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 March 13, 2025, First Atlantic Nickel Corp. announced the initial Davis Tube Recovery (DTR) metallurgical test results from drill hole AN-24-02, the first drill hole at the RPM Zone at its 100%-owned Atlantic Nickel Project in central Newfoundland. The DTR testing yielded a magnetic concentrate containing an average grade of 1.37% nickel and 1.73% chromium across the entire 383.1-meter length of the drill hole, which encompassed all 133 drill core samples. These initial metallurgical results confirm the potential for magnetic separation as a viable processing method for awaruite nickel mineralization previously identified at the RPM Zone.
On March 04, 2025, First Atlantic Nickel Corp. announced the initial assay results from its 100%-owned Atlantic Nickel Project in central Newfoundland. Drill hole AN-24-02 returned assays of up to 0.31% nickel and 2.61% chromium, with an average of 0.24% nickel and 0.32% chromium over its entire 383.1-meter length, from surface to the end of hole. These strong results confirm extensive nickel mineralization, initially observed as large-grain awaruite visibly disseminated throughout the drill core. Notably, all four Phase 1 drill holes at the RPM Zone intersected large-grain visible awaruite, covering an area 500 meters wide by 400 meters long. The Company plans to expand this mineralized zone in the upcoming Phase 2 drill program. This is the first of four drill holes completed in the RPM Zone as part of Phase 1, with assay results from the remaining three holes still pending.
The Company is preparing for Phase 2 drilling to further delineate and expand the RPM Zone, with drilling set to begin shortly using the newly constructed road for direct access. This road access enables a larger, more cost-effective program compared to Phase 1. Phase 2 drilling will utilize a higher-power drill rig with both NQ and HQ core capabilities, to target deeper mineralization beyond the depths reached in Phase 1.
The Company’s recent $3 million in strategic funding will support Phase 2 drilling, assays, and metallurgical work, while additional assay results from the three remaining Phase 1 drill holes at RPM are expected to be released soon.
On February 26, 2025, First Atlantic Nickel Corp. announced the initial assay results from its first drill hole at the Super Gulp Zone, part of its 100% owned Atlantic Nickel Project in central Newfoundland. The first drill hole, AN-24-01, returned assays of up to 0.32% nickel and 0.8% chromium, with an average of 0.25% nickel and 0.28% chromium over the entire 293.8-meter length. These strong results confirm extensive nickel mineralization, initially observed as large-grain awaruite disseminated throughout the drill hole. This marks the first of five holes drilled in the Phase 1 program, with additional drill results pending.
The discovery hole significantly exceeds the average depth of historical drilling in the Atlantic Lake Zone, confirming the presence of a major new nickel zone within the Company's district-scale 30-kilometer trend. For comparison, historical drilling in the Atlantic Lake Zone (78-AL-1) intersected 0.22% nickel over its entire 87.15 meter length and ended in mineralization, remaining open in all directions (NFLD/3284).
Initial Drill Hole Intersects 0.25% Nickel & 0.28% Chromium Over 293.8 Meters.
On February 19, 2025, First Atlantic Nickel Corp. announced a significant expansion in drilling of visible awaruite nickel-alloy mineralization at the RPM Zone within its 100% owned, district-scale, 30 kilometer-long Atlantic Nickel Project in Newfoundland (the “Atlantic Nickel Project” or the “Project”). RPM Drill Hole 4 (AN-24-05), the fifth and final hole of Phase 1, was a significant 400-meter step-out to the north of the RPM Discovery Holes 1, 2, and 3. The drill hole intersected abundant visual awaruite, with large grains reaching up to 732 microns, throughout the entire 402-meter interval. This drilling confirms large-scale consistent mineralization and expands the RPM Zone to at least 400 meters long and 500 meters wide, with mineralization remaining open in all directions.
This successful conclusion of Phase 1, and the recent closing of a $3 million strategic funding round on February 14, 2025, sets the stage for a larger, more expansive Phase 2 exploration program. Now fully funded and permitted, Phase 2 will leverage the newly constructed access road to significantly increase drilling and facilitate further expansion at the RPM Zone. A key focus of Phase 2 will be additional step-out drilling, aiming to extend the defined boundaries of the RPM Zone beyond its current 400 meter length and 500 meter width. The Company is highly encouraged by the fact that all four RPM drill holes have intersected wide spread, large grained, disseminated visible awaruite within the same mineralized ultramafic body. Notably, each hole ended in mineralization, indicating significant potential for further expansion in all directions.
