png)
Figure 1
![](https://ml.globenewswire.com/media/4480b554-c559-455c-9fd9-24b013465c6a/medium/figure-1.jpg)
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.
Figure 2
![](https://ml.globenewswire.com/media/94b028c7-abea-4ff5-b97f-c4f539eba2c2/medium/figure-2.jpg)
Atlantic Nickel Project compilation map showing samples over core 30 km trend over project magnetics in background.
Figure 3
![](https://ml.globenewswire.com/media/d8fbf7f3-7ee8-428c-b89e-cb45dd90055d/medium/figure-3.jpg)
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
![](https://ml.globenewswire.com/media/43fb306a-d90b-4e0e-b395-caab6c085670/medium/figure-4.jpg)
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.
2024 GlobeNewswire, Inc., source