First Atlantic Nickel Corp.
Company Data
| Introduction
| Projects in Hand
| Management
News Update
| Chinese
| Address ： |
Suite 1890 – 1075 West Georgia Street Vancouver, BC Canada V6E 3C9 |
| Tel No.： | 1-844-592-6337 |
| Web Site： | www.fanickel.com |
| E-mail： | rob@fanickel.com |
| Contact Person： | Robert Guzman |
| Position： | Investor Relations |
| Traded Market： | TSXV | OTC | FSE |
| Traded Symbol： | FAN | FANCF | P21 |
| Outstanding Shares： | approx. 70.95 million |
| 52 Week High： | $ 0.17 |
| 52 Week Low： | $ 0.06 |
| Present Price： | Click Here |
First Atlantic Nickel is a Canadian mineral exploration company that owns 100 per cent 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. The US Geological Service (USGS) has identified awaruite as a solution to a nickel shortage because it is easier to process & concentrate than traditional nickel sulfide minerals. In 2022, the U.S. 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 because it contains nickel in the unique and desirable form of awaruite (a naturally occurring nickel-iron alloy composed of Ni3Fe or Ni2Fe), complemented by the project's advantageous size, location, and proximity to infrastructure. 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. Awaruite's amenability to simple and economic magnetic processing allows for the mining and concentration of awaruite to be conducted entirely within North America. The nickel concentrate can then be directly shipped from the mine in Newfoundland via the Atlantic Ocean to stainless steel and EV factories in Canada and the United States. This delivers the greatly desired supply chain security and diversification that North American governments, automobile manufacturers, and the stainless steel industry seek when sourcing nickel while decreasing reliance on China for processed and refined nickel.
The Company is dedicated to responsible exploration, environmental safety, and working with local communities to create sustainable opportunities. Awaruite nickel mining and processing has a safer environmental profile compared to conventional nickel sources. Awaruite's streamlined processing avoids smelting and intensive acid leaching, minimizing toxic emissions and the risk of acidic mine waste contaminating water sources. The project benefits from a clean, high-voltage hydro dam, which will contribute to low CO2 mining operations. This approach addresses concerns about the environmental impact of battery metal refining. With its experienced team and the project's potential, the Company is well-positioned to contribute to the future of the nickel industry and the transition to a cleaner energy future.
Investment Highlights
Experienced Team, Undervalued Opportunity
- Management with proven track record in critical mineral discoveries, financing, and leading an undervalued company with significant growth potential and high-value assets
Awaruite: Future of Clean Nickel
- Awaruite, a rare nickel-iron alloy mineral with high nickel content, offers potential for sustainable, high-value nickel concentrate production without smelting, resulting in a lower environmental footprint.
- The US Geological Survey (USGS) recognizes awaruite, a natural iron-nickel alloy, as a potential solution to the nickel shortage due to its easier concentration process compared to pentlandite, the primary nickel sulfide mineral.
Prime Infrastructure
- Atlantic Location provides direct shipping access to US, European & Canadian EV and stainless steel markets. Existing roads & nearby clean hydropower dam support low-carbon mining operations.
District-Scale Potential
- 30 km ultramafic target area with proven elevated nickel values and a larger geophysical target than peers emphasizes the Atlantic Nickel project's potential for a multi-deposit mining district.
Strategic Location Secures Western Supply Chains
- Newfoundland & Labrador: Ranked 4th globally for mining investment
- Strong government & community support, eligible for US & Canadian critical mineral financial support
- Strategic Atlantic Ocean location reduces dependence on Indonesia for nickel supply; awaruite reduces supply chain dependence on China.
Atlantic Nickel Project, Central Newfoundland
Strategically located in central Newfoundland, the Atlantic nickel project benefits from road access and nearby hydroelectric power, presenting the potential for a significant large-scale nickel discovery within this district-scale project. Throughout the project area, awaruite, a highly magnetic nickel-iron alloy, has been consistently identified in rocks, tills and drill core samples.
Project Overview
Prime Location
- 40 km from Grand Falls-Windsor, Newfoundland, Canada – a top-tier mining jurisdiction with a pro-mining government and community.
Strategic Infrastructure
- Existing road access allows for year-round workability, with a project boundary just 3 km from a clean hydroelectric power dam.
Awaruite Advantage
- Naturally occurring nickel-iron alloy enables simple magnetic separation and flotation recovery, reducing dependence on China's control of the nickel sulfide processing supply chain and the need for energy-intensive smelting.