CEO Adrian Smith comments, "RPM Hole 4 confirms the significant scale and consistent presence of high-quality awaruite mineralization at the RPM Zone. Intersecting 402 meters of continuous, large-grain awaruite in a 400-meter step-out, ending in mineralization, is a clear indication of the system's potential. With Phase 2 fully funded and permitted, we are eager to continue expanding this exciting discovery."
On February 18, 2025, First Atlantic Nickel Corp. has closed the previously announced agreement dated Feb. 9, 2025, and it has received $3-million in cash to advance its wholly owned district scale Atlantic nickel project through the issuance of a $3-million senior unsecured debenture pursuant to a non-brokered debt private placement. This strategic investment marks a significant milestone for the company, providing a non-dilutive source of capital to support the development of the project.
The debenture is the largest individual capital funding transaction in First Atlantic's history and contains favourable terms, including a five-year deferral on all interest and principal payments, with the option to convert the entire principal amount of the debenture plus accrued interest to a royalty which can be repurchased. No equity securities were issued on closing the debenture, ensuring no immediate dilution to the company. Additionally, there were no finders/ fees of cash or warrants issued as the company closed the transaction directly with the lender.
On February 10, 2025, First Atlantic Nickel Corp. has entered into an agreement dated Feb. 9, 2025, to issue a $3-million senior unsecured debenture through a non-brokered debt private placement. Closing of the private placement remains subject to certain closing conditions, including approval of the TSX Venture Exchange.
This strategic investment marks a significant milestone for the company, providing it with a non-dilutive source of capital to support the development of the company's district-scale Atlantic nickel project.
The debenture is the largest individual capital financing transaction in First Atlantic's history and contains favourable terms, including a five-year deferral on all interest and principal payments. No equity securities will be issued to the lender on closing, ensuring no immediate dilution to the company. Additionally, there were no finders' fees of cash or warrants issued as the company closed the transaction directly with the lender.
"We are thrilled to secure this significant $3-million non-dilutive capital funding on such favourable terms for our shareholders," said Adrian Smith, chief executive officer of First Atlantic. "This funding will enable us to accelerate phase 2 drilling at the Atlantic nickel project, with the goal of expanding the mineralized footprint of the RPM zone. The lender's strong financial backing, provided on favourable terms, allows us to maintain our rapid exploration and development pace following major awaruite nickel discoveries in our first drill program, which began in the fourth quarter of 2024."
On January 15, 2025, First Atlantic Nickel Corp. has been granted permits for its phase 2 drilling program and has begun the construction of a southern access trail at its 100-per-cent-owned Atlantic nickel project in Newfoundland. With these permits in place, the company has initiated preparations for phase 2 drilling and has commenced construction of the southern access trail. The phase 2 program aims to expand the strike length and width of the recently discovered RPM zone, focusing on extending mineralization farther east toward the historical Chrome Pond occurrence and north toward the Pipestone and Super Gulp targets. The goal of the phase 2 program is to define a larger area for resource drilling and prove continuity of nickel mineralization, highlighting the project's significant potential to host substantial volumes of material suitable for commercial mining within large-scale target areas on the project.
"With permits for our phase 2 drilling program and southern access trail at the Atlantic nickel project now secured, First Atlantic Nickel is poised to advance drilling efforts and expand on the discovery at the RPM zone," stated Adrian Smith, chief executive officer of First Atlantic Nickel. "Our team has moved quickly to prepare for the phase 2 program, ensuring a smooth transition from planning to execution. Construction of the new access road is already under way, and we are in the process of relocating our camp to support the expanded drilling activities. These pro-active steps position us to accelerate exploration and development at the RPM zone and evaluate the significant potential within the 30-kilometre ophiolite trend. We are eager to begin phase 2 drilling and continue advancing the Atlantic nickel project."
On January 13, 2025, First Atlantic Nickel Corp. advised that it has closed the previously announced asset purchase agreement (the “Purchase Agreement”) to acquire a 100% interest in and to mining licence 038152M, consisting of 12 mineral claims located in central Newfoundland, known as the the RPM South claims (the "Claims"). The Claims are situated immediately south of the recent discovery at the RPM Zone (See Figure 1), which is part of the 30 kilometer nickel trend within the Atlantic Nickel project (the "Atlantic Nickel Project" or the "Project") in Newfoundland. Future drill programs will aim to test for mineralization in all directions, including at depth, from the new discovery at the RPM Zone, which is no longer constrained by proximity to project boundaries. The Claims are strategically important for future project infrastructure and development, while also being prospective as they have the potential to host awaruite nickel mineralization extending southward from the RPM Zone at depth.
On January 10, 2025, The TSX Venture Exchange has accepted for filing documentation regarding the arm's-length acquisition of a 100-per-cent undivided interest in mining licence 038152M, consisting of 12 mineral claims located in central Newfoundland (the RPM South project). Consideration is $20,000 in cash and an issuance of 750,000 common shares at a deemed price of 14.25 cents. The consideration shares are subject to a voluntary escrow and will be released to the arm's-length vendors over a period of 30 months from issuance.
The RPM South project is subject to a 2.0-per-cent net smelter return (NSR) royalty. Prior to commercial production, the company can purchase up to a 1.0-per-cent royalty for $1-million.
On December 17, 2024, First Atlantic Nickel Corp. has entered into an agreement to acquire a 100-per-cent interest in the RPM-South claims, located immediately south of the recent discovery at the RPM zone, which is part of the 30-kilometre nickel trend at the Atlantic nickel project in Newfoundland. Future drill programs will aim to test for mineralization in all directions, including at depth, from the new discovery at the RPM target zone, which is no longer constrained by proximity to project boundaries. The claims are strategically important for future project infrastructure and mine development while also being prospective as they have the potential to host awaruite nickel mineralization extending southward from the RPM zone at depth. Highlights:
- Strategic acquisition: The company will acquire licence No. 038152M (which consists of 12 claims), located immediately south of the RPM zone. This strategic acquisition is necessary for future project infrastructure and development. The new licence also enables the investigation of the potential southward continuation of awaruite nickel mineralization at depth within the RPM zone.
- Phase 1 drilling update: Phase 1 drill core processing has resumed following successful relocation to long-term drill core and processing facility.
- Assays and metallurgical testing: The initial phase 1 drill holes have been submitted for assays, while others are currently being processed. Metallurgical testing will commence upon receipt of the assay results.
- Phase 2 drilling plans: Phase 2 drill permits were submitted on Nov. 27, 2024, including plans for a direct vehicle access road into the RPM and Chrome Pond zones.
- Mineralization expansion potential: The RPM zone remains open for drilling in all directions, with mineralization appearing more substantial to the east and showing potential for further expansion along strike.
- No private placement financing: The company is not currently conducting or planning any private placement equity financings. First Atlantic has not engaged any third parties to solicit on its behalf. Any such inquiries are unauthorized and should be directed to the company.
On December 10, 2024, First Atlantic Nickel Corp. announced a significant expansion of the awaruite mineralization at the RPM Zone within its 100% owned, district-scale, 30 kilometer-long Atlantic Nickel Project in Newfoundland (the “Atlantic Nickel Project” or the “Project”). Step-out drilling has intersected visibly disseminated, sulfur-free nickel-alloy (awaruite) mineralization across a width of approximately 500 meters, substantially increasing the width of the newly discovered RPM Zone. Large, elongated awaruite grains, measuring up to 1,000 microns, have been identified, underscoring the Project’s exceptional mineralization quality and potential.
On December 04, 2024, First Atlantic Nickel Corp. has selected a new, secure, drill core processing and storage facility in Grand Falls-Windsor, Nfld., marking a significant step in the company's operational expansion.
The new facility will replace the current temporary tent structure, offering a long-term, year-round solution for drill core processing and storage. This move will support continuing activities related to phase 1 drilling at the Atlantic nickel project, where cores are cut, logged, photographed, and prepared for assays and metallurgical testing. Updates are expected soon as phase 1 drill cores continue to be processed.
Located within 50 kilometres of the Atlantic Lake property, the new facility is currently receiving drill cores from phase 1 drilling. This strategic location supports current operations while offering scalability for future district-scale, multizone drill programs along the 30-kilometre nickel trend.