Bulk Tonnage Mining Future
- Reflecting industry trends, shifting towards larger investments in projects with substantial tonnage and production capacity, similar to the copper sector.
District Scale Potential
- 21,850 hectares of wholly owned land covers the entire 30-kilometre trend of the Pipestone Ophiolite Complex with unique awaruite nickel, featuring multiple mineralized zones, indicating potential for a district-scale model with multiple deposits.
Pipestone Ophiolite Complex: Geological Wonder
- A massive slab of ancient ocean crust and upper mantle, the Pipestone Ophiolite is a unique ultramafic rock formation. Created by plate tectonics, this geological wonder provides ideal conditions for the formation of Awaruite, a superior nickel material, making it a prime target for exploration and investment.
The 2024 exploration program will prioritize multiple zones within the 30-kilometre nickel-bearing trend that exhibit the strongest awaruite nickel occurrences. The primary target areas encompass Atlantic Lake, Gulp Pond (including Big Gulp), Pipestone and Chrome Pond.
- Drill permits granted for 26 sites covering multiple awaruite nickel zones within a 30-kilometre trend;
- 5,000-metre multizone drill program planned to begin this summer;
- Road upgrades will improve access, reduce project costs and maximize drilling on key target areas;
- World nickel expert and awaruite specialist Dr. Ron Britten to aid exploration and development.
First Atlantic Nickel completed significant milestones to date in 2024:
- Secured 30-kilometre ultramafic nickel trend within Pipestone ophiolite belt through multiple property agreements;
- Compiled extensive historic data, including 4,581 samples, 23 drill holes, 115,859 assay results, confirming 30-kilometre nickel belt centered on project;
- Commenced fieldwork, mapping and sampling to expand and validate historic data;
- Raised $2,084,999.91 at 21-cent issuance price per share, with strategic investor acquiring 9.98-per-cent stake, fully financing planned work;
- Appointed world-renowned nickel expert and awaruite specialist Dr. Ron Britten to advisory board for exploration and development guidance.
The Company is now set to fast track intensive exploration and development with permits in hand. (See news release dated July 17, 2024)
Management, Directors and Advisors
Adrian Smith, P.Geo., Chief Executive Officer & Director
Over 15 years mining and exploration experience. Significant experience building and growing resource projects including a project taken from discovery to over 7 billion tonnes defined within a two-year period. Behind two recent porphyry discoveries in BC and several resource expansion projects. Raised millions equity financing.
Jim Henning, Chief Financial Officer
Chartered accountant (CA, CBV, CFA), founded CorpFinance in 1984. Former Tax and Business Valuation Manager at Touche Ross & Co.
Kosta Tsoutsis, Director
Over 20 years finance and capital markets experience. Former investment advisor at Mackie Research, Jordan Capital Markets, and Canaccord Capital Corp. Raised tens of millions in equity financing.
Collin Kim, Director
Over 30 years experience in petrochemical, coal, and mineral industries. Involved in mineral projects connecting Canadian and major Korean State-Owned Firms. Worked 16 years at Hanwha Corp.
Mike Collins, Independent Director
Professional Geologist (P.Geo.) and CEO of Nuclear Fuels (NF.CN) with over 25 years of industry experience with a deep understanding of numerous mineral camps and deposit types around the world.
Dr. Ron Britten, Technical Advisor
World-renowned nickel expert with over 40 years of experience specializing in awaruite nickel exploration and development. Discovered and advanced the Decar project in British Columbia, which is North America's first large-scale awaruite nickel project on the West Coast, containing over 10 billion pounds of nickel. The Decar project attracted strategic partners such as Toyota, Outokumpu, Sumitomo Mining and JOGMEC (Japan Oil, Gas and Metals National Corp.). Co-founded First Point Minerals Corp. (later FPX Nickel Corp.). Received the H.H. "Spud" Huestis Award for excellence in prospecting and mineral exploration.
James Turner, P.Geo., Technical Advisor
Over 45 years industry experience, including Cominco and Newmont Gold. Founded TerraSat Geomatics Inc., consulting for junior mining issuers globally.
Rahim Kassim-Lakha, Strategic Advisor
Over 28 years of experience in global investment and capital markets, raising capital, structuring financial transactions, and guiding strategic decisions.