Phase 2 drilling permit applications have been submitted in Newfoundland and Labrador, a jurisdiction renowned for its support of the mining sector and streamlined permitting process, where previous permits were granted within approximately a one-month period. The new facility is designed to facilitate a seamless and efficient transition into the planned expanded phase 2 drill program, enhancing the operational capacity and readiness of the Atlantic nickel project.
On November 26, 2024, First Atlantic Nickel Corp. announced that it has submitted applications for new additional drill permits to significantly expand the drilling program at the RPM Zone, located 25 km south of the Atlantic Lake area. The Company plans to construct a shorter, more efficient direct access route to the RPM Zone, enabling year-round access and accommodating heavier drill rigs capable of deeper and faster drilling, particularly during winter months. These initiatives aim to accelerate the exploration and delineation of the RPM Zone, building on the success and encouraging visual observations of large-grained, visible awaruite mineralization in the initial drill holes.
On November 12, 2024, First Atlantic Nickel Corp. has provided an update on continuing drilling at its 100-per-cent-owned, multizone, district-scale Atlantic nickel project in central Newfoundland, Canada. Drilling in the RPM zone has resulted in a new discovery of disseminated, visible, sulphur-free nickel-iron alloy (awaruite) throughout a 394-metre (m) hole located 10 kilometres (km) south of the Super Gulp zone and 25 km south of historic drilling at Atlantic Lake. This drill hole follows the recent discoveries of multiple new zones containing visible awaruite across the 30 km nickel trend of the project during the summer sampling program.
Adrian Smith, chief executive officer, said: "We are thrilled with the continued success at the Atlantic nickel project, as we discover coarse-grained nickel alloy in the first-ever drill hole at the RPM zone, located approximately 10 km south of the Super Gulp area. This discovery extends known mineralization 25 km from the Atlantic Lake area, with visible awaruite disseminated within the ultramafic rock unit, which is part of the large-scale ophiolite located on the property.
"I want to congratulate the project geologists and field team, with the aid of Dr. Ron Britten, PhD, for their early success leading to this discovery, finding significant visible mineralization in the drilling. Our strategy continues to focus on identifying and establishing areas with large volumes of nickel alloy, with the goal to uncover a district-scale nickel project.
"The 2024 exploration program has yielded remarkable results, not only with this major discovery but also with similar findings from other areas within the 30 km ophiolite trend. These findings indicate the presence of multiple high-potential zones, suggesting the possibility of a larger nickel district. We look forward to providing additional updates as our exploration progresses, with a focus on expanding the scale of our stepout drilling to further delineate the extent of this exciting new discovery."
On October 29, 2024, First Atlantic Nickel Corp. has provided an update on the continuing drilling at its 100-per-cent-owned, multizone, district-scale Atlantic nickel project in central Newfoundland, Canada. Initial drilling has confirmed visible awaruite, disseminated from the surface throughout the first 297-metre (m) first hole in the newly discovered Super Gulp zone, located 16 kilometres (km) south of historical drilling at Atlantic Lake. This follows the recent discovery of multiple new zones containing visible awaruite across the 30 km nickel trend of the project during the summer sampling program.
Adrian Smith, chief executive officer, stated:
"We are thrilled with the early success at the Atlantic nickel project, as we have visually confirmed nickel alloy in the first-ever drill hole at the Super Gulp zone," commented Mr. Smith. "This discovery extends known mineralization 16 km from the Atlantic Lake area, with visible awaruite disseminated within the ultramafic rock unit, which is part of the large scale ophiolite located on the property."
Mr. Smith continues: "Our strategy aims to identify and establish potential areas with large volumes of mineralized rocks. We're particularly excited about moving to the RPM zone, where we've identified disseminated nickel alloy grain sizes well into the hundreds of microns. This could represent an even more significant discovery. The ongoing drilling plans to test the southern RPM, Chrome Pond and Big Gulp areas, representing a further 10-kilometre stepout from the Super Gulp zone, extending drilling coverage to approximately 25 km from the historic drilling at the Atlantic Lake area. Our goal is to uncover a district-scale nickel project and we look forward to providing additional updates as our exploration progresses."
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