On October 08, 2024, First Atlantic Nickel Corp. has commenced drilling at its multizone, district-scale, 100-per-cent-owned Atlantic nickel project in central Newfoundland, Canada. This follows the recent discovery and expansion of multiple new zones of visible awaruite, a naturally occurring nickel-alloy, across the project's 30-kilometre nickel trend during the summer sampling program. Highlights:
Drilling under way: 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-plus outcrops identified both new and expanded awaruite nickel-alloy zones across the 30-kilometre 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 one 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 approximately four kilometres (km) south of Gulp Pond zone and approximately 20 km south of historic hole 78-AL-01 in Atlantic Lake zone;
RPM: Located approximately 25 km south of Atlantic Lake, near the southern end of the 30-kilometre trend, within one km of the Chrome Pond showing which returned values up to over 60 per cent chromium (Cr2O3);
Smelter-free nickel: Awaruite (Ni3Fe), a natural nickel-iron alloy containing approximately 77 per cent 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 United States 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 concern.
Adrian Smith, chief executive officer 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."
Mr. 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 U.S. 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), 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."
On October 01, 2024, First Atlantic Nickel Corp. has received approval from the TSX Venture Exchange for the recently announced option agreement dated Sept. 16, 2024, with a group of arm's-length optionors to the company to acquire a 100-per-cent undivided legal and beneficial interest in 13 mining licences consisting of 547 mineral claims covering 13,675 hectares located in northern Newfoundland (the Atlantis project).
The Atlantis project covers a large ultramafic complex of potential mantle source, known as the St. Anthony complex and White Hills Peridotite. The White Hills Peridotite and its underlying metamorphic rocks represent the basal portion of a partly eroded ophiolitic complex. The project consists of two ultramafic masses characterized by serpentinized peridotites, suggesting the potential for another large-scale ultramafic nickel system. Minimal historic work has been completed on the property, with notable assays reported by Cooper in 1937, including 54.05 per cent chromium (Cr2O3) at Long Pond and 0.37 per cent nickel at Southwest Direction Mountain.
The Atlantis project benefits from excellent infrastructure, with Highway 430 and power lines running through the property claims. The project is located in northern Newfoundland near St. Anthony, with an airport approximately 15 kilometres away. First Atlantic plans to complete a detailed data compilation program and preliminary sampling and mapping to follow up on the highly elevated nickel samples.
On September 25, 2024, The TSX Venture Exchange has accepted for filing documentation with respect to an arm's-length acquisition of a 100-per-cent undivided interest in 13 mining licences, consisting of 547 mineral claims, located in central Newfoundland, Canada (the Atlantis project), between the company and arm's-length optionors. Consideration is $5,000 in cash and four million common shares. The Atlantis project is subject to a 2-per-cent net smelter return (NSR) royalty. The company will have the right, exercisable at any time, to purchase up to one-half of the NSR royalty for $1-million.
On September 24, 2024, First Atlantic Nickel Corp. has discovered and expanded multiple new zones of visible awaruite (a naturally occurring nickel alloy), including two new high-priority areas, as part of the summer predrill sampling and mapping program at its wholly owned Atlantic nickel project in central Newfoundland, Canada. The sampling program expanded areas with visible awaruite nickel-alloy targets in multiple zones across the project by sampling 200-plus rock outcrop locations along the 30-kilometre trend, efficiently confirming and prioritizing targets for immediate drilling.
The company is pleased to announce the drill rig mobilization has begun for the company's first drill program at the Atlantic nickel project. This program will focus on multiple high-priority large-scale target zones identified and verified through the 2024 sampling program.
August 27, 2024, First Atlantic Nickel Accelerates Exploration at Atlantic Nickel Project with Expanded Crew, LiDAR Survey, and Infrastructure Upgrades
July 29, 2024, First Atlantic Nickel Hosts Strategic Investor Site Visit, Expands Geological Team, and Reports Milestones on Infrastructure Upgrades at Atlantic Nickel Project. First bridge installed as part of road upgrade and development program, enabling year-round project access.
July 17, 2024, First Atlantic Nickel Receives Drilling Permits Over Multiple Awaruite Nickel Zones Along 30 Km District Trend
July 10, 2024, First Atlantic Nickel Confirms 30 Km Trend at Atlantic Nickel Project and Begins 2024 Exploration Program Following Closing Of ~$2.1M Strategic Lead Financing
July 2, 2024, First Atlantic Nickel Receives 2024 Exploration Permits and Submits Drill Permits for Summer Program at Atlantic Nickel Project
June 27, 2024, First Atlantic Nickel Appoints World-Renowned Economic Geologist and Nickel Expert Dr. Ron Britten as Technical Advisor to Advance the Atlantic Nickel Project